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State Institutions of Financial Support for Small Business in Volatile Economies: Possible Application of Russian Experience in Ghana
Abstract
Financing of small and medium-sized enterprises (SMEs) today is one of the major areas of state support in volatile economies, as it is recognized as the most pressing problem affecting the activities of small businesses. The scale of development of SMEs in Russia today and its contribution to the economic recovery is clearly insufficient and impossible to expand without special measures of state support. This chapter will analyze the current state, dynamics, and financial constraints of SMEs in Russia; classify state supporting institutions; suggest basic methods to curb the situation; and disclose prospective financial supporting tools for SMEs development. The authors established the possibility of applying the Russian experience in supporting SMEs in the Republic of Ghana. This is due to the similarities in economic issues in these countries such as depreciation of currency and fall in oil prices. The authors analyzed the volumes and results of major government activities of the Russian Federal State and identified prospects for their development and implementation in Ghana.
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