The world of technology is always changing, and Africa’s technological landscape is one of the most interesting and exciting areas to watch in the near future. In this article, we’ll take a look at what’s happening in Africa’s economy, population, and technology.
The old continent boasts 75 million inhabitants and 190 million total inhabitants, both of which are growing at a healthy clip. In a nutshell, the aforementioned is a tall order to fill. In a crowded marketplace, one has to do things right. A shrewd technologist would have a field day if they took the time to make their customers happy. That said, how to do it in a slick manner? Fortunately, there’s a tech savy few and they’re ready to roll. One needs to be careful though, lest they get snubbed in the ringing o’ the tiger. For example, a tad too much attention is being paid to the tech savy few. It’s also a great place to start for those wishing to build their brand in the right fashion.
Africa’s economy is largely made up of trade, industry, and human resources. While the continent has been making progress in post-colonial development, it has also experienced setbacks. These setbacks have been linked to historical challenges, structural issues, and economic problems.
Africa is rich in natural resources. The continent is home to gold, iron ore, copper, chromium, beryllium, and manganese. It also contains well-watered, fertile soils primarily in the Western Cape river valleys. In addition to mining, Africa also has a strong manufacturing sector.
However, the political system is unstable. War, famine, drought, and other natural disasters have all posed major challenges to the continent’s economy. A recurring problem is youth unemployment. There are over a dozen million graduates entering the workforce each year, but only three million get jobs.
Since the 1960s, Africa’s income has steadily declined. The World Economic Forum estimates that 50 percent of the world’s poor lived on the continent in 2000.
In addition to the wars and famines, corruption has been a large factor in the economic crisis in Africa. Governments are known to use profits to enrich themselves and their elite. This can include moving financial capital overseas or extracting economic rents.
Many countries have taken bold steps to overcome COVID-19. The World Bank launched the $3 billion “Fight COVID-19” social bond in April 2020.
If you were to take a look at the African tech ecosystem today, you would be struck by the diversity. You would find startups in various sectors. Similarly, you would find a number of African countries that have established themselves as technological innovation leaders.
This includes Kenya, Nigeria, and Ghana. These three countries have experienced great growth in their digital economies. They are called Africa’s “KINGS”. KINGS is an acronym for pillars of high-tech entrepreneurship, and these countries are leading the digital economy of Africa.
One of the pillars of this innovation is the mobile technology. Mobile devices are expected to contribute significantly to socioeconomic growth in the region. The demand for mobile devices will increase as more people connect to the internet.
Another pillar is education. Educators are increasingly turning to technologies to help students learn. In fact, a majority of Africa’s youth are already leveraging the Internet to develop their skills.
For example, Craydel is a startup that enables students to access courses from international universities. Additionally, Rekindle Learning provides services to companies looking to reskill their staff. It aims to train teams in southern Africa to be agile and adapt to change.
Startups like Flutterwave and Andela are co-founded by serial entrepreneurs. Their success has already led to a positive flywheel effect.