02 May 2025

A transformative initiative is set to reshape the landscape of artificial intelligence across the continent, as a A$60 billion Africa AI Fund is established through a collaborative effort of public, private, and philanthropic capital. This significant commitment was unveiled at the Global AI Summit on Africa, held in Kigali, Rwanda.

The primary goal of the Africa AI Fund is to cultivate a secure, inclusive, and competitive AI economy in Africa. The declaration emphasizes two main objectives: to leverage the potential of AI to drive innovation and competitiveness, aiming to advance Africa’s economies, industries, and societies; and to position Africa as a global leader in the ethical, trustworthy, and inclusive adoption of AI technologies.

Additionally, the declaration calls for the sustainable and responsible design, development, deployment, usage, and governance of AI technologies across the continent.

The memorandum establishing the fund was facilitated by Qhala, Smart Africa, and Rwanda’s Centre for the Fourth Industrial Revolution, with support from the Gates Foundation. Qhala serves as an AI enabler focused on driving innovation and digital transformation throughout Africa.

In their statement, Qhala outlined the shared commitment among African nations to align national strategies with continental goals, safeguard data sovereignty, build digital infrastructure, and foster a sustainable AI innovation ecosystem. The organization highlighted the rapid evolution of Africa’s AI landscape, forecasting that AI could contribute $2.9 trillion to the African economy by 2030.

“This declaration is timely, as Africa’s AI ecosystem is rapidly evolving but remains fragmented and underfunded. This will ensure that Africa takes its place in a leadership role in global AI development,” said Shikoh Gitau, CEO of Qhala.

“AI is not just technology to us; it’s an African arrow that, when thrown with the right ethical frameworks and inclusive policies, can pierce the way to African digital prosperity and resilience for the benefit of every citizen,” said Lacina Koné, CEO of Smart Africa.

With this ambitious initiative, the Africa AI Fund aims to harness the transformative power of artificial intelligence, providing a vital foundation for the continent’s future economic growth and technological advancement.