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This study aims to assess the potential mediating effects of formal and informal networks in the relationship between government support and Ghanaian indigenous firms’ degree of internationalisation.

This study was a cross-sectional design, where the structured questionnaire was used in gathering data from 301 indigenous Ghanaian firms. The path estimation was conducted by running structural equation modelling in AMOS v.23.

It was concluded that government support had a significant positive effect on Ghanaian indigenous firms’ degree of internationalisation. Formal network was found to partially mediate the relationship between government support and indigenous firms’ degree of internationalisation. Finally, it was concluded that informal networks had no mediating effect.

One limitation is that the effect of the government support and network strategy was only explored on indigenous exporters, meaning that exporters which did not fall within the definition of indigenous firms were excluded from the study. Future studies could conduct a comparative study on the same variables, using indigenous and non-indigenous firms.

It is recommended that Ghanaian exporters should participate in government training and workshop programmes focussing on building export business strategies and networking to improve export activities.

This study’s unique contribution is its investigation of how networking portfolio, including formal and informal ties, helps explain the nexus between government support and the internationalisation of local firms in the developing market, such as Ghanaians.

This study aims to explore how the implementation of the recapitalisation by the Bank of Ghana disrupted the indigenous banks’ sources of accessing capital to raise the required amount within the mandatory stipulated time/deadline.

This study used purposive sampling techniques to interview key role players and senior members involved in the bank’s recapitalisation process and/or have in-depth information on the 2017–2018 recapitalisation period.

This study revealed that government directives significantly shape banks regulations and strategy; accordingly, any state-directed policies must be communicated cautiously, well explained and implemented to reduce any negative consequences.

This study makes a significant contribution to knowledge by exploring how directives (arbitrary) of regulatory bodies can influence the business as well as its other stakeholders (such as the depositors, public, among others). Secondly, the study highlights how the delays in government support may not derive the benefits expected by the regulator.