Innovation and Development in Africa – For Sustainable Economic Growth

Posted by Alex Smith on March 19th, 2021

“Africa’s future is dependent on minds and not on mines, “explains a 2016 Deloitte report presented at the World Economic Forum on Africa in the same year. Investment in innovation stands to be the absolute and fundamental element to transform the continent’s traditional business model. According to statistics, the African Development Bank reported in 2017, that Africa is the world's second-fastest growing economy, with the estimated average growth expected to rebound to 3.4% in 2017, and the growth grew further by 4.3% in 2018. This highlights the economic growth of the entire continent, with technological innovation and development in Africa being the key contributor to rising index. Here is a deeper insight into this discussion.

Development at a rapid pace

Innovation and development in Africa has taken a huge turn in the last decade with businesses showing interest in investing in the African content in large numbers, especially in the fast developing countries. For instance, public affairs consulting firm in Africa show that Ghana is one of the fastest growing countries in the continent when it comes to technological innovation. Naturally, major global businesses as well as startups that are trying to capture the market consider South Africa as a major hotspot to expand their business.

There have been significant publishing and discussions about the innovation system development policies, crucial to the development policy formation across the entire African continent. New instruments and tools have emerged in the development cooperation sector aiding the economic development of the countries. Evidently, societal development of these developing countries has also received a significant boost through technological innovation and development in Africa.

This has become possible due to the investment of businesses in the African countries. The continent has a wealth of resources, with its young workforce being one of the major resources. This has a major potential in the African continent and many businesses are trying to capitalize on the market by utilizing the resources available.

These elements contribute to growth

When talking about the economic growth and development of African countries, here are a few elements that play a pivotal role in the process:

• Private Sector
• Universities
• Local Communities
• Youth Workforce
• Non-governmental, Intergovernmental and Other Aid Organizations
• Development Cooperation

The Development of these growing and highly competitive economies with community inclusion and national economic growth relies on the domestic industries. These sectors, through conducting research and insights in Africa, are implementing advanced innovation solutions and are generating a higher return on investments.

Ideal time to enhance market reputation

Alongside, the entire innovation and development in Africa is highly reliant on the capacity of the resident labor market to formulate innovative solutions to capitalize on the market. Many businesses are also hiring a reliable online reputation management consultancy Africa to improve market reputation and gain better returns on their investments. Several global companies are targeting the potential of the continent’s labor market for effective results in both domestic and international markets through the implementation of innovation solutions.