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Some stakeholders have called for the proper digitalization of the Ghanaian economy and others worldwide to accelerate sustainable and inclusive development.
This involves effectively utilizing digital technologies alongside robust human systems, strategic planning, and data sharing for global benefits.
The stakeholders, who made the call at the second edition of the Thought Leadership series, in Accra on Thursday, emphasized the importance of education and skills training.
They also highlighted the need for stronger partnerships across all sectors to enhance digital transformation and ensure that the benefits reach all segments of society.
The event was held under the auspices of Consolidated Bank Ghana (CBG).
It was on the theme: “Harnessing emerging technologies for SME growth.”
In an interview with the Ghana News Agency, Mr Daniel Wilson Addo, Managing Director of CBG, urged policymakers to develop tailor-made solutions to accelerate and speed up digital transformation.
He noted that digital technologies are now integral to business processes, significantly enhancing efficiency and success, particularly for Small and Medium-sized Enterprises (SMEs), which account for about 80 per cent of businesses.
“So, it is important that from the policy point of view, we focus on helping, particularly SMEs and assisting them to grow by creating an environment that fosters innovation and allows them to leverage the latest technologies to expand.
“The full power of technology can only be realised by creating awareness, and continually driving and aligning our systems to make them more accessible, secure and sustainable,” he said.
Mr. Addo said that CBG was harnessing various technological channels to simplify banking services for SMEs, allowing them to concentrate on expanding their businesses and positively impacting the domestic economy.
Mr. Kwesi Korboe, former CEO of the Ghana Incentive-Based Risk-Sharing Systems for Agricultural Lending (GIRSAL), stressed the need to use digital technology appropriately to maximize benefits.
He urged businesses to consult the right experts to implement technologies that could ensure their marginal revenue surpassed their operating costs.
“Technology carries financial costs, including procurement and maintenance, but its value should be assessed based on business needs and outcomes,” the former GIRSAL CEO encouraged businesses.
Mr. Korboe cautioned against completely neglecting indigenous technology and local manpower, despite the rising significance of digital technologies in socio-economic growth.
He stressed the need for a balanced and context-appropriate approach to adopting digital technologies in sectors like agriculture, business, and banking, emphasizing that the focus should be on enhancing production activities rather than solely pursuing technological advancement.
Mr. Divine Kutotse, Programme Officer at the National AfCFTA Coordination Office, harped on the importance of fostering partnerships to integrate technology into national frameworks.
He pointed out that achieving digital inclusion for all groups—such as women, youth, and both rural and urban populations—relied on aligning such partnerships with investment initiatives.
Mr. Richmond Sey, a young entrepreneur in the poultry sector, told the GNA that the forum was impactful and encouraged the organizers to extend it to more SMEs to enhance their knowledge about accessing the right technologies.
He urged policymakers to collaborate with industry players to connect SMEs with firms and experts who could recommend appropriate technologies, to facilitate business growth and contribute to job creation and sustainable economic development.
“Sometimes, you’d want to use technology to enhance an aspect of your operation, but where to source it, including the firms who can support is always a challenge to many SMEs,” he said.
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