IFC Warns: African Businesses Face 35% Higher Tech Costs Than Global Peers

The International Finance Corporation (IFC) raised concerns about African businesses facing technology costs 35% higher than global peers. Dahlia Khalifa, IFC Regional Director for Central Africa and Anglophone West Africa, highlighted the need for stronger collaboration to mobilize capital and build trust in the region.

IFC emphasized the benefits of formalizing businesses in Africa, with potential for 40 million new businesses. The organization called for partnerships with governments, international partners, and the private sector to create enabling policies and infrastructure.

Over the past decade, IFC has invested $6 billion in Africa's digital infrastructure, focusing on broadband, data centers, and clean energy. The aim is to prepare African youth for future job opportunities through skill training programs and strategic investments.