In a new funding promise to African leaders announced by the Biden administration at the US-Africa Leaders’ Summit, in Washington D.C, on Tuesday, December 13, 2022.
At the summit, US President Joe Biden announced of about US$55 billions of dollars in new funding for Africa.
The summit is widely being seen as Mr Biden’s attempt to win back influence in Africa with personal diplomacy, as well as with funding and investment. Many have noted that America is trying to catch up with other countries, including Russia and especially China, that have developed stronger ties in recent years with Africa.
“The United States is all in on Africa’s future,” President Biden told the 49 African leaders attending the Washington DC summit.
It is the first such gathering hosted by Washington for eight years.
Mr Biden acknowledged that, the crises facing the world today need African leadership, ideas and innovations, and promised to build on the “vital” investments in Africa made by previous US administrations.
To that end, Mr Biden announced $55bn (£44bn) of US funding planned for Africa over the next three years. The sum includes $100m for clean energy projects and $350m for internet access and digital technology.
The US is also set to sign a memorandum with the African Continental Free Trade Area – one of the world’s biggest free-trade areas – which Mr Biden said would “unlock new opportunities for trade and investment” between the US and Africa.
On the sidelines of the summit on Wednesday, Mr Biden separately met the six leaders of African nations which are holding elections in 2023 to press for a free vote.
Before the end of the summit on Thursday, the US president is also expected to back the African Union’s admission as a permanent member of the Group of 20 major economies. It is also likely that he will announce a trip to the continent in the new year.
Consequently, President of Ghana, Nana Akufo-Addo, has urged the African diaspora to help change the African narrative, which has been characterised largely by a concentration on disease, hunger, poverty and illegal mass migration.
Speaking at the Young African and Diasporan Leaders’ Summit, held on the sidelines of the US-Africa Leaders’ Summit, in Washington D.C, on Tuesday, December 13, 2022, President Akufo-Addo stated that “the urgent responsibility we face is to make our countries and our continent attractive for our people to see them as places of opportunities.”
According to President Akufo-Addo, history is replete with several examples of the positive impact of diasporan communities on the growth and development of countries, through increased trade activities, rising investments, and the transfer of skills and knowledge.
Citing the example of China, with an émigré population of sixty million, the President told the gathering, which included the US Vice President, Kamala Harris, that the Chinese Diaspora is said to be the 25th largest country in the world, who, according to the Nikkei Asian Review, own assets worth $2.5 trillion.
“When foreign companies, in the late 1970s, reduced their investments in China, it was the Chinese Diaspora that shored up the economy.
“According to the Washington D.C. based Migration Policy Institute (MPI), half of the foreign direct investment, i.e. $26 billion, that transformed China into a manufacturing powerhouse in the 1990s, originated from the Chinese Diaspora,” he added.
That, the President noted, is the rationale of Ghana’s initiative of “Beyond the Return”, which, he explained, is building on the considerable success of the “Year of Return”, and the renewed enthusiasm around building Africa together.
He, thus, urged young African and Diasporan leaders to help change the African narrative, which has been characterised largely by a concentration on disease, hunger, poverty and illegal mass migration.
“Let us all remember that the destiny of all black people, no matter where they are in the world, is bound up with Africa. We should never forget that famous admonition of the celebrated Jamaican reggae star, Peter Tosh, when he said: ‘Don’t care where you come from. As long as you’re a black man, you’re an African’”, President Akufo-Addo said.
He continued, “We must help make Africa the place for investment, progress and prosperity, and not from where our youth flee in the hope of accessing the mirage of a better life in Europe, Asia or the Americas. That is what “Beyond the Return” seeks to do, so we can derive maximum dividends from our relations with the diaspora in mutually beneficial co-operation, and as partners for shared growth and development.”
With the second half of the 20th century witnessing a great blow for human freedom and progress, when the African peoples, in the wake of Ghana’s shining example, liberated themselves from the colonial and imperialist yoke and the racist ideology of apartheid, the President was confident that the first half of the 21st century will consolidate this development, and see the growth of modern, prosperous, technologically-advanced nations, within a united Africa, which would make a reality of the dream of the 21st century as the African century, and bring dignity and respect to black people all over the world.
Let’s help make Africa the place for investment and prosperity – Akufo-Addo
“We have done enough talking, and, dare I say, we have had enough conferences and workshops. We know what we need to do. It is time just to do it. We have run out of excuses for the state of our continent. We have the manpower, we should have the political will, it is time to make Africa work.,” he added