期刊名称：International Research Journal of Finance and Economics
印刷版ISSN：1450-2887
电子版ISSN：1450-2887
出版年度：2017
期号：164
页码：7-24
出版社：European Journals Inc.
摘要：The operations of Small Medium Enterprises have contributed immensely to the development of the economy of Ghana. The effectiveness of their operations depends highly on the economic environment they find themselves. Owners of SMEs rely hugely on capital raised from family members, personal savings or from financial institutions other than the government. The means of raising capital and other income to facilitate their operations especially, from the financial institutions comes with a cost. This study focused its assessment on the impact of loan interest rates and tax pressures on SMEs’ performance and growth in Ghana. Data for the study was collected randomly from 153 respondents (SMEs) using structured questionnaire. Both qualitative and quantitative methods were used to analyse the data. A multiple regression model was constructed with dependent variables being employment growth, and independent variables being lending rates, power supply, duration of business, type of business, tax pressures, gender and educational levels of owners. The study found a strong effect of monetary policy on firm performance in terms of employment growth. Thus, even though interest rates are generally high in Ghana, firms that manage to get slightly reduced lending rates have higher growth in terms of employment. Fiscal policy in terms of tax perceptions or pressures is less correlated with firm performance. Policy makers should continuously supervise the financial system in order to minimize huge spreads in lending rate in an environment of high rates, to enhance firms and economic growth.
关键词：Lending rate; Tax pressures; Employment; SME Growth; Ghana
