Factors affecting the success and failure of agribusinesses in the Accra and Kumasi Metropoles in Ghana : an empirical study
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Ghana's agricultural sector remains a significant contributor to the economy. Moreover, agricultural entrepreneurs contribute positively to the economy of Ghana through job creation, tax revenues, and foreign exchange earnings. Nevertheless, in the agriculture sector, to wit, agricultural entrepreneurs are underperforming below their potential. This study sought to understand the factors that influence the success or failure of agribusinesses in the Accra and Kumasi Metropoles in Ghana. A qualitative method approach was employed to gather data from agricultural entrepreneurs in the study areas. Findings from this study showed that the success of agribusinesses in the study area is not necessarily based on the economic performance of the agribusiness, but rather on social factors -- that is, the human capital and personal qualities such as the technical skills, communication, and leadership skills of the entrepreneur, teamwork, customer relationship management skills and the attitudes of the employees such as commitment and discipline towards work. Meanwhile, this study associated the failure of agribusinesses primarily with economic factors, such as access to finance, adequate capital, and the pricing strategies of the business. Therefore, the study recommends that agribusinesses should consider the soft skills of candidates before hiring them to fill roles. Additionally, it is recommended that agribusinesses offer on-the-job training to improve the skills and knowledge of their employees. Furthermore, this study recommends that agribusinesses should take advantage of the Ghana Incentive-based Risk-sharing System for Agricultural Lending (GIRSAL), to enhance their chances of receiving agricultural finance from commercial banking institutions.
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M.S.