The inability of businesses to incorporate digitization in their business models will create a void with dire consequences for their survivability post-COVID-19.
This is according to the First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku Afari.
According to him, in spite of the achievements introduced by government towards building a financially inclusive society through digitisation, businesses need to embrace digital solutions to compete and survive.
Speaking at the launch of the 5th edition of the Ghana CEO Summit, Dr. Maxwell Opoku Afari charged businesses to be firm in the pursuit of their ideals and position themselves properly in order to stay relevant.
“I must emphasize that the financial sector digitization program is part of a bigger project of the government in a bid to formalise the economy through digital technology. In spite of the tremendous achievements towards building a financially inclusive society through digitization, the COVID-19 containment measures put in place at the height of the pandemic by the government highlighted the digitization gaps and brought to fall the extent to which these gaps can be exploited by businesses for economic efficiency and growth. The inability of businesses to embrace digitization in their business models will create a void with grim consequences for the survivability of businesses during a post-pandemic regime,” he said.
He further noted that, “this transition will not be an easy one as there will be cost associated with changing business models, but this is where businesses will have to be resolute and remain steadfast in the pursuit of their ideals and take a long-term view of where they want to see their operations a decade from now. I will encourage businesses to work consciously with banks and fainters in the implementation of their digitization strategy.”
Organisers of the Ghana CEO Summit have themed this year’s summit, “Digital Transformation: Powering Business and Government RESET for a Post-Pandemic Economic Resilience. A Public-Private Sector Dialogue.”
A statement issued by the organisers, signed by CEO Ernest De-Graft Egyir, said now is the time for a ‘great reset’ of Ghana’s economy to a digitally resilient one, with the introduction of a Digital Economy Act for Ghana, and a Ministry of Digital Economy to coordinate digital policies.