Compiled by Africa Practice, a strategic consulting firm, and Africa No Filter, an advocacy lobby, the study blames the stereotypical portrayal of the continent by Western media for eroding investors' confidence and stunting growth.
Titled "The Cost of Media Stereotypes to Africa," the study focuses on electoral processes in Kenya, Nigeria, South Africa and Egypt and the skewed coverage from giant media entities from the Global North.
"African countries receive more media attention during elections, but with a disproportionate focus on negative issues like violence and election fraud," the study says.
It notes that non-African countries with similar risks during the electioneering period receive more favorable coverage from the Western media, adding that the continent could save up to 0.14 percent of its gross domestic product (GDP) annually, subject to positive media sentiment.
According to the study, the 4.2 billion dollars in losses occasioned by negative media coverage annually could fund the education of 12 million African children, and provide immunization to over 73 million children, higher than the combined populations of Angola and Mozambique.
In addition, the funds could help provide clean drinking water to two-thirds of the entire population of Nigeria, the most populous country on the continent estimated at 220 million people, says the study.
Negativity has dominated the discourse around African elections, with 88 percent of media articles about Kenya during polling being biased and sensational, compared to only 48 percent for Malaysia, the study observes.
Improved media sentiment, according to the study, could reduce borrowing rates on the continent by up to 1 percent, boosting macroeconomic stability and investors' confidence.
Marcus Courage, chief executive officer of Africa Practice, said the study has underscored the urgency to challenge stereotypes about the continent advanced by Western media, rooted in racism and hegemonic attitudes.
Promoting fairer, unbiased and positive reporting about the continent will boost its credit rating and attract foreign direct investments in key sectors like tourism, manufacturing and financial services, Courage said.
Moky Makura, executive director of Africa No Filter, suggested that as the continent mulls establishing its own credit rating agency, governments should amplify positive narratives, including sustained growth, expanding democratic space, innovations and demographic dividend.
Xinhua
