Introduction

Abstract

For decades the Western media has portrayed Africa primarily through the lenses of poverty and insecurity but now the region is suddenly being portrayed as the new land of opportunity. This really began with China taking a strong interest in the region as it sought markets and resources to fuel its growth. In Africa there is heated debate over the growing role of diverse Chinese actors in Africa and a great deal of analysis to determine how Chinese activities and impact vary from those of Western external powers who wielded great influence during the twentieth century (for example, Kitissou 2007; Manji and Marks 2007), but China is only one of many countries showing a stronger interest in economic opportunities in Africa. In the United States there is anxiety about the possibility of losing out to competitors in Africa, so American lawmakers are stepping up efforts to compete in a region of the world that has historically been relegated to last place in the United States’ global order of strategic priorities. Lost in the rhetoric about ‘leveling the playing field’ and the superior value of US investment in Africa is the fact that the United States has long been one of the key investors in Africa. While US global leadership in the neoliberal turn, associated with its promotion of free trade and liberal economic reform through the international financial institutions (IFIs), is well known, the nature of government involvement in the promotion of private investment in Africa has received less attention. This may be because US investment in Africa comprises only 1 per cent of its global investment and it remains largely focused on the oil and minerals sectors; however, the United States’ role as investor and as a powerful actor in global governance of investment has a great impact on the political economies of African countries and merits closer study.