malvernmugadzikwa
Martin Kadzere in Cape Town, South Africa
Zimbabwe should embrace Artificial Intelligence (AI) to unlock its economic potential, distinguished academic and former Zimbabwean Deputy Prime Minister, Professor Arthur Mutambara said on Thursday.
Speaking at the Association of Zimbabwe Investment Managers (AIMZ in Cape Town, South Africa on, Prof Mutambara said while AI would lead to job displacements, it would also generate new employment opportunities.
His comments come as there is growing anxiety that the rise of AI may result in significant job losses.
However, he stresses that AI will not completely replace humans but will empower them to achieve greater heights.
AI is a branch of computer science that aims to create machines capable of performing tasks that typically require human intelligence, such as learning, reasoning, problem-solving, and decision-making.
The concept of AI has been around for centuries, but it was not until the mid-20th century that it began to take shape as a field of study.
Prof Mutambara, who is the director and full Professor of the Institute for the Future of Knowledge (IFK) at the University of Johannesburg, said while there would be job displacements, many jobs would be modified by AI and new ones created.
However, the challenge would be to ensure that the combined number of modified and new jobs offset the number of jobs lost.
“We must create capabilities and competences that are required for us to take advantage of the modified jobs,” said Prof Mutambara.
“We must also invest in skills, capabilities and competences that are required for us to take up new jobs.”
To facilitate AI adoption in Africa, the Global South and Zimbabwe, Prof Mutambara emphasised the need to prioritise the development of critical infrastructure, including reliable power supplies, high-speed internet connectivity and advanced computing capabilities.
Additionally, investing in education and training to cultivate a skilled workforce was essential.
“Unless we do that, our benefits from AI are not guaranteed,” he said. (We have to prepare Africa for AI. It’s a huge opportunity to drive the economies of the global south.”
Economic potential
Prof Mutambara said the excitement surrounding AI stems from its immense economic potential.
Generative AI alone, for instance, is projected to contribute US$4 trillion to global gross domestic product in 2024, accounting for approximately 4 percent of the global economy.
The transformative impact is driven by AI’s ability to boost productivity across sectors like agriculture, mining, manufacturing, banking and finance.
“It will benefit global north economies if we do not effectively prepare our countries for AI,” said Prof Mutambara.
He emphasised the importance of active participation in the development of AI, not just its deployment. This includes the creation of AI systems and the semiconductors that power them.
He highlighted the significance of the semiconductor industry, exemplified by companies like Nvidia, which has market valuations surpassing some of the developed nations. By investing in AI research, development, and manufacturing, African nations can secure their place in the global technological landscape.
“It’s not enough to deploy AI,” he said. “We must also create AI systems. We must become creators of knowledge.
“We are sick and tired of being consumers of other people’s ideas. We must be participants in the creation of the AI systems and the hardware that drive the AI systems.
In light of the rapid advancements in AI, Professor Mutambara urged investment managers to adapt to the evolving technological landscape. By integrating AI into their investment processes, they could make more informed decisions, identify emerging trends, and mitigate risks.
Delegates and other speakers at the conference shared a forward-thinking approach, recognising the transformative power of AI.
They concurred with Prof Mutambara’s view that AI is not a distant future but a present reality that must be embraced and leveraged for progress.
The AIMZ two-day conference, which ended Friday, was held under the theme “Investing in a circular economy: Squaring the Circle” and attended by local asset managers, stockbrokers, real estate experts, as well as regional experts in the investment sector.
The AIMZ is an association of asset management firms registered by the Securities and Exchange Commission of Zimbabwe that has been in existence for over 20 years.
Among one of its core mandates is policy advocacy, where it provides input and feedback on new and existing policies that may impact the industry.
Bongani Ndlovu