President Nana Akufo-Addo has stressed the importance of embracing technological advancements to drive prosperity across the continent.
In his remarks as the 3i Summit opened in Accra – with policymakers, investors and innovators from across Africa united in their ambition to harness financial technology as a catalyst for economic growth and development on the continent – he highlighted the transformative potential of modern technologies in reshaping Africa’s economic landscape.
“To realise fully these benefits, we must embrace the technologies that are reshaping the global economy and make them work for us,” President Akufo-Addo stated, underlining the need for proactive engagement with digital innovations.
The President consequently called upon governments across Africa to prioritise substantial investments in digital infrastructure, which he described as the foundational framework for achieving shared prosperity. He stressed that a robust digital infrastructure would serve as the backbone for economic development, facilitating efficient communication, commerce and innovation.
“Governments across Africa should invest heavily in the digital infrastructure that will form the backbone of our shared prosperity,” he stated.
This aligns with a growing consensus among African leaders regarding the pivotal role of technology in driving sustainable growth and development.
Despite this and a wider digital infrastructure deficit, African countries continue to fall behind more advanced nations in their spending on digital architecture.
It is estimated that African countries spend about 1.1 percent of their gross domestic product (GDP) on digital investment, while advanced economies spend an average of 3.2 percent – leading the Brooking Institute to state: “Thus, business-as-usual is not an option as it will continue to widen the digital divide and drive further marginalisation of Africa”.
President Akuffo-Addo is convinced that bridging the digital divide will prove crucial in attaining full benefits from the African Continental Free Trade Area (AfCFTA).
“These are not mere statistics. They are a testament to the boundless potential that lies within our grasp, a promise of a brighter future for all Africans,” the President said, pointing to the AfCFTA’s aim of lifting 30 million people out of extreme poverty and boosting incomes for 68 million more by 2035, increasing intra-African trade by 52 percent and generating over US$450billion for the continent’s GDP.
Ghana has emerged as a leader in fintech innovation, the president noted, with 17 million citizens now holding digital IDs linked to critical services.
Mr. Akufo-Addo stressed that supportive policies are key, touting Ghana’s success with “e-government initiatives expanding financial inclusion to once unimaginable heights”.
Source: thebftonline.com