Strengthening Innovation Performance Among SME's in Tema Metropolitan of Ghana
10 Pages Posted: 1 Oct 2014
Date Written: September 30, 2014
Small and Medium Enterprises( SME’s) play significant roles in economic growth in most developed and developing countries such as Ghana, generating employment and contributing to poverty alleviation. With the current fast pace of globalization of most entrepreneurship, the implementation of innovation strategies in Small and Medium Enterprises will help most entrepreneurs in dealing with current business challenges, such as competitiveness within the global market economy, development of new products and services and access to internal and external ideas.
However, Small and medium Enterprises in Ghana face a lot of challenges hampering its growth in the country. The study of this paper, therefore, assessed the significant challenges for promoting innovation strategies in SME’s in Ghana. The research involved primary and secondary quantitative data gathered through self- administered survey of eighty-nine SME’s in Tema Metropolitan of Ghana. The major findings of the study revealed the significant barriers which have been categorized in four aspects: human aspects, general, policy and competition constraints.
The study suggests that, the government of the country and financial institutions should aim at improving SME conditions to the local and global economy, help them in increasing productivity and transform through innovation. Also, they should encourage financial institutions within the local government and ministry of trade to financially support SME’s sectors in the country. With these, the implementation of innovation strategies among SME’s sector growth will be achieved.
Keywords: Innovation Strategies, SME’s, Ghana, financial institutions, economic growth
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