Franklin Asare, CEO of TechGulf, has highlighted the crucial need for a strong digital regulatory framework in Ghana to strengthen the country’s digital economy.
Speaking at the inaugural Citi Business Festival Forum on Citi TV, themed ‘Reimagining the Digital Economy,’ Asare, previously the Country Director for Oracle Corporation, emphasized the importance of implementing regulatory measures and providing funding to promote active participation of Ghanaians in the digital economy, with a particular focus on supporting startups.
Asare emphasized the significance of enforcing regulations on data sovereignty and data privacy, enabling Ghanaians to store their data on local platforms.
He expressed his belief that digital entrepreneurs from Africa, especially Ghana, possess the potential to lead and excel in the digital space.
However, he stressed that they require the necessary skills and support to unleash their full potential.
“We must enforce data sovereignty and data privacy regulations to allow Ghanaians to store their data locally. Many of us own phones, but our data is stored elsewhere. To truly participate and thrive, we need regulatory measures and funding to be introduced in the country,” Asare explained.
He also expressed confidence in Ghana’s ability to produce exceptional startup talents in Africa, noting that Ghana was the first country in Africa to achieve independence in the digital domain.
Asare believed that the emerging digital entrepreneurs from Africa would be pioneers in their field, provided they have the required skills and resources.
“Our country is home to remarkable startups that simply need support. Whether they need $5,000 or $50,000 to boost their businesses, the current process demands excessive requirements, including divulging personal information. Banks need to adapt, and we need venture capital to assist us. I’ve discovered that many startups primarily need mentoring,” Asare shared.
The Citi Business Festival 2023, organized by Citi TV and Citi FM in collaboration with Absa, is proudly sponsored by MTN MOMO, MTN Business, and Zeepay, with support from GIRSAL.