World Chair of International Association of Advertisers laments the possible collapse of the advertising industry should recent regulations on data privacy not revised.

Speaking at the 3rd Africa Leadership Conference, Srinivasan K. Swarmy argued that data protection issues based on digital advertising need urgent attention before more stringent regulations are passed. 

He fears failure to do so could collapse the industry.

“Considering data privacy, it has been an area of serious concern for advertisers. Many regulators are coming to play to deal with this area. This challenge must be addressed if not it will be a problem for advertising companies,” he stated.

Vice president and Area Director of Africa, Norkor Duah, has charged all advertising firms to create footprints in the various economies their represent. Taking her turn at the 3rd Africa Leadership Conference, Norkor Duah, implored of advertising firms to embrace new trends in technology so as to remain relevant.

“It’s about revenue, reputation, research and regulation. Across the continent, there are so many issues regarding regulations that we need to address. Without effective regulation, we can’t forge ahead. New technological trends keep emerging. It is in our interest to tap into this for the good of the industry,” she stated.

Speaking to JoyBusiness, IAA Ghana Chapter and Advertising Association of Ghana Executive Chairman, Torgbor Mensah, revealed stakeholder consultation is underway with the Communication Ministry as well as the Data Protection Agency over consumer protection in the yet to be passed Advertising Bill.

Cashless economy

Meanwhile, the Vice president, Dr Mahamudu Bawumia, used the occasion to announce June 2020 as the dateline for all government agencies and ministries to go cashless. 

Speaking at the event, Dr Bawumia explained that the need to go cashless is aimed at ensuring efficiency and reducing corruption in the country.

“At least, by June 2020, the government will no longer receive cash payments. We are going cashless. We did a pilot with the Foreign Affairs ministry and the revenues increased fourfold. The technology is now available, we hope to make good use of it,” he revealed.

The 3rd Africa Leadership Conference a gathering of current and future business leaders. It was under the theme – Technology Trends VS Consumer Choice – Who’s determining the future?