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                <text>Exploring the contributions of microfinance institutions to the ghanaian economy: a study at Takoradi</text>
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                <text>Micro-Finance Institutions (MFIs) play an important role in making services available to the financially excluded masses, especially the needy and the informal sector. MFIs do not only have a considerable influence in reducing poverty but also the ability to do that sustainably. These institutions predominantly are regarded to be critical tools for growth in battling poverty and over-reliance on central and local governments, in several developing nations including Ghana. In spite of the above, MFIs face a number of challenges in Ghana, with the news of collapse of some MFIs which has become a cause for concern to various stakeholders. This tends to create some doubts regarding the role MFIs play in the Ghanaian economy. Using Takoradi as a case, this study sought to examine the views of operators and employees of MFIs with regard to the contributions of the institutions to the economy of Ghana through descriptive survey design in a quantitative research approach. The researchers adopted the purposive and simple random sampling techniques in selecting 114 respondents for the study, with questionnaire as the research instrument. Analytical tools used for the study were frequencies, percentages and an independent sample t-test. The study revealed that in terms of their types based on client base, most microfinance institutions operating in the city targeted SME operators. Also, based on their services, MFIs in the city were grouped into individual lending, group lending, compulsory and voluntary savings, among others. Again, the study found that MFIs in Takoradi contribute variously to the local economy including provision of financial …</text>
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                <text>Investigating the challenges faced by microfinance institutions in Ghana: Evidence from Takoradi</text>
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                <text>Micro Finance Institutions (MFIs) contribute immensely to the economy of every nation. Particularly, within the informal sector, MFIs constitute the pivot around which many financially disadvantaged individuals rely on in terms of access to finance for their businesses. MFIs play a tremendous role in the poverty reduction and employment creation agenda of many nations including Ghana. Notwithstanding the immense role MFIs play in the economies of nations, there is a wide recognition of the fact that the institutions can perform better if they are able to overcome the challenges they face in their operations. However, in order for MFIs to effectively tackle the challenges they encounter, it is important for them to first identify and appreciate these challenges and the threats they pose to the effectiveness of their operations. Within this context, this study sought to explore the challenges MFIs in Ghana face, with particular emphasis on those operating in Takoradi. The study was quantitative, with descriptive survey as the design. Managers and employees of MFIs located in the city licensed by the Bank of Ghana were involved in the study. Simple random sampling method was used to select 114 respondents for the study and questionnaire was relied upon for data collection. The researchers used frequencies, percentages, an independent samples t-test and ANOVA as tools for data analysis. The study observed that increased competition in the industry, low repayment rates, higher cost of information technology, low level knowledge of operators, inadequate and expensive infrastructure base, high capital requirements, unfavourable regulation and …</text>
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