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Business News of Tuesday, 14 May 2024



AfCFTA Secretary General projects Africa to become 8th largest economy by 2050

Wamkele Mene, Secretary General of AfCFTA Wamkele Mene, Secretary General of AfCFTA

Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, has revealed projections indicating that Africa is poised to become the world's 8th largest economy by 2050, with an estimated value of $16.3 trillion.

Addressing attendees on the opening day of the 3i Africa Summit in Accra, Mene emphasized the imperative for businesses to harness financial technology (fintech) to optimize their outputs. He underscored the necessity for African governments to leverage all available technological resources to drive growth and sustainability in their economies.

"he existential economic sovereignty of our continent is precisely why the African Continental Free Trade Area was established so that we can leverage on this market of 1.4 billion people, which by 2050 is projected to be the 8th largest economy in the world with $16.3 trillion 27 years from now but if we don’t deploy these digital technologies, all of us are going to be discussing where we got it wrong," Mene stated.

He emphasized the need for African nations to collaborate in overcoming the challenges posed by the evolving global geopolitical landscape.

The 3i Africa Summit, themed 'Unleashing the Fintech and Digital Economic Potential of Africa,' serves as a platform for key stakeholders in the finance sector from across Africa and beyond.

Organized by the Bank of Ghana (BoG) and the Development Bank Ghana (DBG), in collaboration with Elevandi and supported by the Monetary Authority of Singapore, the summit features plenary sessions and discussions involving heads of state, senior government officials, investors, industry leaders, policymakers, and innovators.