Indigenous risk management practices and their effects on small agribusiness firm growth amid economic crisis in Ghana

• DOI: 10.1016/j.sciaf.2024.e02095
• Publication Date: 2024-01-21T09:37:53Z
• Authors: Alfred Asuming Bo...; Daniel Adu Ankrah; Andrew Agyei-Holmes; Isaac Baidoo; Daniel Bruce Sarpong
• Keywords: Small Business

This paper estimates the effect of indigenous risk management practices (used by entrepreneurs) on small firm growth amid current economic crisis in Ghana. The hypothesizes that positively affect informal micro and agri-food processing firms during Cross–sectional limited panel data (covering four years – from end 2019 to 2022) have been used analysis. Firm Growth has estimated using sales volume number employees. Findings indicate apart savings for business purposes as an strategy, diversification activities, subscription formal insurance, forward contracting, cooperative marketing, borrowing, sale assets, temporary wage employment outside exert a positive influence terms sales. Subscription insurance wages entrepreneur's related employee size. We recommend policymakers design implement policies initiate facilitate development marketing cooperatives negotiate fair prices. essential tool can help mitigate risks entrepreneur. police should rolling out skills programs increase entrepreneurs' capacities contracting arrangements. Again, entrepreneurs wider Ghanaian population be educated need subscribe insulate them times property loss or personal accidents.