African countries are working towards the creation of a continent Artificial Intelligence (AI) fund that will finance the much-needed infrastructure, skills, and energy to drive AI adoption and transformation.
ALSO READ: Africa must not be left behind, Kagame tells AI Summit
This was disclosed at the ongoing Global AI Summit on Africa held under the theme “AI and Africa’s Demographic Dividend: Reimagining Economic Opportunities for Africa’s Workforce.”
It brought together more than 1,000 participants including global leaders, government ministers, heads of state, tech giants, investors, academics, and researchers.
Speaking at this summit, President Paul Kagame argued that there is an urgent need for strategic investments in digital infrastructure, workforce development, and continental integration for Africa to secure its AI-driven future.
“Africa can’t afford to be left behind, once again playing catch up. We have to adopt, cooperate, and compete because it is in our best interest to do so.”
In a panel discussion entitled ‘Africa and the AI Opportunity’, Paula Ingabire, Minister of ICT and Innovation announced: “One of the outcomes we are looking forward to at the end of this summit is the creation of an AI fund where we can have a commitment as African countries, stakeholders and partners to mobilize resources that are needed to develop the much-needed compute infrastructure, talent, and energy.”
Africa only makes up four percent of the global AI workforce, she noted that it is important that all 54 African nations come together to make sure that the continent has the critical mass of people that are going to build innovations that leverage AI and drive development.
ALSO READ: Rwanda could earn Rwf730bn from Artificial Intelligence – new study
ALSO READ: Rwanda set to integrate AI into ICT legal framework
By 2030, AI stands to add $19.9 trillion to the global economy–injecting $2.9 trillion into Africa’s economy. This could lift 11 million Africans out of poverty and create 500,000 jobs annually.
With the implementation of the National AI Policy, Rwanda expects an estimated $589 million (approx. Rwf731 billion), representing six percent of Gross Domestic Product (GDP) over the next five years.
James Mwangi, Group Managing Director and CEO of Equity Group Holding, stressed the need to move from the “narrow” mentality that sets apart public and private initiatives to create an AI public infrastructure that benefits the population across the continent.
“We should invest together. I will be rallying for the participation of the private sector to build a public digital infrastructure that benefits all and lifts everybody on the continent.”
Mwangi noted that what will really change the game is adoption of AI by SMEs because it radically improves business intelligence, value chain efficiency, targeted customer support, and the capability to participate and enjoy all the benefits of e-commerce.
Wamkele Mene, Secretary General of African Continental Free Trade Area, maintained that the fund will help mobilize investment in digital public infrastructure to enable economic development.
However, he highlighted that it is important to measure the progress in the number of countries that have actually implemented the harmonized digital single market rules agreed on.
According to Jeremy Jurgen, Managing Director of the World Economic Forum, progress on AI infrastructure could unlock benefits for smallholder farmers, SMEs and more than 800 million youth that are AI-natives.
