AI is way to go in Africa!! …embrace emerging technology to boost continent’s economies — IMF boss to African leaders

Africa must embrace Artificial Intelligence (AI) to accelerate the development of the continent, Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has stated.

According to her, the benefits of AI far outweigh its negatives and Africa must explore the emerging technology to boost its economies.

• Ms Georgieva (third from right) with Dr Adam
(second from left) and other dignitaries after the event

Ms Georgieva stated this at a panel on AI in Accra yesterday on the theme “AI as a Catalyst to Transform Economies in Sub-Saharan Africa,” and said “there is an urgent need for Africa to adopt AI”.

“AI is the best change for the world and presents invaluable opportunities as well as challenges,” she stated.

The panel, which was on the theme “The Opportunities for AI to Transform Economies in Sub-Saharan Africa”, formed part of her visit to Ghana.

The programme opened by the Minister of Finance, Dr Mohammed Amin Adam, had other speakers as the Minister of Communications and Digitalisation, Mrs Ursula Owusu-Ekuful, Dr Patrick Awuah Jnr, the Founder and President of Ashesi University, and Jason Hickey, the Head of Google Research, Accra, and attended by dignitaries such as the Governor of the Bank of Ghana, Dr Ernest Addison, Chief Executive Officer of Development Bank Ghana, K. Duker.

Ms Georgieva, responding to a question on the prospects of AI to the development of the African economy, said Africa needed to invest in areas such as digital infrastructure, human capital, innovation, and develop regulations and ethical codes in order to reap the benefits AI presented.

The IMF Managing Director disclosed that estimates conducted by the World Bank some years back indicated that Africa would require about $15 billion to address the digital infrastructure on the continent.

She explained that Africa would not be impacted negatively as much as the developed economies as a result of the adoption of AI, indicating that the developed economies were estimated to lose 60 per cent of jobs, while emerging economies lost 40 per cent and the lower middle income economies lost 26 per cent of jobs.

Ms Georgieva stressed that Africa should put structures and policies in place to ensure that AI did not deepen the current inequalities, and also combat deep fakes, distortion and misinformation.

Mrs Owusu-Ekuful, for her part, said digital infrastructure development had been on the agenda of the government for the past seven years to deepen the internet penetration in the country.

She said the government had completed work on the National Identification System, Digital Property Addressing System and promoting digital financial services.

Mrs Owusu-Ekuful said the global community must not promote and deepen the digital divide between the advanced and developing economies and the rich and the poor.

The Minister of Communications disclosed that her outfit had completed an AI policy and was awaiting cabinet approval.

The Founder and President of Ashesi University, Dr Awuah Jnr, said he was optimistic about the prospects of AI.

He said it would enhance education delivery and the various educational institutions must embrace AI to facilitate teaching and learning.

Mr Hickey, for his part, said AI was “noble”, emphasising that AI could be force for good and bad.

He stressed that AI could help solve complex problems and promote various sectors of the economy such as health, education, transport.

Dr Adam earlier in his remarks said the AI, which was an offshoot of the fourth Industrial Revolution, was “here with us and here to stay”.

He said AI had led to the fundamental change of “How we live, work and regulate”.

Dr Adam said AI was estimated to contribute $15.7 trillion to the global economy by 2030, of which $1.2 would be generated in Africa, and said the objective of the government was to leverage AI to harness the ingenuity and innovation of the youth.

BY KINGSLEY ASARE