Europe and US must do more to assist Africa’s development
Chairman of the Advisory Board of Invest Africa
Chairman of Invest Africa’s Advisory Board, Rt. Hon. Mark Simmonds’ letter published in the Financial Times
That Russia and Sergei Lavrov have found “signs of friendship” in Africa in recent months is a worrying sign of a dilution of European influence in Africa.
The impact of the Ukraine invasion on Africa does not only come from higher food, fuel and commodity prices — which are disproportionately impacting Africa’s poorest. Alongside this, as the World Bank has noted, the exacerbation of inflationary pressures, and the consequent increase of financial risks in Africa due to high debt levels, is reducing Africa’s access to global financial markets, including bond markets and export credit facilities.
The article neglects to mention that Russia’s actions have, unsurprisingly, prompted consternation and criticism in many African capitals. Yet the fact that the pockets of sympathy that article identifies exist at all — despite the hardship Putin’s Russia is inflicting on the continent — is alarming.
To turn this tide, and bolster its own alliances in Africa, Europe, the UK and the US need to step up concrete commitments to investment in Africa, and work with both governments and the private sector on major projects of mutual benefit.
The opportunities are certainly there — countries such as the UAE and Turkey are reaping the benefits of investments in Africa, which are proving a boon to both their economic and political influence in key capitals.
Whether it be the $1bn committed by Dubai-based DP World to investment in Africa interest, or the rapid expansions of Turkish Airlines and Emirates into African markets, they are prioritising long-term investments and partnerships, which commit them to a genuine stake in the future success and development on the continent.
European engagement, on the other hand, is too often over-reliant on aid over trade, on diplomatic overtures rather than concrete investment commitments and genuine engagement with African businesses.
As Africa becomes more economically and technologically sophisticated and strategically important in years to come, a change of focus is increasingly necessary.
The letter was first published in the Financial Times, available here.