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IMF Urges African Governments to Embrace AI for Rapid Economic Growth

The International Monetary Fund (IMF) is advocating for African nations to adopt Artificial Intelligence (AI) as a catalyst for swift economic development across the continent.

IMF Managing Director Kristalina Georgieva emphasized AI’s potential to revolutionize the global economy, particularly in labor markets, during the Artificial Intelligence (AI) Summit.

Georgieva stressed the monumental significance of embracing AI, asserting that it could lead to profound transformations akin to those witnessed during the Industrial Revolution. She highlighted the imperative to capitalize on AI’s benefits while mitigating associated risks.

Addressing concerns about economic growth, Georgieva urged Africans to infuse dynamism into the global economy through initiatives such as investing in the green transition and AI adoption.

Highlighting the staggering impact of AI on labor markets, Georgieva cited projections indicating that approximately 60% of jobs in advanced economies, 40% in emerging markets, and 26% in low-income countries could be affected.

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Dr. Mohammed Amin Adam, the Minister of Finance, echoed the urgency to enhance technological capabilities, citing recent disruptions in data services across nearly 30 African countries and their adverse effects on economic activities.

Dr. Adam emphasized AI’s potential to contribute up to $15.7 trillion to the global economy by 2030, with Africa poised to generate $1.2 trillion. He underscored the necessity for developing countries to equip themselves with AI skills to harness its benefits effectively.

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Furthermore, Dr. Adam outlined initiatives to integrate AI into public financial management, including automated budgeting, predictive revenue forecasting, and real-time expenditure tracking.

Ghana and other African nations are exploring collaborations with development partners such as the IMF, World Bank, and Africa Development Bank to secure funding and technical support for AI projects. They also aim to develop national AI strategies tailored to their unique needs.

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