Empowering Africa’s Youth Innovators: Highlights from the 3i Africa Summit

The 3i Africa Summit, hosted at the Accra International Conference Centre, has set the stage for a paradigm shift in Africa’s economic landscape by unleashing a promising generation of youth innovators, as announced by the Deputy Chief Executive of Development Bank Ghana (DBG), Mr. Michael Mensah-Baah.

In a stirring address, Mr. Mensah-Baah underscored the indispensable role of Africa’s youth in steering the continent towards sustainable economic growth and innovation.

He highlighted the vast potential of digital technology to drive growth in the FinTech industry, transform the digital financial sector, and promote financial inclusion across Africa.

“As we nurture a generation of youth innovators, entrepreneurs, and skilled professionals, we unlock a wave of innovation and productivity that propels Africa towards sustainable development and prosperity,” remarked Mr. Mensah-Baah during the final day’s welcome address at the summit.

He emphasized the imperative of investing in youth, fostering a culture of creativity, and problem-solving to sculpt a prosperous and sustainable future for the continent.

In his remarks, he added, “Innovation stands as the powerhouse behind economic transformation.

By channeling our resources towards youth development and fostering a culture of creativity, we lay the groundwork for a future that is both prosperous and sustainable.”

The discussions at the 3i Africa Summit spotlighted the pivotal roles of technology and innovation in driving inclusive economic growth across various sectors in Africa, ranging from empowering SMEs to transforming the creative arts economy.

Notably, a report by BCG (Boston Consulting Group) projects Africa to emerge as the fastest-growing FinTech market globally between 2023 and 2030, with FinTech revenues poised to surge by 13 times, surpassing the global average of 6 times.

DBG’s unwavering commitment to youth development is reflected in its strategic focus on the Information and Communication Technology (ICT) sector. Through various programs and partnerships, the bank has supported young entrepreneurs and innovators, including a collaboration with the Ghana Chamber of Youth Entrepreneurs.

This initiative aims to provide skills training and funding support to 1,000 young entrepreneurs nationwide, with a keen focus on enhancing financial literacy, digitization, and business management skills, thereby bolstering representation for women-led enterprises by 60 percent.

As a key initiator of the 3i Africa Summit, Development Bank Ghana has been at the forefront of championing technological advancements, exemplified by the introduction of the Ghana Integrated Financial Ecosystem (GIFE) for SMEs.

The platform has already onboarded 4,634 Micro, Small, and Medium-sized Enterprises (MSMEs), enabling them to embark on a digital journey that offers financial literacy, the creation of trusted credentials through the Universal Trusted Credentials framework, access to working capital, and avenues for cross-border trade with Asian and ASEAN region businesses.

DBG, as a wholesale financial institution established by the Government of Ghana, plays a crucial role in providing long-term capital to foster economic growth, job creation, and capacity building for SMEs.

Aligned with the UN Sustainable Development Goals (SDGs) and propelled by an environmental, social, and governance (ESG) strategy, the bank collaborates with esteemed institutions such as the World Bank, European Investment Bank, Kreditanstalt Für Wiederaufbau (KfW), and the African Development Bank to amplify shared value and drive impactful change with purpose.

Source:Joseph Kobla Wemakor