Title Page
Abstract
Abbreviations and Acronyms
Contents
CHAPTER ONE. INTRODUCTION AND BACKGROUNG TO THE STUDY 17
1.0. Introduction and Background to the Study 17
1.1. Importance of the Research 19
1.2. Research Aim 20
1.3. Research Goals 20
1.4. Research Questions 20
1.5. Research Hypotheses 20
1.6. Problem Statement 20
1.7. Structure of the Research 21
CHAPTER TWO. LITERATURE REVIEW 22
2.0. Introduction 22
2.1. Characteristics of MSMEs in Sierra Leone 22
2.1.1. MSMEs distribution 22
2.1.2. Gender 24
2.1.3. Type of Business 25
2.1.4. Business size 25
2.1.5. Years of operation 26
2.1.6. Registration of Businesses 27
2.1.7. Sources of Funds 28
2.1.8. Raw material sources 29
2.1.9. Capacity utilisation rates 29
2.2. Conceptual Issues 30
2.2.1. Defining MSMEs 30
2.3. The Function of MSMEs in Economic Development & Growth 33
2.3.1. The Role of MSMEs in achieving the SDG's 33
2.4. COVID-19's Effect on MSMEs 35
2.5. Obstacles to MSME Growth in Sierra Leone 36
2.5.1. Governmental Policies 36
2.5.2. Financial Access 37
2.5.3. Lack of Facilities for Infrastructure 38
2.5.4. Low-Capacity Utilization 38
2.5.5. Poor management and marketing abilities 38
2.5.6. Lack of Education 39
2.5.7. Lack of an Effective ICT Structure 39
2.6. The Sierra Leone Economy 40
2.6.1. MSME Growth and the Economy 42
2.7. The Medium-Term National Development Plan for Sierra Leone (2019-2023) 43
2.8. Empirical Studies on MSMEs in sub-Saharan Africa 44
2.8.1. Introduction 44
2.9. Fund Availability for MSMEs 47
2.9.1. Introduction 47
2.9.2. The NSFI Development Process (2022 - 2026) 48
2.9.3. Financial Inclusion Context in Sierra Leone 50
2.9.4. MSMEs Public Policy Fund in Ghana 50
2.9.5. SMEs Policy Fund in South Korea 51
2.9.6. MSMEs Taxation in Sierra Leone 52
Company/Corporate Tax 53
Sales tax/ Goods and Services tax (GST) 54
CHAPTER THREE. RESEARCH METHODOLOGY AND DESIGN 56
3.0. Introduction 56
3.1. Research methodology 56
3.2. Research Design 58
3.3. Population, Sampling, and Sample Size 58
3.4. Technique and Sample Size 59
3.5. Sample Size Determination 59
3.5.1. Achieved Sample 60
3.6. Data Gathering and Instrumentation 60
3.7. Reliability and Validity 61
CHAPTER FOUR. DATA PRESENTATION, ANALYSIS, AND INTERPRETATION 62
4.0. Introduction 62
SECTION A 63
4.1. Demographic Profile 63
SECTION B 70
4.2. Micro-, Small, and Medium Enterprises (MSMEs) ability to create jobs to improve citizens' living conditions in Sierra Leone. 70
SECTION C 80
4.3. The role of Micro-, Small, and Medium-Sized Enterprises (MSMEs) towards the economic growth and development of Sierra Leone. 80
CHAPTER FIVE. SUMMARY CONCLUSION, FINDINGS, AND RECOMMENDATIONS 94
5.0. Introduction 94
5.1. Summary of Findings 94
5.2. Research Discussions on MSME's in Sierra Leone 95
5.3. Policy Recommendations 96
5.4. Recommendations to Strengthen MSME's in Sierra Leone 97
5.5. Conclusion 98
Terms and Definitions 99
APPENDIX 102
REFERENCES 106
요약 115
Table 2.2.1. Definitions of Micro-Small and Medium Enterprises. 32
Table 2.6. GDP Percentage by sector 2020 40
Table 3.1. The breakdown of the population. 60
Table 1. Showing Gender of respondents 63
Table 2. Showing Age of respondents 65
Table 3. Showing the marital status of the respondents 66
Table 4. Showing Educational level of Respondents[원문불량;p.51] 67
Table 5. Showing the Sizes of Businesses of respondents 69
Table 6. Showing whether MSMEs play a major role 71
Table 7. Showing whether MSMEs have improved the living standard of Sierra Leoneans 72
Table 8. Showing how enterprise benefit from society 73
Table 9. Showing whether bank loans are easily accessible in Sierra Leone 74
Table 10. Showing whether Covid-19 affected the growth of business in Sierra Leone 76
Table 11. Showing Respondent's regular tax payment of business to the government 77
Table 12. Showing Lack of Access to Funds 79
Table 13. Showing whether the future would be bright for MSMES in Sierra Leone 81
Table 14. Showing the emerging of their community due to the establishment of MSMEs. 82
Table 15. showing the increase of MSMEs thus has a direct positive impact on the GDP of Sierra Leone. 84
Table 16. Showing Whether Inadequate Infrastructure is the Course of Closure of Most MSMEs in Sierra Leone. 85
Table 17. Showing whether Government policies and Implementation has been unfavorable to the growth of MSMEs. 87
Table 18. Shows whether the unavailability of raw materials has been a problem in the growth of MSMEs in Sierra Leone. 89
Table 19. Shows whether the availability of cheap foreign products is obstructing the marketability of locally made products in Sierra Leone. 90
Table 20. Shows whether poor electricity supply has obstructed the growth and establishment of Micro, Small, and medium enterprise in Sierra Leone. 91
Figure 2.1. Regional Distribution of MSMEs 23
Figure 2.1.2. Gender Classification of MSMEs 24
Figure 2.1.3. Type of Business 25
Figure 2.1.4. Size of Enterprise 26
Figure 2.1.5. Years of Business Operations 27
Figure 2.1.6. Business Registration 28
Figure 2.1.7. Sources of Funds 28
Figure 2.1.8. Sources of Raw materials 29
Figure 2.1.9. Capacity utilization 30
Figure 2.3.1. UN Sustainable development Goals 2030 33
Figure 3.1.1. Components of the research process 56
Figure 1. Showing Gender of Respondents 63
Figure 2. Composition of ages of respondents 65
Figure 3. Martial Status of Respondents 66
Figure 4. Educational level of Respondents 68
Figure 5. Size of Business of Respondents 69
Figure 6. MSMEs play a major role 71
Figure 7. Showing improvement in living standard 72
Figure 8. Showing how enterprise benefits from society 74
Figure 9. Showing the accessibility of Bank Loan in Sierra Leone 75
Figure 10. Showing whether Covid-19 affects the growth of business in Sierra Leone 76
Figure 11. Showing Respondent’s regular tax payment of business to the government 78
Figure 12. Showing Lack of Access to Funds 79
Figure 13. Showing whether the future would be bright for MSMES in Sierra Leone 81
Figure 14. Shows the emerging of their community due to the establishment of MSMEs 83
Figure 15. Bar chart showing the same result 84
Figure 16. Below is the bar chart showing the same result 86
Figure 17. Below is the bar chart showing the same result 87
Figure 18. Below is the bar chart showing the same result 89
Figure 19. Below is the pie chart showing the same result. 90
Figure 20. Below is the Bar chart showing the same result. 92