The World Economic Forum's (WEF) Regional Group for Africa has published a White Paper on attracting investment to to the continent and how to accelerate the adoption of the fourth industrial revolution.
Historically, Africa has lagged behind other regions in employing the full potential of previous industrial revolutions, limiting its ability to become a truly competitive market. The pandemic demonstrated the massive leaps made by business, government and civil society during the crisis – showing that sustaining this level of focus and momentum can boost economic growth.
The African Union Fourth Industrial Revolution strategy provides the foundation to ensure the region is able to embrace the opportunities and address the challenges, including inadequate infrastructure and skills. This paper builds on that work, providing direction for policy-makers and investors to consider the mechanisms that can scale up digital transformation. It offers five pathways identified by the World Economic Forum Regional Action group for Africa to drive economic recovery and build resilience, and assesses the role incentives can play in motivating organizations to adopt Fourth Industrial Revolution applications.