African leaders call for end to ‘aid-based’ America

By Jamal Jamal

LILONGWE, Malawi (AA) - African leaders called for a shift from a historically aid-based American presence in Africa towards a presence more oriented towards private investment.

In their presentations during the 17th edition of the US-Africa Business Summit currently underway in the Angolan capital Luanda, they noted that Africa “now deserves more than aid for its economic growth.”

Angolan President Joao Lourenco told the summit that Africa “is no longer a passive recipient of foreign assistance but a dynamic growth frontier ripe for innovation.”

“New dynamics show us it is time to replace the logic of aid with the logic of ambition and private investment,” he said.

Lourenco, who is the current chairperson of the African Union, said that over the last decade, several African regions have undergone “profound economic transformations.”

“But to ensure Africa’s economic and social development, the continent has been striving to secure fairer and more favorable financing conditions from international financial institutions such as the World Bank and the IMF,” he said.

Akinwumi Adesia, president of the African Development Bank (AfDB), said it is now time to review the concept of aid towards Africa.

“The era of aid dependency is over, and the time for transformative partnerships has arrived,” said Adesia.

Held under the theme “Paths to Prosperity: A shared Vision for US-Africa Partnership,” the summit has brought together 2,700 delegates from the US and Africa.

Billed as a platform to deepen US-Africa business ties, the summit is renowned for fostering partnerships that drive private sector-led growth.

Established in 1993, the Corporate Council on Africa (CCA), who are co-organizers of the summit, is a leading US business association focused on connecting US and African business interests.