The New Economy: Impact of Financial Digitalization on Ghana’s Public Sector

Wisdom Kofi Adzakor
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Wisdom Kofi Adzakor: University of Bristol, Bristol, Gloucestershire, United Kingdom

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 3s, 5243-5252

Abstract: This study delves into the impact of financial digitalization on Ghana’s public sector, exploring the evolution of digital technologies and their transformative effects on general economic operations. Leveraging a qualitative-based literature review methodology, the study synthesizes existing research to address key research questions focused on the theoretical underpinnings of digitalization, the implemented financial digitization services in Ghana, and the resulting impact on the public sector. The study adopts a qualitative approach, relying on a literature-based snowballing method to collect secondary data. By systematically analyzing literature that aligns with the research questions posed, the study synthesizes relevant findings to underscore the significance of financial digitalization in Ghana’s public sector. Drawing on the innovation diffusion theory, the study showcases how the adoption of digital financial solutions in Ghana can be categorized according to innovators, early adopters, early majority, late majority, and laggards. This theoretical framework highlights the phased approach through which digital innovations permeate the public sector, from awareness to evaluation, trial, and adoption. Furthermore, the study delves into the broader concept of the digital economy, expounding on the opportunities and challenges it presents for African countries like Ghana. While the digital economy offers immense potential for growth and development, addressing critical issues like digital literacy, regulatory frameworks, and job market stability is paramount for maximizing the benefits of digitalization.

Date: 2024
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