Unleashing AI's Potential in Africa: Opportunities, Challenges, and Future Perspectives

Financial services have made tremendous progress in Africa, yet access to affordable credit remains a long way away for everyone from consumers to SMEs to governments. This panel seeks to ask the tough questions and understand why the cost of capital in Africa is still so high.

This session is dedicated to exploring the intricate social fabric of African nations and their influence on the global stage. We'll delve into topics such as innovation, cultural influence, economic development, and the challenges and opportunities faced by African countries in today's interconnected world and explore subjects like gender equality, cultural narratives, and the interplay between social development and economic progress in African countries. This is a unique opportunity to gain insights from one of the most articulate voices on African development and global competitiveness.

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In 2022, public debt in Africa reached USD 1.8 trillion. While this is a fraction of the overall outstanding debt of developing countries, Africa’s sovereign debt has increased by 183% since 2010, a rate roughly four times higher than its growth rate of GDP in dollar terms. Today, 60% of African countries spend more on repaying their debts than on healthcare, a trend that has been exacerbated by the COVID-19 pandemic, the war on Ukraine and the overall economic slowdown in the past few years. While international organizations have stepped in to support (for example, the G20 assisted 31 out of 36 eligible African countries with its Debt Service Suspension Initiative (DSSI)), the question remains: Why has Africa not been able to break out of this debt trap? And what role does the public and private sector play in moving past this dynamic?

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