African economies risk stalling growth if they do not urgently coordinate investment in public interest media, according to a joint report by Bloomberg and the International Fund for Public Interest Media. The authors argue that information infrastructure is as vital as roads and ports for unlocking the continent’s economic potential.
The Economic Cost of a Broken Information System
Without trusted information, markets cannot function efficiently. The authors point to the African Continental Free Trade Area as a $3.4 trillion opportunity, yet they say the information systems underpinning it are often suppressed or ignored.
Public interest media perform a core economic function by scrutinising government policy and corporate conduct. This scrutiny is particularly important given that Africa loses about $90 billion annually to illicit financial flows. The report cites the Gupta leaks investigation by South Africa’s Daily Maverick, which traced roughly $3 billion in lost public funds and showed how journalism can equip citizens with evidence to pursue accountability.
Read Also: S&P buys stake in Nigerian rating agency
When press freedom erodes, real GDP growth tends to fall by roughly one to two percentage points—a tangible economic loss that should not be dismissed. Meanwhile, the bodies that deliver this vital service are gradually losing strength as conventional funding streams collapse.
Advertising and subscriptions have long been expected to sustain independent media, but technology platforms now capture most advertising revenue. Artificial intelligence companies also build products using journalism without returning value to its producers. In 2025, roughly $150 million in direct journalism funding disappeared almost overnight due to foreign aid cuts, affecting outlets across the continent, from Algeria to Zambia.
Resilience Is Not Enough
Media organisations are adapting to these pressures, but resilience alone cannot fix the structural problems facing the sector. Consolidated ownership, political interference, and the legal harassment of journalists add to the barriers posed by outdated revenue models and changing consumer behaviours.
The shrinking of press liberty produces tangible effects. In Mali, only a month ago, an editor faced jail for denouncing the application of a cyber-crime statute to a fellow reporter. The punishment was a retaliation to anti-corruption coverage—the very reporting that safeguards public assets and supports market operations.
Read Also: Nigerian youth channel punk spirit at Wake Up! 2
Data reported by grantees of the International Fund for Public Interest Media, which has supported newsrooms across the continent with two-year, flexible funding since 2022, demonstrates the potential for targeted investment. Seventy-two per cent of outlets receiving flexible support significantly expanded their reach. In sub-Saharan Africa, audiences and engagement grew by nearly fifty per cent on average, while average operating profit margins reached twenty-three per cent of revenue.
A Coordinated Investment Model
Charitable contributions by themselves are insufficient to uphold the continent’s media industry, and no one entity can reconstruct the ecosystem by itself. Stakeholders need to act as coordinated co-investors instead of operating in parallel. Philanthropic capital can supply a reliable infusion that reduces risk for subsequent investments, and it can be allocated flexibly to the areas of greatest need.
The $3.4 trillion potential of Africa, together with the oversight that safeguards public funds and the trust that draws investors, is inseparable from a robust media environment. Agencies focused on development should regard independent press as essential infrastructure, meriting long-term, coordinated financing comparable to that given to power grids or transport systems.