Indhold

GHANAs SME LANDSCAPE ................................................................................................................................. 3

Defining SME in Ghana .............................................................................................................................. 3
Determining number of registered SMEs .................................................................................................. 3
SME Structure and outlook ....................................................................................................................... 3
SME DEVELOPMENT AND INVESTMENT IN GHANA ......................................................................................... 3
SME operating sectors ............................................................................................................................... 3
Main investment areas .............................................................................................................................. 4
THE STATE OF FDI IN GHANA ............................................................................................................................ 4
Current investment opportunities sectors ................................................................................................ 5
GROWTH OUTLOOK .......................................................................................................................................... 5
SECTORIAL SME DEVELOPMENT ....................................................................................................................... 5
Sector 1: Information Communication and Technology (ICT) ....................................................................... 5
Overview ................................................................................................................................................... 5
ICT sub-sectors .......................................................................................................................................... 6
SME in the sector ...................................................................................................................................... 6
Sector 2: Food Processing ............................................................................................................................. 7
Overview ................................................................................................................................................... 7
SME in the sector ...................................................................................................................................... 8
OVERALL SME CHALLENGES IN GHANA ............................................................................................................. 8
Lack of support for capacity development ................................................................................................ 8
Lack of access to capital ............................................................................................................................ 8
Lack of suitable technology ....................................................................................................................... 8
Lack of highly skilled labour at affordable cost ......................................................................................... 8
Regulatory Constraints .............................................................................................................................. 9
REFERENCES ...................................................................................................................................................... 9

2 Business Intelligence SME in Ghana

GHANA
Overview: Ghanas economic growth slowed for the
fourth consecutive year to an estimated 3.4% in 2015 from 4% in

2014
as energy rationing, high inflation, and ongoing fiscal
consolidation weighed on economic activity. However Ghanas real
growth is projected to rebound to 5.2% in 2016 from 3.4% in
GDP
2015 due to stable energy supply and increased contribution from

the oil and gas and agriculture industries.
The
countrys medium-term growth prospect is strong with 8.2% in
2017 and moderating to 7.5% in 2018 under the assumption that
fiscal adjustment remains on
track with the support of the IMF and

other development partners.

Population:

Total (millions - in 2015): 27.41

Density (people per sq. km of land area): 120.5

Growth Rate: 2.3%

Life Expectancy (at birth, total years): 61

Language(s): English

Economy (2015):

Political:

Currency: Ghana Cedi (GHS)

democratic achievements. Its judiciary has proved to be

GDP growth (annual %): 3.9 HDI Status (2014): O, 579

independent and has generally gained the trust of

Key sectors (Contribution GDP):

Services (51.6% )
Industry (27.7%)
Agriculture (20.7%)

SME Overview:

SMEs in Ghana are also variously referred and readily available data
scare. However according to the Ghanaian government they
is
represent 92 per cent of registered companies; provide about 85% of
manufacturing

employment and contribute about 70 per cent to
Ghanas GDP.

Capital City: Accra

Climate: tropica l; warm and compa rat ively dry
alon g south east coast; hot and hu mid in
south west; hot a nd d ry in n orth
Forest area (sq. km) (2015): 93.4

Ghana has made major strides towards consolidating its

Ghanaians. Ghana is constantly ranking among the top three

in Africa for freedom of the press and freedom of speech.

The broadcast media is the strongest, with radio being the

Surface Area (sq. km) (thousands): 238.5

Region: West Africa

Ghana is ranked 114 (in 2016) out of 189 in the World Banks Ease of

Doing
Business; with new businesses taking an average of 8
procedures and 14 days to start.
SMEs are now exposed to greater opportunities than ever for

expansion
and diversification across the sectors as market size is
growing; especially in the area of manufacturing, food processing,
pharmaceutical,
IT, and agro and service sector among others,

transportation difficulties discounted.

Geography:

most far reaching medium of communication. While all these

put Ghana in an enviable political position, and provide it
with formidable social capital, Ghana's economic course over
the past couple of years raises many concerns.

Current issues/Progress:
Ghana continues to face persistently high inflation, even with
efforts to tighten monetary policy. The high inflation rate
remain elevated at 18.5% in February 2016 compared to
17.7% in February 2015, even after the Central Banks 500
bps policy rate hikes. The governments major challenge is to
avoid slippage from the fiscal consolidation program in light
of the upcoming general elections in late 2016. Actions are
taken by both government and civil society to decrease the
level of corruption; as the country is ranked 57 out of 168 in
Transparency Internationals corruption index in 2015.
Improvements have been made in poverty reduction and job
creation, as well as ICT.

3 Business Intelligence SME in Ghana

GHANAs SME LANDSCAPE

SMEs play a crucial role in Ghanas economy, driving
both activity and employment. Official statistics
indicate that about 70% of enterprises are micro and
small sized. A 2010 study by the University of Ghana
reported that SMEs account for 85% of manufacturing
employment and 70% of GDP, although the latter
figure fell to around 49% by 2012, according to PwC,
largely due to the commencement of natural gas and
oil production in commercial quantities in the first
quarter of 2011.

Defining SME in Ghana

There is no single, uniformly acceptable definition of
SMEs in Ghana. A broad range of definition for SMEs
is used by those in government agency and financial
sector.
Ghana statistical service (GSS) defines a firm with
fewer than 10 employees as small-scale enterprise and
any business with more employees than that as
1
medium or large scale. The NBSSI suggest a smallscale enterprise is one with a maximum of nine
employees, adding it would not expect it to have plant
and machinery worth more than GHS 10m ($5.14m).
Most banks categorize businesses with an annual
turnover of $2m 3m as SMEs.

Determining number of registered SMEs

Readily available data on SMEs is scarce, hence making

it difficult to determine accurately how many SMES
there are in Ghana as many of them form part of the
informal sector of the economy; but according to the
Capacity Development Centre Ghana (2012), 92% of
registered companies are micro, small and medium
enterprises.
The Ministry of Trade and Industry (MOTI) estimates
that, SMEs comprise over 160,000 registered limited
liability companies, and over 350,000 registered sole
enterprises.

The major activities within this sector include: soap

and detergents, fabrics, clothing and tailoring, textile
and leather, village blacksmiths, tinsmithing, ceramics,
timber and mining, bricks and cement, beverages,
food processing, bakeries, wood furniture, electronic
assembly, agro processing, chemical based products
and mechanics.
In the service sector, mostly found in the urban areas,
the majority of SMEs are found particularly in hotels,
restaurants, transport and storage, business and real
estate.
The Ghanaian private sector is highly skewed, with 90
percent of companies employing less than 20 persons
and a small number of large-scale enterprises.
Due to their regional dispersion and their labour
intensity, argument goes that small scale production
units can promote a more equitable distribution of
income than large firms in Ghana. They also improve
the efficiency of domestic markets and make
productive use of scarce resources and thus facilitating
long term economic growth.

SME DEVELOPMENT AND INVESTMENT IN

GHANA
In Ghana, it is believed that up to 90% of annual firms
registrations recorded by the Registrar-Generals
Department are SMEs; but there is no official
available data defining sectors in which there is the
most SME development and investment. However a
survey made by the World Bank Group with 720 firms
gives the following result:

SME operating sectors

Figure 4: Distribution by business sectors

Food

SME Structure and outlook

Ghana can be categorized into urban and rural

enterprises. The former can be sub-divided into
organized and unorganized enterprises. The organized
ones tend to have paid employees with a registered
office whereas the unorganized category is mainly
made up of artisans who work in open spaces,
temporary wooden structures, or at home and employ
little or in some cases no salaried workers.

National Board for Small Scale Industries

7%

8%
32%

16%

11%
26%

Chemicals, plastics
& rubber
Baisc
metals/fabricated
metals/machinery..
Other
Manufacturing
Retail

Source: Ghana 2013 enterprises survey

4 Business Intelligence SME in Ghana

Figure 5: Firm size

Source: University of Ghana School (2014)

These institutions invest more in Commerce (Trade),

financial services, Manufacturing, ICT, Tourism and
Hospitality.
Small (5-19)

9%
28%

Figure 7: Banks investment by industry sector

Medium (20-99)

63%
Large 100+

Source: Ghana 2013 enterprises survey

Main Investment areas2

There are two types of SME financing in Ghana:

The official scheme: Financing by government

and or other international agencies. Funds
allocated by these institutions are generally
not targeted to a specific sector but rather
aim at strengthening the SMEs as a whole.

Financing provided by private financial sector:
lending by the banks and non-bank financial
institutions as well as private equity.

Figure 6: Private equity invested by industry sector

In order to determine in which areas there are the most SME

investment, I looked at the firms financing source for investment.

Source: Ghana Banking Survey 2013

THE STATE OF FDI IN GHANA

FDI into Ghana (Table 1) had been constantly
increasing in recent years. In late 2013, Ghana was the
fourth largest recipient of FDI in sub-Saharan Africa;
and reached about USD 3.4bn in 2014. However, in
2015 FDI flows decreased by 31% mainly due to the
falling prices of oil. As a consequence, there has been
less interest in investing in the country's mining
capacities.

Table 1: Ghana FDI overview

Foreign Direct
Investment
FDI Inward Flow
(million USD)
FDI Stock
(million USD)
Number of
Greenfield
Investments***
FDI Inwards (in
%of GFCF***)
FDI Stock (in %
of GDP)
Source: UNCTAD -2016

2013

2014

2015

3,226

3,357

3,192

26,397.
4
61.0

23,205
.1
39.0

26,397.
4
41.0

29.6

36.0

37.9

41.5

60.1

73.2

5 Business Intelligence SME in Ghana

Current Investment opportunities sectors

Major foreign investments in Ghana are mainly in

mining,
finance
and
insurance
activities,
manufacturing and cocoa processing.
Major foreign investments (Table 2) in Ghana are
mainly in mining, finance and insurance activities,
manufacturing and cocoa processing.

Agriculture & Agro-Processing; Cotton & Textiles;

Food Processing; Forestry; Health; Horticulture;
3
Mineral Processing; Oil & Gas; Tourism; Utilities.

Table 2: Sector Distribution of FDI (USD Million)

2010
2011

GROWTH OUTLOOK
2012

Stock

Stock

Stock

Book value of
st
equity as at 31
December
Administrative
and Support
Service
Activities
Agriculture,
forestry and
Fishing
Arts,
entertainment
and Creation
Construction

4,987.2
2

5,870.9
6

13,262.
94

0.72

0.76

0.07

19.86

17.89

70.43

0.01

0.02

0.05

23.90

24.50

64.90

Electricity, Gas
and air
Conditioning
Supply
Finance and
Insurance
Activities
Information and
communication
Manufacturing

69.30

87.51

245.96

917.05

1,091.0
2

1,396.1
2

370.17

-267.16

638.87

366.08

417.63

590.68

Mining and
Quarrying
Others

3,115.1
5
0.50

4,381.0
8
0.42

9,910.0
2
31.36

0.01

0.01

0.03

0.70

0.74

0.66

4.63

3.23

3.24

99.03

113.28

301.55

Professional,
Scientific and
Technical
Activities
Real Estate
Activities
Transportation
and storage
Wholesale and
Retail Trade
Source: Bank of Ghana 2015

Ghanas real GDP growth is projected to rebound to

5.2% in 2016 from 3.4% in 2015 reflecting the positive
impact of more a stable energy supply and increased
contribution from the oil and gas and agriculture
industries. Energy supply is expected to improve
following the emergency measures including the use
of power barges. The countrys medium-term growth
prospect is strong with 8.2% in 2017 and moderating
to 7.5% in 2018 under the assumption that fiscal
adjustment remains on track with the support of the
4
IMF and other development partners.

SECTORIAL SME DEVELOPMENT
Sector 1: Information Communication and
Technology (ICT)
Overview
Ghana has one of the most competitive telecom
markets in the region. Dynamic and competitive,
Ghanas telecom sector is one of the brightest spots in
the economy. Demand for mobile services in particular
is resilient and rising. As of June 2015, Ghana had a
total of 32.36m mobile subscribers, indicating
theoretical market penetration of 119.41 %. In IT, the
government, international institutions and the private
sector are increasingly convinced of the markets
potential, and the importance of the ICT sector in
broader social and economic development. However,
more investment in infrastructure, products, and
services is needed to capitalise on this potential, with
many residents, businesses and parts of the
government still lagging behind in technology
adoption.

3
Read more : http://www.gipcghana.com/invest-inghana/sectors.html
4

International Monetary Fund

6 Business Intelligence SME in Ghana

December 2015, while the number of mobile data

subscribers sits at an access rate of 65.74 %.

ICT sub-sectors
Internet penetration:
The penetration (Table 3) is about 29% of the
population in Ghana in 2016. There are several
submarine cables that link the country to the rest of
the world, such as SAT3, GLO1, WASC, ACE, MAIN
ONE, SAFE etc. Most Ghanaians use their mobile
phones to access internet services; and there are wide
spread internet cafes in Ghana where majority of
citizens without access to personal computers and
laptops or mobile phones can access the internet.
The internet in Ghana is mostly used for business
communications, email access, education, health
services provision, entertainment etc. Data services
are still expensive although mobile operators have
their own fibre backbone.
Table 3: Internet Penetration
Year

Internet
Users

Penetration
(% of Pop)

Total Population

2016

7,958,675

28.4%

28,033,375

2015

6,981,691

25.5%

27,409,893

2014

5,062,667

18.9%

26,786,598

2013

3,218,225

12.3%

26,164,432

2012

2,243,565

10.6%

25,544,565

Source: Internet Live stats

Mobile communication:
As of February 2015, there have been 2m users of
mobile phones. The mobile services environment is
5
very competitive as all nine operators compete for
almost 99% of mobile penetration of a country with
population of about 27m. The competition in the
mobile environment makes the cost of mobile voice
and data calls in Ghana one of the cheapest in the
whole of Africa.
Latest figures released by Ghanas National
Communications Authority (NCA) show that mobile
phone penetration has risen to 127.63% as at

But there are currently 6 main cellular telecom operators: MTN

(Scancom), Tigo (Millicom), Airtel (Bharti Airtel), Vodafone, Expresso
and Globacom.

Computers usage:

In terms of computing devices only 5% of Ghanaians

owned personal computers from a sample survey. As
3G and 4G technologies improve, an increasing
number of mobile phone users in Ghana are making
use of mobile internet.

Mobile banking:
Mobile banking services are to be increased in Ghana
under a new three-year agreement supported by the
World Banks International Finance Corporation (IFC).
Mobile money is now arguably the most accessible
form of financial service, where about 99% of
Ghanaians are aware of at least one provider and 29%
have used mobile money. 25% are actively using
mobile money, and 17% are active account users.
17% of mobile money users know one agent 1km from
their homes. The number of transactions from 2012 to
2014 alone, grown from about GHS 30m to GHS 106m.

SME in the sector

Businesses in ICT sector are currently growing at the
rate of 12.1%. SMEs in the sector include internet
cafes, printing, web design, media etc. A large number
of SMEs have sprung up in the ICT sub-sector in recent
years due to easy access to modern technology and
increasing ICT education at both secondary and
tertiary.
Among the government initiatives and infrastructural
investment to boost entrepreneurship in the sector,
6
is the development of a BPO center. The facility with
the capacity of close to 10,000 direct and indirect jobs
would be made available at affordable rates for startups and emerging ICT companies that are able and
willing to carry out digital operations.

Challenges in the sector:

First among the main challenges is cost which was
cited as the most hindrance to ICT adoption. High ICT
acquisition and implementation cost is a challenge for
SMEs.
Difficult financing options may also limit SMEs ability
to purchase ICTs. Most SMEs have limited or nonexistent IT budgets. Besides, there are costs of

Business Process Outsourcing

7 Business Intelligence SME in Ghana

upgrading and maintenance due to rapidly changing

technologies.
Costs of the internet and devices, availability and
accessibility of the internet, speed of broadband
connections hinder the possibility for SMEs to operate
in the sector.

Opportunities in the sector:

7

There is a need for FTTH in order to improve

broadband speed. It is commercially viable for any
company, mobile operator, internet service provider
or an entrepreneur to introduce high speed
broadband Wi-Fi coverage for all major cities in
Ghana.

Another opportunity that can be explored involves
setting up a good practical state of the art training
center for ICT.

Activity

Processing and preserving of meat

products
Manufacture of starch and starch
products
Processing and preserving of fish
crustaceans and mollusks
Processing and preserving fruits and
vegetables
Manufacture of vegetable and animal
oils and fats
Manufacture of dairy products

2
3
4
5
6
7
10
11
12

13

Sector 2: Food Processing

Overview

The food processing industry (Table 4) plays a major
role in Ghanas economy. According to the Ghana
Statistical Service (GSS), the food processing sector is
the largest contributor to manufacturing GDP, thus
accounting for about 30% of manufacturing of value
added and employing several hundreds or thousands
of people directly and indirectly.



Table 4: Sub-group of Activities under the Food Processing sector

No.

Fiber to the home

14
15

Manufacture of cocoa , chocolate and

sugar confectionery
Manufacture of other foods products
Distilling, rectifying and blending
spirits
Manufacture of soft drinks, production
of mineral waters and other bottled
waters
Manufacture of soft drinks; production
of mineral waters and other bottled
waters
Manufacture of sugar

17

Manufacture of macaroni, noodles,

couscous and similar farinaceous
Manufacture of prepared meals and
dishes
Manufacture of prepared animal feeds

18

Manufacture of wines

16

Source: Ghana Statistical Service 2011

Major food crops in Ghana generally consist of cereals
and starchy foods. Cereals include maize, rice, millet,
guinea corn and sorghum, while starchy crops include
cassava, yam, cocoyam (taro) and plantain.

Government of Ghana has over the years
implemented policies that add value to Ghanas raw
agricultural products (e.g. cocoa, cotton, oil palm,
etc.). In recent times, intensive efforts have been
made by government to process some of these
products; for example, the volume of cocoa beans
processed locally has doubled in the last decade.

In addition, there has been the establishment of a
special initiative by the President of the Republic of
Ghana for oil palm and cassava. The purpose is to
expand and add value to non-traditional exports and
to diversify the economy, create employment and
improve local livelihoods.

8 Business Intelligence SME in Ghana

SME in the sector

Food processing in Ghana is currently done by medium
scale enterprises. However, the sector is relatively
small and most of the activities are undertaken on a
small scale; and constantly under increasing threat
and competition from large manufacturers and the
importation of foreign goods. Efforts are being made
in order to tackle the issue.
For instance Barclays Ghana, through the African
Youth Agripreneurship Programme (AYAP), organizes
training sessions for small businesses engaged in food
processing. The objective is to boost the competitive
capacity of SMEs who are involved in food processing
by producing quality products to meet international
standards, and also avoid unwittingly producing
contaminated foods.

Challenges in the sector:

A myriad of challenges which confronts this sector
includes, the lack of adequate and timely banking
finance, limited capital and knowledge, nonavailability of suitable technology, low production
capacity, ineffective marketing strategies, lack of
capacity to identify new markets, constraints on
modernisation & expansions, non-availability of highly
skilled labour at affordable cost, bureaucratic delays
and the complex maze of rules in following up with
various government agencies to resolve problems.
Quality processing of food products which meet
international standards for both local and foreign
consumption is lacking in this sector. Problems of
unsuitable packaging materials, inadequate and
effective packaging especially during transportation,
together with associated cost hinder the progress of
the food processing sector. The lack of standards,
specifications and environmental issues also cripple
the industry which has the potential to fetch lots of

revenue for business owners.

Opportunities in the sector:

Solutions are needed in order to boost SMEs operating

in food processing; especially to meet required
standards, to offer consumers high quality products,
to ensure owners the right satisfaction and good profit
margins.

supporting services, and marketing and distribution

8
services.

OVERALL SME CHALLENGES IN GHANA
Lack of support for capacity development
Small businesses however thrive because larger public
companies create opportunities through forward and
backward linkages, and governments serve as
effective institutional support for creating market
access and providing a conducive environment. There
are also bureaucratic delays and complex rules . This is
a handicap to developing competitiveness locally and
globally.

Lack of access to capital

The Financial sector has undergone privatization;
banking is undercapitalized and access to financing
remains limited. The financial freedom of Ghana is
estimated to 60.0% and business freedom to 61.5%.
High cost of credit, overreliance on budgetary support
from government makes it difficult to meet most of
the funding needs of SMEs. There are credit
constraints pertaining to working capital for reason
such as client defaults (inability or unwillingness of
clients to pay back the funds they accessed as
scheduled); politicization of the disbursement of the
funds; absence of adequate and timely banking
finance.

Lack of suitable technology

SMEs have difficulties in gaining access to appropriate
technologies and information on available techniques,
and therefore have low production capacity. SMEs are
often not able to expand or take advantage of the
opportunities around them to increase their output
and productivity minimal sales and profits.

Lack of highly skilled labour at affordable

cost
The insufficient supply of skilled workers among SMEs
in Ghana limits specialization opportunities. It raises
costs, and reduces flexibility in managing company
operations. This is coupled with the lack of
entrepreneurial and business management Skills lack
of managerial know-how places significant constraints
on SME development.

Investment opportunities are available in the following

sector: production, raw materials, technological and

Read more : http://www.gipcghana.com/invest-inghana/sectors/food-processing.html

9 Business Intelligence SME in Ghana

Regulatory Constraints
High start-up costs for firms, including licensing and
registration requirements; high cost of settling legal
claims and excessive delays in court proceedings
adversely affect SMEs operations. The cumbersome
procedure for registering and commencing business
were key issues often cited.

REFERENCES

Agbola R;Sokro E, Sustainable energy and the Growth of Small and Medium Enterprises in Ghana. Google
book

Alembummah A. 2015, Entrepreneurial Orientation and SME Growth: A study of the Food Processing Sector
of Ghana
http://ugspace.ug.edu.gh/bitstream/handle/123456789/8414/Ananga%20Bernice%20Alembummah%20Entrepreneurial%20Orientation%20and%20SME%20Growth-2015%20.pdf?sequence=1

Annku B 2015, The state of ICT in Ghana

https://www.linkedin.com/pulse/state-ict-ghana-bright-girentsi-annku-miet-nsbe-ghie-ecz-

AsokoInsight 2016, Mobile technology deal breaker in sustaining SME growth ( Ghana)
https://asokoinsight.com/news/mobile-technology-deal-breaker-in-sustaining-sme-growth-ghana

Business times Africa, Ghana: Barclays schools SMEs on safe food processing
http://businesstimesafrica.net/index.php/top-stories/823-ghana-barclays-schools-smes-on-safe-foodprocessing.html

Central intelligence Agency, The World Factbook Ghana

https://www.cia.gov/library/publications/the-world-factbook/geos/gh.html

FDI

Intelligence

2016,

The

FDI

Report

2016:

Global

greenfield

investment

trends

http://forms.fdiintelligence.com/report2016/files/The_fDi_Report_2016.pdf

Ghana Trade, Ghanas economy needs strong SMEs Jon Benjamin

http://www.ghanatrade.gov.gh/Trade-News/ghanas-economy-needs-strong-smes-jon-benjamin.html

Ghana Trade 2016, Financing SMEs still challenging in Ghana Business sector
http://www.ghanatrade.gov.gh/Trade-News/financing-smes-still-challenging-in-ghana-business-sector.html

Ghana Investment Promotion Centre, Invest in Ghana Sectors

http://www.gipcghana.com/invest-in-ghana/sectors.html
http://www.gipcghana.com/invest-in-ghana/sectors/food-processing.html

International Journal of Economics, Commerce and Management 2014, Assessing the contributions of small
and medium sized enterprises to Ghanas economic growth
http://ijecm.co.uk/wp-content/uploads/2014/11/21113.pdf

Modern Ghana 2015, The Proof that Government of Ghana is insensitive to SMEs Development

10 Business Intelligence SME in Ghana

https://www.modernghana.com/news/600350/the-proof-that-government-of-ghana-is-insensitive-to-smesde.html

Modern Ghana 2016, Food Scientist Creates competitive advantage for Food Processors
https://www.modernghana.com/news/696324/food-scientist-creates-competitive-advantage-for-foodproces.html

News Ghana 2014, Ghana: Making SME Finance Schemes Effective

https://www.newsghana.com.gh/ghana-making-sme-finance-schemes-effective/

News Ghana 2016, The state of financial inclusion and mobile money in Ghana
https://www.newsghana.com.gh/the-state-of-financial-inclusion-and-mobile-money-in-ghana/

3News 2016, Over 10,000 jobs to be created in Ghanas ICT sector- Mahama
http://3news.com/over-10000-jobs-to-be-created-in-ghanas-ict-sector-mahama/

Out-Law.com 2016, World Bank agreement to expand mobile banking in Ghana

http://www.out-law.com/en/articles/2016/march/world-bank-agreement-to-expand-mobile-banking-inghana/

OXFORD Business Group 2014, Ghana boosts financial support for SME development

http://www.oxfordbusinessgroup.com/news/ghana-boosts-financial-support-sme-development

Quartey Peter 201o, Issues in SME Development in Ghana and South Africa
https://www.researchgate.net/publication/270758190_Issues_in_SME_Development_in_Ghana_and_South
_Africa

The High Commission of the Republic of Ghana, Food Processing

http://www.ghana-mission.co.in/hcg.php?id=FoodProcessing

Trading Economics 2016, Ghana Economic Forecasts

http://www.tradingeconomics.com/ghana/forecast

Transparency International 2015, Corruption Measurement tools

https://www.transparency.org/country/#GHA

UKessays 2015, Analysing Reviews and Development of SMEs in Ghana

https://www.ukessays.com/essays/business/analysing-reviews-and-development-of-smes-in-ghanabusiness-essay.php

UNDP 2014, Human Development Reports

http://hdr.undp.org/en/countries/profiles/GHA

World Bank 2016, Overview Ghana

http://www.worldbank.org/en/country/ghana/overview

World Bank Data 2015, Country Profile Ghana

http://databank.worldbank.org/data/Views/Reports/ReportWidgetCustom.aspx?Report_Name=CountryProfil
e&Id=b450fd57&tbar=y&dd=y&inf=n&zm=n

10

11 Business Intelligence SME in Ghana

World Bank 2013, Enterprises Surveys Ghana

http://www.enterprisesurveys.org/data/exploreeconomies/2013/ghana

11