• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
AFRIPOL

AFRIPOL

en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
  • Home
  • About Us
  • Mission Statement
  • Articles
  • Book Review
  • Archive
  • Contact Us

US Janet Yellen in Senegal: Woos Africa as US Vies With China, Russia for Clout

January 19, 2023 by AFRIPOL Leave a Comment

President Macky Sall of Senegal with US Janet Yellen

“US Treasury Secretary Janet Yellen, declaring that Africa can help shape the future of the global economy, will set out why the Biden administration intends to elevate its focus on the continent over the next two years in a speech she’s slated to deliver Friday in Dakar, Senegal.”

“The United States is committed to building on Africa’s significant progress in economic development over the past few decades,” Yellen said in excerpts of the speech released by the Treasury. “Africa’s success will mean success for all of us, and the United States is here as a partner to help Africa realize its massive economic potential.”

Africa as Central to Reshaping Global Institutions

“Yellen, many of her African counterparts, and the African Union (AU) have been outspoken in calls for Multilateral development banks MDB  reform, including to their priorities, financial models, operations, and governance structures. Indeed, Africa needs to be central to the debate on reshaping global institutions. Yellen’s travel will provide the opportunity to elevate consultation with African leaders, including Senegal President Macky Sall, who is also chair of the AU. At the summit, the administration pledged to “work to realize greater and long overdue African representation in international institutions,” including by supporting an African Union seat in the G20. Yellen should think even bigger and take action to ensure the international financial system better serves the African people, as their leaders have been demanding.

For one thing, this visit should be a springboard for closer strategizing on how to use the upcoming Spring meetings of the World Bank and the International Monetary Fund (IMF) to catalyze the ambitious action needed. As one example, the Treasury Department could concretely expand African economic leadership by backing a third chair for sub-Saharan Africa on the IMF’s Executive Board, an influential decision-making body with direct impact on the global economy and especially developing and emerging economies. Africa represents more than 15 percent of the world’s population (projected to increase to 25 percent by 2050), but the continent currently holds less than 5 percent of the voting shares on the IMF Board. The United States, by contrast, holds 16.5 percent of the vote with less than a third of that population. The additional chair for sub-Saharan Africa would provide a significant step towards broader reforms needed at the Fund, and is supported by the developing country-led “Group of 24.” However, backing from the United States is make-or-break since major decisions at the IMF require 85 percent support.

The Biden administration’s Africa strategy has rightly focused on the need to support democracy and good governance in Africa. But these goals are hampered by multiple crises, including the effects of strangling debt. Sovereign debt on the continent is a serious concern, with African countries representing the vast majority of those categorized by the IMF as already in debt distress or at high risk.

How to resolve unsustainable burdens of sovereign debt is a longstanding conundrum that took center stage with the 1990s “Jubilee” movement and is now again coming to the forefront. Post-pandemic, the situation has reached crisis levels, with inflation pushing up the cost of borrowing for poorer countries. The resulting government spending cuts to service that debt have been devastating, especially for women and girls, who bear the brunt of reduced public services and crumbling infrastructure.”

Credit: Bloomberg Christopher Condon,  Kate Donald,  Anne-Marea Griffin (Jist Security)

Filed Under: Articles, Strategic Research & Analysis

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

More to See

Malawi’s President Chakwera calls for debt cancellation, UN reforms with permanent seat for Africa

September 21, 2023 By AFRIPOL

Nigeria’s President Tinubu Addresses United Nations General Debate, 78th Session

September 21, 2023 By AFRIPOL

RSS AllAfrica News: Latest

  • Zimbabwe: For These Zimbabwean Youths, a Good Education Means Living On Their Own
    [Global Press Journal] Rusike, Zimbabwe -- Dearth of schools near redistributed farmland forces families to rent distant accommodations where children live alone and attend classes.
  • Ethiopia: Defying Conflict and Child Marriage to Champion Girls' Education and Rights in Ethiopia
    [UNFPA] "I was very scared when I first entered the safe house. I was lonely and didn't leave my room for a month," said Ms. Alemtsehay*, now 18.
  • Cameroon: Time to Resolve Cameroon's Persistent Yet Forgotten Crisis
    [ISS] The country is no closer to settling the destabilising seven-year Anglophone crisis that has claimed thousands of lives.
  • Liberia: Why Liberia's President Weah Must Go (Democratically)
    [African Arguments] Liberia's disaffected citizens are more than justified in hoping that the 10 October election brings change.
  • Uganda: 'Why Do They Punish Us?' Uganda Charcoal Ban Ignites Transition Debate
    [African Arguments] While welcomed in principle, the abrupt charcoal ban has left both traders and buyers unsure of where to turn.
  • Nigeria: Nigeria's Private Sector Reports Poor Growth Amid Weakening Naira
    [Premium Times] The Stanbic IBTC's Nigeria's Purchasing Manager Index (PMI), which gauges the overall direction the economy is heading and the health of the economy, gives an outlook of Nigeria's economy for the month of September.

Tags

Achebe Africa Anambra Boko Haram Buhari CBN Corona Virus Egypt Igbo IMF Inflation Jonathan Kenya Nigeria Okonjo Iweala Peter Obi Sanusi Senate Soludo South Africa Soyinka United States
  • Facebook
  • Instagram
  • Twitter
  • YouTube

Archives

Footer

Africa Political and Economic Strategic Center, AFRIPOL is foremost a public policy center whose fundamental objective is to broaden the parameters of public policy debates in Africa. To advocate, promote and encourage free enterprise, democracy, sustainable green environment, human rights, conflict resolutions, transparency and probity in Africa.

Recent

  • Pythagorean Theorem Found On Clay Tablet 1,000 Years Older Than Pythagoras
  • US Court Orders Chicago University To Release Tinubu’s Academic Records To Atiku
  • Atiku And Tinubu Are Going Down And Dragging The Country With Them – Constance Ikokwu
  • Nigerian President’s CSU Diploma Is A Fake  by J. COYDEN PALMER
  • Listen to what Imo Governor Uzodinma is telling the youths !

Search

Tags

Achebe Africa Anambra Boko Haram Buhari CBN Corona Virus Egypt Igbo IMF Inflation Jonathan Kenya Nigeria Okonjo Iweala Peter Obi Sanusi Senate Soludo South Africa Soyinka United States

Copyright © 2023 · AFRIPOL