Micro, Small and Medium Enterprises’ Activities, Income Level and Poverty Reduction in Ghana – A Synthesis of Related Literature

Abstract

The paper reviews the literature on the importance of MSMEs to economic development and poverty alleviation.Two divergent views of MSMEs, the pro-MSMEs and the anti-MSMEs, have been identified in the literature.Whereas the pro-MSMEs believe in the significant role played by small business in the economic prosperity of acountry, the anti-MSMEs are of the view that larger organisations played relatively significant role than MSMEs.However, from the reviewed literature small businesses play key role in the creating job (especially femaleemployment), contribute to tax, export and import revenues, facilitate the distribution of goods, contribute tohuman resource development and are the cradle of innovations and entrepreneurship. MSMEs in Ghana are foundin the fields of farming, fishing, small scale mining, restaurants, food processing and other services. It wasrecommended to government and policymakers to institute viable credit support and non-financial businesssupport services to help MSMEs grow.

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