For example, too many African nations face high debt burdens, which can hamper their economic transitions and recoveries. The total debt burden of Sub-Saharan Africa now exceeds its annual GNP and is more than three times the value of African exports. The Administration is exploring with Congress the possibility of joining with the other creditor nations of the Paris Club in providing debt reduction for the poorest, most debt-laden countries cooperating with the IMF in economic adjustment programs. This new initiative is particularly designed to reward with debt reduction those poorest countries implementing difficult reform programs. The strongest way we can assist Africa's economic development, however, is by helping to integrate Africa into the growing global economy.
Government aid is dwarfed by the economic power of private trade and investment.
African nations themselves must do much of what is necessary to integrate into the world economy. African nations should also stimulate growth by removing the barriers to trade between themselves. But we have a role to play as well. We can help American businesses learn more about the opportunities for African trade and investment. It is both our interest and Africa's for that to change.