Progress Report on Implementing Commitments from the U.S.-Africa Leaders Summit - 2023 U.S.-Africa Business Summit

On Wednesday, July 12, 2023, the Corporate Council on Africa’s U.S.-Africa Business Summit featured an insightful plenary entitled “Deal Room: Delivering on Our Commitments from the U.S.-Africa Leaders’ Summit” co-hosted by Prosper Africa.The plenary session had a laser focus on assessing the fulfillment of commitments made by both U.S. and African government and private sector leaders. The primary goal was to accelerate the partnership with Africa to advance shared prosperity for the people of America and Africa. The session was expertly moderated by Temitope IIuyemi, Senior Director - Global Government Relations for Africa at Procter and Gamble.At the heart of the plenary session was the objective of strengthening the foundation for growth in the partnership and promoting private sector-led economic growth as the driving force behind the transformation of African trade and investment prospects.Judd Devermont, Special Assistant to the President and Senior Director for African Affairs at the National Security Council, opened his remarks by thanking CCA and the Government of Botswana for hosting the Summit, and underscored that President Biden’s statement that “we are all in on Africa” and commitments made are being fulfilled. Said Mr. Devermont, “President Biden instructed U.S. government (agencies) to really prioritize trade with Africa.” He highlighted the impressive $15.7 billion in new private sector trade and investment deals with the private sector that have blossomed over the past six months – that has already grown even higher, to $16.2 billion in value. One of the programs that the U.S. is most excited about is the $800 million dollar “Digital Transformation with Africa” initiative focusing on the human and physical infrastructure, and enabling environment, to accelerate private sector investment and economic growth.Mr. Devermont also noted record levels of high-level U.S. government travel to and engagement with Africa – including 9 Cabinet-level trips to Africa since the U.S. Africa Leaders Summit held in Washington, DC in December 2022, and reminded the audience that President Biden has formally endorsed having a permanent seat on the UN Security Council for Africa. We are focused on “…forging closer relationships with the people and governments of sub-Saharan and North Africa…to do things together on a global basis,” stated Devermont. Devermont mentioned that the White House had issued that morning a fact sheet on the Administration’s delivery on the trade and investment promises made in December.In response to the moderator’s question about how the private sector can contribute to improving the economy, Devermont highlighted the role of agencies and departments in facilitating partnerships and forging new relationships. Mr. Devermont announced the appointment by the White House of British Robinson as Coordinator for the Prosper Africa Initiative, first launched at CCA’s 2019 US-Africa Business Summit in Maputo, Mozambique.Anthony Griffith, Managing Director of Bank of America, shared an inspiring initiative partnered with the U.S. International Development Finance Corporation (DFC) focused on innovative housing investments in West Africa, aimed at providing affordable housing solutions to address the development challenge of housing scarcity. Their efforts are intended to make affordable mortgages more accessible, positively impacting numerous lives. Madhavan Vinod, the Deputy CEO of the Choppies Group, added to the discussion by highlighting their incorporation of digital solutions, particularly the Farmers App, which successfully connects Choppies to local, small farmers even in rural areas to better ensure both fresh products for shoppers, but also economic opportunity to farming communities all across Botswana.Throughout the discussions, the remarkable contributions of the U.S. in terms of finance and progress were central themes. The overarching objective was to build an even stronger relationship and partnership between African countries and the U.S., fostering mutual growth and prosperity.Click hereto watch the recorded session.