Story by, Nsor Paul Mensah
In a bold move to transform Africa's economy, Farzam Kamalabadi, President of Future Trends Africa, outlined a vision for leveraging digital economy and block chain technology to unlock the continent's dormant assets. Speaking at a press conference in Accra-Ghana, Kamalabadi emphasized the need to activate all elements of the economy, from agricultural farmers to industrialists and young entrepreneurs, to inspire greater participation and competition.
Kamalabadi drew comparisons to China's economic transformation, highlighting that Africa's total GDP of $3.2 trillion is equivalent to the size of Shanghai's economy, despite having a significantly larger population. He argued that Africa's potential is vastly undervalued, citing the example of Congo, which is considered the wealthiest nation in Africa, yet has a GDP of only $50-60 billion.
To unlock this potential, Kamalabadi stressed the need to create a framework and culture for domestic capital raising, similar to the city of Wenzhou in China, where villagers have come to control half of Italy's economy. He also highlighted the success story of Ireland, which transformed from the poorest to the richest nation in Europe, as a model for African countries to emulate.
Key Takeaways
Leveraging Digital Economy and Block chain Technology_: Africa can quickly and cost-effectively inventory and cash in on its dormant assets, turning them into provable reserves and financial instruments.
Collective Peaceful Rise_: Activating all elements of the economy will inspire greater participation and competition across the continent.
Domestic Capital Raising_: Creating a framework and culture for domestic capital raising is crucial to unlocking Africa's economic potential.
Learning from Other Nations' Experiences_: Implementing effective policies and legislations, such as those in Ireland, can help accelerate Africa's economic growth.
By adopting these strategies, Africa can unlock its vast economic potential and achieve rapid economic growth and transformation. As Kamalabadi emphasized, "If Ireland can do it, Ghana, you can do better." ¹