Strive Masiyiwa bemoans lack of investment into Africa’s telecoms infrastructure

Econet Chairman Strive Masiyiwa recently sat down for an exclusive interview with CNBC Africa's Karabo Letlhatlha to discuss the investment plans for Africa and the critical importance of infrastructure investment in the telecoms sector. Masiyiwa's insights shed light on the opportunities and challenges facing the continent as it strives for technological advancement and economic growth. Masiyiwa began the interview by highlighting the potential for growth in Africa, emphasizing the continent's youthful population as a source of energy and opportunity. With an average age of 19, Africa boasts a largely young demographic, presenting a promising landscape for innovation and development. Drawing on his three decades of experience as an entrepreneur on the continent, Masiyiwa expressed optimism about Africa's readiness to thrive and unlock its full potential. One key area of focus in Masiyiwa's discussion was the need for an enlightened regulatory regime to support economic growth and cooperation across African nations. He underscored the importance of viewing Africa as a single continental economy while respecting national sovereignty. By advocating for a unified approach to business and regulatory frameworks, Masiyiwa emphasized the significance of initiatives like the African Free Continental Trade Area in fostering collaboration and economic progress. Regarding investment opportunities, Masiyiwa highlighted Econet's commitment to South Africa, where the company has pledged significant funds for infrastructure development. With investments in data centers and other key projects, Econet aims to position South Africa as a leader in the fourth Industrial Revolution. Masiyiwa's focus on South Africa reflects the country's potential for technological advancement and economic growth. The conversation turned to the issue of high data costs in Africa, a concern shared by many across the continent. Masiyiwa identified infrastructure investment as the key to lowering data costs and improving connectivity. He emphasized the importance of upgrading telecommunications infrastructure to support the delivery of data efficiently, noting the lag in deploying technologies like 4G and 5G in many African nations. Masiyiwa called for increased investment in fiber optics and broadband networks, highlighting the need for universal access to the internet in schools and universities. In conclusion, Masiyiwa stressed the critical role of consistent policies and regulatory frameworks in attracting investment to Africa. Investors need assurance of stability and long-term commitment from host countries to drive infrastructure development and technological innovation. Masiyiwa's insights underscored the potential for Africa to leverage its youthful population and embrace technological advancements through strategic investments and collaborative initiatives.