The persistent stereotypes in the media about Africa have a negative impact.
Africa is losing up to £3.2 billion annually in inflated interest payments on sovereign debt due to negative perceptions that dominate the media coverage of Africa globally.
Media representation of Africa during election seasons, when there is an increase in global attention, shows conflict, corruption, poverty, illness, and incompetent leadership, widening the gap between perceived and real risks of investing and creating a monolithic view of Africa.
The executive director of Africa No Filter, Moky Makura, stated that the persistent stereotypes in the media about Africa have a negative impact, and the magnitude of these emphasizes how critical it is to challenge the cynical myths about Africa and promote a more accurate narrative.
Even while coverage has improved over the previous few decades due to globalization, more local presence of international media on Africa, and increased African involvement in world issues, it still falls short.
The Cost of Media Stereotypes to Africa study compares global coverage of elections in four countries, Kenya, Nigeria, South Africa, and Egypt, to reporting on non-African countries with socioeconomic and political circumstances or risk profiles, like Malaysia (Kenya and Nigeria), Denmark (South Africa), and Thailand (Egypt). It implies bias and differences in the newsrooms and journalists’ reports on Africa, including how inaccurately they cover violent election events or corruption in headlines.
Election coverage usually centers on the presidential contest between the ruling party and one or more major opposition parties. But in Africa, stories of electoral violence and corruption are often shown, according to Makura. Sometimes, the urge for attention-grabbing stories drives people to focus on the drama surrounding the election rather than the issues at hand. Selling news about corrupt politicians and violent clashes is more comfortable than getting into issues like healthcare or job creation strategies.
The data scientists and economists behind the studies claim that the risk perception portrayed by the media led to money lenders charging high borrowing costs and covering unreasonable long terms, even for African countries with good credit ratings.
Marcus Courage, the chief executive officer of Africa Practice, stated that the commercial opportunity from foreign investors is due to risk premiums. He further acknowledged that the £3.2 billion estimate only considered the impact of negative media coverage on sovereign debt but did not factor in the effects on other development drivers like aid, tourism, and foreign direct investment.
According to the report, the figure represents a prejudice premium that could help finance the education of over 12 million children, immunizations for over 73 million, clean drinking water for two-thirds of Nigeria‘s population, or assistance for Nigeria as it deals with some of the worst effects of climate change. Studies suggest that media sentiment influences 10% of the cost of capital.
African leaders have called for changes to the global financial architecture at international and regional summits. One such reform is reevaluating the high cost of loans to Africa.
Bretton Woods institutions [the IMF and World Bank], among others, plan to work towards making development capital accessible for the global south, particularly for Africa. African countries are increasingly displaying dissatisfaction about how slowly this agenda is progressing.
The African Union intends to establish the Africa Credit Rating Agency to offer a regional-based examination of sovereign risk. It will shift away from the negative assumptions made by multinational rating agencies with a limited local presence. It is anticipated that the agency will start operating next year.
Africa No Filter released an election reporting guide earlier this month to assist newsrooms in addressing bias.
According to Makura, many stories enforce good even though some bad stories reinforce the clichés. According to him, the question is not which one to cover. It should be both, not just one or the other.