GenKey, a Netherlands-based large scale biometric identity management software provider, announced its acquisition of ClaimSync, a Ghanaian digital medical record and insurance claim software company, on October 15 2013. This move supports BMI's bullish view on Ghana's rapidly growing IT software and services markets.
|Ghana IT Market Growth Forecast (US$mn), 2010-2017|
GenKey offers biometric identity management solutions for elections, digital healthcare platforms and identity management, with a focus on emerging markets. ClaimSync's software services, which include electronic medical record management, electronic insurance claim submissions and benefit authentication, will bolster GenKey's digital medical ID management platform. The acquisition will also help deepen GenKey's presence in Ghana's IT market, which it first entered when it opened an office in Accra in February 2012.
BMI believes GenKey's acquisition of a local firm is indicative of increasing opportunities for foreign investment in Ghana's IT sector. In fact, the country's positive economic outlook and stable political environment has already attracted a considerable amount of interest from international firms: SAP, Microsoft and HP have all established strong partnerships with local players in the IT services market, while IBM set up a procurement centre in Ghana in 2011 and Oracle Corporation announced plans to open a local corporate office by the end of 2013.
We expect the biggest driver of growth in Ghana's IT software and services markets to be the government's ambitious computerisation programme, which covers multiple sectors, including education, rural banking, customs and immigration, and local governments. Other growth sectors include telecoms, the budding oil and gas industry, retail and transportation. Throughout our forecast period we expect the total value of Ghana's IT market to more than double in local currency terms, rising from GHS1.02bn in 2012 to GHS2.57bn in 2017.