PROTRACTING TRIALS OF SME SUCCESS IN GHANA: A FUZZY ANALYTICAL HIERARCHICAL PROCESS

Michael Owusu Akomeah, Yusheng Kong, Wilfred Kwaku Drah, Emma Serwaa Obobisa, Stephen Owusu Afriyie

Abstract


Small and Medium Scale Enterprises (SME’s) have over the years played a very significant role in the economic development of most developing countries. Various mitigating factors tend to stifle or prolong their quest to be successful in their endeavors. Hence it is against this backdrop that this study explores protracting trials of SME success in Ghana. A descriptive research design was adopted using questionnaires and a sample size of 1346 SME’s in the Metropolis districts in the four regions of Ghana. Structured questionnaires containing open and closed-ended questions were used in obtaining information from 1346 SME’s in the Metropolis, Municipalities and Districts in Ghana. This method involved three steps. The first step was developing a series of values acknowledged by SME’s. The second step used generalized types to express each value. The third step organized the acknowledged value and indicated their relationship. Based on that study, we developed an assessment model for protracting trials encountered by SME’s in procuring their day-to-day activities. The results designated the main protracting trials encountered by SME’s, and ordered based on their degree of importance, as “Financial Constraints", "Domestic Demand", "Loan Repayments", "Lack of Entrepreneurial Skills", "Equipment & Technology", "International Markets", "Regulatory Constraints" and "Legal". The weights of the first three aspects accounted for 69.3% (Buckley’s method) of the protracting trial factors and 61.7% (Chang’s method). Correspondingly, these three items, present the highest protracting trials to SME success in Ghana and a significant improvement in their workability will impact the economic contributions of SME’s to Ghana substantially

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