Impact of Covid 19 on Small and Medium Size Enterprises (SMEs) Internationalization Process in Ghana
Owusu, Patrick Jr (2022)
Owusu, Patrick Jr
2022
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-202204114900
https://urn.fi/URN:NBN:fi:amk-202204114900
Tiivistelmä
In early December 2019, a coronavirus disease 2019 (COVID-19) epidemic occurred in Wuhan City, Hubei Province, China, caused by a new severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The World Health Organization considered the outbreak a Public Health Emergency of International Concern. It not only affected the general healthy life of the world but also extended its bad omen to the business sectors, especially their international operations. The restrictions implemented by various countries to control the spread came with their own challenges in every aspect of the world’s daily activities.
To contribute to the knowledge on the rise of the Covid-19 pandemic, this study focused on the impact the pandemic on SMEs in Ghana and their internationalization operations. To give a clear explanation to the problem mentioned above, six (6) SMEs in Ghana with international exposure were selected to be case studies for discussing their internationalization and how the pandemic has impacted them. As a guideline towards achieving the objectives of this studies, emphasis was laid on two main questions, or:
1. What is the impact of the recent pandemic on SMEs and their internationalization operations?
2.What activities can be adopted by SMEs to minimize the impact of similar pandemics in the future?
The outcome of study showed that Covid-19 really had an immense impact on the business world, especially SMEs, since they unfortunately happen to be the weaker sector. Some companies were able to survive and manage their operations but had a massive drop in turnover. The pandemic caused some to close officially due to financial constraints they could not overcome. Most employees in the process had to be laid off. Although the pandemic affected badly, the study was able to come up with certain measures which could be employed by SMEs to minimize the impact of a similar crisis in the future. It discovered that modifying existing marketing strategies and certain financial polices plays a huge role if SMEs want to sustain their operations during outbreaks or disasters. Lasty, aid from respective government agencies is highly recommended and needed.
To contribute to the knowledge on the rise of the Covid-19 pandemic, this study focused on the impact the pandemic on SMEs in Ghana and their internationalization operations. To give a clear explanation to the problem mentioned above, six (6) SMEs in Ghana with international exposure were selected to be case studies for discussing their internationalization and how the pandemic has impacted them. As a guideline towards achieving the objectives of this studies, emphasis was laid on two main questions, or:
1. What is the impact of the recent pandemic on SMEs and their internationalization operations?
2.What activities can be adopted by SMEs to minimize the impact of similar pandemics in the future?
The outcome of study showed that Covid-19 really had an immense impact on the business world, especially SMEs, since they unfortunately happen to be the weaker sector. Some companies were able to survive and manage their operations but had a massive drop in turnover. The pandemic caused some to close officially due to financial constraints they could not overcome. Most employees in the process had to be laid off. Although the pandemic affected badly, the study was able to come up with certain measures which could be employed by SMEs to minimize the impact of a similar crisis in the future. It discovered that modifying existing marketing strategies and certain financial polices plays a huge role if SMEs want to sustain their operations during outbreaks or disasters. Lasty, aid from respective government agencies is highly recommended and needed.