ACCESS TO FINANCE AND FIRMS GROWTH CONSTRAINTS AN EMPIRICAL EVIDENCE OF SME’S IN 20 SUBSAHARAN AFRICA COUNTRIES

SMEs of nearly 20 Sub-Saharan African countries will be investigated in this research paper. It will help in highlighting the affects of finance availability and growth constraints of the SMEs in the particular region (Openknowledge.worldbank.org, 2015).
In the Sub-Saharan Africa region, SMEs are the source of economic driving forces. Mainly, such firms are influencing economy of the countries by creating high prospect of jobs and reducing poverty level (Agbetsiafa, 2003). Economic scenario of African countries is favouring SMEs in terms of achieving the expected growth. Rapidity of growth increased in the Sub-Saharan Africa during the year 2014, than the previous years. Moreover, growth rate is expected to be less volatile during the fiscal years 2015 (Openknowledge.worldbank.org, 2015). Sub-Saharan Africa illustrates significant variation among the growth rate around the countries. African countries are growing in a speedy manner as they are having high internal resources (siteresources.worldbank.org, 2015).
Aim of the current research is to outline the impacts of access to finance and firms’ growth constraints (Baldwin and Robert-Nicoud, 2006). The study will be citing the empirical evidence of SMEs in Sub-Saharan African countries like ‘Nigeria, Ghana, Togo, Ivory Cost, Senegal, Niger, Mali, Guinea Bissau, Guinea, Gambia, Mauritania, Senegal, Sierra Leone, Liberia, Cape Verde, Burkina Faso, Uganda, Kenya, Tanzania and Cameroon.’
An in-depth analysis of access of finance and firms growth constraints will be done in the current study. It has been observed that the accessibility of external finance sources is highly interconnected with the number of small or medium enterprises. Funding sources are used as the sign of entrepreneurship, enthusiasm and innovation (Asiedu et al., 2013). Moreover, it can be said that availability of finance empowers the SME of ‘Nigeria, Ghana, Togo, Ivory Cost,