World Economic Forum: ‘Digital Economy Is Africa’s Future’ – African Leaders Agree
The indispensable role of digitalization as the catalyst for Africa’s economic transformation has been at the forefront of the 2025 World Economic Forum (WEF) meeting in Davis, Switzerland.
The 4-day summit, which has over 60 world leaders and several global economic giants participating, has been discussing issues of global interest including stimulating economic growth to improve living standards, climate change, emerging technologies among others.
During a special session on Africa which discussed the potentials of technology to transforming the continent, the WEF reached a consensus that adopting emerging technologies such as Artificial Intelligence (AI), the internet of things and digitizing economies are indispensable to the growth of Africa.
Digital Economy: The Way To Go
At a special roundtable featuring President of Botswana, Duma Boko, the Secretary General of African Continental Free Trade Area (AfCFTA), Wamkele Mene among other speakers, the forum agreed to the urgent need for a digital African economy to accelerate Africa’s development and create more opportunities for Africa’s youthful population.
New Botswana’s President, Duma Boko, acknowledging that young Africans constitute majority of Africa’s population called for a new approach to development, adding that the adoption of digital technology which he described as “the language of young people” in every aspect of African economies is the way forward to addressing many challenges.
Also apeaking at the forum, the General Secretary of African Continental Fee Trade Area (AfCFTA), Wamkele Mene, highlighted the importance and indispensability of digitalization in Africa’s economy and the need for digital trading on the continent.
As a step towards attaining this on the continent, he revealed that the Africa Digital Trade Protocol is ready and will be adopted next month by the African Heads of State.
“We have established the protocol on digital trade. The last instrument of that protocol will be adopted by our heads of state next month in Addis. The protocol on digital trade responds exactly to what the President has just said”, he said.
The AfCFTA General Secretary acknowledged the cutting edge innovation by young Africans and the ability to create entrepreneurship through Africa’s digital economy.
“By the year 2050, Africa will have the youngest workforce in the world. Those jobs will have to be created intra Africa. We will not be able to import jobs from somewhere else so Africa’s digital economy, we believe, is a very, very important aspect of intra Africa trade. And it actually addresses day to day challenges that all of us are battling with.”
As part of the call for Africa’s adoption of digital economy, he raised concerns about lack of seamless payment systems in Africa and called for urgent need for payment interoperability on the continent.
“The issue of payments for example. I live in Ghana. There is a direct flight to Nigeria. When I travel to Nigeria, I take my direct flight. But when I send money, it goes somewhere else. It should be the same that we have a seamless interoperable payment system in Africa to address this challenge of youth unemployment.”
“We are also, in the same protocol, have far reaching provisons on emerging technologies, on improving SMEs, which will create an environment where we will see more investment in digital public infrastructure.”
“Once we have come a long way, we do recognize that we have much work to be done. But I believe that in any endeavor, the starting point has got to be to write the laws that is how the investors around will have the confidence to invest in digital technologies in Africa, to invest in youth entrepreneurship and finally to invest in trade finance”, he noted.
Furthermore, South African President, Cyril Ramaphosa agreed that digital economy is the future of Africa.
He asserted; “The digitization of the continent, particularly when it comes to artificial intelligence, will enhance trade and development, and they are key enablers that we want to see fully developed.”
A digital African economy with emerging technologies driving it is projected to contribute around $1.5 trillion to Africa’s GDP by 2030 which will transform various sectors.
A fully digitalized African economy reliant on technologies, the World Economic Forum agreed, will enhance agricultural productivity through precision farming, improve the efficiency and responsiveness of government services, expand access to quality healthcare, support environmental sustainability and revolutionize education through personalized learning to accelerate Africa’s development and foster sustainable growth.
Source: Ghmessenger.com
