Africa shows strong economic growth and potential for AI adoption
Africa remains the second fastest growing region in the world, with 41 countries expected to see stronger growth this year.
The African Development Bank's latest economic outlook report paints a promising picture for Africa, cementing its position as the second fastest-growing region globally.
This year, 41 African countries are expected to experience significant economic growth, highlighting the continent's robust potential. East Africa remains the fastest-growing region. West Africa's GDP will go from an estimated 3.6 in 2023 to about 4.2 in 2024.
"And here we see the shining stars being Nigeria, Senegal, Ghana and Cote d'Ivoire."
Ray White is joined by Crystal Orderson, discussing Africa's adoption of AI technology and its opportunity to grow the continent.
However, experts warn that delays in adopting artificial intelligence across the continent could deepen poverty. As Crystal Orderson explains, "Sadly, only about eight out of 54 countries in Africa, develop national AI strategies or policies. And so the delays won't be good for the continent."
To accelerate AI adoption, local companies will need to invest in building their own models using open-source technologies as a starting point.
Orderson also shines a spotlight on Tanzania's impressive economic trajectory under President Samia Suluhu Hassan's leadership. A notable achievement is the collaboration between RMB and MeTL, one of Tanzania's largest import/export companies.
RMB structured a $100 million financing facility for MeTL, exemplifying how African banks are playing a crucial role in driving investment and fostering economic growth.
Africa's economic landscape is burgeoning with opportunities, and by accelerating AI adoption, the continent can sustain and enhance its growth trajectory.
Strategic investments, supportive policies, and leveraging local expertise will be key to unlocking Africa's full economic and technological potential.
Africa Focus, presented by Crystal Orderson, is brought to you by RMB. To find out more about RMB’s focus on Africa’s Investment opportunities, visit the official RMB website.