Introduction:

This year’s Financial Times Live Africa summit was held on October 29 and 30. It brought stakeholders together to explore strategies for Advancing AI and technologies across Africa.

Aanu Adeoye moderated the discussion. He is a West Africa Correspondent for the Financial Times. The discussion featured Mark Elliot, Division President for Africa at Mastercard; Yasmin Kumi, CEO and Founder of AFG; and Conrad Tucker, Director of CMU-Africa and Associate Dean for International Affairs. They examined strategies for fostering talent, building impactful partnerships, and addressing the unique challenges of financing mid-sized businesses. The newsletter outlines key points on the roadmap of Africa’s technological future.

AI as a new age of tool

Yasmin Kumi, CEO and Founder of AFG emphasized that AI should not merely be viewed as a tool but as a revolutionary force. She compared AI to historical advancements such as the Stone Age and Iron Age, “throughout humanity, there have always been evolved evolutions of tools.”

Yasmin states, “I think we’ve just entered another age of new tools. The question is, what are you using them for? I think that Africa has to find the most important area where AI can be leveraged as a tool to make us more competitive.” The AFG Founder said, with a keen focus on developing human resources, Africa could harness AI to gain a significant edge over global competitors.

The Catalytic effect of AI in aiding long-term visions

while the immediate focus tends to be on short-term strategies, we must adopt a longer-term perspective regarding AI. As we look toward 2050, it is essential to consider the transformative potential of AI in various sectors, particularly education.

Yasmin states, “By 2050 we will have very little university education because I don’t think we have enough budget to build the infrastructure for the amount of growth of population we have in Africa.” As populations grow, the current model of higher education may not suffice. Online learning could become the norm, making education more accessible and personalized.

Yasmin highlighted the talent gap in Africa. Businesses often struggle to find competent talent within their borders. This leads to a constrained talent market. Enabling and promoting a Pan-African approach can tap into a large pool of remote talents across Africa.

Access to Capital is a challenge for mid-sized businesses

“Mid-sized businesses in Africa have access to finance, but it’s not necessarily the right finance. “Traditional loans, while accessible, can be too conservative for the innovative endeavors these companies need to pursue.

The narrative often centers on micro and small enterprises, leading to a lack of attention to the unique financing challenges faced by mid-sized companies. Addressing the capital access issue requires a fresh approach to financing that accommodates the unique needs of mid-sized businesses.

To address these challenges, there is a need for a nuanced approach to financing that Includes developmental capital and technical Assistance capital (TA). Yasmin states, “ Technical assistance capital, which is basically grant money. Grant money usually goes to small organizations because that is the usual connotation. But the mid-sized companies need that too because it’s non-deductive financing that allows you to do the risky stuff.”

Policy and AI development

The panel discussion raised concerns about the policy environment, emphasizing the need for alignment between the private and public sectors. Effective policy development is crucial for integrating AI into Africa’s development agenda, yet gaps remain.


Entrepreneurs often feel hindered by policies that don’t support their agendas or simply lack the necessary framework to promote innovation. Yasmin suggests, “You could build more bodies that are a voice of everyone so that nobody can get targeted and on what we want to change, I think that would be a good first step that is currently not happening enough.” There is a need for collective advocacy from the private sector to engage with policymakers and suggest improvements.

Conclusion:
This year’s Financial Times Live Africa summit discussed on harnessing future strategies for advancing AI and technology in Africa. It suggested ensuring access to the right resources and through creating supportive environments; we can cultivate a thriving ecosystem that benefits everyone on the continent. 

Chief Editor: Marian Gloria Gyamfi, Ghana

Please contact us at seminar@rightforeducation.org/ marian@rightforeducation.org , if you want to get involved.