By Peter Lee
“Obama to Africa: Drop Dead,” echoing the famous admonition of president Gerald Ford to a cash-strapped New York City in the 1970s, was, for all practical purposes, the message the American president delivered to the African continent in Ghana on Saturday.
Barack Obama, mindful of the shaky United States domestic constituency even for the bailout of the American economy, and loath to display favoritism to his father’s home continent, decided against investing any political capital in a call to provide significant amounts of assistance to sub-Saharan Africa during the current global recession.
His rather empty declaration, “We must start from the simple premise that Africa’s future is up to Africans,” provided little consolation or inspiration for the poorer nations of Africa, which are reeling from the balance-of-payments, aid, investment and developmental consequences of the West’s catastrophic exploration of the extremes of sophisticated financial leverage.
Obama’s speech was also a remarkably cynical piece of diplomatic triage, given what is widely recognized to be the genuine state of economic affairs on the African continent.
However, China appears to have made a strategic decision to funnel in more aid and investment, as the West struggles with the consequences of the global recession and fights a losing battle to focus on Africa’s needs for aid, trade and investment.
For Africa, it couldn’t come at a better time.
Even before the current crisis, with optimistic pre-crash assumptions about exports, inward remittances, financial reform and reduced capital flight, the United Nations estimated that sub-Saharan Africa would need tens of billions of dollars per annum in external funding if it were to make any headway in its struggle to alleviate widespread poverty.
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