Without a doubt, Donald Trump’s election as United States president has evoked emotions and reactions. His presidency carries significant implications for the global community, as his approach to international politics has both intrigued and concerned many.
The world is waiting to see if his new policy approach to trade, security and climate change will mirror his first term or take a different course.
In Africa, especially in Kenya, there is interest in how President Trump’s policies will impact various sectors such as technology. Will there be a continuation of Joe Biden’s approach, or can we expect significant changes? Even though Trump did not receive full backing from the tech capital, Silicon Valley, tech gurus like Elon Musk and Peter Thiel contributed to Trump’s victory.
In Africa, technology is progressing rapidly. But what does Trump’s triumph signal for Africa’s technology scene? Africa is increasingly becoming a hotbed for tech businesses and breakthroughs. The African tech landscape has garnered significant investments from the US. It has witnessed substantial growth, with many entrepreneurs and inventors developing answers to the continent’s specific difficulties. From mobile money to e-commerce, Africa has some of the most inventive firms in the world.
One reason for this growth is the increasing support from outside investors and governments. Many African governments now see technology as important for economic growth and are making policies to help the tech industry.
For instance, Kenya is leading the Silicon Savannah initiative. Investors are noticing the potential in African tech and are funding startups across the continent. All this depends on the policies set by governments to governments.
With Trump’s victory, the African tech ecosystem is poised to undergo significant shifts and adaptations. From investment and funding dynamics to regulatory environments and innovation trends, the impact of this political change will be felt across various facets of the African tech landscape.
Trump’s presidency may continue the US policy of building economic ties with Africa, which could further stimulate the growth of tech industries on the continent.
Africa’s tech industry may experience changes under a Trump administration, possibly influenced by his pragmatic, transactional and realistic approach towards US-Africa relations, creating opportunities for collaborations in technology and innovation.
Still, if there is a prospective change towards prioritising ‘America first’ economic interests, it will bring Africa’s resources to light. This move may result in increased US investment in African technology, but it might also lead to more trade conflicts or the deployment of protectionist legislation.
Following Trump’s victory, the cryptocurrency market experienced a notable surge in optimism and excitement. Bitcoin’s price reached a record high in response, reflecting growing investor confidence. Stock prices of various cryptocurrency exchanges during this period increased, indicating a broader positive sentiment within the crypto industry.
One of Trump’s campaign promises was to make America the “crypto capital of the world”. Two potential areas of growth under the Trump administration are the creation of a strategic bitcoin reserve and growth in the bitcoin mining sector. African countries like Nigeria, Kenya and Ghana are big adopters of cryptocurrencies, so any changes will be closely followed.
Some of the most successful tech startups in Africa like Jumia and Flutterwave that have created innovative solutions to address the unique challenges of the African market have attracted significant investment from global investors particularly the US. Africa will be looking forward to great policies that will support the growth of the tech scene.
— The writer is an Innovations Evangelist and a PhD Candidate; [email protected]
