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BusinessAfrica projected to become 8th largest global economy by 2050 - Report

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Africa projected to become 8th largest global economy by 2050 – Report

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Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene, has revealed Africa’s anticipated rise to become the world’s 8th largest economy, reaching an estimated $16.3 trillion by 2050.

Addressing day one of the 3i Africa Summit in Accra, Mene emphasized the significance of businesses harnessing fintech to optimize outputs. He highlighted the imperative for governments across Africa to utilize all available technological resources to drive growth and sustainability in their economies.

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“The 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.”

“The emerging global geo-political context should compel us Africans to collaborate to find ways of coming out of the challenges we are facing,” Mr. Mene added.

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The summit, themed ‘Unleashing the Fintech and Digital Economic Potential of Africa’, aims to convene prominent figures from the finance sector across Africa and globally.

Organized by the Bank of Ghana (BoG) and the Development Bank Ghana (DBG), in collaboration with Elevandi and facilitated by the Monetary Authority of Singapore, the event will host plenary speeches and discussions involving heads of state, senior government officials, investors, industry leaders, policymakers, and innovators.

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