Title: Unlocking SMEs' debt finance access in Ghana: the critical roles of ownership and industry sector characteristics

Authors: Collins Owusu Kwaning; Peter Arhenful; Jones Adjei Ntiamoah; Kofi Opoku-Asante

Addresses: Accounting and Finance Department, Accra Technical University, Accra, Ghana ' Accounting and Finance Department, Accra Technical University, Accra, Ghana ' Accounting and Finance Department, Accra Technical University, Accra, Ghana ' Accounting and Finance Department, Accra Technical University, Accra, Ghana

Abstract: Small and medium-scale enterprises (SMEs) play critical roles in the economic development especially of developing and emerging economies. However, access to debt finance has been a major challenge. This research analysed firm characteristics in determining SMEs' access to debt finance in Ghana, emphasising ownership type and the industry sector. The research was a cross-sectional study with a sample of 382 SMEs from across the manufacturing, trade, and service sectors and 23 commercial banks in Ghana and analysed using SPSS. Inferential statistics like correlation and multiple regression and ANOVA were applied to gauge the relationships between firm determinants as independent variables and SME debt finance as the main dependent variable. The results suggested that firm characteristics such as size, ownership type, industry sector, location, and management determine SMEs' access to debt finance. Again, ownership and the industry sector influenced debt finance positively and significantly.

Keywords: small and medium-scale enterprises; SMEs; debt finance; firm characteristics; ownership type; industry sector; Ghana.

DOI: 10.1504/IJBEM.2025.145258

International Journal of Business and Emerging Markets, 2025 Vol.17 No.2, pp.156 - 174

Received: 15 May 2023
Accepted: 04 Jul 2023
Published online: 31 Mar 2025 *

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