African E-markets: Information and economic development

Introduction: M.A. Mohamed Salih, ICT and information generated by the technologies have transformed businesses and peoples' lives throughout the world. ICT accelerates the movement of goods, services, ideas and people which fuels the globalization process (1). For instance, information technologies have integrated international capital markets thereby creating a global economy which has moved economic markets and businesses closer in real-time. Capital flows freely between countries and countries can utilize this capital instantly. It also created a new type of global markers. Environmental Systems Research Institute products used in the delivery of interactive maps are good example of the globalization of the application of Geographic Information system (GIS), market and technology. It is becoming increasingly evident that Geo information technologies are adding value, not only to the services, but also to the efficiency of economic decision-making process. In particular, the value of e-commerce transactions, for instance, has been multiplied in the past years (2). An Information economy is where the productivity and competitiveness of units to agents in the economy (companies, regions or nations) depend mainly on their capacity to generate, process and efficiently apply knowledge-based information. The new economy also shifts the focus to the economic value of intangible products, such as information, knowledge and innovations (3). International Telecommunication Union (2006: p.13) reports that World-wide telecommunication service revenues have more than doubled, from US$ 517 to US$1,216 billion over the last ten years. As a result, total telecommunication revenues have substantially increased as a percentage of GDP in Africa, Oceania and Asia and have remained stable in Europe and the America. Africa is he region where telecommunication service revenues as a percentage of GDP have grown fastest. Today, they represent almost five percent of GDP in Africa, compared to 4.5 percent in Oceania, 3.8 percent in Asia, 3.3 percent in Europe and 2.9 percent in the Americas. This highlights the importance of the telecommunication sector for the African economy (4).