Innovation has played a crucial role in disseminating technology and knowledge across the continent, which has demonstrated remarkable adaptability, Selassie explained at a panel discussion titled "Africa: The Innovation Engine," held in parallel with the 2023 Annual Meetings of the World Bank (WB) and the IMF.

He went on to say, "there is a deep recognition of the significance of innovation and digitalization in enhancing growth and development prospects in Africa."

Selassie also discussed the momentum of technological development in Africa and its incorporation of new technologies, which have positively impacted productivity enhancement, cost reduction, and, ultimately, the continent's economic growth.

He also clarified that the IMF collaborates with governments to ensure the business environment is as favorable as possible for companies to innovate and leverage emerging opportunities.

"We are also collaborating with the financial sector, especially on issues related to the regulatory framework concerning FinTech and other financial activities of great importance to the region," he added, reassuring that the IMF is actively working on digitizing government services and identifying obstacles to innovation.

The meeting convened numerous African government officials, along with African and international entrepreneurs and financial stakeholders, to explore strategies for elevating Africa's position in the global innovation and technology value chains.