USA – Africa Summit: President Paul Biya’s Take on Financing for African Development

The second US – Africa leaders’ summit officially begins this, Tuesday 13 December 13, 2022 in Washington DC.

Prior to the main event, deliberations started at 7:30 AM US time and 1:30 PM in Yaounde with a civil society forum, followed by a mix basket of other multilateral meetings on AGOA, security and governance, health, climate change as well as civil and commercial aviation issues.

Meanwhile on the sidelines of the summit, President Paul Biya was guest speaker at a roundtable conference organized by the Milken Institute and Invest Africa US this Monday December 12, 2022.

The roundtable discussions on financing as an instrument of development in Africa recorded the participation of the President of Ghana, Nana Akuffor Addo.

President Biya shared his vision on how Africa can better develop in a keynote address at the Milken Institute
The Invest Africa-U.S Private Roundtable organised in Washington D.C.

Deliberations focused on “How finance can be a force for good in addressing Africa’s most pressing challenges and opportunities and contributing towards solving seemingly unresolvable global problems”.

President Paul Biya on Financing Africa

President Paul Biya pointed out that Africa is endowed with enormous potentials, however one of the drawbacks to Africa’s economic growth is the perennial problem of financing.

He said African resources are either under exploited and when exploited they are not transformed on the continent to create added value and wealth for Africa.

He regretted that Africa has access to a negligible portion of financial resource in circulation around the world and access to it further impeded by prohibitive rates and sometimes restrictive conditions to the sovereignty of African States.

Africa remains highly dependent on aid for development which seems to no longer correspond to to her needs, he added.

The Cameroonian leader further points to the legal framework that generally governs the process of obtaining of financing is so constraining and increases Africa’s exposure to budgetary risks and stability of institutions.

Amongst the solutions proposed by President Paul Biya is the financing of exploitation and transformation of African natural resources on the continent.

To achieve this goal,  Africa will need an important volume of capital for longterm financing. He said.

President  Paul Biya expressed the wish for the putting in place of an African Capital Market susceptible of offering adaptable tools for the financing of the development of the continent.

This will lead to structural transformation, and progressive independence from aid for development and exportation loans.

USA – Africa Summit Programme

According to the official program the leaders’ summit, it will begin on Wednesday, December 14, 2022 starting with a US/ Africa business encounter to which close to 50 African leaders, amongst whom will be President Paul Biya have been convened.

Elvis Teke

Elvis Teke

Journalist, Online Reporter, News Presenter, Programme Anchor, Peace Advocate, Geo-strategist,

elvisteke has 1907 posts and counting.See all posts by elvisteke

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