At the AfricaCommsWeek 2023, one of the sessions on Boosting Investment in Africa: How Communicators Can Help was extremely insightful. It was co-hosted by Africa Communications Week and the OECD Development Communication Network. The webinar featured Arthur Minsat, Head of Unit for Europe, Middle East & Africa at the OECD Development Centre; Natasha Kimani, Head of Partnerships and Research at Africa No Filter; and Nadia Kouassi Coulibaly, the Head of Research at the Africa Private Capital Association (AVCA). The session was moderated by Tomilayo Aluko, Head, Corporate Communications and Marketing at Central Securities Clearing System Plc.
Starting off, Arthur highlighted a key issue in his presentation. He stated, “The main problem lies in the perception of the continent by investors, which can be biased due to a lack of information. Therefore, access to quality data is crucial in addressing these misperceptions. One consequence of such misperceptions is the high cost of capital on the continent, which is significantly higher than in other regions, primarily due to the perceived risks.”
He emphasized the importance of working with local actors, as they possess a better understanding of the market. However, he also stressed the vital role of effective communication in changing perceptions and enabling a better understanding of the vast opportunities that exist in Africa, which are crucial not only for the continent but also for the world at large.
Next, Natasha discussed the organization’s mission. Africa No Filter aims to challenge the negative stereotypes that impact how Africa is perceived globally and how people invest in the continent. They believe that altering the narrative requires changing the underlying stories that contribute to these stereotypes. She explained, “We provide support to African storytellers and the storytelling ecosystem through grants, research, community building, and advocacy, with the goal of reshaping how Africa is seen by the world and how Africa sees itself.”
Through their research, Africa No Filter has conducted a comprehensive qualitative analysis of the frames and stories surrounding business in Africa, a task that had not been undertaken before. Their analysis of over 750 million published stories between 2017 and 2021 revealed a greater prevalence of negative coverage of doing business in Africa compared to positive coverage. They also found that creativity and technological advancements were often overlooked. For instance, despite Nollywood being the second-largest film industry globally, it received less than 1% of media coverage across African and global media platforms.
Lastly, Nadia offered her perspective on investment in Africa. She stated, “Africa can be described as an attractive investment destination that offers investors numerous opportunities for impact, diversification, and returns. The continent’s vast investment potential is supported by strong macroeconomic fundamentals and improvements in the regulatory environment.”
Coulibaly acknowledged some challenges that investors commonly express regarding investing in Africa, such as risks associated with currency volatility, political uncertainty, the heterogeneity of markets, and the complexity of regulatory environments in some cases. However, she emphasized that many of these challenges are rooted in outdated perceptions and that significant improvements are currently being made to address them.
To watch the replay of the webinar click here: https://www.youtube.com/watch?v=BAzXRkxhjTg
