Treasury Secretary Janet Yellen’s visit to Senegal, Zambia and South Africa marks the start of a concerted effort by the US to expand its engagements within the continent
“We believe that Africa will shape the future of the global economy,” revealed US Treasury Secretary Janet Yellen during a 10-day trip to Senegal, Zambia and South Africa in January.
Yellen is the first major US political figure to visit Africa this year, but she will be closely followed by the President, Vice President and cabinet secretaries as the US looks to deepen its trade and investment ties with Africa, while also partnering with the continent to address challenges like energy supply, infrastructure, digitalization, climate change, food security, conflicts and the sustainability of debt.
In all three countries, Yellen held in-depth discussions with government and business leaders, as well as visiting US companies operating in Africa, plus entrepreneurial, youth and environmental projects. Throughout the trip, one of her overriding messages concerned Africa’s rapidly evolving population. “Across the continent, people are becoming more educated, urbanized and connected to the world than at any other time in history. And while many other regions face aging populations, Africa continues to lead as the youngest continent in the world,” explained Yellen; “By 2035, the number of sub-Saharan Africans reaching working age will exceed that of the rest of the world combined.”
This transforming population could drive Africa’s economic development, at the same time as creating larger markets for US products, services and private-sector investments, she said. To turn the possible into inclusive, sustainable economic reality, Yellen confirmed that the US government is committed to investing in areas such as education, training, health and infrastructure: “America’s investments in Africa are motivated by our mutually beneficial, long-term partnership. The goal is to generate positive economic returns while fostering sustainable debt. So, our investments prioritize rigorous technical standards. And they reflect high standards for accountability and transparency.”
According to the Treasury Secretary, expanding US-African economic connections is “vital for unlocking the enormous potential of Africa in the decades to come. And a prosperous continent won’t just benefit Africa — it will help to strengthen the American and global economies as well. We are here as a partner and will help work for Africa’s success.”