Vice President, Dr. Mahamudu Bawumia, has advised enterprises to rethink their way of doing business to ensure growth. According to him, the pandemic has caused global devastation, but it has presented businesses an opportunity to reinvent their operations.

Speaking at the 5^th CEO Summit, Dr. Bawumia opined that, the pandemic has also revealed some gaping flaws in the structure of business. As such, we cannot succeed if we hold on to the old ways of doing things.

To survive post-pandemic, Dr. Bawumia advised businesses to dwell on “the lessons learnt from the pandemic”.

The event was dubbed: “Digital Transformation: Powering Business and Government Reset for a Post-Pandemic Economic Resilience. A Public-Private Sector Dialogue”.

“It is absolutely imperative to reset [and] reignite business and the economy in these times to ensure continuous growth and development of the Ghanaian economy. The pandemic has presented a much-needed opportunity with which we can reset the economy; while still building upon the solid foundation laid before 2020. The COVID-19 pandemic has demonstrated ample systematic flaws in the way we do things; including the way we conduct business; thereby requiring us to rethink and reorient ourselves and our business.

“Our government continues to take steps to sanitize the regulatory environment for the conduct of business in Ghana. Our efforts in digitization, by working towards a cash-light economy, providing a framework for electronic incorporation and regulation of business entities under the new companies Act and e-procurement to mention a few, are all aimed at making it easier to conduct business in Ghana”.

Key drivers of economy

Commenting on the impact of the pandemic on the economy, Dr. Bawumia insists that “key drivers of economic growth suffered”.

He further explained that, disruptions in global supply chain and trade also “threatened financial markets in the financial system”.

“The reverse multiplying effect and the imperatives to save lives put public finances at risk. Many governments prioritized lives over the economy. Soon, not only were we confronted with the challenge of social disruptions; but also the challenge of saving the economy so that we can continue to provide needed savings to households and businesses”.

To successfully ameliorate the situation, Dr. Bawumia disclosed that Ghanaians must “re-examine our ways”. According to him, workplaces, homes, offices and business culture must change for businesses to thrive.

“We will continue with our comprehensive efforts to save lives, safeguard the educational system, minimize interruptions in the educational system, ensure micro, small medium and large enterprises continue to thrive and continue to fuel the economy even as the pandemic persists”.

“We must continue to challenge ourselves on how to deliver learning services… and how to deliver and manage our health system”.

Digitization is the future

Commenting on the need to reset businesses and the economy”, Dr. Bawumia maintained that “it is essential”. He further noted that, technology has an “enormous role to play in the business landscape.

“One of the lessons the pandemic has taught us is that digitization is the future. A future that perhaps started yesterday. Businesses will by necessity integrate appropriate digital technologies in their operations and service delivery in order to increase productivity and output”.

Dr. Bawumia further urged businesses to engage government on measure they want government to implement in order to “make it easier for them to do business”.