Ghana is a country rich in natural resources, and it has made considerable progress exporting gold, timber, and cocoa beans, among others. Revenues generated from those products have benefited various sectors, contributing to economic growth.
But in order to stay competitive in a world of advancing technologies, emerging economies like Ghana need to tap on resources beyond what Mother Nature can provide. Ghanaian businesses need to shun old, inefficient organizational processes and welcome new systems that promote innovation.
Innovation as a strategic priority
2018 was a monumental year for Ghana in terms of technology. Increased smartphone and e-Commerce adoption plus lower internet costs have helped lure high-profile investors and tech giants into Africa, Ghana included. In fact, there are now a total of 24 tech hubs in the country. This is quite a turning point for a nation that has learned to embrace innovation, which is a key ingredient of economic growth.
As the world becomes increasingly interconnected, it’s important for enterprises to improve their operations. Businesses that are fully geared for the future are those driven by data and data analytics. They should continue to invest in talents, technologies, and strategies that will further their growth and the country’s strong economic potential.
With a lack of ability to innovate, countries are bound to get swallowed up by globalization. But not Ghana. The West African state has a newfound appetite for technology, which has brought them to the forefront of digital transformation in the region. This is exemplified by their progressive policies and strong financial services sector.
Global technological trends
For tech giant IBM, the rise of cloud and cognitive computing will continue to impact the way countries like Ghana do business. The cloud will allow Ghanaian businesses to tackle massive data workloads while maintaining compliance and security. A little self-evaluation should guide any enterprise considering cloud migration. Ask your organization these questions:
- How do you gather actionable insights from the rising volumes of corporate data?
- How do you plan on moving your business into the cognitive era of machine learning and AI?
- How will you leverage investments on infrastructure?
Now, what is cognitive computing? Broadly speaking, it refers to technology platforms that assist humans in decision-making. A good example is an app that helps doctors in treating patients. By acting as a support platform to human expertise, cognitive computing can effectively overhaul business processes.
Forward to a tech-enabled growth
The Ghanaian government scored big when they implemented mobile money interoperability, a digital addressing system, and a national identification system. However, it still needs to aggressively develop its human capital and encourage startups to adopt a global mindset.
Perhaps the government can create a multi-sectoral committee of technology experts that will devise a national technology framework based on global trends while using big data analytics, AI, and cloud and cognitive computing. Countries that are best equipped to face the challenges of the future are the ones that will succeed.
In such a case, the ability to envision the future could be a Ghanaian business’s most valuable asset. Keep in mind that Ghana was one of the first African countries that deregulated their telecommunications sector. In 2017, Ghana’s mobile money transaction ballooned to 155.8 billion cedis from the previous year’s 78.5 billion cedis. And as the nation finds more ways to leverage technology, a new Ghana — one with progressive businesses anchored on technology — will emerge.
There is no one-size-fits-all approach to digital transformation. To learn what works for your business, reach out to us today.
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