Government Covid-19 Stimulus Package, Smes' Awareness, Accessibility, and Challenges in Cape Coast

Published: May 29, 2023

Abstract:

Purpose: This is to analyze the level of knowledge of the government's COVID-19 stimulus package among SMEs in the Cape Coast Metropolitan area.

Research methodology: Quantitative and descriptive approaches were used in the investigation. Purposive sampling was used to sample 234 SMEs; a structured questionnaire was used to gather data; descriptive and inferential statistics were used; and SPSS version 20 was used to enter, transform, and analyze the data.

Results: The result indicates SMEs have a poor level of awareness. The SMEs have a low level of access, and it was also discovered that the SMEs confront numerous problems in obtaining packages, particularly when political affiliation is taken into account.

Limitations: The study was small and focused on a single urban area. Since the pandemic is still with us and has a significant impact on commercial transactions, more research should be undertaken in a large study region.

Contribution: The theory clearly shows why, for SMEs to develop and the sector to perform in support of any country's economy during a pandemic like COVID-19, the government, as the controller of money and other resources, needs to provide the necessary financial package, whether implicit or explicit, to oil a crumbling sector due to the pandemic.

Keywords:
1. Government
2. COVID-19
3. Stimulus package
4. SMEs
Authors:
Godson Kwame Amegayibor
How to Cite
Amegayibor, G. K. (2023). Government Covid-19 Stimulus Package, Smes’ Awareness, Accessibility, and Challenges in Cape Coast. International Journal of Accounting and Management Information Systems, 1(1), 67–80. https://doi.org/10.35912/ijamis.v1i1.1330

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References

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    Abor, J., & Quartey, P. (2010). Issues in SME development in Ghana and South Africa. International Research Journal of Finance and Economics, 39(6), 215-228.

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    Fachrian, Z., & Hidayat, W. W. (2023). The Influence of Liquidity Ratio as Current (CR),(DER) Rasio Leverage and Asset Structure to Return on Investment of Coal Companies. International Journal of Accounting and Management Information Systems, 1(1).

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    Malhotra, N. (2004). Marketing Research: An Applied Orientation. New Jersey: Perason Education.

    Mensah, S. (2004). A review of SME financing schemes in Ghana. Paper presented at the A Presentation at the UNIDO Regional Workshop of Financing SMEs.

    Milzam, M., Mahardika, A., & Amalia, R. (2020). Corona virus pandemic impact on sales revenue of Micro Small and Medium Enterprises (MSMEs) in Pekalongan city, Indonesia. Journal of Vocational Studies on Applied Research, 2(1).

    Mordi, C. (2014). Exchange rate and inflation: is there a relationship in Nigeria. Economic and Financial Review, 52(4), 7.

    Muchugia, L. M. (2013). The Effect Of Debt Financing On Firm Profitabilty Of Commercial Banks In Kenya. University of Nairobi.

    Naab, R., & Bans-Akutey, A. (2021). Assessing the use of e-business strategies by SMEs in Ghana during the Covid-19 pandemic. Annals of Management and Organization Research, 2(3), 145-160.

    Nkuah, J. K., Tanyeh, J., & Gaeten, K. (2013). Financing small and medium enterprises (SMEs) in Ghana: challenges and determinants in accessing bank credit. International Journal of Research in Social Sciences, 2(3), 12-25.

    Nworie, G. O., & Oguejiofor, B. C. (2023). Management Information System and Performance of Cement Firms in Southeast Nigeria. International Journal of Accounting and Management Information Systems, 1(1), 1-15.

    Oranefo, P. C., & Egbunike, C. F. (2023). Accounts Payable Turnover and Firm Performance of Quoted Manufacturing Firms in Nigeria. International Journal of Accounting and Management Information Systems, 1(1), 45-65.

    Parker, R. L., Riopelle, R., & Steel, W. F. (1995). Small enterprises adjusting to liberalization in five African countries (Vol. 271): World Bank Publications.

    Peter, F., Adegbuyi, O., Olokundun, M., Peter, A. O., Amaihian, A. B., & Ibidunni, A. S. (2018). Government financial support and financial performance of SMEs. Academy of Strategic Management Journal, 17.

    Polit, D. F., & Hungler, B. P. (1999). Nursing research principles and methods. Phyladelphia: Lippincott Williams and Wilkins.

    Prempeh, K. B. (2015). Problems of financing SME’s in Ghana: A case study of the Sunyani municipality. Journal of The International Association of Advanced Technology and Science, 16.

    Quartey, P., Turkson, E., Abor, J. Y., & Iddrisu, A. M. (2017). Financing the growth of SMEs in Africa: What are the contraints to SME financing within ECOWAS? Review of development finance, 7(1), 18-28.

    Quartey, S., & Awoyemi, M. (2002). Research methodology in education. Ghana: K “N: AB Ltd.

    Quaye, I., Abrokwah, E., Sarbah, A., & Osei, J. Y. (2014). Bridging the SME financing gap in Ghana: The role of microfinance institutions. Open Journal of Business and Management, 2(04), 339.

    Sekaran, U., & Bougie, J. (2009). Research Methods for Business: A Skill Building Approach.

    Sharma, A. K. (2022). Implications of policy initiatives for MSMES amid economic disruptions caused by COVID-19. Vikalpa, 47(1), 7-18.

    Taylor, M., & Murphy, A. (2004). SMEs and e?business. Journal of Small Business and Enterprise Development, 11(3), 280-289.

    Taylor, W. A., & Adair, R. G. (1994). Evolution of quality awards and self-assessment practices in Europe: a case for considering organization size. Total Quality Management, 5(4), 227-237.

    Thomä, J., & Zimmermann, V. (2020). Interactive learning—The key to innovation in non-R&D-intensive SMEs? A cluster analysis approach. Journal of small business management, 58(4), 747-776.

    Tirole, J. (2006). The Theory of Corporate Finance.

    Udoh, F., Gbande, C., & Acha, I. (2018). Monetary policy and growth of small and medium enterprises in Nigeria. International Journal of Advanced Studies in Business Strategies and Management, 6(1), 39-60.

    Wilson, N., Kacer, M., & Wright, M. (2019). Understanding regional variations in equity and growth finance: an analysis of the demand and supply of equity finance in the UK regions. Available at SSRN 3252346.

    Yin, R. K. (2003). Case Study Research: Design and Methods (Vol. 5): SAGE.

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  3. Adam, N. A., & Alarifi, G. (2021). Innovation practices for survival of small and medium enterprises (SMEs) in the COVID-19 times: the role of external support. Journal of innovation and entrepreneurship, 10(1), 15.
  4. Anoke, A. F., Onu, A. N., & Agagbo, O. C. (2022). Managerial Competencies and Growth of Small and Medium Enterprise (SMEs) in Abuja Metropolis, Nigeria. International Journal of Financial, Accounting, and Management, 4(3), 255-268.
  5. Aryeetey, E., Baah-Nuakoh, A., Duggleby, T., Hettige, H., & Steel, W. F. (1994). Supply and Demand for Finance of Small Enterprises in Ghana: The World Bank.
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  7. Bernard, H. (2002). Research Methods in Anthropology: Qualitative and Quantitative Approaches (3rd ed.). Walnut Cree: CA: AltaMira Press.
  8. Biggs, T., & Shah, M. K. (2006). African small and medium enterprises, networks, and manufacturing performance (Vol. 3855): World Bank Publications.
  9. Boadway, R., & Shah, A. (2009). Fiscal federalism: Principles and practice of multiorder governance: Cambridge University Press.
  10. Chinedu, O. F., Dennis, M. O., & Chikwuemeka-Onuzulike, N. (2020). Impact of Covid-19 on the survival of Igbo owned businesses in Nigeria: the nexus. International Journal of Financial, Accounting, and Management, 2(2), 121-130.
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  12. Davenport, R. W. (1967). Financing the small manufacturer in developing countries: McGraw-Hill.
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  14. El-Sayyad, H. I., & Abdalhafid, Y. K. (2020). COVID-19;-The origin, genetics, and management of the infection of mothers and babies. Egyptian journal of basic and applied sciences, 7(1), 371-388.
  15. Fachrian, Z., & Hidayat, W. W. (2023). The Influence of Liquidity Ratio as Current (CR),(DER) Rasio Leverage and Asset Structure to Return on Investment of Coal Companies. International Journal of Accounting and Management Information Systems, 1(1).
  16. Fasenfest, D. (2010). Government, governing, and governance. Critical Sociology, 36(6), 771-774.
  17. FDIC. (2022). Supervisory insight, Devoted to Advancing the Practice of Bank Supervision. Retrieved from https://www.fdic.gov/regulations/examinations/supervisory/insights/sisum22/si-summer-2022.pdf
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  25. Krejcie, R. V., & Morgan, D. W. (1970). Determining sample size for research activities. Educational and Psychological Measurement, 30(3), 607-610.
  26. Lader, P. (1996). The Public/Private Partnership Tap into Small Business Administration Programs. Springs, 35, 41-46.
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  31. Mordi, C. (2014). Exchange rate and inflation: is there a relationship in Nigeria. Economic and Financial Review, 52(4), 7.
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  33. Naab, R., & Bans-Akutey, A. (2021). Assessing the use of e-business strategies by SMEs in Ghana during the Covid-19 pandemic. Annals of Management and Organization Research, 2(3), 145-160.
  34. Nkuah, J. K., Tanyeh, J., & Gaeten, K. (2013). Financing small and medium enterprises (SMEs) in Ghana: challenges and determinants in accessing bank credit. International Journal of Research in Social Sciences, 2(3), 12-25.
  35. Nworie, G. O., & Oguejiofor, B. C. (2023). Management Information System and Performance of Cement Firms in Southeast Nigeria. International Journal of Accounting and Management Information Systems, 1(1), 1-15.
  36. Oranefo, P. C., & Egbunike, C. F. (2023). Accounts Payable Turnover and Firm Performance of Quoted Manufacturing Firms in Nigeria. International Journal of Accounting and Management Information Systems, 1(1), 45-65.
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  41. Quartey, P., Turkson, E., Abor, J. Y., & Iddrisu, A. M. (2017). Financing the growth of SMEs in Africa: What are the contraints to SME financing within ECOWAS? Review of development finance, 7(1), 18-28.
  42. Quartey, S., & Awoyemi, M. (2002). Research methodology in education. Ghana: K “N: AB Ltd.
  43. Quaye, I., Abrokwah, E., Sarbah, A., & Osei, J. Y. (2014). Bridging the SME financing gap in Ghana: The role of microfinance institutions. Open Journal of Business and Management, 2(04), 339.
  44. Sekaran, U., & Bougie, J. (2009). Research Methods for Business: A Skill Building Approach.
  45. Sharma, A. K. (2022). Implications of policy initiatives for MSMES amid economic disruptions caused by COVID-19. Vikalpa, 47(1), 7-18.
  46. Taylor, M., & Murphy, A. (2004). SMEs and e?business. Journal of Small Business and Enterprise Development, 11(3), 280-289.
  47. Taylor, W. A., & Adair, R. G. (1994). Evolution of quality awards and self-assessment practices in Europe: a case for considering organization size. Total Quality Management, 5(4), 227-237.
  48. Thomä, J., & Zimmermann, V. (2020). Interactive learning—The key to innovation in non-R&D-intensive SMEs? A cluster analysis approach. Journal of small business management, 58(4), 747-776.
  49. Tirole, J. (2006). The Theory of Corporate Finance.
  50. Udoh, F., Gbande, C., & Acha, I. (2018). Monetary policy and growth of small and medium enterprises in Nigeria. International Journal of Advanced Studies in Business Strategies and Management, 6(1), 39-60.
  51. Wilson, N., Kacer, M., & Wright, M. (2019). Understanding regional variations in equity and growth finance: an analysis of the demand and supply of equity finance in the UK regions. Available at SSRN 3252346.
  52. Yin, R. K. (2003). Case Study Research: Design and Methods (Vol. 5): SAGE.