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Dr. Mahamudu Bawumia, the former vice president of Ghana, has emphasized the continent’s rich potential for innovation while pointing out that the main obstacle is creating ecosystems and institutions that can support and scale these developments.
Speaking on Saturday, May 17, 2025, at the Cambridge Africa Business Conference with the theme “Africa’s Digital Transformation: Building Resilient Economies Through Innovation,” Dr. Bawumia said, “Africa does not lack innovation. We lack systems that scale it. We do not lack ideas. We lack ecosystems that reward and retain them. We do not lack ambition. We lack access to capital, infrastructure, and trust.”
He noted that although Africa is full of innovative ideas and an entrepreneurial spirit, the development and durability of these endeavors are hampered by the lack of enabling frameworks, such as dependable infrastructure, finance availability, and a culture of trust.
In the future, African ideas will cross national boundaries and be incorporated into the global economy, according to Dr. Bawumia.
He suggested examples like a software start-up in Nairobi that serves customers in São Paulo or a cooperative that sells shea butter in Tamale that uses blockchain traceability to sell straight to customers in Tokyo.
He emphasized that rather than being seen as anomalies, Africa’s innovations should be seen as the rule.
In order to realize the continent’s full economic potential, he advised African countries to concentrate on creating resilient systems and ecosystems that can support and scale innovations.
Source: Ghanatodayonline.com
