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)
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