While the scramble for colonies in Africa is over, the competition among the great powers to own Africa’s debt is rising to a new level.
At stake is whether China or the European Union (EU) will dominate the continent that’s home to seven of the world’s 20 fastest growing economies and rapidly urbanizing regions.
“Never before has Europe had a global investment strategy, and never before have we put on the table such a sizeable and ambitious package with Africa,” said Ursula von der Leyen, European Commission president, who promised “transformative results.”
“Proponents suggest that China is responsive to requests from African countries. Critics say the contracts are designed to build China’s influence and don’t create enough jobs for Africans.
“But the demand and the opportunities are significant—the biggest risk is that the United States and Europe fail to realize its opportunities.”
Africa this year is facing economic competition from Europe, China, and the United States.
“The average African should hope for more Western involvement in their countries, since the foreign policy goals of democratic countries are more likely, if realized, to result in better outcomes for them.
“If you’re a corrupt African elite, then you want more Chinese involvement since you have a much better chance of personally benefiting from their engagement.”
If African leaders can navigate the competition of outside powers wisely, with the determination to maximize the benefit for their own countries, the continent could make significant gains.
“African leaders realize that they have options, that every partner brings their own agenda, and that there are risks and benefits of partnering with each,” ONE.org’s McNair said.
“Ensuring that investment in infrastructure happens fast enough to keep up with Africa’s demographic boom, avoiding the risks of debt distress is critical. But perhaps the greatest risk is becoming too dependent on one partner.
“Europe is focused on the fight against climate change, which is a major threat for the African continent, but also an opportunity to spur investment and job creation in green technology.
“African leaders will increase their bargaining power if they act together rather than bilaterally.”
But none are in for the long-term benefit of Africa, since they all have “the basic same mentality,” according to Kevin Jessip, founder of Global Strategic Alliance.
“I simply do not trust the leader globalists in the EU, as they are no better than China in that their interest is in a one-world government and not in meeting the real felt needs of the African people.”
African leaders wish to overturn the China Belt & Road initiative, which is creating an unsustainable debt issue while enslaving the people of Africa.
“China will then rape the nation for its mineral rights and other natural resources,” Jessip told The Epoch Times.
Africa is developing a diversity of partnerships “that do not have the same history, nor the same scope as that of our partnership with Europe,” Moussa Faki Mahamat, chairman of the African Union Commission, said at the summit.
“These new partnerships are no less relevant and beneficial for Africa and, from this point of view, are worthy of respect and consideration,” he said, without giving further details.
Meservey said: “What Africa actually needs is economically productive infrastructure honestly procured. Because Chinese companies and African governments frequently hide the details of their dealings together, it’s impossible to know whether the projects meet that standard.
Earlier this month, the federal government of Nigeria said it was “stuck with lots of projects ... because the Chinese are no longer funding.”
“We are now pursuing money in Europe,” transport minister Rotimi Amaechi told local media.
“China is very serious about Africa, and therefore this is a huge problem for both the U.S. and Europe,” Jessip said.