The first forum in the Citi Business Festival featured a discussion on the digital economy.
The forum considered the opportunities for businesses in the new business ecosystem amid an industrial revolution, driving changes in the new digital economy.
The forum was on the topic, “Re-imagining the Digital Economy”.
It featured a panel comprising the IT Consortium CEO, Romeo Bugyei; Justice Amegashie, the Chief Enablement and Information Officer at ABSA Bank; the Chief Executive Officer of MTN Mobile Money Company Limited, Eli Hini; and Kwame Oppong, the head of Fintech and Innovation at the Bank of Ghana.
Here are five insights from the forum.
The Government must collaborate with the private sector to expand infrastructure
The growth of the digital space must be matched by the growth of the infrastructure underpinning it.
The IT Consortium CEO, Romeo Bugyei, noted, for example, that “mobile money has worked because there is infrastructure.”
“It will also help if the government is helping the private sector, those who are involved in the backbone infrastructure because mobile money works because there is infrastructure.”
Romeo Bugyei also believes the Government should also encourage local companies to help with the digitisation of government services. To reinforce this, he also suggested that a deadline be set to digitise government services.
“The soft infrastructure will help young companies to provide services that will enhance the lifestyle of citizens,” he said.
Stakeholders should work to bridge the digital divide
Justice Amegashie, the Chief Enablement and Information Officer at ABSA Bank, highlighted the need to bridge the digital divide as the digital space expands.
“Once you are implementing the technology, it is important that you are pulling the people along,” he noted.
In this regard, he cited the importance of the e-cedi being piloted in a rural community, as an example of how the digital divide can be closed.
As another example, Mr. Amegashie also said his bank remained attentive to the need to “empower its clients” as far as the digital space is concerned.
“Focusing on the people and taking the citizenry along this journey is important.”
Businesses must adapt to keep up with changing trends
As the digital space expands, the Chief Executive Officer of MTN Mobile Money Company Limited, Eli Hini, noted that there will be winners and losers. This is, however, not an excuse to give up or be static.
“What is important is how quickly businesses adapt to the changing trends,” Mr. Hini said.
He used his company as an example of why it is important to keep up with the continual motion of tech.
“When we [MTN] started mobile money, we started not because we were ready but because at the time that was what was happening,” he recalled.
Ultimately, the growth of the digital sector should be viewed as a plus for businesses. Justice Amegashie noted that tech trends have allowed businesses to “scale quickly and broaden your reach… that reach and that online presence is enormous.”
Stakeholders have to share information to boost cybersecurity
Kwame Oppong, the head of Fintech and Innovation and the Bank of Ghana, noted that the central bank views information-sharing as key to safeguarding the financial technology space.
According to him, the Bank of Ghana has worked on a financial sector security operations centre to ensure this collaboration between stakeholders.
“Sometimes it is about information-sharing and the efficiency with which we share information regarding cyber and information security threats, he said.
This coordination function is envisioned to boost the security of the overall digital ecosystem, which still has challenges with fraud and other cybercrimes.
We must focus on solutions, not problems
Romeo Bugyei described Ghana as being rich “because we have problems.”
But he implored Ghanaians and businesses to lean towards hope and solutions.
“I would encourage us not to be discouraged by the problems in this country. I think we spend too much time talking about problems and forget about the solutions that exist.”
Romeo Bugyei views the hope narrative as especially important to young people. “Let them know that because we have problems, we will create solutions.”
Our ability to create solutions should also not hinge merely on an ability to get funding, the IT Consortium CEO remarked.
“Start something and somebody could back you,” he said.
ABSA Bank is the main sponsor of the Citi Business Festival 2022 with support from MTN Momo and MTN Business Support, Ghana Investment Promotion Centre (GIPC) and IT Consortium.