SME stakeholders advocate for comprehensive digitalisation to drive sustainable development 

By Francis Ntow 

Accra, Oct . 31, GNA – Some stakeholders in Small and Medium-sized Enterprises (SMEs) have hailed the benefits of digitalisation to the Ghanaian economy, saying advancing its inclusiveness will accelerate sustainable development. 

This involves effectively utilising digital technologies alongside robust human systems, strategic planning, and data sharing for both domestic and global benefits. 

The stakeholders, who made the call at the second edition of the Consolidated Bank Ghana Thought Leadership series, in Accra,  on Thursday, called for sustained education and skills training, for all the productive segments of the society. 

They also called for stronger partnerships across all sectors to enhance digital transformation and ensure that the benefits reach all citizens, regardless of their location, age and economic status. 

The CBG stakeholder event was on the theme: “Harnessing emerging technologies for SME growth.” 

In an interview with the Ghana News Agency, Mr Daniel Wilson Addo, Managing Director of CBG, urged policymakers to develop tailor-made solutions to speed up national digital transformation.  

He noted that digital technologies were now integral to business processes, significantly enhancing efficiency and success, particularly,  for Small and Medium-sized Enterprises (SMEs), which account for about 80 per cent of businesses in Ghana. 

 “So, it is important that from the policy point on view, we focus on helping, particularly, SMEs and assisting them to grow by creating an environment that fosters innovation and allows them to leverage the latest technologies to expand. 

“The full power of technology can only be realised by creating awareness, and continually driving and aligning our systems to make them more accessible, secure and sustainable,” he said. 

Mr. Addo said that CBG was harnessing various technological channels to simplify banking services for SMEs, allowing them to concentrate on expanding their businesses and positively impacting the domestic economy. 

Mr. Kwesi Korboe, a former CEO of the Ghana Incentive-Based Risk-Sharing Systems for Agricultural Lending (GIRSAL), urged businesses to select digital technology that would enable them to maximise their benefits.  

They should, therefore, not be driven by sophistication but to consult the right experts to utilise technologies that would ensure that their marginal revenue surpassed their operating costs. 

“Technology carries financial costs, including procurement and maintenance, but its value should be assessed based on business needs and outcomes,” the former GIRSAL CEO encouraged businesses. 

Mr. Korboe cautioned against completely neglecting appropriate indigenous technology and local manpower, despite the rising significance of digital technologies in socio-economic growth.  

It was useful,  he said,  to pursue a balanced and context-appropriate approach to adopting digital technologies in sectors, such as agriculture, business, and banking, adding the human element was an imperative.

Mr. Divine Kutotse, Programme Officer at the National AfCFTA Coordination Office, urged partnerships to integrate technology into national frameworks.  

He pointed out that achieving digital inclusion for all groups—such as women, youth, and both rural and urban populations—relied on aligning such partnerships with investment initiatives. 

Mr Richmond Sey, a young entrepreneur in the poultry sector, told the GNA that the forum was impactful and encouraged the organisers to extend it to more SMEs to enhance their knowledge about accessing the right technologies.  

He urged policymakers to collaborate with industry players to connect SMEs with firms and experts who could recommend appropriate technologies.

 This would facilitate business growth and contribute to job creation and sustainable economic development. 

“Sometimes, you’d want to use technology to enhance an aspect of your operation, but where to source it, including the firms who can support is always a challenge to many SMEs,” he said. 

GNA