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Challenges And Risks In Ghana's Microfinance Sector: Is The Islamic Alternative Any Better? Mustapha Abdullah Kuyateh
Al-Arfa: Journal of Sharia, Islamic Economics and Law Vol. 1 No. 2 (2023): Transformative Islamic Economics and Law
Publisher : Penerbit Hellow Pustaka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61166/arfa.v1i2.33

Abstract

Ghana fares well on some indicators of financial inclusion compared to other Sub-Saharan African countries, and is comparable to lower middle-income countries. However, it lacks a clear strategy for financial inclusion and development of microfinance institutions (MFIs) and other methodologies of making financial services more widely available. This paper summarizes the situation and development of microfinance institutions in Ghana, reviews progress and problems in implementing the BoG regulations for MFIs, highlights current risks and challenges, and proposes strategies for mitigating risks. The analysis includes three different levels: BoG and Government of Ghana (GoG); MFIs and their associations; and the public. It is aimed at providing information on the complex issues in the microfinance sector as a basis for dialogue on concrete reforms.
Factors And Motivations For Female Muslim Entrepreneurs In Ghana: A Case Study Of Selected Muslim Female Entrepreneurs In Ashaiman Mustapha Abdullah Kuyateh
Al-Arfa: Journal of Sharia, Islamic Economics and Law Vol. 3 No. 2 (2025): Transformative Islamic Economics and Law
Publisher : Penerbit Hellow Pustaka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61166/arfa.v3i2.135

Abstract

Female entrepreneurship in Ghana is a practice which scholars have explored severally in recent years. Just as many other countries, the role of Ghanaian Muslim women has been undermined for a longer period. However, the 20th century marked a positive turn in Ghanaian culture. The rate of discrimination and seclusion of women from economic empowerment started reducing significantly. Today, Ghanaian women are struggling to compete effectively with their male counterparts in entrepreneurial sector. The purpose of having women empowerment on the market economy is to generate more income to the country. Also, the practice lessens the rate of unemployment and high rate of dependency in Ashaiman. Hence, it is apparent that the entrepreneurial actions in Ashaiman are motivated by a number of factors that are presented in the paper. From the study of the influential factors and motivation for female Muslim entrepreneurs in Ashaiman, it has been noted that the process of entrepreneurship among the current female entrepreneurs in the country can be categorized as either passive or initiative. While looking at the passive entrepreneurship among the female entrepreneurs, it is noted that those people are driven by the daily needs of their families. On the other hand, initiative entrepreneurship relies much more on human capital and social capital. The zeal and motivation that they possess lead them to developing far-sighted enterprises, hence contributing to the economic development of the country.