Ms. Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), highlighted the pivotal role of Artificial Intelligence (AI) in driving transformative changes across African economies, addressing longstanding challenges in productivity and the labor market.
Speaking at a conference jointly organized by the Ministry of Finance, Ministry of Communications and Digitalization, and the IMF in Accra, Ms. Georgieva urged African governments to enhance their readiness to capitalize on AI’s myriad opportunities while mitigating risks and ensuring inclusivity.
Emphasizing the theme “AI as a Catalyst to Transforming Economies in Sub-Saharan Africa,” Ms. Georgieva underscored AI’s potential to revolutionize various aspects of human life, offering pathways to longer, healthier, and more productive livelihoods.
Referencing an IMF study indicating the impact of AI on job markets, she stressed the need for African economies to bolster digital infrastructure, invest in human capital, and foster an enabling regulatory environment to harness AI innovations effectively.
Echoing her sentiments, Dr. Mohammed Amin Adam, the Finance Minister, highlighted AI’s substantial economic potential, projected to contribute up to US$15.7 trillion to the global economy by 2030, with Africa poised to generate US$1.2 trillion.
Dr. Adam emphasized the urgency for African governments to seize the opportunities presented by AI, advocating for strategic investments in internet access, digital infrastructure, and STEM education to foster long-term economic sustainability and resilience.
Acknowledging Ghana’s progress in digitalization, Madam Ursula Owusu-Ekuful, the Minister of Communications and Digitalization, underscored the need for further investment in digital connectivity, including affordable satellite infrastructure, to enhance resilience and expand access across Africa.
She highlighted Ghana’s efforts in developing a draft AI policy and ethics strategy, aiming to leverage AI opportunities while mitigating adverse effects, emphasizing the importance of regulatory readiness in maximizing AI’s benefits for African economies.
Source: Ghanaweb