Impact of financial accessibility on small and medium-size enterprises' success: Wa Township of the Republic of Ghana

The impact of financial accessibility on the success of SMEs in Wa Township, Ghana, was investigated in this study employing determiners such as guarantee requirements, zero-interest levies, tax exemptions, and start-up incentives. A fixed-format questionnaire was used to select 411 SMEs randomly for the survey. SPSS was leveraged to analyse the results via descriptive and confirmatory statistical means. Correlation and regression techniques aided in determining whether accessibility to funding significantly drives SMEs' success. The correlation analysis shows that each of the determinants significantly impacted SMEs' thrives. The regression analysis also reveals funding accessibility as a critical determinant influencing SMEs' success (R2 = 0.074, Prob > F = 0.000). Collateral requirement explained the largest portion (12.5%) of the difference in SMEs' success (F = 4.954, p = 0.004). Hence, support for SMEs in the municipality to enhance financial access should not require collateral.