Digital economy

At the launch of the National Democratic Congress (NDC) Youth Manifesto on Monday, August 12, 2024, at the University of Professional Studies, Accra, Divine Edem Kwadzodeh, Communication Officer at the ...

EBID Board of Governors Re-Appoints Dr Donkor for the Second Term as President

by Stephen M.C

April 28, 2023

0

The Board of Governors of the ECOWAS Bank for Investment and Development (EBID), comprising the Ministers of Finance and/or Economic Planning of the 15 ECOWAS member states, has unanimously re-appointed ...

Former President, John Dramani Mahama, has expressed the need for Africans to aim for a take-off to rapid growth, a double-digit growth.

Africans Should Aim For A Take-off To Rapid Growth- Mahama

by Angeller Ashong

November 2, 2022

0

Former President, John Dramani Mahama, has expressed the need for Africans to aim for a take-off to rapid growth and a double-digit growth. According to him, this will spiral and ...

Alibaba Kicks Off New Edition Of Netpreneur Training Program For Africa

by Stephen Kotochie

October 11, 2022

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Alibaba Global Initiatives (AGI), a professional training arm of Alibaba Group, has enrolled the second class of more than 360 African entrepreneurs for its Alibaba Netpreneur Training program at a ...

MTN Ghana Launches MoMo Month, Set To Accelerate Growth In Digital Payments Through Partnerships

by Stephen Kotochie

August 8, 2022

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MTN Ghana MobileMoney Limited (MTN MoMo) has officially launched this year’s MoMo Month celebrations in Accra, Kumasi and Mankessim to highlight the importance of partnerships to accelerate digital payments. This ...

IT Consortium Calls For Expansion Of Private Sector Infrastructure

by Angeller Ashong

June 2, 2022

0

The Chief Executive Officer of IT Consortium, Romeo Bugyei, has called on government to help the private sector to create robust infrastructure in the digital economy. Mr Bugyei revealed that ...

Adopt Gender-Focused Interventions To Enhance Women Participation In Digital Economy – Deputy BoG Governor

by Stephen Kotochie

March 9, 2022

0

Mrs. Elsie Addo Awadzi, Second Deputy Governor of the Bank of Ghana (BoG), has called for the adoption of gender-focused interventions to address both demand-side and supply-side constraints to enhance ...

Gov’t Showing Needed Commitment to Create a Modern Economy- Dr. Boako

by Stephen Kotochie

November 9, 2021

0

Spokesperson of the Vice-President, Dr. Gideon Boako, has intimated that government is showing the needed interest and commitment to create a modern Ghanaian economy. Commenting on government’s digitization initiatives, he ...

Chasing the money: Taxing the digital economy required

by Stephen Kotochie

March 1, 2021

2

Ghana risks losing out on a golden opportunity to increase revenue generation from the fast growing digital economy. This loss is likely to be as huge as the revenue loss ...

Ghana is fast becoming a regional hub for e-commerce and digital services as evidenced by the country’s position (5th) among the top ten African economies, and above its West African peers Nigeria and Senegal in the 2020 UNCTAD e-commerce index. Although this expansion would have otherwise been gradual, the spread of the COVID-19 virus across the country and the associated containment measures such as lockdowns and other restrictions accelerated this process. This would cause many businesses to digitize or risk collapsing as well as force consumers to explore purchases online. Furthermore, demand for digital services including online shopping, digital applications for remote work and on-line entertainment, inter alia, surged during the imposition of stay-at-home orders. And these changes have synced with people’s notion of a new normal environment for the next couple of years. Digital has come to stay! With majority of Ghanaian businesses within the category of Micro, Medium and Small Scale Enterprises (MSMEs), a rapid expansion of Ghana’s digital economy can improve the economic viability of these businesses. An increased use of digital technologies can enable MSMEs reduce costs and market goods and services to a broader range of potential buyers. Besides, e-commerce platforms serves to help businesses find potential business regardless of physical location. Still, compared with traditional retail, information and communication costs may be less expensive for MSMEs using digital technologies. All the economic benefits in a digital economy notwithstanding, there are yet some challenges that need to be addressed to avert a waning acceptance of this growing paradigm in the future. Digital illiteracy Digital illiteracy remains one of the fundamental problems that restricts the potential in achieving rapid digitalization. As advanced as technologies get, the more complex their uses become. For Ghana’s digital economy to thrive, there should be an intentional focus to train, educate, and invest in providing digital literacy. There should be greater efforts by the government to build an educational system which is directed towards scientific and technical learning. Again, the educational system should be modeled in such a way so as to link courses taught in the schools with the trend in digital technologies. Commitment to bridging the digital divide: Carrying rural folks along Digitalization is much less of a rural phenomenon than it is urban- urban bias. Although, there has been significant improvement in the last couple of years, there is still a great many people who are not captured in the digital economy who are predominantly in the rural areas. Available data suggests that the number of people who have access to the internet in the urban and peri-urban areas still far outweigh those in the rural areas. Therefore, there is need for more commitment to carry rural communities along in this digital economy. Without increasing commitment to bridge this divide, it has the tendency of worsening the gap of inequality in income between urban dwellers and rural dwellers. Data protection, cyber-attacks and fraud Alongside these challenges, data protection, cyber-attacks and fraud remains a threat to Ghana’s digital economy. There have been scores of incidences of cyber fraud and attacks on the financial sector which has contributed to several loss of funds. Mobile money fraud, for example was a worrying trend during the lockdown period and restrictions. There should be a coordinated response to building a more robust security system to protect data of users on e-commerce platforms and other digital platforms.

Ghana ranks 5th among top ten African economies in UNCTAD E-commerce Index 2020

by Stephen Kotochie

February 27, 2021

0

Ghana is fast becoming a regional hub for e-commerce and digital services as evidenced by the country’s position (5th) among the top ten African economies, and above its West African ...

Tag: Digital economy

NDC Launches Youth Manifesto with Ambitious Digital Economy Agenda

EBID Board of Governors Re-Appoints Dr Donkor for the Second Term as President

Africans Should Aim For A Take-off To Rapid Growth- Mahama

Alibaba Kicks Off New Edition Of Netpreneur Training Program For Africa

MTN Ghana Launches MoMo Month, Set To Accelerate Growth In Digital Payments Through Partnerships

IT Consortium Calls For Expansion Of Private Sector Infrastructure

Adopt Gender-Focused Interventions To Enhance Women Participation In Digital Economy – Deputy BoG Governor

Gov’t Showing Needed Commitment to Create a Modern Economy- Dr. Boako

Chasing the money: Taxing the digital economy required

Ghana ranks 5th among top ten African economies in UNCTAD E-commerce Index 2020

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