Africa will shape the trajectory of the world economy over the next decades. My trip to Senegal, Zambia, and South Africa is a chance to share the U.S. commitment to working in real partnership with Africa as we realize the promise of a better economic future together.
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Secretary Janet Yellen
@SecYellen
78th Secretary of the Treasury. Former Fed Chair. Always an economist.
home.treasury.govJoined November 2020
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Our engagement on this project – and indeed on so many projects across Africa – is not transactional, for show, or for the short-term. Our goal is to further deepen our economic relationship and to invest in expanding sustainable, renewable energy access.
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This project demonstrates that we can broaden economic opportunity in Senegal and in the U.S. The work being done is supported by an Illinois-based engineering and construction firm – Weldy Lamont Associates – and will help support approximately 500 American jobs in 14 states.
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This project includes extending power to households and businesses that ultimately will see 350,000+ people access reliable electricity. And it includes an important renewable energy element with a solar grid to power 70 villages, increasing quality of life and opportunity.
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A key focus of my trip to Senegal is to discuss ways the U.S. and the continent can partner together to benefit both of our economies.
A great example is the rural electrification project we break ground on today.
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With remembrance, I believe, can come progress and renewal. Gorée is today emblematic of what we know well about Africa: a hub of culture and activity, a land with painful colonial past and hopeful future, a symbol of the enduring universal values of human dignity and ingenuity.
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It is also important to tell the story of perseverance of enslaved people. In the U.S., what is remarkable is how many men and women overcame enslavement, created better lives for themselves and their descendants, and became central to our democracy.
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Gorée Island reminds us that the histories of Africa and the U.S. are intimately connected. Even as we have made tremendous strides, we are all still living with the brutal consequences of the trans-Atlantic slave trade.
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I visited Gorée Island today. Now a hub of culture and art off the coast of Dakar, it was tragically a slave-trading center on the African coast for centuries.
The story of this place is full of suffering, and is also full of perseverance and hope.
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Through President 's chairmanship of the African Union this past year, Senegal has been a leading voice advocating for the continent and global issues. I was pleased to meet to discuss enhanced energy access, sustainable infrastructure investment, and food security.
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Senegal is a major economic center in West Africa and an important partner to the U.S. I spoke with Minister Bâ and Minister Sarr on ways to continue to work together to promote economic growth, weather a challenging financial environment, and protect the global financial system.
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Our collective work over the coming years can build a continent — and a world — that is more prosperous, open, and secure. I look forward to working with partners in Senegal and across the continent to make that a reality.
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This U.S. partnership begins with economic development and mutually beneficial trade and investments relationships. It also involves having a seat at international institutions' tables for African countries, as well as greater accountability and transparency from African govts.
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Africa’s promise is why the U.S. outlined a new Strategy Toward Sub-Saharan Africa, which 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.
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Africa’s success will mean success for the world. And the United States is here as a partner to help Africa realize its massive economic potential at home, advance its growing leadership abroad, and work on pressing global issues that we must solve together.
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Today, I'm speaking in Dakar, Senegal on the U.S. commitment to working in real partnership with Africa to realize the promise of a better economic future as Africa shapes the trajectory of the world economy over the next decades.
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At DER/FJ, I was struck by how so many of the AWE businesses in Dakar are focused on providing local solutions, centered on improving the lives of their customers. It is a great model of economic opportunity for women leading to prosperity and resilience for the larger community.
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The Academy for Women Entrepreneurs is an initiative that provides women the knowledge, networks, and access they need to launch and scale successful businesses. 74% of women who complete the AWE program increase their business earnings.
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An overriding focus of my trip to Africa is the economic potential the continent has, thanks in part to the dynamism of its growing cohort of young and diverse entrepreneurs.
The Academy for Women Entrepreneurs graduates I met with today are testament to that potential.
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Today I begin my visit to Senegal, Zambia, and South Africa. After productive discussions last month at the U.S.-Africa Leaders Summit, these visits will provide more opportunities to follow through with leaders and promote a stronger and more resilient economy across Africa.
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In the second year of the Biden-Harris Administration, we made significant investments in our nation’s economic resilience, lowered costs for U.S. families, and addressed unanticipated global threats. We enter year three with an economy on track for stable and sustainable growth.
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Today I met with Vice Premier Liu He of the People’s Republic of China, our first in-person meeting. We exchanged views on macroeconomic developments and global financial issues in our efforts to deepen communication between the U.S. and China.
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Today we celebrate Dr. Martin Luther King Jr., honor his legacy, and reflect on his message that we will not fulfill civil rights without economic dignity for all. While we have made significant progress, injustices continue today. Our work towards Dr. King’s vision must persist.
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I joined to talk about the progress we’ve seen on inflation.
Yesterday’s CPI report showed that inflation has been quite moderate for the last six months, in part because of lower energy prices and improvements in supply chains.
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The price cap seeks to promote stable global energy markets while limiting the Kremlin’s most important source of revenue. We have seen early progress towards these goals—including with senior Russian officials admitting that the price cap is cutting into Russia’s energy revenue.
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We continued discussions about the U.S. and Canada’s partnership with the global coalition to hold Russia accountable for its brutal war in Ukraine through historic sanctions and the targeted price cap to limit Russian oil reserves.
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Canada is a key ally and one of our closest economic partners. I was pleased to welcome to Treasury today to discuss deepening economic ties, while and further our bilateral relationship at the North American Leaders Summit today in Mexico City.
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Good to join the President and my colleagues in the Cabinet this week to discuss our priorities in 2023, including making critical investments in our nation’s economic future. 2022 was a year of enormous progress and there’s more to be done.
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Thanks to the President’s economic plan, we’ve seen a historically fast recovery with the two biggest years of job growth in history in 2021 and 2022. Looking ahead, we will continue to implement historic investments in our long-term economic growth and productivity.
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This report is especially strong on metrics under the hood: Labor force participation is up, our broadest measure of unemployment (U-6) is at a record low, and the employment rate for people with disabilities is at a record high.
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Today’s jobs report is further evidence of a strong labor market with broad-based employment gains, increased labor force participation, and the lowest unemployment rate in over a half-century.
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I welcome to the U.S. today. We will support Ukraine for as long as it takes to resist Putin’s illegal invasion—including through economic assistance to the Ukrainian people and the sanctions that are degrading Russia’s ability to fund its war and equip its troops.
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In the face of global headwinds, the Biden Administration's policies propelled the U.S. economy to an historic recovery.
My op-ed for outlines the resilience of our economy and our path to maintain economic leadership for decades to come.
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Shoring up supply chains mitigates threats to economic growth and national security.
My essay in discusses how friend-shoring bolsters supply chains and fosters economic resilience while maintaining the benefits of trade.
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I was immensely honored to see the first dollar bills with my and Treasurer Malerba's signatures go into production last week at the facility in Ft. Worth, and enjoyed getting the chance to discuss the national meaning behind our currency with .
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Last week, I discussed what I see in 2023 for American consumers with . I'm hopeful the labor market will remain healthy and know the Biden-Harris Administration will continue to do all we can to continue lowering costs for Americans.
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For this week, asked me about my approach to policy. I have always urged my team to remember that there are people behind the statistics. In government and economics, we must to do our work with them in mind, and with a sense of compassion and urgency.
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Our currency should reflect our country.
To me, these new banknotes represent the ongoing work of Treasury to strengthen our economy, and are a reminder of the contributions of women who have worked in the economics profession and served the Treasury Department.
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Today, U.S. Treasurer Malerba and I toured the currency printing facility in Ft. Worth, TX and spoke with dedicated employees about our work to create a strong economy that improves the lives of the American people.
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I'm speaking at the Ft. Worth BEP facility today about the printing of new banknotes that feature my and our new U.S. Treasurer's signatures, and commending my BEP colleagues for their important contributions to national security and our national story.
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