Global AI Summit. Photo | courtesy.
African leaders have unveiled plans to establish a continent-wide Artificial Intelligence (AI) fund aimed at driving the region’s digital transformation.
The initiative, revealed during the Global AI Summit on Africa, seeks to mobilize resources from all 54 African nations, private investors, and international partners.
The AI fund’s goal is to finance critical infrastructure, skills development, and energy resources needed to accelerate AI adoption across the continent. This comes as AI is projected to inject $2.9 trillion into Africa’s economy by 2030, creating 500,000 jobs annually and lifting 11 million people out of poverty.
Rwanda’s President Paul Kagame, who has been a vocal advocate for AI development, stressed the importance of Africa embracing technology to avoid being left behind in the global race.
“Africa can’t afford to be left behind, once again playing catch-up,” Kagame said.
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The economic impact of the AI fund is expected to be significant. Rwanda alone anticipates a $589 million boost to its economy over the next five years, which would account for around 6 percent of the country’s Gross Domestic Product (GDP), thanks to the National AI Policy it is set to implement.
Equity Group CEO James Mwangi emphasized the need for a more collaborative approach between public and private sectors. He believes that breaking away from the “narrow mentality” that often separates the two will be key in building inclusive digital infrastructure for the entire continent.
Wamkele Mene, the Secretary-General of the African Continental Free Trade Area, has called for the measurement of AI implementation progress through harmonized digital market rules, which he believes will further accelerate AI adoption.
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World Economic Forum Managing Director Jeremy Jurgen also highlighted the potential of AI to transform opportunities for Africa’s smallholder farmers, SMEs, and its youth population, which is estimated at over 800 million. With Africa’s demographic advantage, AI is seen as a pivotal tool in helping the continent leapfrog its development stages.
The AI initiative reflects Africa’s growing determination to be at the forefront of global technological advancements, and its leaders are confident that the fund will empower the continent to harness the full potential of AI to solve long-standing challenges.
