By Sammy CRABBE
In Part 2a, we examined how China and Dubai successfully implemented economic transformation through strategic zoning and regulatory flexibility.
We also highlighted the pushbacks and skepticism these regions faced and how they managed to navigate political and economic resistance.
Now, we turn our attention to Singapore and the City of London—two more case studies that offer valuable insights into regulatory reform, talent attraction, and long-term economic resilience.
Singapore’s strategic initiatives:
Singapore’s transformation under Lee Kuan Yew was built on three pillars: adopting English as an official language, attracting the best global talent, and enforcing a zero-tolerance policy on corruption. These initiatives helped Singapore attract multinational corporations, become a global financial hub, and establish a high-performing public sector.
However, these changes faced strong resistance. Many Singaporeans viewed prioritizing English as a threat to local culture, while entrenched elites resisted anti-corruption reforms. Lee Kuan Yew’s administration responded with unwavering commitment—prosecuting high-ranking officials for corruption, offering competitive salaries to public servants to prevent bribery, and integrating English into education and governance to make Singapore an attractive destination for global investors. These measures paid off, with Singapore evolving into one of the world’s most competitive economies.
The City of London’s financial transformation:
Margaret Thatcher transformed the City of London into a global financial hub by deregulating the financial sector, modernizing infrastructure, and creating a business-friendly environment. The ‘Big Bang’ deregulation of 1986 removed restrictive trading practices, attracting international financial institutions and propelling London to the forefront of global finance.
However, deregulation had consequences. The shift away from traditional industries led to widespread job losses in manufacturing, fuelling social and political discontent. Furthermore, financial liberalization contributed to market volatility, culminating in the 2008 financial crisis.
The biggest long-term threat to London’s financial dominance was Brexit, which introduced regulatory uncertainty and caused some global firms to shift operations elsewhere. Ghana must learn from this—ensuring its economic transformation is not only business-friendly but also socially inclusive and protected from political instability.
Community engagement and inclusivity
For Ghana’s digital economy to succeed, grassroots engagement is essential. Policymakers must actively involve local leaders, community organizations, and businesses to ensure that no segment of the population is left behind. Public awareness campaigns, workforce training programs, and feedback mechanisms will be necessary to secure public buy-in and long-term success.
Addressing infrastructure gaps
While Ghana boasts a stable democracy, an English-speaking workforce, and a strategic geographic location, its infrastructure remains a bottleneck. Inadequate fibre-optic connectivity and unreliable internet access hinder the growth of the digital economy. High-speed internet is essential for businesses, fintech innovation, and remote work, yet many parts of Ghana lack the connectivity required to compete globally.
The government must prioritize expanding broadband access, investing in smart city infrastructure, and enhancing digital literacy to ensure that technological transformation is widespread and not confined to urban centres.
Conclusion
Ghana has a rare opportunity to emerge as a digital hub in West Africa, but success requires learning from past economic transformations. By strategically developing the One Square Mile, engaging the private sector, ensuring regulatory stability, and investing in world-class infrastructure, Ghana can replicate the successes of Singapore, Dubai, China, and the UK—while avoiding their mistakes.
Building a digital economy is not just about technology—it is about economic inclusion, policy consistency, and long-term vision. The lessons from global economic hubs show that transformation is possible if we plan boldly, execute effectively, and ensure that every Ghanaian benefits from the digital future. Join me in the next article as we explore how Ghana can leverage digital infrastructure to build a connected and knowledge-driven economy.
>>>the writer is a PhD researcher specializing in blockchains and decentralized finance at the University of Bradford, UK. He holds an MBA in International Marketing and a post graduate research certificate from the International University of Monaco, Monte Carlo. Sammy was the first president of the Ghana Business Outsourcing Association and developed Africa’s first data entry operation and Ghana’s first medical transcription company
