Global Media Bias Costs Africa’s Economy $4.16 Billion Every Year

According to the Cost of Media Stereotypes to Africa study, Africa loses up to $4.16 billion annually in inflated interest payments on sovereign debt due to negative stereotypes perpetuated by global media coverage of the continent. The research, conducted by the organizations Africa Practice and Africa No Filter, shows that media portrayals, especially during elections, focus unduly on conflict, corruption, disease, poor leadership, and poverty, leading to heightened perceptions of investment risks. The report found that this “prejudice premium” results in unjustifiably high borrowing costs for African nations, including those with decent credit ratings. The report compared media coverage of elections in Kenya, Nigeria, South Africa, and Egypt with non-African nations of similar risk profiles, highlighting disparities in reporting. Beyond interest payment costs, the study determined that the negative narratives obscure commercial opportunities and harm development sectors like tourism and foreign investment on the continent.

SOURCE: THE GUARDIAN