Office of International Affairs

AfricA

< BACK

The Office of African Nations at the U.S. Treasury Department develops and guides U.S. economic policy towards the 47 African nations. The Africa Office's mission is to foster economic growth and stability in those countries. The Africa Office carries out this mission in a number of ways, primary through the advice provided to senior Treasury officials. In that context, the office's desk economists:

• monitor economic developments in sub-Saharan countries and analyze ramifications of their current and proposed policies;

• seek to influence the policies and programs of the IMF, World Bank, and African Development Bank toward African countries and regions;

• work with U.S. government agencies and Congress on U.S. global initiatives to stimulate growth and reduce poverty such as the Millennium Challenge Account (MCA) and the Africa Growth and Opportunity Act (AGOA);

• develop and maintain close relationships with African officials responsible for economic policies and with officials from other OECD members with an interest in supporting economic growth and stability in Africa.

In the last year the Africa Office has been instrumental in organizing several opportunities for in-depth discussions with African policy makers. In April 2005, the Office organized a roundtable with the Secretary and several African Finance Ministers who discussed debt sustainability and growth challenges on the African continent. In 2004 the Office organized and hosted a major U.S.-Nigeria economic dialogue meeting as well as a roundtable with African finance ministers. The Office continues to advance the African Mortgage Market Initiative (AMMI), which seeks to increase the availability of financing for home construction and ownership in African countries. At the AGOA Forum meeting in Washington in 2004, the Africa Office organized a Treasury presentation and hosted an event with Secretary Snow and several African ministers. Treasury is a sponsoring agency of the2005 AGOA conference. A final important aspect of the 2005 work plan includes preparation for the G-8 Summit where Africa will figure prominently on the agenda.