Panelists on the first forum of the Citi Business Festival 2023 have made a strong case for the digital economy to be embraced to drive business growth.
Key in the discussion, the tech analysts were quick to express concern over the potential risks artificial intelligence (AI) poses to businesses, largely attributing these concerns to lack of knowledge.
For them, the intrusive nature and powerful algorithms inherent in AI, can be manipulated to significant effect.
The forum held on Tuesday, June 6, 2023, was on the topic, ‘Reimagining the Digital Economy.’
It focused largely on reimagining the digital economy as seasoned panellists explore the possibilities for businesses in the fourth industrial revolution in terms of growth, improvement and expansion.
The discussants included Franklin Asare, CEO of Tech Gulf, Bendict Bentil, Senior Manager, Enterprise Marketing & Portfolio Management, MTN, Horatio Dodoo, Digital and Payments Manager, Absa Ghana and Andrew Takyi-Appiah, Founder/CEO of Zeepay.
Here are some other takeaways from the forum:
- Regulatory framework needed to enhance Ghana’s digital economy: Implementation of a robust digital regulatory framework in Ghana to bolster the country’s digital economy.
- Decision-makers must seek understanding of the digital economy: A nationalistic approach is needed to support local start-ups in Ghana.
- The digitalization agenda must be accompanied by digital products
- Startups must tap into the digital economy to be competitive: Public and private companies need to strategise in ways that will enable them to maximise their gains and ensure an all-inclusive benefit for all stakeholders in the digital economy.
- The digital economy cannot thrive without business-to-business collaboration
- Rethinking the educational system to meet emerging digital trends
- Financial institutions in the country are willing to give loans to local enterprises to boost business operations.
- A cautious approach when leveraging Artificial Intelligence (AI)
- Strong payment settlement system is needed to facilitate the smooth operation of free and cross-border trade
The annual Citi Business Festival is a month-long initiative marked with on-air and outdoor events in the month of June to equip Ghanaian businesses with strategies to grow and scale up while meeting emerging trade and commerce trends.
The themes for this year’s business festival are as follows:
Week 1: The Digital Economy
Week 2: SMEs in Ghana
Week 3: Retail and Consumer Markets
Week 4: Agribusiness Ecosystem
The Citi Business Festival 2023 is powered by Citi TV and Citi FM in partnership with Absa and is proudly sponsored by MTN MOMO, MTN Business and Zeepay with support from GIRSAL.
