Africa to become 8th largest global economy by 2050

The African Continental Free Trade Area (AfCFTA) Secretariat Secretary General, Wamkele Mene, has projected that Africa will become the 8th largest global economy by 2050, with an estimated GDP of $16.3 trillion. He made this statement during the opening ceremony of the 3i Africa Summit in Accra on Monday, May 13. Mene emphasized the importance of leveraging digital technology for growth, stating that the continent’s economic sovereignty depends on it.

With a market of 1.4 billion people, Africa has the potential to become a significant player in the global economy. However, Mene warned that if digital technologies are not deployed, the continent will miss out on this opportunity. He stressed the need for collaboration among Africans to tackle challenges and overcome obstacles.

President Nana Addo Dankwa Akufo-Addo, who also spoke at the event, highlighted the success of digital transformative initiatives introduced by his government. He cited the Ghana Card and the (link unavailable) portal as examples of digital identity programs that have improved access to financial services and reduced fraud. The president emphasized the need to promote interoperability and reduce transaction costs to create a more inclusive and equitable economic system.

Finance Minister Dr. Mohammed Amin Adam added that the success of financial innovations depends on a strong financial services sector operating in a stable macroeconomic environment. He noted that the government is working to create an enabling macroeconomic environment to support economic growth, citing Ghana’s swift economic rebound and declining interest rates as examples.

The 3i Africa Summit brought together stakeholders to discuss the potential of digital technology to transform the continent’s economy. The event highlighted Ghana’s strides in fintech innovation and the government’s commitment to fostering innovation while safeguarding consumer interests and preserving financial stability.