The Finance Ministry and the International Monetary Fund (IMF) are set to host a groundbreaking Artificial Intelligence (AI) conference in Accra on Monday, March 18, 2024, focusing on unraveling the challenges and opportunities that AI presents for developing countries, particularly in Sub-Saharan Africa.
Financial and information technology experts have emphasized the transformative potential of AI on economies across Africa. However, they have also cautioned that AI could present significant challenges for economic growth and development, especially in countries south of the Sahara, given the continent’s unique characteristics, including its youthful population.
Recent research conducted by the IMF on the impact of AI on labor markets reveals that approximately 40% of jobs in emerging markets and developing economies (EMDEs) will be affected by AI. Furthermore, 26% of jobs in low-income countries are likely to face disruption due to AI-related advancements.
While the immediate risk of AI-related disruptions may be lower in EMDEs compared to advanced economies, where up to 60% of jobs could be affected, it’s noted that these countries are less equipped to fully harness the benefits of AI effectively.
The Artificial Intelligence conference, themed “AI as a Catalyst to Transform Economies in Sub-Saharan Africa,” is set to take place in Accra.
Key participants include Dr. Mohammed Amin Adam, Ghana’s Minister for Finance, and Madam Kristalina Georgieva, Managing Director of the IMF.
A pivotal component of the summit will be a panel discussion focusing on the challenges and opportunities presented by AI for emerging economies, with a specific focus on Ghana’s digitalization and AI readiness.
The discussion aims to explore strategies for harnessing AI for positive outcomes and its role in the ongoing fourth industrial revolution alongside technologies like cloud computing and the internet.
Distinguished panelists for the discussion include Ursula Owusu-Ekuful, Ghana’s Minister for Communications & Digitalisation, Madam Kristalina Georgieva, Managing Director of the IMF, Dr. Patrick Awuah, President of Ashesi University, and Dr. Jason Hickey, Head of Google’s AI Research Centre.
The Artificial Intelligence conference serves as a crucial platform for dialogue and collaboration, paving the way for informed strategies to leverage AI for sustainable economic growth and development across Sub-Saharan Africa.
