Business News of Tuesday, 23 October 2018
The Information Minister-designate, Kojo Oppong Nkrumah, has urged players in the advertising industry to embrace technology or risk falling behind the competition.
Addressing the 12th edition of the Gong Gong Awards, the flagship event of the Advertising Association of Ghana in Accra on the theme: ‘Technology, Brand Purpose and the Empowered Consumer’, Mr. Oppong Nkrumah underscored the need for advertisers to be innovative in serving their clients.
“Technology has always been a catalyst for industry growth, reinvention and sometimes total change. While it starts off by seeking to make life easier, its true effect is eaten by a total turnaround on how things are done. This can wipe out old players, especially those who don’t adapt while it opens up new spaces to the early adopters”, he said.
Mr. Oppong Nkrumah, who is also the Member of Parliament for Ofoase-Ayirebi, told the advertisers that: “The threat to pole industries as a result of the technology age should be of concern to you as you depend on their survival and spend off these old industries.”
The lawmaker challenged the advertisers not to just take the client’s brief and convert it into a strategy or creative piece, but also serve as an interface between the client whose business is being disrupted and the empowered consumer on the other hand.
In 2016, the advertising industry grew by 18 percent in Ghana. The growth was led by the out-of-home and television platforms and was largely influenced by the political season of that year.
Projections continue to show steady growth with an estimated 9 – 10 per cent growth for 2017 and 2018.
However, the industry continues to face severe challenges like revenue shortfalls from economic sub-sectors that faced challenges and are now going through correction, as well as mergers and acquisitions and consolidation.
Others include the difficult and different permitting processes for mounting outdoor advertising structures as well as boundary disputes between district assemblies who control advertising standards in some parts of the country.
Mr. Oppong Nkrumah said the surest ways to tackle these challenges is by promulgating a single policy document to regulate the industry.
He said work had begun on the advertiser’s bill, which, when passed into law, will outline best practices in the advertising space and bind all individuals and organisations to apply best standards.
“I am happy to inform you that work on the bill is ongoing. My task, therefore, as in-coming minister will be to liaise with the Trade Ministry that is shepherding the bill to complete whatever outstanding work there is so that parliament can receive and consider it and hopefully pass it into law,” he said.