A thematic analysis of how small and medium-sized enterprises experience and adapt to exogenous shocks in Africa : a case study on anglophone countries

Abstract

Research has extensively investigated how exogenous shocks (ES) affect small and medium-sized enterprises (SMEs). However, insights into how SMEs in Anglophone African countries experience and adapt to ES remain limited. This study reviewed the literature on SMEs and ES in Anglophone Africa, identifying the main themes and issues examined in this area over the past decade (2014-2024). The Scopus and Google Scholar databases were searched for research articles, and 38 articles were selected for analysis. A qualitative research approach was used, including an in-depth literature review and thematic analysis to uncover key themes and subthemes. The study found that SMEs in Anglophone Africa experience ES both negatively and positively. Their adaptive strategies to ES included innovation, pivoting, networking, and digitalisation. These findings align with elements identified in the literature. This study delineates critical research gaps in the intersection of SMEs and ES, providing nuanced insights from the Anglophone African perspective regarding SMEs’ experiences and their adaptive mechanisms to ES. Practically, these findings can assist policymakers in developing targeted interventions, avoiding a blanket approach, and enabling Anglophone African SMEs to make more informed decisions that enhance resilience and preparedness for future shocks.