Globalization and Competitiveness: Challenges of Small and Medium Enterprises (SMEs) in Accra, Ghana

Abstract

Globalization, increased competitive pressure and rapid technological changes have brought the business world to a point in history and thus, the Small and Medium Enterprise (SMEs) sector in Africa and Ghana are the hardest hit and are now experiencing new challenges as they attempt to globalize their operations and become competitive. The objective of this study was to establish the extent to which the challenges affect small and medium enterprises’ globalization and competitiveness in Ghana. The Kendall's Co-efficient of Concordance was conducted in assessing the level of agreement on the extent to which the various challenges affected their enterprises in globalisation and competitiveness. The study revealed that globalisation and competitiveness of the SMEs was affected greatly by the level of competition and increasing technology. The study recommended that the SMEs have to put in place the right strategies in order to embrace the changing circumstances in the world market place.