Business Executives at the Stanford Seed Transformation Network (SSTN) Business Conference 2024 have called on governments in the sub-region to invest in digital public infrastructure (DPI) that fosters Artificial Intelligence (AI) uptake or deployment as a catalyst to grow their businesses and be competitive.
These captains of industry argued that government initiatives like those exemplified in the African Continental Free Trade Area (AfCFTA) can transform aspiration into action and potential into prosperity, enabling Africa to not only adopt Al but also lead in its application.
President-SSTN Carl F. Richards stressed that with small and medium enterprises (SMEs) dominating the economies of African countries, they lack economic muscle to embark on some of the large-scale investments necessary for advanced adaptive AI; hence the need for governments to step in and build the fundamental infrastructure.
He also highlighted the unique opportunities Al offers to SMEs in overcoming traditional growth barriers; however, the private sector cannot achieve this alone – necessitating the intervention of government.
“Governments must also foster an Al-friendly environment by investing in digital infrastructure, offering innovation incentives and establishing appropriate regulatory frameworks,” he said.
Ebo Richardson, Digital Transformation Consultant, emphasised that it is a collective responsibility to seize the opportunity offered by AI and transform the continent.
He highlighted that to create an AI-friendly environment, governments can focus on strategies such as investing in infrastructure and developing robust DPI to support AI adoption and innovation.
Furthermore, offering innovation incentives to encourage entrepreneurship, research and development in AI; enhancement of regulatory frameworks that establish clear guidelines and support to facilitate AI growth; as well as developing a robust digital identity system, implemented securely and inclusively to enable AI-driven services, will be key to its success.
Chief Executive Officer-Margins ID Group Moses Kwesi Baiden, on his part, underscored the key role digital payment platforms will play in AI adaptation. Developing efficient and secure digital payment systems to facilitate AI-driven transactions, he said, cannot be overemphasised.
While commending governments in this regard for advancing some investments in that area – leading to the widespread usage of mobile money in individual countries and recent introduction of the Pan-African Payment and Settlement System (PAPSS) among others – he said more can be done to make it cheaper, easier and faster for business transactions.
“To maximise AI transformation, government’s support in creating an AI-friendly environment is essential. We are proposing three key policy positions to government: education and training in AI and digital literacy programmes to reduce the knowledge gap; incentivise AI adoption by offering businesses integrating AI some tax waivers and grants for making AI more accessible; and investment in robust infrastructure because, in terms of infrastructure investment, only government can do that,” he said.
He emphasised the need for robust, high-speed internet – which is essential for AI deployment in both urban and rural settings. “We must ensure complete proliferation in DPI to enhance trade among ourselves, either rural or urban.”
The world is moving on with AI and Africa cannot be left out if we want to compete globally. Al-enhanced solutions simplify processes, enhance production and personalise customer interactions, allowing businesses to scale rapidly.
