As world leaders convene for the 2025 World Economic Forum, African nations confront significant hurdles in achieving meaningful progress. Key discussions centre around attracting investment in sustainable energy, bolstering infrastructure, and leveraging digital technologies to accelerate economic growth.”
Clive Ramathibela-Smith, Senior Executive Partner, Hecare Capital & Partner, said on News Central TV’s Business Edge on Tuesday that Africa is lagging in the Fourth Industrial Revolution and that the continent needs to take charge of its destiny instead of being controlled by superpowers.
“Africa is very far from what we call the Fourth Industrial Revolution, which has been the theme for the past couple of years and has seen penetration from the Euro Zone and in America as well. They are the fourth leading nation in terms of technological advancement, but it’s interesting to see what the rest of the world has been doing with countries like China and India, which are mostly in Asia, and who have accelerated themselves and put themselves ahead of, if not on par with, the rest of the western world.”
While certain African countries have achieved headway in technology partnerships, he claimed that a lack of strategic efforts and poor infrastructure are impeding general progress.
“However, what is Africa doing to try and break into that market? We know that nations like Kenya, for instance, have partnered with organisations like the World Bank, and we’ve seen some nations like Nigeria partnering with high-tech companies in China and India as well.
“Nonetheless, Africa has very little penetration into that market, and the main reason for this is that we are not ready; our infrastructure development is not at a level that will make digitisation easy, and despite some incredible work over the past ten years, we are still a long way from truly being a part of it.
“What the World Economic Forum will do to improve Africa’s involvement will raise our capability and capacity and allow us to sit at a level playing field to make a substantial contribution to the direction that the world is taking about technology, artificial intelligence, and other things like augmented reality.”
According to the Senior Executive Partner, Hecare Capital & Partners, despite being the youngest continent in the world, Africa does have the ability to progress technologically and reach new heights, but it is also the most remote from it.
“The truth is that everything is being dictated to us; the world is telling Africa what our leaders, business units, and entrepreneurs should do, and they have failed us.
“Indeed, there are pockets of opportunity and a glimmer of hope at the end of the tunnel. I mean, if you look at the digital space, who is renting that? For instance, if you look at the manufacturing of cell phones and microchips, which Thailand has taken over; the development of nanotechnology, which India has taken over; and the manufacturing of mobile phones, which China has taken over, where do we stand a chance?”
Ramathibela-Smith highlighted the significance of South Africa’s G20 presidency this year, citing it as a singular chance for African leaders to showcase a cohesive agenda to the world community.
He exhorted African leaders to seize this opportunity to go beyond talk and embrace concrete measures that can result in long-term economic growth.
The discussion also covered geopolitical issues like nationalism and protectionism, as well as the necessity for African countries to innovate and train their labour force for the jobs of the future.
African countries have a vital opportunity to rethink their place in the global economy through the World Economic Forum.
African leaders, traditionally perceived as assistance recipients, must use their distinct resources and growing market status to bargain from a position of strength. Africa has enormous potential to develop into a centre for creative and sustainable solutions, and the G20 presidency offers a chance to make this vision known globally.
Although the African Growth and Development Agreement seeks to improve intra-African commerce, its efficacy remains uncertain.
Ramathibela-Smith noted that a large number of smaller African countries are not making full use of this framework. African nations may lessen their reliance on foreign markets and fortify their regional economies by promoting trade, which will make the continent’s economy more resilient.
