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G-7 leaders meeting taking place in Japan will have an unprecedented focus on African nations to prioritize economic recovery from the pandemic and debt risks. The upshot of the agenda is global concerns including the Ukraine invasion, climate change, and food insecurity
G-7 leaders meeting taking place in Japan will have an unprecedented focus on African nations to prioritize economic recovery from the pandemic and debt risks. The upshot of the agenda is global concerns including the Ukraine invasion, climate change, and food insecurity. The fallout of these developments on Africa will also be discussed at the summit.
The Japanese prime minister recently visited a few African countries to hold parleys with heads of state and to compile the broad areas of their concern to discuss at the summit.
The digital gap in Sub-Saharan Africa is often pointed as a major reason for the backwardness of the region. A recent report by the World Bank titled “Digital Africa: Technological Transformation for Jobs”, underscores the need for strengthening the digital infrastructure in the continent to unlock the enormous potential for job creation and economic recovery. There has been progress in this direction. For instance, between 2020 and 2021, the number of tech startups in Africa tripled, with nearly half of them operating in the fintech sector. Sectors like healthcare, agriculture, and e-commerce are the other areas increasingly deploying digital technologies.
The report also points out that African companies and governments are actively partnering with counterparts from the global south to develop innovative solutions and build digital infrastructure. These partnerships aim to provide digital public goods and expand access to essential services for citizens, particularly those in remote and underserved areas.
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Creating a favorable legal and policy climate is crucial for developing Africa’s capital markets and digital economy infrastructure. Governments must enact policies that attract domestic and foreign investors while safeguarding property rights and fostering transparency and accountability. Collaboration and partnerships among African governments, international organizations, and private sector firms are essential for sharing knowledge, experiences, and resources to drive the expansion of Africa’s digital economy, the report points out.
