Africa risks falling further behind other continents in AI boom if urgent and coordinated action is not taken.
This is according to the Governor of the Bank of Ghana Dr. Johnson Asiama who says “gaps in regulatory capacity, cybersecurity, infrastructure, and financing continue to constrain the safe and inclusive use of the technologies” that are driving the tech boom that is responsible for close to 50% of the growth being seen in advanced and some Asian economies.
Africa has been left behind the Tech boom and has therefore not benefitted from its resultant growth.
Speaking at the 2nd Round Governor’s Intervention at the ongoing IMF/WBG Spring meetings in Bangkok Thailan on the theme Africa’s Digital Sovereignty and AI for Structural Transformation: Advancing Capabilities and Deepening the Fund’s Support, Bank of Ghana Governor Dr. Johnson Asiama said Africa is not completely left out of the tech boom.
“Africa has taken giant leaps in digital payments, ID systems, AI-enabled financial services, and fintech,” Dr. Asiama
Despite these strides, the BoG Governor says Africa requires urgent partnership to aid the continent catch up with the rest of the world in the adoption of AI and attendant ground breaking technologies.
“We first call upon the Fund to scale up tailored capacity development and to support a stronger Africa’s voice in shaping global digital norms,” he said.
Dr. Johnson Asiama said African countries “require practical assistance to develop their AI governance, supervisory technology, cybersecurity, and digital-risk management systems.”
The BoG Governor said this assistance will help Africa to harness AI, adapt, govern, and innovate with the technology.
Dr. Asiama also called on the IMF to “strengthen its analytical leadership on the convergence of AI, digital transformation, and macro-financial stability. This includes effectively integrating AI issues, where relevant, into surveillance and FSAPs; deepening analysis of the implications for productivity, employment, financial resilience, and inclusive growth; promoting policy coherence on data governance, digital trade, and cross-border AI regulation; and supporting mobilizing affordable financing for secure digital public infrastructure and a narrower digital divide.”
Story by Sena Nombo, IMF/WBG Spring Meetings in Bangkok, Thailand
