Technology plays a crucial role in driving economic change, notably by supporting the transition towards a round-the-clock economy. In Ghana, the incorporation of digital networks, automation, and artificial intelligence (AI) is transforming various sectors and boosting efficiency.

The growth of mobile payments, online shopping, intelligent logistics, and digital banking enables companies to function outside traditional work hours (World Bank, 2023).

The Ghana Statistical Service (2023) reports that digital transactions have risen by 65% within the last half-decade, highlighting an increasing dependence on technological solutions for economic operations.

A round-the-clock economy depends significantly on technological advancements to maintain smooth business processes, monetary exchanges, and customer services. As stated by Schwab in 2016, "Technology acts as the key facilitator that transforms economic possibilities into wealth."

As Ghana moves towards a 24/7 economy, investing in digital infrastructure, cybersecurity, and automation will be essential.

The piece explores the influence of technology on Ghana’s round-the-clock economic landscape, its effects across different industries, the obstacles encountered, and suggests strategic policy measures for fostering enduring tech progress.

\xa0 THE PART PLAYED BY TECHNOLOGY IN A ROUND-THE-CLOCK ECONOMY

1. Electronic financial services and non-cash transactions

The growth of mobile money services and digital banking forms a key part of Ghana’s tech transformation. According to the Bank of Ghana (2023), mobile money transactions amounted to GHS 1.5 trillion in 2023, indicating a rising inclination towards non-cash payment methods.

Financial inclusion allows enterprises to function around the clock without depending on traditional banking services. Fintech firms like Zeepay, ExpressPay, and MTN MoMo have significantly contributed to improving access to finance and aiding Ghana’s shift towards a 24/7 economic environment.

1. E-Commerce and online marketplaces

Platforms like Jumia, Tonaton, and Glovo have revolutionized the retail sector, enabling companies to function outside of conventional business hours.

The rise of online shopping and food delivery services has opened up fresh avenues for job creation and economic development. According to a report from the International Finance Corporation (IFC, 2023), e-commerce accounts for 12% of Ghana’s GDP and is expected to increase at an annual rate of 20%.

1. Advanced logistics and supply chain enhancement

Technology-driven logistics companies like Bolt Food and Yango have enhanced efficiency in the transportation of goods and services. Automated tracking systems, real-time inventory management, and artificial intelligence (AI) in supply chain operations reduce downtime and increase service availability.

Nations like China and the United States have utilized advanced logistics to support round-the-clock economies, a concept that Ghana could adopt (OECD, 2023).

1. Virtual workplaces and telecommuting opportunities

The use of digital communication platforms like Zoom, Microsoft Teams, and Google Workspace has allowed enterprises to maintain operations outside conventional working hours. By embracing remote work, firms can broaden their employee base, manage multiple time zones effectively, and boost efficiency.

The Ghana Digital Economy Report from 2023 indicates that 35% of professionals in Ghana currently participate in remote work, fostering a more adaptable and effective economic environment.

1. Artificial Intelligence (AI) along with automation

Artificial intelligence and automation are transforming sectors like healthcare, agriculture, and manufacturing. Technologies for smart farming, robotic processes in production lines, along with AI-powered customer support enhance productivity and reduce human mistakes.

According to the Ghana Investment Promotion Centre (GIPC, 2023), adopting artificial intelligence is key for driving the nation’s economic development and enhancing its competitive edge.

CHALLENGES POSED BY TECHNOLOGY IN A NONSTOP ECONOMY

Even with the advantages, Ghana encounters numerous obstacles in utilizing technology for a round-the-clock economy:

1. Digital divide: Disparity in tech accessibility between cities and countryside obstructs overall acceptance across the country.
2. Cybersecurity risks: Greater reliance on digital transactions leaves businesses and consumers vulnerable to fraud and cyber attacks.
3. Infrastructure deficiency: Intermittent internet connections and unstable electricity sources hinder technology usage.
4. Expensive nature of adopting new technologies: A lot of small and medium-sized enterprises face challenges when it comes to covering the cost of implementing digital technologies.
5. Regulatory and policy gaps: Lack of thorough legal guidelines hampers progress in the digital sector.

POLICY SUGGESTIONS FOR PROMOTING TECHNICAL PROGRESS

To drive Ghana’s 24-hour economy successfully through technology, the following policy measures should be emphasized:

1. Expand digital infrastructure: Increase investments in broadband internet, 5G networks, and stable electricity supply.
2. Enhance cybersecurity measures: Enforce stricter cybersecurity rules and enhance consumer safeguarding measures.
3. Support tech-based startups: Offer financial rewards, tax breaks, and funding options for tech-oriented enterprises.
4. Promote digital literacy: Launch technology-centric educational initiatives and skill-development programs to ensure the workforce acquires up-to-date competencies.
5. Strengthen Public-Private Partnerships: Work alongside international technology firms to spur innovation and digital change.

\xa0 CONCLUSION

Technology is driving Ghana’s shift towards a round-the-clock economy. With innovations like digital payment systems, online commerce, intelligent logistics, and artificial intelligence-powered automation, tech developments are transforming sectors and boosting economic productivity.

Nonetheless, tackling issues like inadequate infrastructure, cyber security risks, and the technological gap is crucial for lasting development. By implementing appropriate strategies and channeling resources effectively, Ghana has the potential to leverage technology completely and establish a dynamic, 24/7 economy.

REFERENCES

• Bank of Ghana. (2023). Yearly Report on Digital Exchanges and Economic Access. Accra, Ghana.
• Ghana Digital Economy Report. (2023). The Condition of Digital Transformation in Ghana. Department of Communications and Digitization
• Ghana Statistical Service. (2023). Digital Transactions and Their Impact on Economic Development. Accra, Ghana.
• International Finance Corporation. (2023). E-commerce and the Expansion of Micro, Small, and Medium Enterprises in Developing Economies. Washington, D.C.
• Organization for Economic Cooperation and Development (OECD). (2023). Innovation in Technology and Expansion of Economy. Paris, France.
• Schwab, K. (2016). The Fourth Industrial Revolution. World Economic Forum.
• Ghana Investment Promotion Centre (GIPC) (2023). Artificial Intelligence and Automation: The Future of Ghana’s Economy. Accra, Ghana.
• World Bank. (2023). The Impact of the Digital Economy on Emerging Markets. Washington, D.C.

CORPORATE DOCTOR

The author is an esteemed Ghanaian academic who has spent more than thirty years working professionally across various fields including academia, regional integration, public policy, sustainable entrepreneurship development, human resource management, organizational growth, leadership, governance, democracy, culture, and tradition. As the Manwerehen of the Abeadze Traditional State in Ghana’s Central Region, Dr. Adoofi merges his deep-rooted cultural background with innovative and forward-thinking leadership skills.

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