The United States, along with many other Western countries, are losing their edge just as the subcontinent, notwithstanding its chronic problems of poverty, corruption and insecurity, is showing real signs of promise. Positive demographic trends are spurring Africa's emerging economic renaissance. Some African countries, such as Ethiopia, Angola, Botswana and Tanzania, now enjoy some of the highest economic growth rates in the developing world. Although falling commodity prices are taking the wind out of the sails of some of Africa's top economic performers -- Nigeria and Ghana, for example -- positive structural and political reforms, along with a decline in violence and conflict, have contributed to this growth. However, the West is fast being supplanted by China in substantive activity and attention to Africa.
While Mr. Obama cautioned obliquely against the model of partnership offered by China, the facts on the ground reveal a strong trend toward increasing Chinese economic influence, particularly in sub-Saharan Africa. China's share of foreign direct investment in sub-Saharan Africa rose astoundingly to $18.55-billion (U.S.) in 2012 from $464-million in 2003, and is beginning to rival Western levels. On trade, China has overtaken the United States during Mr. Obama's presidency. While U.S. trade with Africa rose to $142-billion in 2008 from $33-billion in 2002, it dropped substantially to $73-billion last year.
Meanwhile, China doubled its trade with Africa to $222-billion in just four years. In 2013, Africa became China's second-largest source of crude oil imports. China has no compunction providing low interest loans in exchange for oil and mining rights, and plans to allocate $1-trillion in financing to Africa by 2025 for roads, bridges and other infrastructure.
Original article found behind the pay wall in the 'The Globe and Mail' 08/06/15.