Wamkele Mene : “Africa to become 8th largest global economy by 2050”
The Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene, forecasts that Africa will become the 8th largest global economy by 2050, with an estimated GDP of $16.3 trillion. This underscores the need for the continent to harness the power of digital technology to drive its growth. These perspectives were put forward during the 3i Africa Summit 2024, held in Accra, with the aim of accelerating economic and technological development in Africa.
By the editorial staff
The Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene, stated that Africa is projected to become the 8th largest global economy by 2050, with an estimated GDP of $16.3 trillion. This highlights the importance for the continent to leverage the power of digital technology for its growth.
Speaking at the opening ceremony of the 3i Africa Summit in Accra on May 13, Wamkele Mene said : “The existential economic sovereignty of our continent is precisely why the African Continental Free Trade Area was established so that we can leverage on this market of 1.4 billion people, which by 2050 is projected to be the 8th largest economy in the world with $16.3 trillion 27 years from now but if we don’t deploy these digital technologies, all of us are going to be discussing where we got it wrong. »
He added, « The emerging global geo-political context should compel us Africans to collaborate to find ways of coming out of the challenges we are facing”.
Also speaking at the event, President Nana Addo Dankwa Akufo-Addo emphasized the need to leverage digital identity programs such as the Ghana Card to improve access to financial services and reduce fraud.
For example, he said, the Ghana Card and the Ghana.Gov portal shape the delivery of public services.
Digital technology plays a vital role in transforming Ghana’s economy
The president noted that digital technology plays a vital role in transforming Ghana’s economy. « We must promote interoperability, and reduce the transaction cost of delays, tearing down the [cycle] that has hindered our progress for too long. We must leverage the power of digital identity programmes such as the Ghana Card to improve access to financial services, reduce fraud and create a more inclusive and equitable economic system. »
For his part, Finance Minister Dr. Mohammed Amin Adam said that the success of financial innovations depends on a strong financial services sector operating in a stable macroeconomic environment.
To this end, he said, the government of President Nana Addo Dankwa Akufo-Addo is relentless in creating a conducive macroeconomic environment to support economic growth.
He further stated that the government is implementing fiscal measures, including accelerating disbursements of nearly $1 billion by development partners between now and December of this year to support the economy.
The 3i Africa Summit kicked off its ambitious program at the Accra International Conference Center, bringing together global leaders for a critical discussion on capital investment, value creation, and policy-making. The Summit is structured around four pivotal themes: improving policy frameworks, increasing access to capital, expanding the growth ecosystem, and promoting sustainability in the fintech sector.
