Obama invited close to 50 African heads of state to the gathering where discussions on trade, security and governance took stage.
While many will see the importance of Africa’s strengthening its relationship to the world’s superpower, it is also important for the United States to develop stronger ties to Africa.
The United States has to now play catch-up with China in engaging Africa in trade. China has invested heavily in the continent, mainly to extract mineral resources for its booming economy.
It is important that the U.S. increase its financial ties with Africa, a continent that is home to six of the world’s 10 fastest-growing economies and a rapidly expanding middle class.
During the three-day summit, Obama sought to highlight Africa’s potential, particularly as an untapped trading partner for U.S. businesses. Obama was correct when he said that even though the continent faces significant challenges, “A new Africa is emerging.”
Still there is no question that security issues and governance challenges continue to constrain Africa’s overall prosperity.
African leaders will need to improve good governance and transparency to improve conditions for economic growth.
The continent is also facing serious health threats such as the Ebola crisis gripping three African nations.
Despite these challenges, Africa has enormous potential for economic growth. That’s why more than 90 U.S. companies attended the summit’s U.S.-Africa Business Forum, including Chevron, Citigroup, Marriott International and Wal-Mart. Major African businesses also attended the summit, including the Dangote Group and African Minerals—companies founded by African billionaires Aliko Dangote and Patrice Motsepe.
While a wide-range of issues were discussed during the three-day summit, the heaviest emphasis was on commerce.
During the summit, Obama announced $33 billion in U.S. commitments aimed at boosting financial ties with the continent. More than half of the commitments came from the private sector, including Coca-Cola Company and General Electric.
In the past, the U.S. relationship with Africa has been characterized by exploitation and charity.
Hopefully the summit marks the beginning of a new relationship between the United States and Africa that is based on trade and mutual respect.
(Reprinted from the Philadelphia Tribune)
