Day: April 3, 2023

Small and medium-sized enterprises (SMEs) have long been the backbone of the global economy.

They are the engine that drives innovation, job creation, and economic growth. However, SMEs are facing new challenges in the wake of the Fourth Industrial Revolution, which is marked by the emergence of artificial intelligence (AI) and other disruptive technologies.

In this article, we will explore the future of SMEs in light of an emerging trend in AI.

First, let us consider the current state of SMEs. According to the World Bank, SMEs represent over 90 percent of businesses worldwide and are responsible for more than half of all employment.

However, SMEs face a number of challenges, including limited access to finance, inadequate infrastructure and regulatory barriers. These challenges can make it difficult for SMEs to compete with larger companies, which have more resources and economies of scale.

This is where AI comes in. AI has the potential to level the playing field for SMEs by providing them with access to powerful tools that were once only available to large corporations. AI can help SMEs to automate processes, analyse data, and make better decisions. This can lead to increased efficiency, productivity, and profitability.

One of the most promising applications of AI for SMEs is in the area of customer service. AI-powered chatbots and virtual assistants can provide 24/7 support to customers, without the need for human intervention. This can help SMEs to provide better customer service, while also reducing costs.

Another area where AI can benefit SMEs is in marketing and advertising. AI can help SMEs to target their advertising more effectively by analysing customer data and identifying patterns and trends. This can lead to more efficient use of marketing budgets and ultimately, better results.

AI can also help SMEs to improve their operations. For example, AI-powered supply chain management systems can help SMEs to optimise their inventory levels, reduce waste, and improve delivery times. This can help SMEs to compete more effectively with larger companies, which have already invested in these types of systems.

However, there are also challenges associated with the adoption of AI for SMEs. One of the biggest challenges is the cost of implementation. AI systems can be expensive to develop and implement, which can make it difficult for SMEs with limited budgets to adopt them.

Another challenge is the lack of expertise in AI. SMEs may not have the resources to hire AI experts or train their existing staff in AI technologies. This can make it difficult for SMEs to effectively leverage AI in their operations.

In addition, there are concerns about the impact of AI on jobs. Some experts predict that AI will lead to the automation of many jobs, particularly in industries such as manufacturing and logistics. This could have a negative impact on employment levels, particularly in regions where SMEs are a major source of jobs.

Despite these challenges, the future looks bright for SMEs that are able to adopt AI. According to a recent report by Accenture, AI has the potential to add US$14trillion to the global economy by 2035.

SMEs that are able to leverage AI effectively can benefit from this growth, and potentially even outperform larger companies that are slower to adopt AI.

So, what can SMEs do to prepare for the future of AI? The first step is to educate themselves about AI and its potential applications. SMEs should invest in training for their employees and consider partnering with AI experts or consultants to help them develop an AI strategy.

SMEs should also consider starting small when it comes to AI adoption. Rather than trying to implement large-scale AI systems all at once, SMEs should focus on specific areas where AI can provide the most value, such as customer service or marketing.

They can do so by following these steps:

Identify the areas where AI can provide the most value: SMEs should start by identifying the specific areas of their business where AI can provide the most value. This may involve analysing their operations and identifying areas where AI can improve efficiency, reduce costs, or improve customer satisfaction.

Set clear goals and objectives: Once SMEs have identified the areas where AI can provide the most value, they should set clear goals and objectives for implementing AI. This may involve defining specific metrics for success, such as reducing response times or increasing sales conversions.

Start small: SMEs should start small when it comes to AI adoption, focusing on specific use cases or applications where AI can provide the most value. This may involve implementing AI in a single department or for a specific process.

Leverage existing tools and technologies: SMEs can also leverage existing AI tools and technologies, such as chatbots or customer relationship management (CRM) systems. These tools can be customised to meet the specific needs of the SME, and can provide a cost-effective way to implement AI.

Invest in training and education: SMEs should invest in training and education to ensure that their employees have the necessary skills and knowledge to effectively leverage AI. This may involve providing training programmes or partnering with AI experts or consultants.

Monitor and measure performance: SMEs should monitor and measure the performance of their AI systems to ensure that they are achieving their goals and objectives. This may involve tracking metrics, such as response times, customer satisfaction, or sales conversions.

Finally, SMEs should be aware of the potential impact of AI on their workforce and take steps to mitigate any negative effects. This may involve re-skilling or upskilling employees to take on new roles that are more suited to an AI-enabled economy.

In conclusion, the emergence of AI presents both opportunities and challenges for SMEs. While the adoption of AI can help SMEs to compete more effectively with larger companies, it also requires significant investment and expertise. SMEs that are able to effectively leverage AI will be well-positioned for success in the coming years, but those that fail to adapt may struggle to keep up.

It is important for Ghana’s policy-makers and other stakeholders to support SMEs in their efforts to adopt AI. This may involve providing funding or other resources to help SMEs develop AI strategies, as well as promoting education and training programmes to help SMEs build the necessary skills and expertise.

In the end, the future of SMEs – in light of an emerging trend in AI – depends on their ability to adapt to a rapidly changing economic landscape.

Those that are able to do so will be well-positioned for success while those that fail to adapt may struggle to survive. The key is to approach AI adoption with caution and to be mindful of both the potential benefits and risks. By doing so, SMEs can ensure that they are prepared for the future of work in an AI-enabled economy.

Source: Ghana Web

The youth of Kumawu in the Ashanti Region have appealed to NPP Flagbearer hopeful, Alan Kyerematen who they describe as the next leader of the party to campaign and ensure that the party retains Kumawu seat following the death of the Member of Parliament, Philip Basoah.

According to the youth, the only voice that NPP members in the Kumawu constituency will listen to in retaining the seat for the party is that of he, Alan, hence he must play an active role in realising that dream.

The Speaker of Parliament, Rt. Hon. ASK Bagbin on Friday, officially declared the Kumawu seat vacant and urged the Electoral Commission to take steps to hold a by-election.

The last elections in Kumawu witnessed a close contest between the late MP and an Independent candidate who himself was an NPP member.

The Kumawu youth made the call when the former Minister for Trade and Industry visited the family house of the deceased MP, Philip Basoah who himself was a staunch supporter of Alan’s bid to win the flagbearership of the NPP.

According to the youth who were clad in red, the late MP’s dream was to see Alan win the flagbearership and subsequently win the 2024 Presidential election.

They have therefore vowed to actualise the dream of the late MP by ensuring that Alan wins both elections ahead.

They did not mince words in warning that they will not accept any outcome of the flagbearership apart from Alan being declared as the winner.

Source: Ghana Web

The Vice President of IMANI Africa, Bright Simons, described Ghana’s debt servicing as catastrophic.

According to him, the manner in which government handles its debt puts the country at a much higher risk.

Read the full story originally published on April 1,2021 by 3news

Vice President of Imani Africa Mr Bright Simons has described Ghana’s debt servicing as catastrophic.

Speaking during the fourth edition of Media General’s Economic dialogue series on Thursday, April 1, he said “debt service situation is bad, it is catastrophic.”

His comment was corroborated by Dr Nii Noi Ashong, a Technical Advisor at the Ministry of Finance who then suggested while speaking during the same event, “So, we will need to reduce the stock. So what Bright is talking about, the Zero-coupon for instance, you can use it to reduce the stock so that interest payment will be reduced.”

The 2021 budget statement presented to parliament by the leader of government business Osei Kyei-Mensah-Bonsu said the total debt rose from 122 billion in 2019 to a 291.6billion as of the end of December 2020.

Meanwhile, other analysts have said the debt is more than what has been captured in the statement.

For example, Dr Lord Mensah, a senior lecturer at the University of Ghana Business School, said a critical analysis of the budget statement for the 2021 fiscal year shows that Ghana’s debt situation has gone beyond 76 percent to record 85 percent of Gross Domestic Product (GDP).

Speaking on the Key Points on TV3 Saturday, March 27 in relation to the vetting of Finance Minister-designate Ken Ofori Atta, Dr Lord Mensah said “If you go through the interest payment that we are supposed to have, the financing gap we have created out of the budget is about 41billion and over which we are going to finance and then in the same budget it was stated that our debt stock was around 240 plus billion.

“If you put all these together and then you relate it to our GDP which is about 440plus billion, you will realize that we are heading towards about 85 percent for more than the 76 per cent that has been put out.

“If you look at the budget we are hitting around 85 per cent. If you look at the recent statement that came from the World Bank they are projecting our debt by 2023 to be about 81 per cent of our GDP. I was not surprised.”

Source: Ghana Web

Lemonade Finance is a cross-border payment solution that enables Ghanaians in the Diaspora to send money home. Last year, the brand announced the signing of Deloris Frimpong Manso, John Dumelo, and Dr. Likee as brand ambassadors.

The company’s mission is to improve the financial lives of immigrants everywhere in the world. One that is inclusive and that works for them. This goal extends to empowering Africans, at home and abroad.

On the 1st of April 2023, in collaboration with brand ambassador, Delay, the company put together an event for the children at Nyamedua Orphanage, Accra.

To put a smile on their faces with a heartfelt and activity-packed party. In addition, the team made a donation of food items and stationery to the children. A monetary donation of GHS 50,000 was also made to the management of the orphanage.

This event is the company’s maiden Corporate Social Responsibility (CSR) Program in Ghana. It’s one of the ways the brand aims to give back to its communities.

“We were given a warm welcome when we launched in Ghana, and for that, it is just right to give back to the Ghanaian community. This is the first of many more to come. The children deserve this and many more.” according to Precious Ama Kwartema Oduro, Lemonade Finance’s country manager

“Lemonade Finance is a trusted brand here to serve Ghanaians, giving back to society is a great initiative and I just had to support them. I believe this is a company Ghanaians should show love and support to, a company that believes in giving back to society”.

During the visit, friends and employees of the company spent time with the children, playing games and singing songs. The money donated will be used to improve the living conditions of the children.

Paul Anaba, a representative from Nyamedua Orphanage expressed their gratitude for the donation and the visit, We have never received a donation of this sort before, God richly blesses Lemonade Finance for remembering us and giving back to the Ghanaian community. The kids are very grateful. I urge everyone to use Lemonade Finance, an organization that shows love to the community is an organization we should all support.

Source: Ghana Web

The Group Chairman of United Bank for Africa (UBA) and Heirs Holdings, the leading Pan-African investor, Tony O. Elumelu, CFR, will be traveling to Zambia at the invitation of United States Vice President, Kamala Harris.

Mr. Elumelu will join other global leaders at the inaugural meeting of the Steering Committee of the United States Government’s initiative “Gender Inclusion in the Digital Economy” taking place on Saturday, April 1, 2023, in Lusaka, Zambia.

His attendance represents further recognition of his advocacy of the transformation of Africa, through a dynamic private-public sector approach, made most recently at the US-Africa Leaders’ Summit, held in Washington D.C, hosted by President Biden in December 2022.

Mr. Elumelu welcomes the increased engagement of the US Administration with Africa, a partnership that he has stressed should be based on equity and mutual respect. As one of Africa’s leading entrepreneurs, Mr. Elumelu sees many common values, between the entrepreneurially driven US economy and the opportunities in Africa, not least in creating the enabling environment to support Africa’s highly entrepreneurial youth.

He is an ardent advocate of Africapitalism, his belief that Africa’s economic renaissance will be catalyzed by the collaboration between public and private sectors, and that the private sector must create social good, as well as economic wealth.

Africapitalism

Africapitalism is the economic philosophy developed by Heirs Holdings Chairman, Tony O. Elumelu, CFR, and is predicated on the belief that Africa’s private sector can and must play a leading role in the continent’s development. It is a call to action for businesses to make decisions that will increase economic and social wealth and promote development in the communities and nations in which they operate.

Source: Ghana Web

Ghanaian musician, Kojo Antwi and former Ghanaian boxer Azumah Nelson have visited former President John Dramani Mahama.

The two visited Mr Mahama at his residence.

In a Facebook post, on Sunday, 2 April 2023, Mr Mahama wrote: “My sincerest condolences to my friends, ‘Professor’ Azumah Nelson for the loss of his mother and Musician Kojo Antwi who has lost his father. “

“It was an honour to receive them and their families at our residence. Lordina and I once again express our condolences to them,” the former President and flagbearer aspirant of the main opposition NDC added.

The musician lost his dad, Opanin Kwadwo Asiamah Asubonten, on Monday, 2 January 2023.

His 40-day observance ceremony was held on Saturday, 11 February 2023, ahead of the main funeral.

He was 104.

The former boxer’s mother also died on Monday, 2 January 2023 at the age of 86.

She was buried on Saturday, 11 March 2023.

Source: Ghana Web

The UK High Commission in Ghana steps up its support for Women in Science. The

British High Commissioner in Ghana, Harriet Thompson, through a social media post, was optimistic about students changing the world with Science.

She wrote, “Starting the weekend with a big smile on my face: the students of African Science Academy will change our world!”.

“Congrats on Phase 2 expansion, now onward to Phase 3, and an army of brilliant, committed, collaborative, confident women leading our future,” she noted.

Another project aimed at addressing systemic institutional issues about gender and leadership disparities in STEM through a cross-country landscape analysis of women in STEM in academia and industry, which has Dr. Dzidzo Yirenya-Tawiah as the project Principal Investigator (PI), revealed that there is an under-representation of women in STEM and leadership positions in Africa with only 30% of science professionals being women according to a 2021 UNESCO Science Report.

In Ghana, out of the 3,000 ranked best scientists, only 285, representing 9.5% are female. According to Dr. Yirenya-Tawiah, “sustainable development and economic growth cannot be achieved unless women are empowered to contribute their quota to development.”

Source: Ghana Web

Former President John Dramani Mahama, according to Apostle Kwabena Agyei, Founder of Hezekiah Prayer Ministry, is a greedy man.

According to the man of God, greed is driving Mr. Mahama’s return.

He slammed Mr. Mahama and questioned why he is returning to the presidency after holding every political office from assembly member to the highest office in the land.

He claimed that Mr. Mahama is also being pressured by individuals whose sole goal is to come and amass wealth for themselves while stealing from state resources.

Mahama is acting like the late Nkrumah. That’s how Nkrumah acted and died. Mahama is following suit. Some people want Mahama to return because they intend to destroy Ghana. What exactly do you want? What do you want now that you’ve worked your way up from Assemblyman to President?

This is pure greed. Mahama is a greedy man. If you are not a greedy man, you will not be coming back. You will be looking for the welfare of this and pass on the mantle so that someone from the NDC could have risen by now. But look at you, when you go anywhere, people would be booing at you. All those pushing you to return are doing so for their selfish interests and their quest to come and steal from our resources.”

Source: Ghana Web