U.S. Congress Boosts Africa's Economic Ties with New Prosper Africa Act
The U.S. Congress is set to bolster Africa's economic ties with America. A bipartisan bill, the Prosper Africa Act, seeks to strengthen the Prosper Africa initiative, aiming to double trade and investment between the U.S. and African nations.
The Prosper Africa Act, a landmark effort, would provide congressional backing for the initiative's structure and mandate, enhancing its advisory council. It's crucial for ensuring the program's stability and continuity under future administrations.
The Prosper Africa program aims to accelerate economic recovery in African countries hit by the COVID-19 pandemic and Russia's invasion of Ukraine. It seeks to shift U.S. foreign policy in Africa towards more investment-driven approaches, aligning strategic priorities with African partners.
U.S.-Africa trade has declined significantly, from $142 billion in 2008 to $64 billion in 2021. The Prosper Africa Act aims to reverse this trend, with a focus on specific industries where the U.S. private sector has a comparative advantage, such as pharmaceuticals, digital technologies, and higher education.
The Act encourages engagement with African partners, including those in anchor economies, and the U.S.-based African diaspora in shaping the initiative. However, information on the legal status of the Prosper Africa initiative in key African countries like Kenya, Morocco, Nigeria, and South Africa remains unavailable.
The Prosper Africa Act, with its focus on specific industries and engagement with African partners, seeks to revitalize U.S.-Africa trade and investment. By doing so, it aims to foster economic growth and recovery in Africa while aligning with U.S. strategic interests.
