:  This paper studies the effect of stock market development on economic growth in 14 African countries in a dynamic panel data modelling setting. Results largely show a positive relationship between stock market development and economic growth. Further analyses, based on the level of economic development and stock market capitalization, are also conducted. The results reveal that the positive influence of stock market development on economic growth is significant for countries classified as upper middle income economies. On the basis of market capitalization groupings, stock market developments play a significant role in growth only for moderately capitalized markets. The general trend in results shows that low income African countries and less developed stock markets need to grow more and develop their markets to elicit economic gains from stock markets.

Purpose -The purpose of this paper is to identify the extent to which the corporate governance framework can be applied to small and medium enterprises (SMEs), and discuss these issues further within the Ghanaian context.Design/methodology/approach -After considering some of the key issues, the paper shows how relevant these issues are to the SME sector.Findings -It is clear that corporate governance brings new strategic outlook through external independent directors and enhances firms' corporate entrepreneurship and competitiveness. Again the problems of credit constraint and managerial incompetence in the Ghanaian SME sector could also be overcome with a good corporate governance structure in place.Research limitations/implications -The discussion mainly focuses on corporate governance within the context of Ghanaian SMEs.Originality/value -This paper provides conceptual insights on the application of corporate governance among SMEs.

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