Microfinance Services and Entrepreneurial Success Among Urban Youth in Accra, Ghana: A Mixed-Methods Investigation

Microfinance services have gained prominence as a means to support entrepreneurship among urban youth in developing countries, including Ghana. In Accra, the capital city of Ghana, microfinance institutions (MFIs) operate within an environment characterized by high unemployment rates and limited access to formal banking channels. This mixed-methods study employs both qualitative interviews (N=30) and quantitative surveys (N=150) to gather data from urban youth aged 18-24 years. The survey focuses on financial literacy, entrepreneurial intentions, and MFI utilization patterns. Interviews explore in-depth insights into the challenges faced by participants. Survey results indicate that approximately 60% of respondents reported increased access to credit due to microfinance services offered by MFIs. Qualitative interviews revealed themes such as improved business planning and reduced financial stress among successful entrepreneurs who utilised MFI funds. The study confirms the positive impact of microfinance services on fostering entrepreneurial success, particularly in terms of enhancing financial stability and boosting confidence among urban youth in Accra. Given the findings, it is recommended that policy makers in Ghana consider expanding access to microfinance services for urban youth through targeted interventions such as subsidized loans or capacity-building programmes. Furthermore, MFIs should be encouraged to adopt more inclusive business models to cater to diverse entrepreneurial needs. Microfinance, Entrepreneurship, Urban Youth, Accra, Ghana