Thesis On Small-Scale Enterprises

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From these definitions however, it would be prudent for purposes of this essay to note that the process of valuing fixed assets in itself poses a problem as continuous depreciation in the exchange rate often makes such definitions out-dated.

It is further noted that SMEs in Ghana can be categorised into urban and rural enterprises.

Mensah 2004 drew up a basic profile on such SME challenges: SMEs are dominated by the owner/manager who takes all major company decisions.

The entrepreneur possesses limited formal education, access to and use of new technologies, market information, and access to credit from the banking sector is severely limited.The major activities within this sector include:- soap and detergents, fabrics, clothing and tailoring, textile and leather, village blacksmiths, tin-smithing, ceramics, timber and mining, bricks and cement, beverages, food processing, bakeries, wood furniture, electronic assembly, agro processing, chemical based products and mechanics (UNECA 2010, Kayanula and Quartey 2000).Among their many roles, SMEs in Ghana have been crucial in mobilising funds which otherwise would have been idle (Kayanula and Quartey 2000).They also improve the efficiency of domestic markets and make productive use of scarce resources and thus facilitating long term economic growth.1.3 Challenges facing SME Growth and Competitiveness in Ghana Despite the wide-ranging economic reforms instituted in the country to promote SME development, SMEs in Ghana still face a variety of constraints (UNECA 2010, Kayanula and Quartey 2000).Limited access to finance remains a dominant constraint to small scale enterprises in Ghana.Credit constraints pertaining to working capital and raw materials are often cited by small firm and these partly stem from the fact that SMEs have limited access to capital markets, both locally and internationally. SMEs have difficulties in gaining access to appropriate technologies and information on available techniques. This fact is ascertained by UNCTAD 2005 which notes that most SMEs also lack the technical know-how and financial resources needed to acquire state of the art technologies and equipment required to improve productivity and to become internationally competitive. Regulatory Constraints: Although wide ranging structural reforms have improved, prospects for enterprise development remain to be addressed at the firm-level.Hence, definitions which employ measures of size (number of employees, turnover, profitability, net worth, etc.) when applied to one sector could lead to all firms being classified as small, while the same size definition when applied to a different sector could lead to a different result.Kayanula and Quartey in their research however identified a number of common definitions used when referring to SMEs in Ghana that could be used for purposes of this essay.Such impressive performance was partly contributed to the robust growth of the SME sector in Ghana.Available data from the Registrar General in Ghana indicates that 90% of companies registered are micro, small and medium enterprises (Mensah 2004).

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