For decades, Africa’s influence on the global stage has been framed largely through its commodities, demographics, and development potential. Yet one of the continent’s most powerful—and fastest-growing—assets has often been underestimated: its creative economy.
Today, Africa’s music, film, fashion, design, digital content, and cultural intellectual property are shaping global tastes, conversations, and identities. This is not merely cultural expression; it is soft power with real economic and geopolitical weight.
As global power increasingly shifts from hard assets to influence, trust, and narrative, Africa’s creative economy offers a compelling lens through which the continent can assert itself—on its own terms.
Soft Power in a Multipolar World
Soft power—the ability to influence through attraction rather than coercion—has become a defining force in global affairs. Culture, storytelling, and creative output shape how nations and regions are perceived, trusted, and engaged.
From music charts and fashion weeks to streaming platforms and digital communities, Africa’s creative outputs are reaching global audiences at an unprecedented scale.
This influence matters.
Cultural relevance drives tourism flows, strengthens diaspora connections, enhances brand Africa, and opens doors for trade, investment, and diplomacy. In an increasingly multipolar world, where economic alliances are fluid and perceptions carry weight, creative influence becomes strategic capital.
Africa’s creative economy is therefore not peripheral to growth—it is central to how the continent positions itself globally.
From Cultural Expression to Commercial Value
As famed African musician Fela Kuti once said, “music is the weapon of the future”.
While Africa’s creativity has never been in question, its commercialisation remains uneven. Much of the continent’s creative output still operates informally, limiting scale, sustainability, and global competitiveness.
According to a Deloitte report, the creative economy was expected to grow by 40% globally, accounting for 10% of the world’s gross domestic product (GDP) in 2023.
Africa accounted for only 1.5% of the global creative economy and 2.9% of global creative exports according to a report by the United Nations Development Programme (UNDP), while generating 5% of the global cultural and creative jobs (2 million) as of 2022. Through 2027, African countries’ entertainment and media (E&M) revenues will continue to increase, with Nigeria’s projected to grow from USD 6.6 billion in 2022 to USD 12.9 billion in 2027. Intellectual property is often under-protected, distribution channels are fragmented, and access to markets remains constrained.
Much of Africa’s cultural and creative industries (CCIs) are primarily concentrated in the informal economy, with 53.3% of the cultural industries in Senegal, 51.7% in Namibia, and 80% in Kenya found to be in the informal sector in 2020 (Buse 2020).
While South Africa is an exception to this trend, the country still has 35% of its cultural industries represented by the informal economy. Bringing CCIs into the formal economy has the potential to reap high returns for investors and create positive socioeconomic development on the continent.
This presents incredible opportunities. Addressing the challenges will mean:
- Formalising creative enterprises
- Strengthening IP frameworks
- Scaling cross-border distribution
- Building platforms that enable creators to earn consistently and transparently
When creativity is supported by the right systems, it becomes a source of recurring revenue, job creation, export earnings, and tax base expansion—particularly critical for Africa’s youth-driven economies.
The Capital Gap Holding Creativity Back
Despite its growth potential, the creative economy has struggled to attract traditional forms of finance. Many creative businesses are asset-light, revenue-variable, and built around intangible value—characteristics that do not easily align with conventional lending models.
This mismatch has resulted in chronic undercapitalisation, limiting the ability of creative enterprises to scale, professionalise, and compete globally. Yet this challenge also presents an opportunity for financial innovation.
New approaches are required—blended finance, revenue-based funding, IP-backed structures, and ecosystem financing models that recognise creativity as an economic sector, not a passion project. When capital is deployed with an understanding of creative business models, risk becomes measurable, and returns become achievable.
Financial institutions, investors, and development partners all have a role to play in designing solutions that unlock value while supporting sustainability and inclusion.
Infrastructure, Policy, and Market Access
Capital alone is not enough. The creative economy thrives within enabling ecosystems. This includes:
- Modern IP protection regimes
- Digital infrastructure and payment systems
- Cross-border trade facilitation
- Regulatory clarity for digital platforms and content monetisation
Africa’s regional integration ambitions offer a powerful lever. A more seamless continental market for creative goods and services would allow creators to scale beyond domestic borders, build pan-African brands, and compete more effectively on the global stage.
Equally important is policy coherence—recognising the creative economy as a formal economic sector and embedding it into national development strategies, trade policy, and investment frameworks.
Africa’s Distinct Advantage
Africa’s creative soft power is underpinned by structural strengths that few regions can replicate. The continent is young, digitally native, and globally connected. Its creators draw from deep cultural heritage while engaging modern platforms and audiences. Its diaspora networks amplify African stories across global markets, acting as cultural bridges and commercial accelerators.
Authenticity is Africa’s competitive edge. In a world increasingly hungry for original narratives and diverse perspectives, Africa’s creative voice resonates because it is rooted, confident, and evolving.
The challenge—and opportunity—is to ensure that this resonance translates into long-term economic value for African economies and creators alike.
A Strategic Moment for Leadership
The rise of Africa’s creative economy comes at a critical juncture. As governments seek inclusive growth, investors search for new frontiers, and institutions rethink development models, creativity offers a pathway that is both economically viable and socially transformative.
Institutions such as Standard Bank Corporate and Investment Banking, with deep market presence and a long-term commitment to Africa’s growth, have a role to play as enablers—supporting innovation, convening partnerships, and helping design financial solutions that reflect the realities of emerging sectors.
But the responsibility does not rest with finance alone. Policymakers, private sector leaders, creators, and global partners must work together to build ecosystems where creativity is protected, financed, and scaled.
From Influence to Impact
Africa’s creative economy is already shaping global culture. The next chapter is about converting influence into impact—economic, social, and strategic. This requires intentional investment, policy foresight, and a shift in how value is recognised and supported.
As conversations at platforms such as the Africa Markets Conference increasingly focus on future-facing growth sectors, the creative economy deserves a central place at the table.
As famed artist Hugh Masekela once said, “I’ve got to where I am in life not because of something I brought to the world but through something I found – the wealth of African culture”.
It is incumbent on us to help share that culture in a way that goes beyond entertainment. For Africa, creativity is not just expression—it is strategy, capital, and a powerful instrument of global influence.
By: Alex Davidson, Head of Global Markets South African Clients at Standard Bank Corporate & Investment Bank