End the Negative Narrative, Africa is Thriving. This is how Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), began his opening remarks at the highly anticipated All Africa Media Leaders' Summit (AMLS), which will take place from May 8th to 10th in Nairobi, Kenya, at the Radisson Blue Hotel.

The summit will address the urgent need for a thriving, independent media landscape across the continent and brings together key media leaders, owners, operators, government officials and stakeholders from 48 countries to mark the long-awaited return of the AMLS after a ten-year hiatus.

The summit's theme is " Rethinking African Media in Times of Critical Transformation ," and it addresses pressing issues facing the industry in an era of rapid technological change.

The Opening Speech

He highlighted the challenges the media industry has faced due to the COVID-19 pandemic and the rise of social media. Dr. Adesina emphasized the need for critical thinking and discernment in the face of an ever-changing information landscape.

Adesina said the world of information is undergoing a dramatic transformation. The rise of the internet, social media, and mobile phones has made people less reliant on traditional media sources like radio, television, and newspapers.

This shift means that more and more people get their news and entertainment online, with billions of people expected to have smartphones by 2030, especially in Africa.

However, this new online world also presents challenges, as the ease of creating and sharing content, including potentially false information, can make it difficult to tell what is true and what is not.

“An independent, professional, responsible, and private media is fundamental to freedom of expression, the development of democracy, and the strengthening of inclusive societies.”

“The unprecedented pandemic has disrupted business models, altered relationships with the public, reduced revenues, and tested professional values and moral trust.”

And it continued.

“The rise of the Internet, digital platforms, and social media has shifted audiences' focus away from reliance on radio, TV, and print publications.”

“It’s a whole new world where the lines between fact and fiction can get blurred.”

“Subsequently, positive and good news about Africa disappears, remains intact, or simply disappears.”

Africa Needs a New Narrative

Dr. Adesina emphasized the fundamental role of information in Africa's development, highlighting how it is produced, used, interpreted, and its ultimate impact. He expressed pride in the AfDB's success in maintaining the continent's only AAA credit rating.

“ We have been the only financial institution with a AAA rating on the continent ,” he said, attributing this success to the tireless efforts of his team, the board, and the bank's president. He highlighted the importance of this rating, explaining:

“Only then can we provide our 54 regional member countries in Africa with the concessional financing they need to accelerate development.”

This strong rating allows the bank to access global capital markets and secure affordable, long-term financing for African economies. This is crucial for accessing global capital markets and securing affordable, long-term financing for the African economy. As an example of the bank's success, he cited a recent $750 million bond issuance.

“Just a month ago, the Bank launched a historic $750 million lending event, which was rated AAA by all five global credit rating agencies and was subscribed eight times by investors from around the world.”

Adesina highlighted the importance of this achievement, going beyond finances. " This marks the first time any multilateral development bank will do this globally ," he said, explaining why this is important:

“Because it was made by an African institution, it changes perceptions.”

“It demonstrates leadership and innovation and contributes to the positive news narrative coming out of Africa.”

The Lack of Reports

He further reinforced his point by mentioning other accolades the bank has received, highlighting its positive development efforts in Africa. Two years ago, Global Finance ranked the AfDB as the best multilateral development bank in the world. It was also ranked as the most transparent financial institution in the world by Publish What You Pay (PWPY).

Even the African Development Fund, the bank's concessional finance arm, was ranked by the Washington-based Center for Global Development as the second best in the world, above all 49 concessional finance institutions in all OECD countries, the kind of news Africa is known for.

However, Dr. Adesina criticized the lack of reporting on these positive developments. “ The question is: how many news organizations know about or have reported this? ” He argued that positive news coming from Africa is often overshadowed by negativity.

"News from Africa, whether from within or shared from outside, is often full of stereotypes, negativity, and tired old jokes, misconceptions, or deeply ingrained prejudices."

Media Coverage in Africa

A 2021 survey conducted by the Africa No Filter Report on “ How African media cover Africa ” concluded that, while over 80% indicated that African news is important to them, 50% accepted that their news and articles about Africa corresponded to stereotypes.

He also showed that 37% of publishers surveyed indicated a lack of advertiser interest in African news. This focus on negativity, he argued, discourages advertiser interest, which is wrong, as advertisers should be interested in Africa!

“Despite the negative media narrative, Africa's economy is showing resilience.”

“Africa's growth rate in 2022 was 3,2%, exceeding the global average.”

“Eleven of the world’s 20 fastest-growing economies are in Africa,” he added.

Adesina also addressed the issue of young Africans leaving the continent due to " lack of opportunities, not because they want to ." He argued that Africa needs to develop its economy to create a better future for its youth. A key part of this is changing the narrative about Africa.

The negative image portrayed by the media discourages investment and makes it more expensive to borrow money from African countries. Dr. Adesina said that Africa should develop “ with pride ”.

“African news, except for negative news, is not a priority.”

“How does positive news about Africa compare with the preponderance of reports on criminal conflicts, crises, and challenges?”

The Africa No Filter Report calls this " if it bleeds, it controls ." Other businesspeople cynically say, " If it doesn't smell, it doesn't sell ."

How the Media Harms Africa

“ Africa has a bad reputation for being risky ,” said Dr. Adesina, “but is that perception reality? ” He emphasized: “ Perception is not reality, perception is not reality .”

Adesina pointed to a revealing statistic: " A 14-year survey conducted by Moody's analysis showed that the default rate on infrastructure projects in Africa was only 1,9%."

In contrast, he continued, “ default rates were significantly higher in North America (6,6%), Latin America (10%) and even East Asia (12%). So, is Africa the riskiest ? ” asked Dr. Adesina.

However, let's look at the yields on bonds issued by African countries and Latin American countries: for the same credit rating as similar BB-rated countries in both regions, Africa pays interest rates 1,1% higher than Latin America.

“Look at how easy it is for African countries to borrow compared to Latin America.”

“For countries with the same credit rating, African nations pay significantly higher interest rates,” he explained.

“ An African country with a BB rating pays 1,1% more interest than a similarly rated country in Latin America ,” said Dr. Adesina, citing specific figures. This translates to a high price. According to Dr. Adesina, “ This year alone, Africa will pay $74 billion more in loan service payments compared to 2010. ”

The Cost of Prejudice

Dr. Adesina then presented a solution to reduce these unfair costs. "The United Nations Development Programme concluded that greater transparency in credit ratings could save African countries a whopping $75 billion in interest payments," he revealed.

This year alone, Africa will pay $74 billion in loan service payments, up from $17 billion in 2010.

The United Nations Development Programme (UNDP) has concluded that if African countries were treated transparently and fairly in credit rating agencies, they would save at least $75 billion in interest payments.

“Do you see the high cost of prejudice?” Adesina asked.

The Threat of Disinformation

The dominance of Facebook, Instagram, Twitter (now “X”), and YouTube; bots, trolls, and the use of artificial intelligence to shape and influence content challenge notions of independence, transparency, and editorial control in social media.

While the fragmentation of the media ecosystem has expanded the space for self-expression, it has also created a new set of problems, including foreign interference in shaping the African narrative. He cited a recent study to support his view.

“A March 2024 report by the African Centre for Strategic Studies, entitled 'Mapping a Sword of Disinformation in Africa ', concluded that disinformation campaigns targeting African information systems have almost quadrupled since 2020.”

“This is having destabilizing and antidemocratic consequences.”

Adesina explained that the negative impacts of disinformation are fueling efforts to manipulate political discourse within governments, sowing distrust between citizens and their leaders, and exacerbating ethnic, religious, and economic divisions, ultimately undermining the stability of African countries.

The Critical Role of African Media

According to a survey by Africa NoFilter, foreign media outlets fail to invest adequately in building networks of local correspondents, preferring to rely on Western outlets. This coverage often neglects progress and improvements in Africa, with stories being told from a Western perspective.

"African media plays a crucial role in being fair, objective, investigative, and also in promoting positive news about the continent's achievements."

"Unfortunately, due to a lack of resources and opportunities, African journalists often end up working as correspondents for foreign news organizations, contributing to harmful stereotypes," he said.

To address these challenges, Adesina proposed that the AfDB, the African Export-Import Bank, and other regional financial institutions join forces to support the creation of a globally respected African media company capable of presenting African news to the world impartially and accurately.

“It is time for Africa to tell its own story and shape its own narrative.”

“To achieve this, it is essential that development institutions establish a repository of verified and standardized stories about the continent’s successes.”

“As renowned Africanist writer Chinua Achebe wrote: 'Until lions have their own historians, the history of the hunt will always glorify the hunter.'”

And he concluded his speech by concluding:

“Now is the time for Africans to tell their own stories and shape the continent’s narrative.”

“But stories about us, as Africans, written by Africans, about Africa, and projected with confidence to the world.”

Conclusion

Africa is thriving, but this reality is often overshadowed by stereotypes and prejudices. It's crucial that African media take a leading role in creating a more accurate and balanced narrative about the continent.

It's time for Africa to tell its own stories and shape its own image to the world, with confidence and pride.

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