President Paul Biya has reiterated the need to work towards establishing a veritable capital market capable of pushing up Africa’s development.
Cameroon’s President was speaking at the Milken Institute Invest Africa US private roundtable on the sidelines of the summit. As per the agenda, the brainstorming focused on how finance can be a force for good in addressing Africa’s most pressing challenges and opportunities and contributing towards resolving global problems. To Paul Biya, despite Africa’s endowment in natural resources, it still has countless obstacles to its economic development. Cameroon’s Head of State noted that one solution to the thorny issue of availability of financing “is to enable structural transformation and independence from development assistance”.
US President Joe Biden seeks to boost trade opportunities and build trust with African leaders during three days of talks. Approximately 50 African leaders are attending the second US-Africa Leaders Summit to discuss pressing issues, including climate change, food security and global trade. This is the United States’ opportunity to boost cooperation with African nations. “The summit … is rooted in the recognition that Africa is a key geopolitical player. The continent will shape the future not just of the African people, but also the world”. Biden has sought to rebuild Washington’s relationship with other countries, as well as to re-engage with global organisations like the United Nations, after four years of his predecessor Donald Trump’s “America First” approach to foreign policy. “We need more African voices in international conversations that concern the global economy, democracy and governance, climate change, health, and security,” White House Adviser Judd Devermont said on December 9. In August, the Biden administration released a new strategy document for sub-Saharan Africa, stressing the region’s importance and promising to extend defence cooperation with like-minded nations.
Africa in general and Cameroon in particular needs billions of dollars a year for roads, railways, dams and power, and in the last decade, it has received huge sums from China which generally does not tie money to political or rights-related conditions.
As part of the summit, Biden will today 14 December 2022 deliver a keynote address to the US-Africa Business Forum before hosting a dinner for the world leaders assembled in the United States capital. On Thursday, Biden and the other heads of state and leaders will hold talks on promoting food security, after months of supply concerns and disruptions linked to the war in Ukraine. He will also discuss the 2023 elections in Africa and democracy with a small group of leaders.
Claudette CHIN
