- Tech giant, Google, has announced it would be investing $1 billion to support digital transformation across Africa
- The $1 billion investment project will include landing a subsea cable into the continent to enable faster internet speeds
- Ghana is among the countries to benefit from the project
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Tech giant, Google, has announced it would be investing $1 billion to support digital transformation across Africa, with Ghana as one of the beneficiary countries, TechCrunch reports.
The investment will include landing a subsea cable called Equiano into the continent to enable faster internet speeds, low-interest loans for small businesses, equity investments into African startups, skills training, and more.
The plans were unveiled at an event led by Google and Alphabet chief executive officer, Sundar Pichai, who disclosed that the company made huge strides over the past decade.
Reaffirming Googles commitment to Africa
''But there's more work to do to make the internet accessible, affordable, and useful for every African,'' reaffirming Google's commitment to Africa through the investment of $1 billion over five years to support the continent's digital transformation, Pichai stressed.
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The investment, which would cover a range of initiatives from improved connectivity to investment in startups, would be implemented in countries across the continent, including Nigeria, Kenya, Uganda, and Ghana.
Equiano: Subsea cable
Managing director for Google in Africa, Nitin Gajria, said the subsea cable would cut across South Africa, Namibia, Nigeria and St Helena connecting Africa and Europe.
Equiano would lead to a 21 per cent reduction in internet prices and increase internet speed in Nigeria and almost triple in South Africa and projected to create about 1.7 million jobs in the two countries by 2025 as the digital economy grows.
Africa Investment Fund
Meanwhile, Google also announced the launch of the Africa Investment Fund, where it will invest $50 million in start-ups across the continent, providing them ''with access to Google’s employees, network, and technologies to help them build meaningful products for their communities.''
The company said it will additionally disburse $10 million in low-interest loans to small businesses in Nigeria, Ghana, Kenya and South Africa, to alleviate hardships brought about by the Covid pandemic,
This initiative will be done in partnership with Kiva, a San-Francisco based non-profit lending organisation that pledged $40 million to non-profits improving lives in Africa.
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OSWAL Investment Group Limited
In a previous story, OSWAL Investment Group Ltd, the first Ghanaian company constructing a flyover at Adjirigano, near East Legon in Accra, emerged as the ‘Best Innovative Construction Company of the Year 2020/2021, at the just ended Ghana Construction Industry Excellence Awards.
The Ghana Chamber of Construction Industry, organisers of the award also cited notable projects, including the Reconstruction of Aviation Road at Adenta, Reconstruction of the Otano Junction to School Junction Road into a dual carriageway, Rehabilitation of Accra Boundary Road Extension as other projects of excellence worthy of recognition.
Humphrey Awuletey -Williams, the Group Chairman of OSWAL Investment Limited Group Ltd, shirk off competition from other road construction companies to grasp the coveted award at a ceremony that took place in Accra.