Africa’s uniformity of purpose to tap immense economic power of AI, says TBI Africa MD

Africa's economic landscape is poised for a transformation driven by technology, particularly the strategic use of Artificial Intelligence (AI) to catalyze investments and propel economic growth. In an exclusive interview with TBI Africa Managing Director, Nzioka Waita, CNBC Africa delved into the potential of an AI Compact to bolster financing and bridge the substantial digital infrastructure gap across the continent. Waita emphasized the critical need for governments to embrace AI and prepare their digital foundation to harness the power of this transformative technology, stressing that time is of the essence to keep pace with the rapidly evolving global landscape. The unique opportunity presented by AI offers African nations a leapfrog moment, propelling them into a new development trajectory characterized by enhanced data access, a youthful demographic, and technology-driven solutions to governance challenges. Key Points: 1. Exemplar Cases of AI Adoption: Waita highlighted successful cases of AI integration in countries like Rwanda and Kenya, where significant strides have been made in digitizing government services and laying the groundwork for AI utilization. 2. The Significance of an AI Fund: The concept of an AI fund was explored, with insights provided on the practicality and potential benefits of regional collaboration in data storage and computation to optimize resources and accelerate AI readiness. 3. The Role of Multilateral Financing: The proposal for an AI Compact aims to secure low-cost, long-term financing from multilateral institutions to fuel digital infrastructure development and AI adoption, aligning with goals of enhancing governance, combatting corruption, and advancing public finance management. Quote: In addressing the imperative for investing in technology, Waita asserted, 'Any government that does not pay significant attention to its digital infrastructure is setting itself up for a problem in the not-too-distant future.' President Kagame of Rwanda stands out as a visionary leader in leveraging technology to drive governance improvements, exemplifying the potential benefits of embracing innovation in the public sector. Waita highlighted Rwanda as a model case for other African nations, emphasizing the need for leaders to adopt a proactive stance towards technology integration and experimentation. Looking ahead, the prospect of President Kagame sharing insights with other regional leaders, such as President Ruto, was discussed, acknowledging the readiness of Kenya's tech-savvy population for advanced digital transformations. The shift towards greater transparency in public finance management and the alignment of policies with technological advancements will be pivotal in shaping Africa's digital future and unlocking its economic potential through AI.