Contribution of Microcredit to Artisanal Fishing in Sekondi-Takoradi Metropolis Western Region of Ghana

Abstract

Inadequate supply of credit is an important constraint to enhancing production in many developing countries. Making credit available to rural households in general and fishers in particular, is thus considered essential to promote economic development. This study examined how microcredit can improve output of artisanal fishers in the Sekondi-Takoradi Metropolis. Specifically, the study examined the importance of microcredit from the perspective of artisanal fishers, the effect of microcredit on the standard of living of artisanal fishers and how microcredits are utilised by artisanal fishers to enhance output. The study revealed that microcredit was an important contributor to the success of the business of the artisanal fishers.