Stakeholders have emphasized the urgent need for the proper digitalization of Ghana’s economy and others globally to accelerate sustainable and inclusive development. This requires not just the effective use of digital technologies, but also the integration of robust human systems, strategic planning, and data-sharing frameworks for greater global impact.
During the second edition of the Thought Leadership Series held in Accra on Thursday, participants underscored the significance of education and skills training as critical enablers for digital transformation. They also called for stronger partnerships across all sectors to ensure that digital advancements benefit all segments of society, particularly those that are often marginalized.
The event, organized under the auspices of Consolidated Bank Ghana (CBG), focused on the theme, “Harnessing Emerging Technologies for SME Growth.” It brought together experts and key players from various sectors to deliberate on how digital tools and strategies can help drive business growth, particularly for Small and Medium Enterprises (SMEs), which form the backbone of the Ghanaian economy.
In an interview with the Ghana News Agency (GNA), Mr. Daniel Wilson Addo, Managing Director of CBG, urged policymakers to develop tailored solutions to expedite digital transformation. He highlighted how digital technologies have become integral to modern business operations, enhancing efficiency and contributing to the success of SMEs, which account for approximately 80% of businesses in the country.
“From a policy perspective, it’s important to focus on supporting SMEs and helping them grow by fostering an environment that promotes innovation and allows them to leverage the latest technologies to expand,” Mr. Addo remarked. “The full potential of technology can only be realized if we create awareness and continuously align our systems to make them more accessible, secure, and sustainable.”
Mr. Addo also explained how CBG has been leveraging various technological platforms to simplify banking services for SMEs, allowing them to focus on growing their businesses and contributing positively to the local economy.
Former CEO of the Ghana Incentive-Based Risk-Sharing Systems for Agricultural Lending (GIRSAL), Mr. Kwesi Korboe, highlighted the importance of adopting a balanced approach to the use of digital technology. He encouraged businesses to consult the right experts to ensure the technologies they adopt lead to revenue growth while managing operational costs effectively.
“Technology comes with financial costs, including procurement and maintenance. Its value should be evaluated based on the needs and outcomes of the business,” said Mr. Korboe. He advised against completely neglecting indigenous knowledge and local manpower, stressing the need for a context-specific approach to adopting digital tools, particularly in sectors such as agriculture, business, and banking.
Mr. Divine Kutotse, Programme Officer at the National AfCFTA Coordination Office, underscored the importance of fostering strong partnerships to facilitate the integration of technology into national development frameworks. He pointed out that achieving digital inclusion for all—particularly women, youth, and both rural and urban populations—relies on these partnerships being aligned with investment initiatives.
Mr. Richmond Sey, a young entrepreneur in the poultry sector, shared his thoughts with the GNA on how impactful the forum was. He encouraged the organizers to extend such events to more SMEs, to enhance their knowledge on accessing the right technologies. He stressed the need for policymakers to collaborate with industry players to connect SMEs with firms and experts who can recommend suitable technologies that support business growth, job creation, and sustainable economic development.
“Sometimes you want to use technology to improve an aspect of your operation, but finding the right technology or firm to support you can be a challenge for many SMEs,” Mr. Sey noted.
The Thought Leadership Series continues to be a key platform for discussions on how emerging technologies can contribute to Ghana’s economic growth, particularly through the development of SMEs, which play a pivotal role in job creation and innovation. Through strategic collaborations and continuous investment in technology, stakeholders believe that sustainable economic development is within reach for all.
Source:thehighstreetjournal.com