Adoption of AI presents a unique opportunity for African economies – IMF MD

The Managing Director of the International Monetary Fund, Kristalina Georgieva, has called on African governments to embrace Artificial Intelligence as part of efforts to speed up economic development.

According to her, AI presents a unique opportunity towards reshaping the global financial architecture and economies, particularly labour markets.

Speaking at the maiden Artificial Intelligence (AI) Summit held in Accra on March 18, 2024, the IMF boss provided further insights into key areas of growth that African governments can tap into through the use of AI.

“This is likely largest transformation of our economies that we have experienced since the Industrial Revolution. It can be this big bang that allows us to live longer, healthier, better educated, more productive lives. But it is not given that we would take advantage of the benefits and manage well the risks. We face urgently the necessity to embrace AI and make the best out of it.” Georgieva explained.

“How concerned we all are at the IMF that growth may be here this year, next year, the year after,” the IMF MD emphasized.

She also called for key investments in the adoption of AI to inject dynamism in the global economy while ensuring green transition is also prioritized.

“When we think of what can lift productivity, by far our best chance is in investing in the green transition and in the adoption of AI. We desperately need something that would inject more dynamism into the world economy. We also need to recognize that the scale of the impact of AI is gigantic,” the IMF boss said.

She continued, “When we looked at the labour market’s impact over the next years, in advanced economies some 60% of jobs would be impacted, in emerging markets 40%, in low-income countries 26% and so this is like a tsunami hitting the labour markets.”

MA/NOQ

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