The 8th Ghana CEO Summit has been launched with a focus on harnessing Artificial Intelligence (AI) and promoting economic diversification to stimulate tangible progress and nurture sustainable growth within Ghana’s economy.

Delivering a speech at the launch on Wednesday, April 24, the Founding CEO of Chief Executives (CEO) Network Ghana, Ernest De-Graft Egyir, stated that the summit is poised to address the most pressing challenges and opportunities facing the nation’s evolving business landscape.

The 2024 Ghana CEO summit is being held under the theme "Reigniting Business and Economic Growth: Charting a Path Forward.”

Mr Egyir emphasised that with economic diversification and Artificial Intelligence (AI) transformation taking center stage, the summit would highlight the imperative for resilience, innovation, and economic diversification in charting a path forward.

He noted that the summit will explore the transformative potential of Artificial Intelligence (AI) across various industries alongside the necessity of ensuring its benefits are inclusive while navigating regulatory and ethical considerations.

“Furthermore, we will discuss the intersection of AI with other emerging technologies such as 5/6G, quantum computing, and biotechnology. This underscores the need for forward-thinking approaches to prepare for the future and harness the full potential of technological advancements.”

He emphasised that the summit will offer three-panel discussions and dialogues catering to the interests and concerns of esteemed attendees, starting with an opening plenary session that will seek to discuss the theme for the summit.

“This will be followed by a Presidential Plenary Session, featuring the current Vice President and former Presidents of Ghana as special invited guests who will delve into key topics such as private sector development and strategies for sustainable economic growth.

“Our CEO-led plenary sessions will explore transformative topics such as radically transforming businesses into African multinational companies and revitalising state-owned enterprises through economic diversification and AI transformation,” he said.

Mr Egyir mentioned that the summit will delve into the industry outlook, including the impact of the African Continental Free Trade Area (AfCFTA) on manufacturing and the role of emerging technologies like generative AI in shaping the future of business.

He noted that since the inception of the Ghana CEO summits, there has been a cohort of CEOs who are all expanding beyond the borders of Ghana, adding that the panel will discuss how CEOs can radically transform their companies and also build African multinational companies.

The Founding CEO of Chief Executives (CEO) Network Ghana clarified that the Ghana CEO Summit is a public-private sector platform and emphasised the need for the private sector to involve the public sector.

“For the first time, we are doing the State-Owned Enterprises CEOs panel to see how AI transformation and other ideas will help these public sector institutions to transform."

He stated that CEOs have concerns about the political landscape and what happens in Ghana, stressing that their call to action this year is for the country’s political elites to begin to consider political leadership ethics and best practices.

“We have a social contract as citizens and as a business community. We need our political elites to lead us by setting an example to ensure that not only their lives get better, but we as citizens, we as a business community also improve our quality of life,” he added.

Ghana CEO Excellence Awards

The summit will be climaxed by a Ghana CEO Excellence Awards – Honours session.

The CEO Excellence Award-Honours aspect of the summit celebrates the exemplary achievements of CEOs and businesses, showcasing their innovation, leadership, and contributions to Ghana’s economic landscape.

It is time to single out AI - Margins Group CEO

On his part, the Chief Executive Officer of Margins Group, Moses Kwesi Baiden Junior, stated that the CEO summits have consistently focused on public-private dialogues and partnerships, aimed at driving economic growth and transformation, primarily through technology.

He observed that amidst the challenges posed by the COVID-19 pandemic, there are still opportunities for economic advancement.

Mr Baiden emphasised the importance of specifically highlighting Artificial Intelligence (AI) at this juncture, noting that AI is poised to play a pivotal role as a catalyst for economic change in the fourth industrial revolution.

He elaborated on the significance of AI in the context of the fourth industrial revolution, explaining that it represents a significant leap forward in data processing capabilities.

The Margins Group CEO highlighted the shift from humans analysing data to teaching machines to process information, enabling data-driven decisions at an unprecedented scale.

Furthermore, he underscored the potential of AI to revolutionise various industries, noting its ability to enhance cybersecurity systems while also acknowledging the risks associated with its misuse.

Mr Baiden emphasised that with the right regulatory framework, AI can serve as a powerful tool for economic and technological advancement in Ghana and across Africa.

He expressed optimism about the opportunities presented by AI, provided it is leveraged responsibly and ethically.

AI can be a significant disruptor that businesses need to pay attention to - Vish Ashiagbor

In his remarks, the Country Senior Partner of PricewaterhouseCoopers (PwC), Vish Ashiagbor underscored his firm's commitment to building trust and addressing critical issues affecting people, the planet, and businesses.

Mr Ashiagbor highlighted PwC's global CEO survey, which gathers input and feedback from CEOs worldwide across various sectors, adding that business essentially is about development and the quality of life for all of our people. 

“We cannot achieve that alone as business people, we have to do so in partnership with policymakers essentially, government regulators etc.

“So what is of great interest to us in respect of this summit and the work that the CEO Network does is that it provides a platform through which we can engage with policymakers based on real live data and real-live insights asking what it is that will advance all of our causes in terms of development, in terms of quality of life of our people,” he said.

Mr Ashiagbor acknowledged CEOs' concerns about the viability of their current business models in the face of evolving technologies like AI. While recognising AI's potential as both an opportunity and a threat, he stressed the importance of businesses working closely with policymakers to harness its benefits effectively.

Deloitte’s mission aligns with CEO summit goals - Deloitte Country Manager

Country Managing Partner of Deloitte Ghana, Daniel Kwadwo Owusu said Deloitte's brand positioning statement, 'embarking on a transformational business journey' aligns with the Ghana CEO Network Summit.

Mr Owusu stated that his outfit will continue to collaborate with industry leaders, policymakers and stakeholders to build a robust, inclusive and sustainable future for everyone.

“We have reached a stage where we must chart a common course towards building hope and confidence in our economy, and position it for a brighter future.

“Indeed, the international Monetary Fund has assured us that the economic outlook for Sub-Saharan Africa is gradually improving indicating that growth will rise from 3.45 in 2023 to 3.8% in 2024.”

He said a lot more needs to be done as a country to achieve long-term macroeconomic stability which is very critical for planning, forecasting and building a strong and vibrant economy that not only creates jobs but boosts per capital income.

Mr Owusu noted that his outfit values making a positive impact, having high standards for excellence, and achieving those standards and to help its clients achieve their goals and ambitions.

Take advantage of CEO Summit - Chief Executive Officer of JL Properties Limited

In his brief remarks, the Chief Executive Officer of JL Properties Limited, Dr James Orleans-Lindsay urged all CEOs to capitalise on the Ghana CEO Summit, particularly emphasising its educational value regarding the topic of AI.

“I entreat all of us to be part of it so that you get the knowledge that is associated with it, and then use it to improve your business, because it's a new world order, and we expect every single person, especially in Ghana, to use it to improve his or her business."

He noted the cherished value in the simplistic understanding of business, which involves staying true to oneself, emphasising that through participation in the CEO Summit event, businesses will learn the importance of spending within their means.

“When you don't have, you downsize. This is the bigger problem that this country is facing, so I entreat all CEOs to be part of what Ernest and his team are doing,” he said.

It's time to look at property development - Eris Properties CEO

The Chief Executive Officer of Eris Properties Ghana Limited, Enoch Entsua-Mensah, expressed excitement about this year's CEO Summit theme, particularly regarding economic transformation and AI.

He highlighted that the property sector, in particular, feels overlooked and emphasised the need to explore the contributions that property development and investments can make to the country's development.

“At the time we started this particular development, we were sitting on a chunk of 650 million dollars in 2016. I must tell you that, unfortunately, we could only invest only 80 million, just because that sector hasn't been looked at as the potential to drive that economic transformation that we are talking about."

He noted that despite the economic downturn, with the country grappling with high debt, soaring interest rates, and investors' apprehension about the economy, there are still opportunities to explore.

“We think that it is time to take a second look at the property investment sector. We are having pension funds sitting on chunks of monies, and they are looking out for what they think that they could invest in. 

“We are still exploring external investors who are also literally contributing to the depreciation of the cedi because we would still have to repatriate quite a chunk of the investment that they have made,” he said.

Mr Entsua-Mensah pointed out that there are quite a lot of properties out there that are literally abandoned and expressed his belief that it is time to focus on property development, facility management, and integrating AI into the conversation.