African Industrial Organization (Economics/Business crossover) | 02 November 2001
Indigenous Knowledge Systems in Ghanaian Business Practice: A Mixed-Methods Inquiry
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Abstract
Indigenous Knowledge Systems (IKS) play a significant role in traditional business practices across various cultures. A mixed-methods approach combining ethnographic fieldwork with structured questionnaires was employed. The study also utilised a grounded theory framework for data analysis. The findings suggest that IKS significantly impact decision-making processes in small-scale businesses by providing culturally specific solutions to market challenges, with approximately 70% of business owners reporting reliance on such knowledge systems. This study provides valuable insights into the integration and influence of Indigenous Knowledge Systems within Ghanaian business practices. It underscores the importance of recognising and valuing indigenous wisdom in contemporary business contexts. Business education curricula should be enriched with modules that incorporate IKS, fostering a more inclusive approach to problem-solving and decision-making processes.