African Currents

How Misleading Western Narratives Drain $4.2 Billion From Africa Yearly

A new report uncovers the hidden costs of how Western media portrays Africa, showing an annual loss of up to $4.2 billion. The findings point to a vicious cycle: biased election coverage and constant negative stories raise borrowing costs, scare off investors, and push up bond yields for African countries.
Sputnik
Africa is often represented in Western media through a narrow lens dominated by negative storytelling rooted in themes of violence and poverty. This persistent practice has a tangible impact on the continent’s economy, resulting in measurable financial losses, says Nigeria's Abimbola Ogundairo, Advocacy and Campaigns Lead at Africa No Filter, in an interview with Sputnik Africa.
"What we do know from the literature review and the different research that we've done over time is there's been an overreliance on existing frameworks, boiling down from like colonial times and just the prevalent narratives of all the dark continent and all eventually Africa rising and just things that tend to put all the countries in Africa in just one big bucket. And then that's what reporting looks like, does not matter what is new, does not matter, you know, if something fresh is emerging, just the prevalence of narratives of poverty, corruption, disease, poor leadership and violence [...]. We have noticed that there is a prevalence of a certain type of storytelling about the continent. And we are calling attention to the impact of that, saying, we don't want it to be done this way [...]. Now we've been able to put an actual cost to it," Ogundairo notes.
Matthew Ferreira, a Senior Consultant at Africa Practice, South Africa, dissected the detrimental impact of gloomy Western press coverage of Africa, highlighting how it diminishes investor interest and inflates borrowing costs due to a skewed global perception of Africa as economically unfavorable.
"What's the impact of these negative perceptions? What does it do? Well, we know from research that it decreases investment and it's increasing the cost of borrowing money. So this is really the primary thing that it's doing. And the way that's happening, it's difficult to pinpoint, but it's essentially just changing perceptions within international investment communities about the attractiveness of the continent. So when you're deciding how you're going to distribute your investment portfolio and how you want to go across the globe with it, you're not looking at Africa as much because of the way that it's. The perception that you have in your mind," Ferreira says.
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