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ourage U.S. corporations to do more? And the U.S. has a number of policies that are supposed to be helping the growth of the African private sector. The

Overseas Private Investment Corporation is tasked with mobilizing western corporations such as AIG and Citibank to invest in African companies, from water bottling facilities in Cameroon to microfinanciers in Uganda. The African Growth and Opportunity Act, passed in the last months of President Bill Clinton’s tenure, is designed to boost trade partnerships with the continent. But administration of the program, according to that same State Department report on African affairs, currently suffers from “poorly developed infrastructure, a lack of affordable credit, weak merchandising, and an inability to meet U.S. phytosanitary regulations."

Of course, the problems of inefficiency, corruption and graft in African countries inflate the costs of market entry for Western capitalists. Speaking at the eighth annual African Growth and Opportunity Act forum in Nairobi, Secretary of State Clinton said, correctly, that “good governance and adherence to the rule of law … is critical to creating positive, predictable investment climates and inclusive economic growth.” What this means in practice: Any country wishing for American dollars—from the Overseas Private Investment Corporation, for example—must work toward goals such as free and fair elections, or gender parity in grade school. These are worthy aims, but as a result, less U.S. investment makes it to Africa. Some 38 African nations are excluded from receiving assistance from OPIC, for example, including Angola, Nigeria and Egypt—all of which China and other partners, such as Russia and India, have been more than happy to invest in and trade with.

The rising influence of other major economies on the continent has made the choice to go the aid-only route all the more damaging to long-term U.S. interests in Africa. What’s more, the morality play is often disingenuous: “We are continually acting as though our mission is one of humanitarian assistance and development when in fact we’re objectively going after the same resource, which is oil and gas,” says Wysham. In July 2007, the International Crisis Group reported that the U.S. and Western nations were more concerned about securing access to mineral rights than they were to making development happen.

American public and private investments in Africa total around $104 billion annually—but 95 percent of these investments are for oil. Clinton’s strategic visit to Angola—which is as unfree and underdeveloped as North Korea but is now China’s largest source of petroleum—shows how much resources matter to the U.S. In fact, the U.S. is planning on quadrupling its oil imports from Nigeria over the next 20 years, in an effort to rely less on “unstable” regions of the world. It’s not mentioned that the proposed Nigerian drilling will be offshore, to avoid the instability that Dutch company Shell Oil has helped to create in the Niger Delta.

Clinton, no doubt well-briefed on all of these matters, said many of the right words at the African Growth and Opportunity Act forum: “As Africa’s largest trading partner, we are committed to trade policies that support prosperity and stability,” she said. “To echo President Obama’s words: We want to be your partner, not your patron.” She rightly pointed out that even modest increases in Africa’s share of global trade (currently only 2 percent) “would generate additional export revenues each year greater than the total amount of annual assistance that Africa currently receives.” But in this global recession, foreign direct investment in Africa is down by 18 percent. As usual, the U.S. has failed to show much confidence in African markets.

What’s to be done? Clinton walks a tough line: Her mandate is diplomatic, not economic (although she traveled with U.S. Trade Representative Ron Kirk, don’t expect Treasury Secretary Tim Geithner to tour the continent anytime soon). In the Congo, “the Obama administration can distinguish itself” not through aid, says Carney, but “by being aggressively involved on a diplomatic level and by laying out a political framework for reconciliation.” In other words, it should treat African companies as respectable partners—just as Clinton wished to be treated at her Congolese news conference. Increasingly, it’s becoming a matter of regional pride. “Governments throughout Africa say they ought to have the freedom to choose who they engage with, whether it’s the Chinese or the Americans,” Carney said. “This has been the challenge of the Congo since 1885.”

Dayo Olopade is Washington reporter for The Root.