Key to Africa’s growth is within the continent

The outcome of the US-Africa Leaders Summit once again shows why the continent is better off looking inwards for solutions. As the dust settles, the deals unveiled at the summit are coming under closer scrutiny. The $15 billion and the headline commitment by President Joe Biden to inject $55 billion into the continent over a three-year period have particularly attracted animated debate. On social media platforms, many commentators suggested that it was too little for a continent of 55 nations. Parted out evenly, that would average $360 million annually for each of Africa’s independent states.

The commentators are both correct and wrong. They are right because African leaders could have struck a better deal than that money. They are wrong because $360 million invested into a typical economy in sub-Saharan Africa is a not a small deal and can address real needs.