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Africa’s economies could unlock up to $103 billion in annual value if they deployed generative artificial intelligence at scale, said consultancy firm McKinsey.
It estimates that more than 40% of African institutions have either experimented with or implemented generative AI solutions, pointing to Kenya’s personalized educational curricula and South African models for small business owners to better understand finances.
The continent’s retail sector has the highest potential for unlocking economic value with the aid of generative AI, McKinsey projected, followed by sectors including travel and logistics, education, and construction. But realizing this potential will require filling many gaps on the continent, from limited infrastructure and expertise to uncertainty around regulation.
“Strong gen AI ecosystems are built on robust infrastructure including reliable power, high-performance computing, and regional cloud resources,” the report authors said.
