President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has challenged media executives in the continent to change the negative narratives about it.
Adesina said Africa is thriving more than expected and advised media practitioners to shun negativity.
He spoke at the just-concluded AllAfrica Media Leaders’ Summit (AMLS) in Nairobi, Kenya.
The AfDB boss said independent and patriotic media in Africa should help the region to take its place as the heartbeat of the world.
In a keynote address at the summit organised by All Africa Media Group, which brought top media leaders, owners, operators, key players, and government officials from 48 countries under the theme: “Re-engineering African Media in Times of Critical Transformation Tackling Pressing Issues Facing the Industry in an Era of Rapid Technological Change,” Adesina, who acknowledged the need for an independent media, said the narrative about Africa needs to change.
He said, “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.
“This shift means that more and more people are getting their news and entertainment online, with billions expected to have smartphones by 2030, especially in Africa.
“However, this new online world also presents challenges, as the ease of creating and sharing content, including potentially false information, can make it difficult to tell what’s true and what’s not.
“An independent, professional, responsible and private media is critical to the freedom of speech, the development of democracy, and the strengthening of inclusive societies,” Adesina said.
While underscoring the critical role of information in Africa’s development, Adesina said the AA rating his organisation has been getting is underreported.
This strong rating, Adesina said, allowed the bank to access global capital markets and secure affordable, long-term financing for African economies.
“This is critical for us to access global capital markets and to source cheap and long-term financing for Africa’s economy,” he explained. As an example of the bank’s success, he cited a recent $750 million bond issuance.
“Just a month ago, the bank launched a landmark hiring act of $750 million, which was rated AAA by all five global credit rating agencies and was oversubscribed eight times by investors from around the world”. Dr. Adesina highlighted the significance of this achievement, going beyond just finances.
“This marks the first time that any multilateral development bank will do that globally,” he said.
“Because it was done by an African institution. It changes perceptions. It shows leadership and innovation. And adds to the positive news narrative coming out of Africa,” Adesina added.
Adesina said this year, Africa will pay $74 billion in loan service payments, a rise from $17 billion in 2010.
“The United Nations Development Programme (UNDP) found that if African countries were transparently and fairly treated in ratings by credit risk agencies, they would save at least $75 billion in interest payments,” Do you see the high cost of bias?” Adesina asked.
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