Development Bank Ghana (DBG) is advocating targeted financing instruments and stronger business development support to unlock the potential of Ghana's Information and Communication Technology (ICT) sector, warning that a one-size-fits-all approach will not work.

The state-backed development finance institution says a nationwide feasibility study identified financing, policy alignment, investor readiness and business development as the major barriers confronting ICT businesses.

CEO Prof. Randolph Nsor-Ambala made the case at an ICT roundtable discussion in Accra, where the Bank engaged financiers, investors, engineers, innovators and ICT businesses on practical solutions to the sector's challenges.

Structure of financing matters just as much as access

Prof. Nsor-Ambala said access to capital, while critical, is not the sector's only problem, stressing that the structure of financing matters just as much as its availability.

"Our view of things is that it goes beyond just financing. When it comes to financing, it also has to do with the structure of the financing. What is the appropriate financing instrument they need?" he said.

He said the study showed the ICT sector has different value chains with varying needs, making tailored interventions necessary.

"The ICT sector is not homogeneous. The value chain is complex, and the peculiarities associated with the various streams of value chains require different actions."

According to him, the next step is to break down the challenges across the various segments of the ICT value chain and develop targeted interventions that can produce measurable results.

"We need to essentially disabuse our mind, first of all, from the one-size-fits-all solution. The second thing is that we need to agree with everybody in the room around what would success look like," he said.

He also called for continuous engagement among stakeholders to track progress and ensure that agreed interventions deliver the desired outcomes.

Competitive, inclusive private sector

Prof. Nsor-Ambala said DBG's mandate is to build a competitive and inclusive private sector rather than concentrate opportunities in the hands of a few businesses.

"Our mandate is to create a competitive private sector. Competitive private sector essentially means that we do not believe in creating opportunities for just a few," he said.

ICT deployed for agribusiness

Beyond the ICT sector itself, Prof. Nsor-Ambala said DBG is applying technology to address information gaps in Ghana's agribusiness sector, where limited access to reliable technical information has made it difficult for some farmers to view their activities as commercially viable businesses.

"One of the challenges we found within the agribusiness space was access to quality information that is relevant to the course of business of the farmers," he said.

He said the Bank is using ICT as a low-cost means of providing farmers with technical information and extension support to help them scale their operations and remain competitive.

"ICT, as always, offers that convenient tool to be able to offer that low-cost entry approach to information democratisation or dissemination."

DBG says its interventions are evidence-based and aimed at addressing key barriers to private-sector competitiveness and economic growth.