By IVAN R. MUGISHA, The EastAfrican
KIGALI WILL host the 26th World Economic Forum on Africa in Kigali, whose theme, “Connecting Africa’s Resources through Digital Transformation,” fits perfectly with Rwanda’s investment in information and communications technology.
The organisers say that Africa offers the best examples of economic growth and potential — and Rwanda represents the type of globalisation shift that WEF promotes.
The past two summits were held in Africa’s largest economies, Nigeria in 2014 and South Africa in 2015. Elsie Kanza, head of Africa and member of the executive committee of the World Economic Forum Geneva, said the country was chosen for its resilience in rebuilding economic and social life in the aftermath of the genocide.
“By taking farsighted policy decisions, its government has been successful in creating an enabling environment that has supported a sustained period of economic growth, not to mention female empowerment,” she said.
The forum will bring together global leaders from business, government and civil society to discuss digital economy catalysts that can drive radical structural transformation. The outcome of the forum will contribute towards Africa’s digital transformation under the Fourth Industrial Revolution, which presents opportunities for growth and development.
“Digital connectivity has the potential to do for Africa what railroads did for Western economies in the 19th century since it is about recognising that information is the currency of all economic activities,” argues Calestous Juma, professor of the practice of international development at Harvard University Kennedy School in the US.
But this year’s WEF Africa takes place at a time when an apparent end to the commodity supercycle has sparked turbulence in world stock markets, put pressure on currencies, and fuelled major concerns about prospects for growth and the stability of public finances. But there is optimism and hope for growth.
“I am not suggesting that the rise in demand and prices for commodities has not been important for Africa’s economic progress. But the continent’s turnaround began well before the commodity bull-run,” Dr Donald Kaberuka, who led the African Development Bank for a decade until 2015 wrote recently in an opinion published by The EastAfrican. Additional reporting by Berna Namata
