Africa could potentially generate $1.2 trillion in AI-related revenue by 2030 – Amin Adam

Minister of Finance, Dr. Mohammed Amin Adam has stressed the need for African governments to significantly improve their digital and technological landscape to harness the benefits of Artificial Intelligence.

According to him, the adoption of AI could result in Africa alone raking $1.2 trillion in revenue out of a total global forecast of $15.7 trillion by 2030.

Delivering remarks at the maiden AI summit held in Accra March 18, 2024, the Finance Minister highlighted some benefits of Artificial Intelligence and its potential positive impact on emerging economies such as Ghana.

“As an offshoot, AI is leading to fundamental changes in the way people live, work, and relate to one another, thanks to data-driven algorithms. Since last Thursday, almost 30 countries on our continent are experiencing disruptions in data services. The impact on economic activities is obvious. Electronic payments and delivery services have been disrupted. Public service and general information exchange has also been affected. And we are deeply feeling how much technology impacts our lives,” Dr Amin Adam said.

“AI is forecast to contribute up to $15.7 trillion economy by 2030, of which $1.2 trillion could be generated in Africa, thereby making AI one of the biggest economic opportunities available to our continent. We are truly in an era where innovations will continue to surprise us. This presents us with opportunities to not only address long-standing challenges but also unlock new avenues for progress, the likes of which our forefathers would never have imagined,” he explained.

He also stressed on the risk of immediate AI-related disruptions should Africa not be fully equipped to harness these benefits.

“However, we must acknowledge that the risk of immediate AI-related disruptions will be higher across the developing world if we are not readily equipped to harness the benefits of AI effectively. At the moment, there is a demand-supply imbalance in AI skills across Africa.”

“The Ministry of Finance is also exploring how to leverage AI in public financial management through automated budgeting, predictive revenue forecasting, and real-time expenditure tracking,” he stated.

“Ghana and several other African countries are looking to collaborate with development partners such as the IMF, World Bank, and Africa Development Bank, among others, to provide funding, technical and implementation support for AI projects, as well as the development of national AI strategies tailored to our unique needs,” the finance minister concluded.

MA/NOQ

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