Dr Akinwumi Adesina, the President of the African Development Bank (AfDB), has called upon media executives in the region to change the negative narratives surrounding Africa.
According to Adesina, Africa is thriving more than anticipated, and he advises media practitioners in the region to avoid negativity.
Adesina spoke at the recently concluded AllAfrica Media Leaders’ Summit (AMLS) in Nairobi, Kenya. In his keynote address at the summit organized by All Africa Media Group, which brought together top media leaders, owners, operators, key players, and government officials from 48 countries, the theme focused on “Re-engineering African Media in Times of Critical Transformation,” addressing pressing issues facing the industry amidst rapid technological change. Adesina acknowledged the importance of independent media but stressed the need to change the narrative about Africa.
“The world of information is undergoing a dramatic transformation. The rise of the Internet, social media, and mobile phones has led people to rely less on traditional media sources like radio, TV, and newspapers,” Adesina explained.
He further emphasized that as more and more people access news and entertainment online, it becomes challenging to distinguish between true and false information due to the ease of creating and sharing content.
Adesina highlighted the critical role of an independent, professional, responsible, and private media in promoting freedom of speech, democracy, and inclusive societies. He stated that an unbiased portrayal of Africa is necessary for its development.
Adesina also mentioned the underreporting of the AA rating that AfDB has received. This strong rating allows the bank to access global capital markets and secure affordable, long-term financing for African economies. He cited a recent $750 million bond issuance as an example of the bank’s success.
“Just a month ago, the Bank launched a landmark bond issuance of $750 million, which received a AAA rating from all five global credit rating agencies and was oversubscribed eight times by investors worldwide,” Adesina said.
He emphasized the significance of this achievement, stating that it marks the first time any multilateral development bank globally has achieved such a feat. Adesina believes that this accomplishment changes perceptions, demonstrates leadership and innovation, and contributes to the positive news narrative emerging from Africa.
Adesina also highlighted the increasing loan service payments in Africa, which are projected to reach $74 billion this year, up from $17 billion in 2010. He cited a report by the United Nations Development Program (UNDP), which states that if African countries were fairly and transparently rated by credit risk agencies, they could save at least $75 billion in interest payments.
Adesina concluded his address by questioning the high cost of bias and urging media executives to play a vital role in promoting positive stories about Africa.”
