Assessment of Financial Regulatory Constraints and Its Effects on Business Performances Leading to Consequent Failure of MSMEs in Tema, Greater Accra Region of Ghana
- 1 Faculty of Management and Commerce, Ramaiah University of Applied Science, Bangalore, India
- 2 Faculty of Management and Commerce, Ramaiah University of Applied Science, Bangalore, India
- 3 Faculty of Management and Human Resources, Ghana Communication Technology University, Accra, Ghana
Abstract
Purpose: </b> The study seeks to assess financial regulatory constraints and their effects on performances leading to consequent failure of selected entrepreneurial businesses in Tema of greater Accra region of Ghana. The banks in Ghana , as well as NGO and the state itself , use to provide them with financial assistance for their businesses but yet most of them fail in their businesses for unknown reasons. <b> Design/Methodology: </b> The research has employed a descriptive research design since it portrays accurate responses from MSMEs and owners. Structured questionnaires were used to collect primary data through direct interview s of entrepreneurs. However, the entire population targeted for this study was 295. Slovin’s formula was utilized to compute 200 sample size. 200 respondents were sampled using a random sampling technique which assisted in proper flow of information required for the success of the research. The collected data was analyzed using Statistical Package for Social Sciences (SPSS) and Microsoft Excel. <b> Findings: </b> Results of the research showed that all these economic challenges place burdens on sources of fund ing for MSMEs. <b> Research Limitations/Implications: </b> because of the low lev el educational status of some of the MSMEs, they were assisted by research assistance to complete some part of the questionnaires. <b> Practical Conseq uence: </b> The research explained the various effects established by some of the financial regulatory constraints. <b> Originality/Value: </b> The study would assist MSMEs to know and prepare for some of the financial regulatory constraints that serve as worrying situations to their businesses .
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