The American Bank for Africa (ABA) an idea whose time has come?
Much talk about gearing up US investment in Africa however, it seems that the continent may never reach its full business potential until and unless the US unleashes into it the full weight of its private business sector and investment.
There have been some excellent and exciting initiatives coming from the Federal Government, including AGOA, Millennium, and most recently Prosper Africa. Could an ABA concept play a linchpin role alongside a sweeping program like Prosper Africa? The creation of the ABA sends a clear message that America means business with Africa, not only by unleashing the American private investor in it but as the lynchpin for relations between US and African governments as well as US and African companies.
Massively increased American private investment would work powerfully in favor of US strategic alliances across the Continent. ABA could become the “eyes and ears of America”, helping host governments in their efforts to shut off subversive flows of money and clamp down on terrorist activities, thereby contributing to country and regional security and stability - essential prerequisites of US private investment.
How serious are we in putting our lofty promises and goals and metrics and actually engage and support African development in practice?