Coping with Energy Security challenges; The Experiences of SMEs in the Accra Metropolis of Ghana

Abstract

Abstract The study uses a quantitative research approach to explore the strategies that SMEs have adopted to cope with issues relating to energy security. A sample of 205 owners of enterprises was sampled from an appropriation of 500 SMEs in the Accra Metropolis of the Greater Accra Region. The cluster method and simple random sampling approaches were used to select the respondents. Data collected through questionnaires were edited and cleaned to ensure completeness, consistency and legibility. Descriptive, exploratory and inferential analyses were applied to guide the study of the results. SMEs stand to benefit from energy security if they can able to apply strategies to embrace sustainable energy practices that explore opportunities in renewable energy sources. SMEs in the wholesale and retail business sectors are better able to cope with the challenges of ES due to several strategy options such as exploiting renewable energy power, reducing energy consumption, using generators, reducing energy consumption and temporarily suspending business. There are few energy sources available to SMEs, thus limiting the strategy options that could be applied to cope with challenges in ES. SMEs should invest in other sources of energy especially renewable energy such as solar energy to achieve energy security.