African authorities want to establish a fund for continental AI
African nations are aiming to establish a continent-wide artificial intelligence (AI) fund that will provide the energy, infrastructure, and skills required to promote the adoption and transformation of AI.
At the current Global AI Summit on Africa, which has as its theme “AI and Africa’s Demographic Dividend: Reimagining Economic Opportunities for Africa’s Workforce,” this information was revealed.
Global leaders, chiefs of state, government ministers, tech companies, investors, scholars, and researchers were among the more than 1,000 attendees.
In order to guarantee Africa’s AI-driven future, President Paul Kagame made the case during this summit that strategic investments in workforce development, digital infrastructure, and continental integration are urgently needed.
Africa cannot afford to fall behind and have to play catch-up once more. Because it is in our best interests, we must embrace, collaborate, and compete.
“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,” said Paula Ingabire, Minister of ICT and Innovation, during a panel discussion titled “Africa and the AI Opportunity.”
Although only 4% of the world’s AI workforce is from Africa, she said it is crucial that all 54 African countries unite to ensure that the region has the necessary number of individuals to create inventions that use AI and spur growth.
AI has the potential to boost the world economy by $19.9 trillion by 2030, which would include $2.9 trillion for Africa. This may generate 500,000 jobs a year and help 11 million Africans escape poverty.
Over the next five years, Rwanda anticipates spending $589 million (about Rwf731 billion), or 6% of GDP, following the implementation of the National AI Policy.
In order to develop an AI public infrastructure that benefits people throughout the continent, James Mwangi, Group Managing Director and CEO of Equity Group Holding, emphasized the necessity of eschewing the “narrow” mindset that distinguishes public and private efforts.
“We ought to make investments jointly. In order to construct a public digital infrastructure that helps and uplifts everyone on the continent, I will be advocating for the private sector’s involvement.
The implementation of AI by SMEs, according to Mwangi, would truly change the game because it significantly enhances business intelligence, value chain efficiency, targeted customer assistance, and the ability to engage in and benefit from all e-commerce advantages.
The fund would assist in mobilizing investment in digital public infrastructure to facilitate economic development, according to African Continental Free Trade Area Secretary General Wamkele Mene.
He did, however, stress the significance of tracking the number of nations that have truly put the agreed-upon harmonized digital single market regulations into practice.
The World Economic Forum’s Managing Director, Jeremy Jurgen, asserts that advancements in AI infrastructure might assist SMEs, smallholder farmers, and the 800 million young people who are AI natives.
