26.1 C
Saturday, May 25, 2024
BusinessAfrica's economy to reach $16.3tn by 2050 - AfCFTA Secretariat reveals


Africa’s economy to reach $16.3tn by 2050 – AfCFTA Secretariat reveals


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.

- Advertisement -

“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.

- Advertisement -

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.

Latest stories

I date intelligence and funny men – Tems

Grammy-winning Nigerian singer Temilade Openiyi has shared that she...

Ghanaian jailed 48 months in US for involvement in $3.8m romance scam

A Ghanaian national, Emmanuel Quamey, has been sentenced to...

Rooney given Plymouth Argyle head coach role

Plymouth Argyle, a Championship side, has appointed former England...

Ghana witnessed 2.9% GDP growth in 2023 – Amin Adam

During the Ministry of Finance's monthly briefing on Friday,...

Related stories

Ghana witnessed 2.9% GDP growth in 2023 – Amin Adam

During the Ministry of Finance's monthly briefing on Friday,...

Govt and Tullow Oil approve US$90million emissions reduction deal

Tullow Oil plc has unveiled a financial commitment of...

Cedi has experienced a 14.2% depreciation in 2024 – Amin Adam

Finance Minister, Dr. Mohammed Amin Adam has indicated that...

Cedi will be stable in medium-term after completion of DDEP – Finance minister

Finance Minister Dr. Mohammed Amin Adam has noted that...

Ghana’s Energy Transition Framework aims for net-zero emissions by 2070 – Deputy Energy Minister

Deputy Energy Minister, Collins Adomako-Mensah has unveiled an ambitious...

Govt commits GHS2.3bn to NIB restructuring and recapitalization

The government has approved GH¢2.3 billion for the restructuring...

Govt set to introduce SME training initiatives – Finance minister

The government has announced plans to enhance support for...


  1. of course like your website but you have to check the spelling on several of your posts A number of them are rife with spelling issues and I in finding it very troublesome to inform the reality on the other hand I will certainly come back again


Please enter your comment!
Please enter your name here