Africa’s Economies Can’t Afford to Miss Out on the Digital Revolution

Hundreds of millions of venture capital dollars are flowing into the region which remains the fastest growing mobile phone market in the world, and an emerging competitor in the global race for tech. With innovation hubs sprouting up throughout the continent, solutions are being found to solve uniquely African problems and dissolve barriers to trade, financial services and capital. But governments need to do more to seize on the opportunities of the global digital economy, which is set to grow from $11.5 trillion in 2016 to over $23 trillion by 2025. The continent’s burgeoning populations and embryonic levels of technology and underdeveloped infrastructure can be turned to an advantage if countries adopt new technologies straight away and use them to leapfrog into the 21st century. The week of round tables and expert discussions sought to equip ministers and financial policymakers with the technocratic know-how to reform their economies and legal systems to promote innovation in the digital age. Delegations from 40 African countries shared their experiences on issues ranging from investing in the technical skills of future workforces, to using technology to build more inclusive and efficient financial institutions. 

SOURCES: AFRICAN BUSINESS MAGAZINE

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