The wingwoman business!

Long time ago I picked up the phone to call a very influential man asking him for business mentorship. To my surprise that very same person found time in his busy schedule for me. Thus, I was invited into the halls of Alain Charles Publishing. Mr. Fordham took the time to explain and answer all the questions that I had and guide me through business with Africa. I will never forget that moment. Following that meeting I have collaborated with Alain Charles Publishing on a few occasions. Mr. Fordham believed in my abilities, skills, vision, strength and trusted me. It seems that  many influential leaders are keen believers in the power of a wingwoman.

The latest example has been Joe Biden who knew that Kamala Harris is his wingwoman. However, American politics remain exciting until Biden & Kamala’s Africa political mapping will be disclosed.

But one important factor in social economic terms is diversity is a winner not least to create bridges into other markets. The power of unusual matches is  breaking down barriers creating a path into the business world.

Concerning African public opinion south of the Sahara there is a certain sympathy for the Democratic party. A falling dollar is good for debt, as it reduces the amount of local currency resources that must be deployed to repay international creditors.

Analysts interviewed base their belief on the fact that during his campaign Joe Biden was excited to respond to covid-19. However, it has been found that every time investors think that there will be an injection of money into the American economy by the state, this has the effect of weakening the dollar.

Indeed, despite the extension of the G20 initiative to suspend the repayment of bilateral debt for an additional 6-month period until June 30, 2021, eligible sub-Saharan African countries will still have to repay $ 127 billion of debt in 2021. A constraint that will be less strongly felt on local resources if the value of the dollar were to fall.

On the other hand, a fall in the American currency would not be good for the exports of African countries. This would lead to a loss of competitiveness for their products and less local resource income on exports. Due to its status as an international trade reserve, the health of the US dollar is a concern of countries around the world. 

During his tenure Trump proposed a large-scale pull-back of US forces abroad, including in West Africa, marking a strategic shift from the 'war on terror' to countering China's growing influence in Africa through other means, says Giovanni Faleg, a senior analyst at the Paris-based EU agency.    

“Trump has never personally considered Africa a priority region or traveled to sub-Saharan countries,” Faleg says, while “his rhetoric towards Africa in public speeches could not be more controversial.” 

During his tenure Trump has only received the presidents of Kenya and Nigeria, while he imposed visa bans on Eritrea, Nigeria, Sudan and Tanzania in January.

From a commercial perspective, Trump's policies lay the groundwork for unlocking greater US private sector investment on the continent, but lacked the technical backing to be effective, says Ronak Gopaldas, director at risk advisory firm Signal Risk.

“A return to multilateralism under a Biden presidency could translate into stronger US-backing for the African Continental Free Trade Area, rather than the Trump administration's approach of pursuing bilateral deals (with Kenya for example).”

President Biden would also be more likely to support the extension of the African Growth and Opportunity Act (AGOA) beyond 2025, Forizs says.

Data from the 2019 International Trade Administration showed that US companies have invested over $ 50bn in Africa since Trump took office in 2017. 

Biden's election may also lead to a partial cooling of trade tensions with China, which could have a positive impact on African markets which trade extensively with Beijing.