Influence Of Financial Literacy on Small Scale Enterprises Success: A Case Study of Selected Enterprises in Ho Municipal in The Volta Region

The study investigated how financial literacy impacts the success of small-scale enterprises (SSEs) in the Ho Municipal Assembly, emphasizing the unique economic and cultural context of Ghana, particularly the Volta Region. This focus addresses a gap in existing literature, which has predominantly examined other regions like Nigeria and Sri Lanka, neglecting the specific circumstances in Ghana The study employed a cross sectional research design, utilizing a sample of 173 small-scale enterprises selected through simple random sampling. This method ensures that each enterprise has an equal chance of being included, thereby enhancing the reliability of the findings. The regression analysis reveals that financial literacy significantly influences the success of small-scale enterprises, explaining approximately 11.4% of the variance in their success. This suggests that while financial literacy is crucial, other factors also play a role in determining enterprise success The study highlighted several gaps in the existing literature, such as the lack of studies on the effectiveness of tailored financial literacy interventions in semi-urban settings like Ho Municipal. It also pointed out the need for more localized research to understand the impact of financial literacy on enterprise success in this specific context. The study findings underscored the importance of enhancing financial literacy among small-scale enterprises to improve their profitability and resilience, particularly in developing nations. This aligns with broader trends observed in other countries, where financial literacy has been linked to better business outcomes