Africa plans for industrial revolution
SA aims to accelerate internet connection
AFRICA needed to invest in critical infrastructure, bolster its energy capacity and build up its digital capabilities to achieve the inclusive economic growth goals it has set itself – that was a consensus at the close of the World Economic Forum on Africa on Friday.
Deputy President Cyril Ramaphosa said the continent’s youth had sent a clear message to the forum that change must happen at a much quicker pace.
“This forum has brought a broad consensus between policy makers, business, civil society and labour that the continent needs to pursue accelerated economic growth in which the people own and control the levers of economic activity,” Ramaphosa said.
The meeting convened regional and global leaders from business, government and civil society to explore solutions and economic opportunities for all with much of its focus on how Africa would be affected by the onset of the Fourth Industrial Revolution.
Among the key outcomes of the conference were the leaders of Ghana, Kenya, Rwanda and Senegal entering into partnership with private-sector executives and other stakeholders to recommit to attracting investment in agriculture through the Grow Africa partnership platform.
The platform has to date mobilised $10.5 billion worth of funds, $2.3bn of which has been spent on 10 million smallholder farmers.
The South African government also said it would partner with the World Economic Forum Internet for All project to accelerate the connection to the internet of 23 million additional South Africans by 2020.
One of the issues that came out strongly out of this year’s African edition of WEF was the
This forum has brought a broad consensus between policy makers, business, civil society
urgent need for the continent to upskill its workforce and train its young population to acquire digital skills to reap the benefits of the Fourth Industrial Revolution.
Telecommunications and Postal Services Minister Siyabonga Cwele said he welcomed the partnership with the forum as it will help prepare millions for the unfolding industrial revolution.
“Our estimates are we have 22 million who are not online, and that has to change to enable young South Africans and small businesses to attain digital skills and better their lives,” Cwele said.
Finance Minister Malusi Gigaba said people from across the continent and the globe had shown great interest to hear his views on the economy.
“Because I am a new minister meant many people were keen to hear my articulation on policies and other issues. And I spent a lot of time in panel discussions with investors to reassure them the Treasury would still function as per expectations,” Gigaba said.
He said the continent must look to unlock new markets and increase its revenue base if it wants to be able to fund energy, transport and critical infrastructure.
The World Bank has said that Africa needs $93bn in infrastructure investment every year for the next 10 years and that the continent loses 2 percent of GDP growth annually due to lack of critical infrastructure.
The chief executive of Transnet, Siyabonga Gama, who also served as the forum’s co-chairperson, said the key issues that came out of the WEF discussions was that the continent had good plans to advance the course of its people economically, but that lack of implementation and over regulation were barriers.