Business Ecosystems of Ghana: challenges and development trends

Abstract

The growth of Ghana's business ecosystem is examined in this article. The business ecosystem is a growing sector in terms of both volume and economic impact, particularly in emerging countries. The paper is an exploratory study that looks at the ecosystem's structure, laying the groundwork for future strategic analysis of the system. We used data from 2004 to 2020 extracted from Bank of Ghana annual reports and Ghana payment system reports. To illustrate the intensity of the system, issues confronting ecosystems, critical resource requirements, and motivation for Ghana to establish its own business ecosystem, we use Moore's business ecosystem theory. Also, to explain the appropriate workflow for the participants in the system, we drew heavily on Iansiti and Levien's work as well as that of Senyo’s et al. We have recommended that businesses pursue co-creation, networking, enhancing openness, and releasing information in their efforts to build a formidable business ecosystem in Ghana. It is also stated that, for the purpose of state security, governments should create a policy framework and improve regulation to provide an enabling environment for the country's business ecosystem to thrive.