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Africa should embrace technology growth – Bawumia

Africa should embrace technology growth in light of the current global economic crisis - Bawumia

Africa should embrace technology growth in light of the current global economic crisis-Bawumia

Dr. Mahamudu Bawumia, vice president, has said that the recent global economic crisis must serve as a wake-up call for African nations to embrace a technology approach to development, particularly as the continent aspires to rebuild and grow.

The Veep warned against focusing on the short-term symptoms of the current crisis and ignoring the structural issues that the worst-hit countries are confronted with, which are primarily related to their economies’ lack of competitiveness, while speaking at a high-level African Union-backed “BOMA” event (www.africaboma.com). a problem that can only be effectively solved through technical innovation.

Global political and commercial leaders gathered at the Boma summit to discuss how Africa is doing in relation to Agenda 2063, the AU’s plan for transforming the continent into a major economic player.

The COVID-19 Pandemic and the Ukraine Conflict, according to Vice President Bawumia, have shown cracks in the global economic system.

If the continent does not take strong action to develop technical businesses that are more robust to global economic shocks, it will have an impact on Africa’s pursuit of progress in the world’s economic and political structure. It is evident that nations whose economies are heavily reliant on basic industries suffer more severe repercussions when the global economy tankes than do those with more technologically advanced economies.

“Temporary crises like the COVID-19 outbreak and the Ukraine crisis may have fueled the problems that have afflicted the world economy. However, despite these difficulties, Africa should take note that there are significant structural flaws in the world’s economic and political system that might thwart its growth unless serious concentrated efforts are taken to close them “On Friday, Dr. Bawumia spoke at the event.

The only way to close the structural gap, according to Dr. Bawumia, is for the African continent to embrace the cutting-edge data-driven, technology methods to development. This would help construct the proper framework for African enterprises and SMEs and link them to the global economy.

Dr. Bawumia urged other African nations to pursue economic growth by pointing out that Ghana has decided to do so by using more technical, particularly digital, content in its development plans.

Responding to former British deputy prime minister and Meta’s president for global affairs, Sir Nick Clegg, Dr. Bawumia acknowledged certain persistent difficulties with fully using data, talent, and better laws to enhance the development of technology in Ghana and Africa. However, he assured that these issues are receiving the required attention. Further on the point, he said, “Africa must make the appropriate investments now if the major changes already under way are to benefit, rather than further isolate Africa, such as the swift rise of a new sort of internet.”

We are very aware of these potential pitfalls, and we are investing in the institutions and infrastructure that will allow us to quickly advance the regulatory capabilities we need to deal with complex challenges like balancing sovereignty and efficiency as our economy becomes data-driven, as well as to leapfrog our current infrastructure and educational system limitations.

Dr. Bawumia highlighted with the event some particular areas Ghana has invested in and how they are projected to increase trade, while also noting the efforts several African nations are making to embrace technology-driven growth.

In order to modernize business-supportive government services, he added, “We have successfully established new identification infrastructure that will alter credit scoring for SMEs, alleviate the bottlenecks in e-commerce, and build the foundation.”

“To allow us to take advantage of the 5G revolution and the internet of things as they gain steam, we have completely redesigned our mobile telecom business and revolutionized the financial technology environment.”

The Vice President said, “No one who has followed our policy path in Ghana can deny our absolute commitment to the technology approach to development.

Former US President Bill Clinton, former US Secretary of State Hillary Clinton, as well as many other dignitaries, including the Director General of the World Health Organization and the Deputy Secretary General of the United Nations, spoke at the Forum in addition to Sir Nicholas Clerg, who serves as the President of Global Affairs of Meta, the company that owns the well-known social media platforms Facebook and Instagram. The Deputy Chairperson of the African Union (AU), numerous previous and current African Heads of State, and other AU Commissioners also took part.

In response to remarks made by some of these notable figures, Dr. Bawumia emphasized the significance of a transformation in the way people think about investing in technology globally. “Companies like Meta, Google, and Amazon must go beyond consumer goods and niche marketing and make significant investments in local utility infrastructure.”

Added he, “This greater integration with industrial and commercial infrastructure is essential for their capacity to engage with their consumers in ways beyond Facebook posts and tweets and have an influence on their lives. Other, more general equality difficulties exist.”

As much as we acknowledge that some emerging technologies are altering how we conduct business and removing barriers, they also give us the chance to build the flexible structures and soft infrastructure our SMEs and startups, who have long been cut off from global value chains, require to leapfrog and turn these obstacles into opportunities in a larger market shaped by AfCFTA.

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