AFRICA must harness the transformative power of research, innovation and inclusive value chains to unlock its vast economic potential while addressing its myriad of challenges, the Chief Executive Officer (CEO) of Heritors Lab, Derrydean Dadzie, has said.
He said despite being rich in cultural heritage, natural resources and boasting a young population, Africa has long lagged behind in global contributions to science, technology, innovation and research.
This prevailing narrative, he said, underscores Africa’s untapped opportunities juxtaposed with its persistent developmental obstacles, hence the need for the continent to transition towards an innovation-led and knowledge-based economy.
Summit
Mr Dadzie was speaking at the inaugural Africa Research and Innovation Commercialisation Summit (ARICS) in Accra on the theme: “From Labs to Markets: Creating Viable and Inclusive Value Chains and Innovation Markets for Sustainable Socio-Economic Development.”
It was organised by Heritors Labs in partnership with the Research and Innovation Systems for Africa (RISA) Fund and the Foreign Commonwealth and Development Office (FCDO).
It brought together industry, scientists, researchers, policy makers, academia, students and Small and medium-sized enterprises (SMEs) to deliberate, explore, co-create, and chart the course for solutions to some of Africa’s thorny socio-economic challenges.
“Together, we stand at the forefront of the innovation ecosystem, harnessing the transformative power of research, innovation and inclusive value chains to address pressing challenges, foster economic growth and promote sustainable socio-economic development through research and innovation commercialisation.”
“We can all agree that Africa is a continent with immense economic potential but also one full of vast challenges. For decades, Africa has lagged in global contribution to science, technology, innovation and research.
Despite having a rich and diverse cultural heritage, abundant natural resources, and a young and dynamic population, Africa has not fully realised its vision of accelerating its transition to an innovation-led and knowledge-based economy,” he stated.
Strong innovation ecosystem
Ghana ranks 99 out of 123 countries surveyed in the 2023 Global Innovation Index, which was developed by the World Intellectual Property Organisation (WIPO), Cornell University, and the INSEAD business school.
The annual report evaluated countries based on various indicators such as institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and creative outputs.
According to a senior Policy Advisor at the Office of the Vice-President, Prof. Kwaku Appiah-Adu, Ghana’s 99th ranking signifies progress in its innovation ecosystem, but also points to areas where improvements are needed.
He explained that Ghana sought to strengthen its economic resilience, rebuild market confidence, and revitalise the economy in the coming years, adding that at the heart of this recovery strategy is a sustainable debt path, a renewed emphasis on innovation across sectors, resource mobilisation, digital skills development and entrepreneurship promotion to tackle the persistent unemployment hindering the future of its youth.
“We are indeed at the cusp of the realisation of the Africa we want. As key stakeholders, we must consolidate the successes so far and, with a sense of urgency, develop innovative solutions needed to deepen intra-African development and spur impact investments needed to bring prosperity to the continent and its people.
Strong innovation ecosystems create the enabling environment for innovations to be developed and scaled, and for actors to solve critical challenges,” Prof. Appiah-Adu said.
Source: GraphicOnline
