Challenges Faced by Petty Traders in Accessing Loans from Financial Institutions: Evidence from the Upper West Region of Ghana
Charles Adusei, Festus Adu Attafuah, Isaac Tweneboah-Koduah
Asian Journal of Economics, Business and Accounting · pp. 1–10 · Published 27 May 2019
10.9734/ajeba/2019/v11i330132Abstract
Access to finance is a key determinant for business start-up, development and growth for small businesses. This paper focused on the challenges faced by petty traders in accessing loans within Wa Central in the Upper West Region of Ghana with a sample of eighty-one respondents for both the questionnaire and the interview. The data collected was analysed using descriptive statistics, Pearson correlation matrix and Kendall’s coefficient of concordance. The study showed evidence that high interest rate charged; demand for collateral and poor records keeping by petty traders were the challenges of accessing loans. The paper suggests that petty traders must keep proper records and the need for financial institutions to reconsider its stringent eligibility criteria for petty traders, Finally policy makers must create an enabling operating environment for micro enterprises to flourish.
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