You may remember the story of these two shoe salesmen who went to Africa in the early XNUMXth century to find new markets… A few days after their arrival, the first salesman decided that there was no opportunity to sell shoes because everyone was walking around barefoot. However, his partner came to the conclusion that since no one seemed to be wearing shoes, there was a huge untapped market that could be tapped.
This story reminds me of how the world continues to underestimate Africa and chooses the “no shoes needed here, thank you” viewpoint. This situation has something to do with the way events in Africa are portrayed by the media.
Young Africans see themselves as empowered people
For example, Africa has the youngest population in the world – 70% of sub-Saharan Africans are under 30 – but their stories are not covered by the media. According to the Ichikowitz Family Foundation’s Youth 2020 Survey, young Africans see themselves as empowered people. Three-quarters of them plan to start their own businesses in the next five years, and if given $100, 50 percent would invest in their own businesses. Two out of three said they already had an idea for starting a business. However, media coverage hardly reflects this activity and optimism.
Google Trends data confirms this: we looked at what people in Africa were looking for and highlighted the scale of entrepreneurship on the continent. We found that in 2021 in Africa, eight of the ten countries with the largest populations of business learners and six of the ten countries with the largest populations of entrepreneurs. autonomy and waiting for their governments to give them jobs or for development organizations to rescue them.
African women are absent from business stories
It’s not just young men who are absent from business stories. This is true of African women as well. The debate about the secondary role of African women in patriarchal Africa must be reconsidered. The continent ranks first in the world in the number of women entrepreneurs, and they make up 58% of the continent’s self-employed population. Uganda, Botswana, and Ghana were among the top three economies in the world with the largest number of women entrepreneurs in the MasterCard Women Entrepreneurs Index for 2020. Yet their voices, like those of young people, are underrepresented in the media coverage of business.
Africa has won many awards that begin with the words “fastest growing,” which often means rapid change at a steady pace. But many of these trends are not picked up and disclosed by the media. Agriculture and tourism are good examples. Africa has the fastest growing agricultural sector of any continent in 2019 and the second fastest growing tourism market in the world. Clearly, the growth of tourism and the stability of food creates a favorable environment for business and investment. Yet when we look at business coverage on the continent, we find that little or no attempt is made to analyze this data and highlight existing opportunities.
The same is true when looking at the coverage of the technology and innovation sectors on the continent, which, while widely covered, is often focused on international equity, risk and foreign investment investors, with little focus on the local individuals behind the tech startup ecosystem in Africa.
These African companies that don’t get media attention
Information about local companies hides behind the stories of international brands setting up store or expanding in Africa. When Twitter opened its first continental office in Ghana, it hit the headlines as hundreds of tech startups in Ghana’s thriving tech ecosystem continue to be ignored.
Ultimately, there’s a lot missing from business coverage in Africa: the voices of young people, women, entrepreneurs, creative businesses and successful small African countries. The focus is on international brands, foreign players, governments, and large economies like Nigeria and South Africa.
Business and investment are essential to the continent’s inclusive and sustainable development, and the media plays a crucial role in highlighting what’s out there. It’s time to spread the word about the opportunities the continent offers, because we don’t want to be the ones who regret not investing in shoes.