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The Deputy Governor of the Bank of Tanzania (BoT), Dr. Yamungu Kayandabila, has called on countries in Eastern and Southern Africa to step up investment in Artificial Intelligence (AI) technologies to unlock new opportunities for economic growth and financial inclusion.
Dr. Kayandabila made the call during a high-level dialogue organized by the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI), held on the sidelines of the ongoing Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington D.C., United States.
The meeting brought together central bank governors, finance policymakers, and digital economy experts to explore the opportunities and challenges of AI in transforming economic systems across the region.
Discussions focused on how AI can support revenue collection, strengthen data management, enhance policy analysis, and improve financial service delivery.
Participants noted that emerging technologies could significantly boost fiscal efficiency and help governments make faster, evidence-based decisions.
“Artificial Intelligence has the potential to revolutionize how we manage our economies. For developing countries like ours, investing in these technologies is not a luxury but a strategic necessity,” Dr. Kayandabila observed.
He added that embracing AI would improve transparency, strengthen accountability, and ensure the efficient use of financial resources key elements for sustainable development.
However, delegates also identified major obstacles slowing down the adoption of AI across African economies, including a shortage of skilled professionals, weak digital infrastructure, and growing concerns about data privacy and cybersecurity.
In its concluding remarks, MEFMI urged member states to prioritize digital investments and foster collaboration between governments, academia, and the private sector to build capacity and close the technology gap.
Experts agreed that with the right policies and human capital investment, Africa could leverage AI not only to enhance productivity but also to ensure inclusive and resilient economic growth.