Dr. Akinwumi Adesina, President of the African Development Bank Group, has called for a transformation in media coverage of Africa and its development. He emphasized the need for balanced reporting during his keynote speech at the All Africa’s Media summit in Nairobi, which was attended by nearly 300 participants from across the continent.
Adesina praised the media's role in strengthening democracy and advancing inclusivity. However, he noted that despite many positive developments in Africa, misrepresentations continue to undermine its economic progress and investment potential.
“Despite the significant progress within our continent, the prevailing media narrative often focuses on negative stereotypes, overlooking the substantial advancements and resilience Africa demonstrates,” Adesina said.
The Bank Group president highlighted that in 2023, Africa’s growth rate surpassed the global average with 11 African nations ranked among the world’s fastest-growing economies. He referenced a 2021 Africa No Filter Report revealing significant adherence to outdated and negative clichés in media reports about Africa.
“We must reshape the narrative about Africa to reflect its true spirit and potential,” Adesina declared. He stressed that information can have a profound negative impact on development and investor perceptions even though an investigation by Moody’s Analytics showed that Africa is much less risky than many other continents.
Adesina also spoke about transformations within the media sector due to digital technology. “The media landscape has dramatically shifted with the rise of internet and mobile technology, leading to a proliferation of digital platforms,” he said.
To counter unbalanced narratives, Adesina proposed strategic collaborations among regional financial institutions to support a globally respected African media. He emphasized that media should act as a catalyst for development.
Adesina also highlighted some of the African Development Bank's successes including maintaining a AAA credit rating and launching groundbreaking financial initiatives. “We have proven that Africa can lead with innovation and strength in the global financial landscape,” he remarked.
Just one month ago, he added, the Bank launched a landmark $750 million hybrid capital instrument, again with a Triple A rating, which was oversubscribed eight times. He described this as a testament to the confidence and trust in Africa’s burgeoning financial capabilities.
In conclusion, Adesina pledged that the African Development Bank remains committed to supporting initiatives that would help the media present a more balanced and progressive portrayal of Africa and support its economic development.
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