Yellen in Africa. Mahlubi Dlamini, ESG Intern, Skidmore College

US Treasury Secretary Janet Yellen's 10-day trip to Zambia, South Africa and Senegal sought to “highlight the Biden-Harris Administration’s work to deepen U.S.-Africa economic ties, including by expanding trade and investment flows and promoting sustainable and inclusive economic growth” (US Treasury). This visit fulfills the promise that President Joe Biden made at the US-Africa Leaders’ Summit that he and members of his cabinet would visit the continent in 2023. 

It seems the US is recognizing the growing importance Africa will have in the coming decades. While in Senegal, the Secretary stressed that “Africa will shape the trajectory of the world economy over the next century.” Given this, the US clearly wants to take a more proactive approach to diplomatic relations with the African continent.

It also seems China’s involvement in Africa has not gone unnoticed. Yellen called out China as being a barrier to resolving Zambia’s debt crisis, explaining that loans backed by China “can leave countries with a legacy of debt, diverted resources, and environmental destruction.” In South Africa, however, the focus was on the US support for a “just transition” to renewable energy. With coal making up 85% of the country's electricity production, the  US is contributing to an international package worth more than $8.5bn to accelerate the transition to renewable energy. The Secretary also condemned Russia’s invasion of Ukraine and emphasized that the external effects of the war would be negative for developing nations.

It is hard not to see the economic benefits that the United States would gain by having solid ties with a continent that not only has the youngest, fastest growing population but a majority of the fastest growing economies in the world. The US should protect it's growing relations on the continent by treating African countries as equals and legitimate trading partners of the future. 

Africa has potential to be a significant market for American-made products. These are the conclusions  both China and Russia have seemingly come to as they strengthen ties on the African continent. 

I believe it is high time that African nations set their own course and use their growing economic clout as leverage, choosing relationships and agreements that foster interdependence rather than the dependency or one-way relationships that have most often characterized Western foreign aid in the past. 

As an economist and native of the continent, I believe Africa should identify the comparative advantage that each potential partner (the US, China and Russia) has and form strategic relationships that benefit the continent on a case-by-case basis rather than just blindly taking sides. Special attention should also be given to the terms and conditions that come with aid and some of the agreements to ensure that only deals which maximize long term, fair and equitable  development are chosen.