In Ghana, business resilience and organizational development expert Lord-Lucas Wodzi, in an article for MyJoyOnline, proposed nine strategies for small and medium-sized enterprises. According to the author, they can help companies use digital technologies more effectively and reduce the risks associated with them. He emphasizes that technology governance should combine business goals, data protection, employee skills development and cost control.
The author notes that digital tools affect accounting, marketing, payments, customer relations, production and companies’ access to new markets. He cites World Bank data according to which, in 2015, 98% of Ghanaian enterprises were micro or small, while about 90% operated in the informal sector.
Benefits of digital governance
In Wodzi’s assessment, well-considered technology governance helps businesses choose software according to their actual needs, reduce manual work and the number of accounting errors. Systematic collection and analysis of data on sales, customers and finances can improve management decisions, while websites, social media, e-commerce and digital payments can expand access to buyers beyond the local market.
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The author paid particular attention to cybersecurity. Ghana has the Cybersecurity Act of 2020, the Data Protection Act of 2012 and the Electronic Transactions Act of 2008. Among the basic measures for small businesses, he named strong unique passwords, two-factor authentication, regular software updates, data backups, restricted access to sensitive information and staff training.
Costs, skills and infrastructure
At the same time, as Wodzi writes, implementing such practices can be difficult for small companies because of spending on software, IT services, training and system upgrades. He also points to a shortage of digital skills and unequal internet access between the country’s urban and rural areas.
Among the proposed strategies are preparing a simple technology plan, using affordable cloud services, digitizing financial accounting, diversifying markets through online platforms, introducing data-handling rules and cooperating with government institutions, universities, banks, technology companies and business associations. In the author’s view, regulation in this area should be proportionate to the capabilities of small businesses and risk-oriented.
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