Senegal: Remarks by Secretary of the Treasury Janet L. Yellen at the Délégation Générale à l'Entrepreneuriat Rapide des Femmes et des Jeunes (DER/FJ) in Dakar, Seneg

I’m grateful to be here. Senegal is known as a bustling economic center in West Africa and a strong voice for international cooperation on the world stage. But to many visitors, it is also known for the extraordinary warmth and generosity of its people. I’ve personally felt that during this visit. So, thank you for your kind welcome: I now understand first-hand why Senegal is called the Land of Teranga.

Africa’s incredible promise is why the United States outlined a new Strategy Toward Sub-Saharan Africa. This strategy seeks to modernize our relationship by focusing on what we can do together, rather than what we can do for each other. It’s a relationship based on mutual cooperation and greater ambition. And it’s why we are taking serious, concerted efforts to deepen and sustain engagement with Africa.

A rising share of working-age people presents an opportunity for the continent. More workers can drive growth, generating more resources to increase investment, and making educating the young and supporting the vulnerable easier. Africa’s growing middle class also presents an opportunity for the United States. It means a bigger market for products. And it means more investment opportunities for American firms that are already creating jobs on the continent.

The United States is committed to building on Africa’s significant progress in economic development over the past few decades. This includes investing in Africa’s people through improved access to quality education and healthcare – along with high-quality infrastructure. Today, our Development Finance Corporation alone has more than $11 billion in active commitments across the region.

But we know that expanding trade beyond the continent is not enough. African products and innovations should be made more readily accessible to Africans themselves. That’s why the United States is strongly supportive of the African Continental Free Trade Area. Once fully implemented, this free trade area will encompass over 1.3 billion people with a combined GDP of over $3 trillion.

Finally, we have seen the impacts of global turmoil on debt sustainability. Debt is a critical instrument for development when it is used well — that is, as part of a broader financial strategy that includes effectively mobilizing domestic resources. We support countries putting in place strong debt management and transparency practices. But we know that countries that do so can still fall into debt distress.

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