Unlocking Africa’s Digital Transformation
Live from the 2024 Africa CEO Forum in Kigali, Rwanda
For today’s fast-moving economies, there is little that is permanent except change. In Africa, businesses and entrepreneurs are embracing that change.
Artificial intelligence and other technologies are rapidly shaping all sectors, from health and trade to transport and manufacturing. And the effects of climate change are not limited to those countries that produce the most emissions; they are a global concern—and Africa, the world’s fastest growing continent with a population that is expected to double by 2050, is especially vulnerable.
The stories in this third edition of IFC Insights Africa, published for the 2024 Africa CEO Forum in Kigali, Rwanda, showcase the innovative ways African businesses—both large and small—are addressing some of the continent’s most pressing challenges, and improving lives and creating jobs while doing it.
Reported and written by IFC, the stories explore digital growth in Malawi; the e-mobility boom in Rwanda; food security in Ethiopia and Senegal; the women entrepreneurs breaking barriers; and the power of local currency financing to unlock opportunities across Africa.
We also unpack a new report from IFC – Digital Opportunities in African Businesses – which reveals how more than half a million firms and 40 million African microbusinesses are on the cusp of a digital transformation.
Meeting Africa’s goals will require an unbridled private sector, enabled by the continent’s policymakers, to forge partnerships that create markets, increase intra-African trade and digitalization, and advance investment on the continent.
The opportunities here are enormous—but so are the challenges. It is indeed a critical moment for Africa to fully leverage the power of its own resources, strategic assets, internal trade systems, and human capital to create a new future. I know that some of the solutions will be discussed—and developed—at this year’s Africa CEO Forum .
IFC Vice President for Africa
This newly unveiled book by IFC presents new data and analysis aimed at helping African businesses make fuller use of digital technologies. Discover the barriers, opportunities, and strategies for digital transformation on the continent. Download the report in English and French
Meet Abas and Fatima, two African business owners who dream of tapping into Africa’s growing digital market. Watch this animation to learn more.
DIGITAL AFRICA: STORIES OF IMPACT
Thanks to a fast-growing electric motorbike start-up in Kigali, e-motorbikes are now cutting emissions and helping drivers, particularly young people, save money and fuel a greener future. Read more | Lire l’article en français
In Malawi, efforts are underway to increase access to reliable, affordable internet to support a digitally fluent workforce, presenting unprecedented opportunities for growth. Read more | Lire l’article en français
Wangiwe Joanna Kambuzi , Sithembile Banda , Kelvin Mateyu , Daniel Mvalo , and Bright Chidzumeni are utilizing technology to help build brighter, more prosperous futures, not just for themselves but for millions of other young people across Malawi. Read more | Lire l’article en français
Increasing the availability of local currency financing is a priority for IFC in Africa to protect businesses from currency market volatility and to unlock investment opportunities. Read more | Lire l’article en français
WOMEN IN TRADE
Mamounata Velegda is one of Burkina Faso’s most successful female entrepreneurs. She owns a thriving seeds and grain processing factory in the capital, Ouagadougou. Read more | Lire l’article en français
Sanata Ouedraogo is the proud owner of a catering kitchen located within the bustling campus of Université Ouaga 1 Professeur Ki-Zerbo in Ouagadougou, Burkina Faso. Read more | Lire l’article en français
Moroccan investment in Africa has risen sharply over the past two decades, laying the groundwork for increased trans-regional investment. Read More | Lire l’article en français
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Women in Senegal are reinventing rice farming techniques to confront climate change and boost food security. Read More | Lire l’article en français
Investments in manufacturing facilities and the professionalization of local farmers are yielding results for barley farmers in Ethiopia. Read More
This annual international conference co-hosted by IFC and Jeune Afrique is dedicated to the private sector in Africa. Over 2,000 business leaders, CEOs, investors, heads of state, and ministers are gathering in Kigali, Rwanda from May 16 – 17, seizing this critical moment to shape a new future for Africa. The event program can be found here.
WHAT'S ON THE HORIZON
Attend these events:
Location: Kigali, Rwanda | Event Date: May 16-17
Location: Bali, Indonesia | Event Date: May 18-25
Location: Tashkent, Uzbekistan | Event Date: May 21
Location: Paris, France | Event Date: May 22-25
Location: Washington, DC | Event Date: May 30-31
Location: Brussels, Belgium | Event Date: June 11-13
JOB OPENINGS
To learn more about jobs at IFC, visit www.ifc.org/careers and sign up for our “job alerts” to receive job opportunities in real time. Here are some of the openings:
Location: Washington, DC | Deadline: May 17
Location: Washington, DC | Deadline: May 21
Location: Addis Ababa, Ethiopia | Deadline: May 21
Location: Paris, France | Deadline: May 24
Location: Vienna, Austria | Deadline: May 24
Location: Washington, DC | Deadline: June 2
Thank you for reading IFC Insights. Send your feedback to ifc_insights@ifc.org.
IFC INSIGHTS AFRICA EDITORIAL TEAM
Chance Barnett , Brian Beary , Lee-Roy Chetty , Moussoukoro Diop , Maria Kristina Galang , Jason Hopps , Melanie Mayhew , Devon Maylie , Kristina Nwazota , Bukola Ogunyemi , Caitriona Palmer , Isabelle Poupaert , Nataliya Radchenko , Julia Schmalz , Bassam Sebti , Daisy Serem , Gavin Thorpe , Vinit Tyagi , and Chris Vellacott .
Board Chair, Global Funding Committee @ Carifika Network for Sustainable Development
5moIt is a mere decoration to address most African economies as 'moving economies'. We are rather witnessing one step forward, two steps backward. Governance is a major challenge in Africa.
Board Chair, Global Funding Committee @ Carifika Network for Sustainable Development
5moAfrica and other developing economies are underperforming in AI and digital technology. Unfortunately, the development institutions and other partners do little to change the tide.