Lead image for Africa should invest in narrative capital.
When China Media Group (CMG) Africa hosted the sixth season of 'The Bond' on July 28, many saw a cultural event built around films and TV. What they may not have seen is something more significant.
Launched in 2021 by CMG in collaboration with African partners, 'The Bond' showcases curated films and TV shows focusing on Chinese daily life, culture, innovations, among others. By its fifth season in August 2024, this multilingual initiative had more than 500 million viewers through collaborations with at least 40 African countries and 50 media organisations.
Imagine waking up to news that geologists have discovered a natural resource in Africa valued at more than $4 billion a year.
Governments would convene emergency meetings, investors would board the next planes and economists would suddenly become amateur geologists.
Now imagine discovering that this resource has existed all along. It isn't oil or lithium. It is narrative.
A 2024 study by Africa No Filter and Africa Practice estimated that stereotypical portrayals of Africa in international media cost the continent $4.2 billion annually through higher borrowing costs.
Investors and lenders respond to economic fundamentals and perceptions of risk shaped by global narratives.
Stories influence the price of capital. For generations, economists measured prosperity through natural, financial and human capital. Increasingly, nations are investing in narrative capital.