The inaugural 3i Africa Summit, held in Accra, came to an end Wednesday, this week, with a powerful call to action for innovation, impact and investment to propel Africa’s digital transformation.
The summit, a collaborative effort by the Bank of Ghana, Development Bank Ghana, Monetary Authority of Singapore and supported by Elevandi, saw participation from key stakeholders across the continent and beyond.
Excitement and Anticipation
In his closing remarks, Mr. Kwame Oppong, Director of the FinTech and Innovation Office at the Bank of Ghana, captured the enthusiasm that permeated the event.
“The energy in this room has been palpable, the discussions exhilarating, and the potential we’ve glimpsed for Africa’s digital future, truly limitless,” Mr Oppong stated.
Key Announcements and Highlights
The summit began with a keynote address by President Nana Addo Dankwa Akufo-Addo, who announced a significant financial commitment to support small and medium-sized enterprises (SMEs).
“Reaching for the impact, Moving the conversation forward,” President Akufo-Addo said, as he unveiled a $200 million facility to be channelled through the Ghana Commercial Bank and Ghana Exim Bank.
Governor of the Bank of Ghana, Dr. Ernest Addison, highlighted the continent’s readiness for digitalisation, noting that, “The bulging and tech-savvy youthful population, high mobile phone penetration and rising home grown Fintech solutions have provided fertile grounds to accelerate the digitalisation agenda across the continent.”
Finance Minister, Dr. Mohammed Amin Adam emphasised the importance of a stable macro-economic environment for fostering financial innovations.
He lauded the proactive measures of the Bank of Ghana, particularly the Payment Systems and Services Act, Act 987, and the establishment of a FinTech and Innovation Office.
Focus on Financial Inclusion and Trade
Day One of the summit featured a thought-provoking discussion, led by Mr. Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA).
“Today, we have a digital trade protocol to advance Africa’s technological digital economy to include millions and millions of young Africans, who are at the cutting edge of digital innovation,” Mene noted.
The first day also included a panel discussion on “Africa, The Next Frontier for Investment – A Call for Increased Capital Flow.”
Experts discussed Africa’s economic growth prospects, with a projected average growth of 4.1% from 2024 to 2029, and the continent’s increasing middle class. “Africa’s population will be 25.6% of the global population by 2050, and at least 40% of Africa’s population is projected to be in the middle class by 2060, representing a significant economic force,” the panelists highlighted.
Capital and Policy Dialogues
The second day featured “The Capital Meet Policy Dialogue,” which brought together senior policymakers and investors to address pressing issues in capital investment and value creation.
The session included the 3i Deal Room Master Class, which presented innovative strategies for regulatory compliance and investment opportunities for start-ups.
Diverse Sessions
The summit continued with various sessions, including a keynote by the President of Singapore, which ignited enthusiasm for Africa’s digital inclusion ambitions.
Ghana’s Vice President, Dr. Mahamudu Bawumia, highlighted the vast potential of digitalised economies.
The “Women in Tech Conference” and “Agriculture & Fintech Forum” explored the intersection of technology and crucial sectors, empowering female leaders and showcasing innovations in agricultural finance.
The “Founders Peak” event featured entrepreneurs sharing their struggles and triumphs, underscoring the message that perseverance is key to unlocking potential.
Future-Focused Initiatives
The final day of the summit emphasised upskilling Africa’s youth through the “Smart SMEs & Digital Skills Forum.”
This session highlighted the importance of fostering innovation hubs and collaboration between public and private sectors as keys to economic growth.
The “ESG Forum” emerged as a critical conversation on AI-powered data management and circular economy strategies for achieving ESG compliance.
The “Financial Businesses, Accelerating Trade” session focused on digital solutions to boost SME access to finance and streamline trade, integrating these strategies with ESG principles.
A Call to Action
As the summit drew to a close, Mr. Oppong posed a thought-provoking question: “Will the ideas sparked here today echo in the annals of history, or will they fade into the digital ether?”
He urged participants to harness the potential unveiled during the summit and ensure that the spirit of collaboration and innovation becomes a permanent fixture in Africa’s digital narrative. “Let us remember the 3is, Innovation, Impact, and Investment till we meet again,” Oppong concluded.
The 3i Africa Summit 2024 has set the stage for a digitally inclusive future for Africa, driven by innovative solutions, impactful actions, and strategic investments.
