Over the years, Africa has positioned itself to move away from aid and grant dependence and become a business hub and a significant player in the global economy.

However, the continent accounts for only about 2% of the global economy, and this is what the US-Africa Summit is seeking to address.

The International Monetary Fund (IMF) chief said there is a "fundamental shift" in the global economy, urging countries to bring down inflation, put in place responsible fiscal policy, and jointly support the emerging market and developing economies.