South Africa remains resolute in hosting the AGOA summit despite prior tensions with the US. The upcoming event, slated for November, signifies renewed commitment to strengthen trade ties. South Africa&#8217;s call for a decade-long AGOA extension underscores the pivotal role this partnership plays in fostering economic growth and cooperation.



South Africa is set to host the African Growth and Opportunity Act (AGOA) Summit later this year, despite recent diplomatic tensions between the country and the United States (US). In June this year, US legislators called for the relocation of the summit due to controversy surrounding alleged arms shipments to Russia by South Africa. Cleared of any wrongdoing by an internal judicial panel, the US has reaffirmed its commitment to shared growth with South Africa.



“The AGOA Forum is an opportunity for the United States to build upon the success of the Africa Leaders’ Summit and further our economic partnership with AGOA countries,” stated US Ambassador Katherine Tai in a statement announcing this year&#8217;s summit from Washington.



South African President Cyril Ramaphosa not only celebrated the country&#8217;s hosting of the summit but also called for the renewal of the agreement for another decade. The current format of AGOA is set to expire in 2025. Emphasizing the importance of South Africa-US relations, Ramaphosa declared: &#8220;The US remains a very important economic partner in trade and investment, with great potential to further expand economic ties,&#8221; in a press release.



AGOA currently benefits eligible sub-Saharan countries by providing access to US markets for several thousand products, including duty-free access for some exports. South Africa continues to be the largest exporter in the agreement, generating approximately $2.7 billion in revenue for the country as of 2021, primarily from vehicles, jewelry, and metals.



The controversy surrounding the visit of a Russian ship, the Lady R, docking at a South African military base in December 2022, led to the politicization of the AGOA agreement by bipartisan representatives in the US. However, a subsequent South African investigation cleared the country of exporting arms to Russia as part of the incident, resulting in a restored commitment by representatives of both countries to mend strained relations.



The AGOA summit, scheduled for early November in South Africa, will bring together key delegations from all member countries, regional economic entities, as well as representatives from the private and public sectors. The goal is to strengthen trade and economic ties between the US and sub-Saharan Africa.



The summit will also feature a ‘Made in Africa’ exhibition, specifically focused on demonstrating regional value chains on the continent.



“AGOA has helped promote the export of African goods to the United States, and we believe there is scope to deepen its impact on African industrialization,&#8221; said South Africa&#8217;s Minister of Trade and Industry, Ebrahim Patel, reaffirming Ramaphosa&#8217;s commitment to extending the deal. &#8220;Extending it beyond 2025 will promote inward investment in Africa and support our efforts to increase growth through the African Continental Free Trade Area (AfCFTA), which will cover 54 countries and 1.4 billion people.”

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Renewed Commitment: South Africa To Host AGOA Summit Amid Calls for Extension

A new wave of innovation is rising on the African continent, where startups are leveraging AI to address local challenges, fueling sustainable growth, and forging a path for others to follow. The AI industry on the continent is expanding rapidly, with reportedly over 2,400 companies specializing in the industry as of this year.



Spending on AI innovation in Africa and the Middle East is likely to see the fastest growth in AI spending in the world, hitting $3 billion this year and over $6 billion by 2026 per the International Data Corporation (IDC). This innovation is both locally and internationally-driven, with organic AI-based startups across the continent, as well as collaborative initiatives such as Google’s first AI research center in Ghana, launched in 2018.



In the heart of Cameroon, in the capital city of Yaoundé, resides Agrix Tech — a startup committed to aiding smallscale farmers in their battle against plant diseases and pests. These threats, exacerbated by the ongoing climate crisis, pose a critical challenge to agriculture. Agrix Tech&#8217;s innovative solution is a mobile app that empowers farmers to scan their plants&#8217; leaves. Leveraging AI, the app identifies any ailments and suggests appropriate interventions.



What sets Agrix Tech apart is its dedication to inclusivity. The app&#8217;s features are available regardless of location or internet connectivity — crucial for remote farmers. &#8220;The app can work offline as the AI model is embedded into the mobile app,&#8221; states founder and CEO Adamou Nchange Kouotou to FORBES AFRICA. “This allows farmers with no internet connection to still use it. The app can also be set in many local African languages.&#8221; By extending its AI library to other developers, Agrix Tech is broadening the reach of its crop and disease detection capabilities.



In Nairobi, Kenya, is another groundbreaking company making use of AI. Since its inception in 2012, SunCulture has made significant strides in equipping farmers with precision irrigation solutions.



Starting with solar-powered irrigation and pay-as-you-go financing, the company has expanded its reach from Kenya to Ethiopia, Uganda, Zambia, and the Ivory Coast, among others.



“It’s a viable business idea,” says SunCulture CEO Samir Ibrahim.



Approximately 90% of smallholding farms on the continent rely on rainfall for irrigation. As a result, the timing of planting, fertilizing, and harvesting is critically dependent on weather forecasts, which are often too broad or inaccurate. SunCulture&#8217;s solution — a trailblazing amalgamation of technologies called AgOptimized — addresses this issue head-on. The app gathers local soil and weather data, integrates it with meteorological and satellite data, and analyzes it alongside historical trends using AI. The result? Detailed, localized weather forecasts and recommendations on irrigation, fertilizing, and pest control, designed to lower costs and maximize farming yields.



Further south in Johannesburg is an AI startup that aims to meet their bold slogan of ‘AI for Africans, By Africans, Solving African Problems’. Lelapa has crafted an AI-based language- model-as-a-service named Vulavula.



Linguistic diversity is the heartbeat of Africa, and nowhere is this more evident than in South Africa, a country that proudly recognizes 12 official languages. Yet, the digital space often falls short in catering to this richness. That&#8217;s where Vulavula steps in, carving out a unique niche in the landscape of AI applications.



“We tackle the challenges of language diversity through very careful data creation and curation with the help of sociolinguists who understand the nuances of dialects,” says Jade Abbott, Director at Lelapa AI. “Our vision is for Vulavula to be used across education, healthcare, government. 



Children learn maths best when taught in their home language, people die because doctors do not speak the same languages as their patients, and many people can’t participate in government because majority of the resources are available in English or Afrikaans.” 



Vulavula harnesses the power of AI to provide real-time translation and transcription services, enabling businesses to communicate with their customers in their own language seamlessly. 



Ubenwa, a Nigerian-owned AI startup, is making significant strides in the realm of neonatal health. Named after the Igbo term for &#8216;baby&#8217;s cry&#8217;, Ubenwa has developed an AI system that deciphers infants&#8217; cries to detect early signs of neurological issues. It specifically targets birth asphyxia — one of the leading causes of infant mortality in sub-Saharan Africa — by analyzing frequency, pitch, and other key acoustic features in a baby&#8217;s cry. This AI- powered approach provides a low-cost, non-invasive diagnostic tool for early intervention, potentially saving many young lives.



What sets Ubenwa apart is its commitment to accessibility. Their AI solution operates independently of internet connectivity, a pivotal feature ensuring its usability in Africa&#8217;s remote areas. Bymeeting this challenge head-on, Ubenwa exemplifies how AI can be harnessed to tackle region-specific healthcare issues, paving the way for other AI startups to make impactful strides in their domains.



On a broader scale, Ubenwa underscores the transformative potential of AI in healthcare, particularly in settings with limited resources. Their innovative approach is a powerful testament to the potential of AI in Africa, spotlighting the profound societal impact of locally-sourced solutions to local challenges.

Close-up of businesswoman use computer while use digitization display for monitoring the data in business office.

Africa’s AI-Based Businesses And Innovations

Analyzing the rapid rise of artificial intelligence (ai), its impact across sectors with a special focus on innovations and ai startups in africa, and the need for mindful navigation in shaping ai’s future landscape.



The last three years have witnessed an unprecedented symphony of development and interest in the realm of artificial intelligence (AI). Its transformative potential, destined to reshape work and human development, is being felt tangibly around the globe for the first time, despite having been present in some form or another for several decades. Like any burgeoning revolution, AI has its skeptics — those who dismiss it as just another transient fad, akin to cryptocurrencies and Non- Fungible Tokens (NFTs).



Despite these misgivings, AI’s exponential growth and the multitude of its applications differentiate it from a passing tech trend – we are already witnessing AI’s formidable grip in sectors as diverse as finance and data analysis, programming, and multiple creative domains — marking AI’s evolution from a nascent idea to a legitimate driving force in our global technological landscape.



As this impressive engine of growth races ahead, critical questions about labor and wealth inequality loom. The full implications of AI are yet to be determined, as many of its applications are still in their infancy. And while the narrative has often centered on AI’s development in the West — particularly the progression of large language models (LLMs) — it is crucial to recognize the parallel innovations unfurling in Africa. A new generation of African innovators is embracing AI, fostering local solutions to local challenges, proving that significant breakthroughs are happening right in our backyard.



In the face of AI’s breakneck pace of development, it’s essential to anchor ourselves in the origins of this technology — to understand where AI began from an ancient dream into a modern reality, and the varied types and real-world implications, especially in Africa.



<h4 class="wp-block-heading" id="h-ghost-in-the-machine">Ghost in the machine</h4>



The origins of AI trace back to time immemorial, with the idea of automatons – self-operating machines – deeply embedded in the tapestry of human history. The ancient Egyptians and Greeks held beliefs in mechanical creatures imbued with a kind of spirit or voice — statues of wood or men of bronze and iron that could mimic life’s vital functions. These initial imaginings of AI shed light on humanity’s long-standing fascination with replicating life artificially.



In the 20th century this notion of life replication takes a leap forward, crystallizing into the foundational theory of modern AI. At the helm was the mathematician and computer scientist, Alan Turing. He posited the revolutionary idea of a ‘Turing Complete’ system or platform — a machine capable of performing any task solvable algorithmically, much like most programming languages today. Turing’s concept of ‘artificial neurons,’ capable of such functions, laid the cornerstone for AI’s development. Turing’s pioneering work sparked a wave of breakthroughs in the AI domain. In the mid-20th century, key figures such as Allen Newell, Herbert A. Simon, John McCarthy, and Marvin Minsky emerged as the torchbearers of AI’s evolution. Together, they helped establish the field of AI and made significant strides in its development.



Their collective contributions propelled the AI narrative from a rudimentary concept to an intricate scientific discipline, setting the stage for AI’s transformative role in the world we know today.



<h1 class="wp-block-heading">Not all machines are made equal</h1>



A quick Google search reveals a cosmos of AI apps, allowing for everything from therapy chatbots to video editing. The last year has witnessed an explosion of AI innovations, prompting a surge in AI’s presence in everyday discourse. Despite this apparent novelty, we’ve been cohabiting with some form of AI for several decades now.



‘Narrow AI’ or ‘weak AI’, is what we are most familiar with. These are a class of AI systems designed to excel in specific tasks within a confined domain. This form of AI has been an invisible companion, aiding us in numerous ways. Apple’s virtual assistant Siri, integrated into the mobile iOS platform since 2011, has been aiding users in performing specific tasks such as making phone calls, scheduling calendar appointments, and more. In the same league is Amazon’s Alexa, and Google’s Assistant.



The truly transformative waves are being made by ‘General AI’ or ‘strong AI’. These systems are designed to approximate human-like intelligence, aiming to execute any intellectual task a human might undertake. They strive to demonstrate cognitive abilities such as reasoning, deduction, common sense thinking, and abstraction, a substantially more complex endeavor.



Until recently, the creation of a General AI seemed a far-off milestone, a vision more aligned with science fiction than reality. But, the advent of generative AI is changing that narrative.



Generative AI is no longer a distant dream; it’s a burgeoning reality. But to truly understand its significance, we must delve into its building blocks: deep learning, natural language processing (NLP), and neural networks.



Deep learning, an offshoot of machine learning, harnesses artificial neural networks to learn from large quantities of data. It’s the foundation that enables AI systems to interpret and understand the world, much like the human brain does. NLP, on the other hand, empowers AI to comprehend and respond to human language, allowing it to interact more naturally with us. Both these fields are anchored in the concept of neural networks, AI models inspired by the human brain that enable machines to learn from experience. 



These technologies constitute the core of modern AI, enabling the development of powerful AI systems that can understand, learn, predict, and potentially function autonomously.



<h4 class="wp-block-heading">Enter Generative AI</h4>



A distinct class of AI platforms has started making waves, its ripples felt across society and diverse industries, from cybersecurity to programming and creative writing. This is the realm of Generative AI. Systems like OpenAI’s ChatGPT, Google’s Bard, and Bing’s Chat represent this new age of AI, capable of engaging with an array of problems and redefining the boundaries of what AI can achieve.



But what sets Generative AI apart? At its heart, it involves creating content from scratch. Unlike traditional AI systems that analyze input to produce a predictable output, Generative AI leverages an understanding of data patterns to produce an entirely new, unique output. This is accomplished through a specialized form of machine learning known as Generative Adversarial Networks (GANs).



GANs operate with a kind of internal rivalry. Comprising two parts, a generator and a discriminator, these networks play a game of cat and mouse. The generator creates new data instances, while the discriminator evaluates them for authenticity; that is, whether they seem to come from the actual dataset as opposed to being artificially created. This internal competition fuels the system to continuously improve and adapt, enabling the generation of highly convincing artificial data.



OpenAI’s ChatGPT, Google’s Bard, and Bing’s Chat exemplify how potent this technology can be. ChatGPT, for instance, can generate coherent and contextually relevant text given an input, emulating human-like text patterns. This powerful capacity has opened a plethora of applications in fields like content creation, customer service, and even tutoring.



The arrival of Generative AI signifies a paradigm shift in the AI world. It’s not just about developing AI that can understand and learn from data anymore; it’s about creating AI that can generate new, original content, push creative boundaries, and find solutions in complex landscapes.



Africa is one such landscape.



<h3 class="wp-block-heading">Ethics</h3>



Amidst the labyrinthine possibilities offered by AI, many ethical considerations also arise. The advent of AI also poses significant implications for the world of work. On one hand, AI has the potential to automate routine tasks, liberate human creativity, and create new kinds of work. On the other, it could lead to job displacement and exacerbate wealth inequality if not managed responsibly.



The situation gains an added layer of complexity in Africa, a continent grappling with high unemployment rates and a



burgeoning youth population. According to a recent report by the African Development Bank, the continent’s youth population could be an advantage in the adoption and growth of AI systems.



However, existing inequalities might make job displacement even stronger, making the need for ethical AI practices and thoughtful labor policies even more pressing.



It’s vital to ensure that the adoption of AI doesn’t outpace the ability of workers to reskill or find new jobs.



Government preparedness to make use of AI, or regulate its impact on the economy and labor force, varies drastically across the continent, with only Mauritius, Egypt and Kenya having dedicated national strategies.



Moreover, there’s a need for transparency and accountability in how AI affects the labor market. Workers should have a say in how AI is implemented in their workplaces and should be adequately supported in navigating the AI-driven transition.



Also, it’s important to build robust ethical frameworks to ensure that AI is developed and deployed in a way that respects labor rights and promotes economic justice.



<h3 class="wp-block-heading">Within limits: hallucinations</h3>



“What they are able to imagine becomes more real to them.” Hallucinations, Oliver Sacks, 2012.



The march of AI’s progress, while filled with exhilarating innovation, also walks in the shadow of challenges and limitations.



AI systems, despite their intellectual prowess, can become targets of adversarial attacks. These are strategic attempts to mislead AI algorithms through manipulated input, leading to incorrect output. This vulnerability poses significant threats in areas such as cybersecurity and data integrity, making it an area of increasing concern for AI developers.



Another challenge is data poisoning — a type of attack where malicious actors inject false data into the learning process of AI systems, consequently affecting the decisions these systems make. Such attacks can not only undermine the effectiveness of AI systems but can also pose serious risks if these systems are used in critical domains such as healthcare or defense.



Beneath the formidable capabilities of AI lies a caveat — it lacks the nuanced understanding of context, emotions, and human-like reasoning. This limitation becomes evident in areas like NLP, where despite impressive advancements, AI struggles to fully grasp the intricacies of human language and sentiment.



Moreover, balancing AI’s capabilities with privacy and security concerns presents a complex dilemma. While AI’s ability to analyze vast amounts of data can lead to groundbreaking insights, it also brings up concerns about data privacy and consent, requiring careful consideration and stringent regulations.



Finally, the use of AI in content moderation and censorship opens up a can of worms.



While AI can help moderate and filter harmful or inappropriate content, it may inadvertently suppress freedom of expression or fall victim to political manipulation. Here, the challenge lies in leveraging AI’s capabilities while ensuring it does not become an instrument of oppression or bias.



<h3 class="wp-block-heading">Ubiquity of AI</h3>



From the familiar chime of a smartphone notification to the recommended movie on a streaming service, AI has silently become a ubiquitous presence in our everyday life. But it’s not just about trivia and entertainment — the reach of AI extends far beyond, weaving itself into the very fabric of our society and business operations.



Many of us interact with AI-powered technologies on a daily basis, often without realizing it. The friendly virtual assistant that sets your alarms and reminders, the sophisticated chatbots that swiftly handle customer service queries, and the personalized recommendation systems that curate your shopping and streaming experiences — these are all shining examples of AI working behind the scenes to simplify our lives.



However, the ubiquitous nature of AI comes with both promise and caution. The potential economic and social implications of widespread AI adoption are enormous. On one hand, it promises to drive productivity, improve decision- making, and create new job opportunities. On the other, it raises concerns about job displacement, privacy issues, and an increased digital divide.



Beyond everyday applications, AI plays a pivotal role in tackling more complex issues. It’s at the forefront of combating digital threats like deep fakes, which use AI to create realistic fake videos or audio recordings, and misinformation, where AI can help detect and mitigate the spread of false information.



Yet, as AI becomes increasingly pervasive, it also amplifies concerns around bias and freedom of expression. For instance, the algorithms behind news feeds or search engines can unintentionally create echo chambers, reinforcing our existing beliefs and narrowing our world view. As we continue to entrust AI with these roles, it becomes imperative to ensure it promotes diversity of thought and doesn’t impinge on our freedom of expression.



<h3 class="wp-block-heading">Here, now</h3>



AI is no longer an abstract concept or an elusive future — it’s here, it’s now, and it’s reshaping our world in ways we could only imagine a few decades ago.



In traversing the fascinating journey of AI — from its early theoretical conceptions to its current state of ubiquity, it’s important to remember its ability to generate new wonders and solutions hand in hand with magnifying existing inequalities.



Amidst these challenges, the resilience and ingenuity of Africa’s AI ecosystem shines through. The journey ahead is an uncharted one, filled with immense opportunities and formidable challenges. But as Africa stands at the threshold of this AI revolution, it also stands at the cusp of a transformative era — one where AI could be the catalyst that accelerates its leap into a future of unprecedented growth and prosperity.

AI, Machine learning, robot hand ai artificial intelligence assistance human touching on big data network connection background, Science artificial intelligence technology, innovation and futuristic.

The AI In African Innovation Explained

In a historic stride, the AU attains full membership in the G20 intergovernmental forum, a development announced at the G20 Summit in New Delhi, giving the Global South more voice and unity.



In a seminal move for global economic and diplomatic progress, the African Union (AU) has officially been admitted to the G20 intergovernmental forum as a full member, announced this weekend at the 18th G20 Summit, held at the Bharat Mandapam Convention Centre in New Delhi, India.



The AU’s admission comes after historical calls for greater inclusion of the continent, now providing it with equivalent status within the G20 as the European Union, and is expected to provide more compelling representation for Africa on global matters of interest.



 The proposal for the AU’s full membership came in part at the hands of Indian Prime Minister Narendra Modi’s broader effort to increase representation on major global challenges by the Global South, reflected in his remarks on the opening of this weekend’s summit: “India&#8217;s G20 presidency has become a symbol of inclusion, both within the country and beyond… It was in the spirit of &#8216;Sabka Saath&#8217; that India proposed permanent membership for the African Union in the G20. I believe that we all agree on this proposal.”



The Chairperson of the AU Commission Moussa Faki Mahamat welcomed the admission of the AU in a message posted on X, a sentiment reflected by the leaders of many African leaders. “This membership, for which we have long been advocating, will provide a propitious framework for amplifying advocacy in favour of the continent&#8230;”



The G20 represents some of the largest countries and economies in the world, providing a platform of common purpose and collaboration on many global issues, including financial markets, trade regulations, and of ever-increasing importance – climate change.



The addition of the AU allows for representation for its 55 member states and their collective population of over a billion to play a more direct role in the decisions made by the G20 bloc. As a member, this also means that an AU member state will be able to chair the summit as this occurs on a rotational basis.



South Africa will assume the G20 Presidency in 2025.



In focus at this year’s summit hosted by India was the need for G20 member nations to increase collaboration and efforts to reduce the impact of climate change, prescient as these are increasingly being felt worldwide, particularly by those most vulnerable, many of which are part of the AU. South African President Cyril Ramaphosa in his own celebration of the AU’s membership, made it clear in a statement this morning that “the achievement of the Sustainable Development Goals (SDGs) must remain at the centre of international financing discussions to ensure that finance is mobilised in sufficient quantities and of suitable quality to support development in low- and middle-income countries.”



The ability of the African continent to have a voice in shaping climate and fiscal policy of the bloc in the future is likely to have resounding benefits, with negotiations more likely to bring economic, diplomatic and climate-related advantages to AU members moving forward.

G20 Summit in Indonesia

African Union’s G20 Membership: Boosting The Continent’s Global Influence

South Africa&#8217;s government has concluded its exhaustive investigation into the Lady R incident, an episode that sent shockwaves through the nation and sparked international scrutiny. The final report, released recently, sheds light on the events surrounding the mysterious docking of the Russian cargo ship Lady R in Simon&#8217;s Town last year, and the subsequent economic and diplomatic fallout. 



In December 2022, the Lady R unexpectedly docked at the South African Naval Base in Simon&#8217;s Town. The controversy was brought on in part by the ship&#8217;s abrupt shutdown of its marine tracking system, rendering its presence shrouded in secrecy. The vessel was loaded and unloaded under armed guard, with its arrival and departure leaving both South Africa and the international community baffled as to the purpose and cargo of the vessel.



Speculation ran rife, with many questioning whether South Africa was clandestinely supporting Russia&#8217;s invasion of Ukraine. It took two weeks and persistent queries before Defence and Military Veterans Minister Thandi Modise clarified that the Lady R was, in fact, offloading an old, longstanding order for ammunition. Six shipping containers were reportedly loaded onto the ship before it left, providing some clarity but leaving lingering questions about the nature of the cargo.



In May, United States’ (US) Ambassador to South Africa Reuben Brigety made the claim that the vessel was indeed loading weapons and ammunition, stating that he would “bet his life” that this was the case.



The timing of the Lady R&#8217;s arrival was particularly sensitive, given the heightened tensions between Russia and the West over the ongoing conflict in Ukraine. South Africa, despite its policy of supporting a rules-based international order, had refrained from criticizing Russia&#8217;s actions, raising eyebrows in Western diplomatic circles.



The Lady R incident had profound economic and diplomatic consequences for South Africa. President Cyril Ramaphosa, when announcing the findings of the investigative panel this week, highlighted the damage done, stating: &#8220;The allegations leveled against our country had a damaging effect on our currency, economy, and our standing in the world.&#8221;



After months of rigorous investigation, the independent panel, chaired by Judge PMD Mojapelo, has concluded its work. The investigation confirmed that the Lady R carried equipment destined for the South African National Defence Force, but that despite the Lady R being under US sanctions, these sanctions were not endorsed by the United Nations and were thus not binding on South Africa. Additionally, no South African entity had a say in the choosing of the Lady R as the delivery vessel, and the goods were offloaded at night due to their classified nature and the security risk posed by daylight exposure. The investigation found no evidence to substantiate claims that weapons were loaded onto the Lady R, confirming only the offloading of equipment.



In response to the investigation&#8217;s conclusion, David Feldmann, Mission Spokesperson at the US Embassy in Pretoria, expressed appreciation for the seriousness with which the inquiry was conducted in a press statement. He reiterated the US&#8217;s commitment to advancing progress in various shared priorities with South Africa, including trade, health, and climate. Brigety, as President Joe Biden&#8217;s personal representative in South Africa, retained the confidence of the US leadership and remained focused on strengthening bilateral relations.



The Lady R incident appears to have come to a close with the release of the investigative panel&#8217;s findings. While the economic and diplomatic repercussions were significant, the report has provided clarity on the nature of the cargo and the circumstances surrounding the ship&#8217;s docking, and the US and South Africa have both expressed a willingness to move past the incident.

Russian Registered Cargo Ship Lady R Anchored At Simons Town Naval Base

South Africa Concludes Investigation Into Mysterious Russian Ship Lady R

In a somber announcement, South African retail giant Pick n Pay shared the news that its founder Raymond Ackerman has passed away at the age of 92. Ackerman, a retail legend and visionary entrepreneur, not only left an indelible mark on the business landscape but also touched the hearts of many as a humanitarian known for his philanthropic work.



“With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa” the company said on X, formerly Twitter, in a statement. 



Beginning his life in Cape Town, Ackerman began working in the retail chain of the same name founded by his father. Its subsequent sale in 1946 paved the way for the birth of another massive supermarket chain – Checkers. In 1967, Ackerman himself began his own retail empire, purchasing four stores that would eventually bear the name Pick n Pay.&nbsp;



With investor support, the chain rapidly expanded across the country, transforming the South African retail landscape, with more than 2,000 stores in operation today. The company also boasts a market cap of almost $1 billion.



His incredible business acumen let Ackerman pioneer several innovations now commonplace in the South African retail market, such as ‘no name’ food brands and in-store banking at retail outlets.



Condolences poured in from all corners of South African society, with politicians, celebrities and citizens alike sharing messages.&nbsp;



“… he left an enormous legacy,” said John Steenhuisen, leader of the Democratic Alliance. “His positive contribution to our society will be his legacy.”&nbsp;&nbsp;&nbsp;



Ackerman was equally known beyond the brick and mortar of his businesses for his philanthropic endeavors, actively championing fuel price deregulation, and founding the Raymond Ackerman Academy for Entrepreneurial Development in collaboration with the Universities of Cape Town and Johannesburg.



Ackerman received the CNBC Africa All Africa Business Leaders Awards&#8217; Lifetime Achievement award in 2011.



In a poignant reflection shared when he celebrated his 90th birthday in 2021, Ackerman acknowledged South Africa&#8217;s challenges but remained hopeful. He saw a resilient nation in the midst of adversity, citing the resilience and compassion displayed by its people as a beacon of hope for the future.



As South Africa bids farewell to Ackerman, the retail industry and the nation as a whole mourn the loss of a visionary leader, philanthropist, and patriot. His life&#8217;s journey exemplified the power of perseverance, innovation, and a commitment to a brighter future.&nbsp;

Pick n Pay and BP announce points partnership for smart shoppers

Visionary South African Retail Icon Raymond Ackerman Passes Away

Johannesburg&#8217;s heartbreak deepens as a heritage building fire claims 74 lives, exposing the urban decay in the CBD. Amid tales of despair and resilience, the tragedy raises urgent questions about illegal building occupations and housing challenges in the city.



Yet another tragedy has struck Johannesburg&#8217;s Central Business District (CBD), revealing the dire state of decay in the area. A fire that broke out in a designated heritage building has turned into a mass casualty event, leaving at least 74 people dead, numerous others injured, and countless individuals homeless.



The fire ignited during the early hours of the morning yesterday and swiftly consumed the lower floors, as reported by residents. In their desperate bid to escape, many people had to leap from the upper floors to avoid the flames. Police forensics personnel at the scene, speaking to FORBES AFRICA, confirmed that some victims had succumbed to impact trauma, while others perished due to burns or smoke inhalation.



One resident, who preferred to remain anonymous, described the harrowing experience: &#8220;It started around midnight, sounding like gunshots. We lived on the ground floor and felt the intense heat. When we fled the building, we saw flames raging above.&#8221;



Firefighters, police, and emergency services swiftly arrived at the scene as the day began, and a crowd of onlookers had gathered to witness yet another tragedy in the inner city, more deadly than the recent gas explosion on Lilian Ngoyi street, also in the CBD.



Robert Mulaudzi, spokesperson for Johannesburg Emergency Services, stated, &#8220;The [victims] were treated for smoke inhalation and various injuries. The building was an informal settlement, heightening the risk of being trapped.&#8221;



As the death toll climbed, from 20 to 45, then 53, and now to 74, anguished cries could be heard from those who had lost loved ones. Dozens of people gathered on nearby streets, beyond the police cordon, carrying clothing, blankets, and essential supplies they had managed to salvage before the fire consumed the building.



A resident from the building across the road recounted, &#8220;Some people were jumping. Everyone was frantically trying to call 10111, the fire brigade, and the police, but it took them about an hour to arrive.&#8221;



The building, located at 80 Albert Street in Marshalltown, was originally the headquarters of Johannesburg&#8217;s Non-European Affairs Department when constructed in 1954. After the apartheid era, it served as Usindiso Ministries&#8217; women&#8217;s shelter and clinic. Later, it became one of the many &#8216;hijacked&#8217; buildings in the inner city, housing some of the most marginalized residents in cramped and unserviced quarters. Deeds office records indicate that the building remains in the possession of the City of Johannesburg.



FORBES AFRICA also visited two buildings across the street from the fire, housing both locals and foreign nationals, with no access to running water or electricity. Most rooms, the size of individual corporate offices, were crowded with three-four occupants, often including children. The situation of the 80 Albert Street building was no different.



The problem of &#8216;hijacking,&#8217; or illegal occupation of buildings for residence, has long plagued Johannesburg&#8217;s CBD. In 2018, then Mayor Herman Mashaba&#8217;s spokesperson reported over 432 hijacked buildings in the city, a number that has likely grown since. Residents of 80 Albert Street, many of whom were foreign nationals, disclosed monthly payments between R1,000 ($53.5) and R2,000 ($107) for their occupancy.



Continual migration to Johannesburg in search of employment, coupled with a housing backlog exceeding 500,000 as of last year, forces many residents and migrants into alternative, often illegal, housing.



One resident interviewed by FORBES AFRICA expressed disbelief, learning that her friend Amanda, just 21 years old, had perished: &#8220;She was a child, and now she&#8217;s gone.&#8221;



While the nationalities of the residents remain largely unknown, many appeared to be of foreign origin, a point that quickly became a focal issue. Operation Dudula attempted to stage a demonstration near the site but was turned away by the police.



Mulaudzi stated: &#8220;The people living there, I don&#8217;t have all the details. Some might be South African citizens, and some might be foreign nationals, but this information is yet to be confirmed. It&#8217;s a mix of residents in that area.&#8221;



In conversations with local residents, some South African nationals alleged that poor safety conditions and the ensuing fire were a result of illegal activities. &#8220;They are selling drugs,&#8221; claimed the same resident who was a friend of the deceased Amanda. &#8220;It&#8217;s everywhere here.&#8221;



Several politicians were present, including Johannesburg Mayor Kabelo Gwamanda and the City&#8217;s MMC for public safety, Dr Mgcini Tshwaku. They spoke out against the incident, framing it as a nationalistic issue, and addressed the problem of building-hijackings within the CBD.



&#8220;As they remove the bodies, it&#8217;s evident that people were trapped. The bodies piled up because people on the first floor tried to escape, but the gate was locked. People were trapped. We need to deal with this issue – buildings are being hijacked,&#8221; Tshwaku emphasized. &#8220;At this time, the city doesn&#8217;t have alternative housing solutions.&#8221;



The death toll is anticipated to rise as emergency services continue their operations. This incident ranks among the deadliest building fires worldwide, highlighting the pressing issues faced in Johannesburg&#8217;s inner city.

31 August 2023 Joburg Fire Forbes (1 of 1)

Johannesburg’s Deadly CBD Blaze: A Heartbreaking Mass Casualty Event Claims 74 Lives

In the wake of contested presidential election results, Gabon faces a coup declared by senior military officers, forming the &#8220;Committee of Transition and the Restoration of Institutions.&#8221; This marks the eighth coup in West and Central Africa since 2020.



In Gabon, a group of senior military officers has declared a coup following the presidential election results announced last weekend. The officers leading the coup, deeming their movement the “Committee of Transition and the Restoration of Institutions”, appeared on national television today, alleging they represent all defense and security bodies in the country. They declared the election results null and void, closed all borders, and dissolved state institutions. This move comes after the incumbent president, Ali Bongo, won a third term in the presidential election with 64.27% of the vote, while the opposition claimed the election was fraudulent.



“After noting an irresponsible, unpredictable governance which results in continuous deterioration of social cohesion that risks leading the country to chaos… we have decided to defend peace by putting an end to the regime in place,” said an unidentified military leader during the televized address announcing the takeover.



The coup, if successful, would mark the eighth coup in West and Central Africa since 2020. Recent coups in neighboring countries like Mali, Guinea, Burkina Faso, Chad, and Niger, have hampered democratic progress in the region.



Tensions were already high in Gabon due to concerns about the transparency of the electoral process, including the suspension of foreign broadcasts, the cutting of internet access, and the imposition of a nationwide curfew during the vote.



State institutions dissolved include the government, the senate, the national assembly, the constitutional court, and the election body. The coup attempt raises questions about the future political landscape in Gabon and the potential for further instability in the region. Gabon has a reported history of election-related violence, with clashes between government forces and protesters in past elections resulting in casualties. The opposition has also contested previous election results, accusing President Bongo, who has ruled for around 14 years, of fraud.



In the broader context, Gabon has faced challenges related to its political and economic landscape. The Bongo family has been in power for decades, with Ali Bongo succeeding his father, Omar Bongo, as president in 2009. This prolonged rule has raised concerns about democracy and transparency in the country.



Gabon is resource-rich, with substantial oil and cocoa reserves, but also faces high levels of poverty and inequality.



The military&#8217;s involvement in politics is not new in Gabon, having foiled a coup attempt in 2019, and its influence on the political landscape has been a subject of concern by observers.



As the situation unfolds, it remains uncertain how the international community will respond. Regional and international organizations have yet to issue statements condemning the coup and calling for a return to democratic governance, but are likely closely observing developments.



With the situation still developing and information scarce, reports of gunfire have been noted in the capital of Libreville, but information is scarce due to the internet blackout imposed.

Aerial View of Capital City Libreville & Coastline

Gabon’s Military Declares Coup Amid Election Dispute

Zimbabwe&#8217;s recent national election, resulting in a narrow win for the incumbent ZANU-PF party and President Emmerson Mnangagwa, is facing challenges amid allegations of fraud and irregularities by the leading opposition party, the Citizens’ Coalition for Change. International observers highlight concerns over transparency and fair practices, while Zimbabwe&#8217;s history of economic decline and political turmoil looms large.



Zimbabwe’s hotly-contested national election, which ended in a narrow victory by the incumbent ZANU-PF party and President Emmerson Mnangagwa, is set to be challenged by the leading opposition party, the Citizens Coalition for Change (CCC), with the CCC’s leader declaring the election a “gigantic fraud”. The voting process has been critiqued by both local and international observers and has borne allegations of voting irregularities and intimidation by the ruling party and affiliated groups.



The voting, which began on Wednesday, August 23, was extended by a day due to the non-delivery of ballots in many polling stations, including those in the capital of Harare and Bulawayo. This saw some voters queuing for over 24 hours to cast their ballots.



Issues around the timely delivery and sealing of ballots, excessive delays in procedure, as well as allegations of gerrymandering, were all noted as concerns by South African Development Community (SADC) observers, who issued their preliminary report on the election over the weekend, noting that it “fell short of the requirements of the Constitution of Zimbabwe, the Electoral Act, and the SADC Principles and Guidelines Governing Democratic Elections (2021).”



“Zimbabwe was never a democracy, and it is still not a democracy,” tweeted prominent Zimbabwean journalist Hopewell Chin’ono. “That means it would be foolish for anyone of us to have expected a Free, Fair, and Credible election from ZANUPF.”



Similar concerns to those of SADC were noted by both European Union (EU) and Commonwealth observers, who also cited stakeholder concerns of voter intimidation and irregularities in the handling of ballots by the Zimbabwean Electoral Commission (ZEC). Observers did, however, note that the election process was largely peaceful, in stark contrast to the 2018 general election.



Local civil society organizations known to conduct independent oversight on the voting, such as the Zimbabwe Election Support Network (ZESN) and Election Resource Centre (ERC), who deploy observers and issue projections regarding the voting, saw their offices raided by government security forces as the vote counting was being concluded. Their staff was arrested and all equipment seized, contributing to a climate of uncertainty and intimidation surrounding the election and leading to further criticism by international bodies.



The United States Agency for International Development (USAID) condemned the arrests, calling for the immediate release of all persons detained and stating, “This is a worrying development for human rights in Zimbabwe, and it undermines democracy and respect for human rights,” in a statement last week.



The United Nations Secretary-General also expressed concerns through a spokesperson in a statement late yesterday: “The Secretary-General is closely following developments in Zimbabwe&#8217;s elections. He is concerned about the arrest of observers, reports of voter intimidation, threats of violence, harassment, and coercion.”



The primary opposition party, the CCC, has rejected the results, with party leader Nelson Chamisa stating, “There’s going to be a change in Zimbabwe, whether ZANU-PF people want it or not… we will not wait for five years, there has to be a change now,” he said in a media briefing yesterday.



ZANU-PF has held the reins of power since the end of white-minority rule in the country since 1980, initially under the long reign of Robert Mugabe, who was ousted in a coup in 2017. Then Vice-President Mnangagwa ascended to the Presidency with the support of the Zimbabwean Defense force and its commander, Constantino Chiwenga.



Mnangagwa’s regime has been reportedly marred by authoritarianism and corruption scandals, with a recent Al-Jazeera documentary implicating the President and many of his political associates in smuggling and money laundering. This is in a country ranked as one of the poorest in the world, according to World Bank data.



Under Mugabe’s rule and the controversial land reform policies of the early 2000s, the country saw a steep economic decline, hyperinflation, and increasing international sanctions. The continued instability in the country has led to many professionals leaving for better pastures, particularly that of neighboring South Africa.



The CCC’s Chamisa has indicated that the party will challenge the election results in court.



President Mnangagwa, after securing his second term, celebrated his victory and commended what he termed the transparency of the process, stating that the lack of violence was a sign of the country’s maturing democracy, and that some “…observation missions went beyond their call of duty…” and that “… those who feel the race was not run properly, know where to go.”

Zimbabwe Gears Up For 2023 General Elections

Zimbabwe Election Uncertainty: Opposition Challenges Narrow Victory

At day three of the 15th BRICS Summit, the bloc’s expansion, welcoming Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, heralds a new phase of global collaboration and influence.



In a significant move that has captured global attention, the BRICS bloc is set to welcome new members for the first time since the adoption of South Africa in 2010, ushering in a chapter of expanded collaboration and shared markets. Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) are poised to become full members of the BRICS family, amplifying the possible leverage the bloc is able to implement globally, as well as increasing the entity’s capability as a counterbalance to the West.



“The world is changing,” commented South African President Cyril Ramaphosa in his closing remarks at the three-day BRICS Summit in Johannesburg. “New economic, political, social, and technological realities call for greater cooperation between nations. These realities call for a fundamental reform of the institutions of global governance, so that they may be more representative and better able to respond to the challenges that confront humanity.”



The expansion announcement was made by Ramaphosa, who chaired the summit. It represents a carefully deliberated and agreed-upon step signifying consensus among the existing BRICS members – Brazil, Russia, India, China, and South Africa – to broaden the bloc&#8217;s scope and deepen its collaborative efforts.



The BRICS grouping, which collectively represents a significant portion of the global economy, trade, and population, has garnered attention not only for its economic significance but also for its potential to shape international discourse and policy. The inclusion of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE extends this influence to regions that bring unique perspectives, resources, and challenges.



The invitations to join the bloc are particularly significant given the close relationship between Saudi Arabia, the UAE, and the West, for which BRICS has increasingly come to counterbalance. The expansion indicates a clear view for a multipolar world order characterized by equitable development, sustainable growth, and collective security. It is a testament to the bloc&#8217;s commitment to fostering cooperation in areas such as trade, investment, technology exchange, and cultural understanding. By embracing these new members, BRICS solidifies its role as a platform for dialogue and collaboration, even as the global geopolitical landscape continues to evolve.



This multipolar support was no clearer than in the addresses of China’s President Xi Jinping, noting the event&#8217;s historic significance; “The expansion is also a new starting point for BRICS cooperation. It will bring new vigor to the BRICS cooperation mechanism and further strengthen the force for world peace and development.”



President Vladimir Putin too gave a closing address via video call.



Prime Minister Narendra Modi of India, a key player in the BRICS partnership, emphasized the expansion&#8217;s significance in his address; “India has always supported the expansion of BRICS. India has always believed that adding new members will strengthen BRICS as an organization.” Modi highlighted that the inclusion of these nations is a symbol of openness, inclusivity, and cooperation that extends beyond national boundaries. This sentiment resonates with the BRICS ethos of mutual respect and the pursuit of common goals for the betterment of all member nations.



The BRICS expansion holds the potential to foster economic growth, innovation, and the sharing of best practices among member nations. It is anticipated to enhance trade ties and investment opportunities. This enlargement positions the BRICS bloc as a resilient and collaborative force, capable of influencing economic outcomes and promoting stability.



Beyond the economic realm, the expansion offers an avenue for constructive dialogue on pressing global issues. By incorporating nations from different regions, the BRICS bloc can diversify its perspectives and responses to challenges such as climate change, cybersecurity, and geopolitical tensions. The inclusion of nations like Iran, Saudi Arabia, and the UAE brings a heightened focus on Middle East dynamics, allowing for enhanced dialogue and understanding.



Of note regarding the attempts at the bloc&#8217;s expansion are the inclusion of offerings of membership of the UAE and Saudi Arabia, which have long-established relationships with the West, with which the Russian Federation and China find themselves opposed with the war in Ukraine and trade conflicts, respectively.



As the world watches this expansion unfold, it&#8217;s worth noting that BRICS is not merely an economic or political grouping but a lever of global diplomatic influence.

Brics Summit in Johannesburg, South Africa August 22-24, 2023

New Name For BRICS? Summit In South Africa Unveils Newer Members In The Bloc

India&#8217;s Chandrayaan-3’s successful moon landing marks a historic achievement in global space exploration. The Indian Space Research Organisation&#8217;s (ISRO) triumph has garnered international attention and celebration.



India has achieved a historic milestone in space exploration, solidifying its position as a key player in global space exploration, successfully landing the Chandrayaan-3 probe on the moon&#8217;s Southern Pole. With this, the Indian Space Research Organisation (ISRO) has ushered in a new era of triumph for the nation&#8217;s space endeavors, one that was watched and celebrated around the globe.



The entire world turned its gaze skyward as the lander, a culmination of meticulous planning and cutting-edge technology, touched down on the lunar surface. The event was a global spectacle, as millions of people tuned in to the live stream on ISRO&#8217;s official YouTube channel. This achievement was marked by India&#8217;s Prime Minister Narendra Modi as not just one for India as a nation but for humanity as a whole, emphasizing that the feat transcends national borders and stands as a testament to human ingenuity and aspiration. &#8220;It belongs to all of humanity,&#8221; he remarked, underscoring the significance of such achievements in advancing our collective understanding of the cosmos.



Modi delivered his celebratory address while in attendance at the ongoing BRICS Summit in Sandton, Johannesburg, where other affiliated world leaders are sure to celebrate India&#8217;s achievement. Chandrayaan-3&#8217;s success belongs to &#8220;… all of humanity,&#8221; said Modi in a livestreamed statement, a sentiment reaffirmed by opposition party and Congress leader Mallikarjun Kharge, who tweeted that the landing was the success of &#8220;every Indian&#8221;.



In India itself, reports of jubilation were rife as people from all walks of life gathered around televisions, computer screens, and cafes to witness and celebrate this milestone. This achievement comes on the heels of a recent setback for space exploration – just two days prior to India&#8217;s triumphant landing, Russia&#8217;s Luna-25 module experienced a crash landing on the moon&#8217;s surface – an unfortunate turn of events for a nation that was once at the forefront of space exploration.



India’s previous efforts at lunar landings have proved unsuccessful, with the Chandrayaan-2 probe crashing spectacularly into the moon&#8217;s surface in 2019. However, the ISRO has made significant improvements in the latest probe, developing extensively both the capabilities of the probe as well as expanding the landing area, key elements in the landing&#8217;s success. Central to the Chandrayaan-3 mission is the prospect of uncovering water ice on the moon&#8217;s surface. This discovery could have profound implications for future lunar exploration, potentially paving the way for sustained human presence on the moon. The lander is equipped with state-of-the-art scientific instruments, including a spectrometer designed to analyze the composition of the lunar surface. Discoveries in this field could greatly support long-term lunar missions in the future, accounting for the key observation of the landing in the scientific communities. Beyond national pride, the landing serves to represent the spirit of collective endeavor and global commitment to space exploration, evidenced by the millions worldwide who waited with bated breath for the successful landing.



&#8220;I reached my destination and you too!&#8221; the ISRO tweeted on touchdown. At the time, at least 6 million viewers were tuned into the livestream.

Indian Students Remotely Observe ‘Chandrayaan-3’ Launch to Land Spacecraft on Moon

‘To All Of Humanity’, Says Modi At BRICS Summit In South Africa As India Celebrates Historic Landing On The Moon

The BRICS Summit currently underway in Johannesburg explores expansion and a shared currency, challenging the US dollar&#8217;s dominance.



The annual BRICS Summit kicked off in Sandton, Johannesburg, today to rapt viewers around the world, as the economic and political bloc touched on critical developments such as the expansion of its membership as well as the possibility of implementing a shared currency.



The summit is being attended by Brazil’s Lula da Silva, South Africa’s Cyril Ramaphosa, China’s Xi Jinping, India’s Narendra Modi, and notably Sergey Lavrov in place of Russian President Vladimir Putin. Clear in a number of speeches, including those of presidents Jinping and Ramaphosa, was a definite willingness for the expansion of the bloc, which is increasingly being seen as a counterweight to global Western influence and more representative of the interests of the Global South.



Critical to this shift is a move away from what is seen as the hegemony of the United States dollar in global exchanges, which has seen both China and Russia suffer due to ongoing trade disputes and the war in Ukraine respectively. Moves towards stronger ties with BRICS-aligned nations were previously noted by President Ramaphosa on Sunday.



“We have steadily strengthened trade and investment ties with other BRICS countries alongside collaboration in areas like development, skills, technology, security, and innovation…” said Ramaphosa in a press release. “South Africa has benefited from the New Development Bank, which was established by the BRICS countries in 2015.”



These increased economic ties are what South Africa, the BRICS bloc, and possible future member states stand to benefit from should a shared currency be implemented, with the African Continental Free Trade Area (AfCFTA) being highlighted as a stepping stone towards this.



“As we speak, there are 47 countries that have ratified the agreement establishing the AfCFTA… only one country is yet to sign. All of these countries that have ratified have accepted the legal obligations, commitments to significantly reduce barriers to intra-Africa trade… estimated at only 18%, which is very low,” said the AfCFTA’s Secretary-General, Wamkele Mene, during a plenary discussion at the BRICS Business Forum today.



Using the example of a Kenyan businessman trading in the Republic of Djibouti, Mene continued; “Why is the dollar involved? Two African countries trading using a third currency.”



Mene further highlighted the introduction of the Pan African Payments and Settlements System (PAPSS), a SWIFT competitor estimated to save $5 billion annually in fees on payments on the continent.



“We’ve introduced the Pan African Payments System… you will no longer have to rely on a third currency, you will no longer have to buy a third currency, to trade in Africa,” said Mene to applause from the room. “We want to move beyond the trade agreement but introduce tools that will enable the trade to happen.”



Much of the conversation around consolidation of the solidarity of existing BRICS member countries, the bloc’s willingness to accept new memberships, and its successes in establishing both ease of trade and cost-saving initiatives appeared to be a possible preparation of the ground for the introduction of a BRICS-wide currency, which, while previously posited, has not until recently offered the level of advantage it might to countries such as Russia and China.



Nations in the bloc have long discussed the possibility of BRICS Pay, aimed at allowing for seamless, decentralized digital payments between member countries. As recently as last month, Brazil’s President Lula also highlighted the impact of US dollar dependence. With Russia reeling from US-based sanctions due to the war in Ukraine, the country too has been vocal about lessening dollar-based dependence.



However, a realistic and technically viable plan as to how a multinational currency would work for the bloc has yet to have been posited, despite several speakers at the conference discussing it during the opening day.



In attendance were dozens of world leaders from across the African continent, either considering the possibility of joining the bloc or being courted for membership – and as talks proceed over the next few days of the summit, considerations around new membership and realistic postulations around the implementation of a BRICS currency will play a major focus, watched not just by the member countries themselves but also by many in the West.



As if to underline this point, said Ramaphosa: “BRICS has a vitally important role to play in the reform of global governance and in the promotion of multilateralism and cooperation throughout the world.”

Opening Day of The 15th BRICS Summit

BRICS Summit: Paving The Way For Shared Currency And Economic Expansion

South African President Cyril Ramaphosa has been cleared by the country&#8217;s reserve bank in the ongoing Phala Phala scandal, ruling that there was no contravention of exchange control regulations based on the available information. The South African Reserve Bank (SARB) revealed its findings in a short release posted on its website today.



The Phala Phala scandal, as it has become known, involved a police report filed by South Africa&#8217;s former Head of State Security against the President, alleging that an undetermined amount of undeclared foreign currency was stolen from Ramaphosa&#8217;s game farm in early 2020, and that the President failed in his duty to report this crime.



The origin and purpose of the money, as well as its conformation with currency exchange laws, have all been the subject of investigation and have placed immense strain on the career of the President, almost leading him to resign his post in late 2022.



The money was alleged by the President to have been proceeds from a game sale by his farm, later identified as $580,000 for a prize bull, paid by Sudanese businessman Hazim Mustafa.



After the initial theft, Ramaphosa is alleged to have briefed his head of security, Major General Wally Rhoode, on the incident. Rhoode then reportedly proceeded to conduct an unsanctioned investigation, tracing the suspects of the theft in both South Africa and Namibia, before allegedly paying them off.



SARB’s exculpation of Ramaphosa comes after an independent report compiled by a retired judge, as well as a parliamentary vote for Ramaphosa&#8217;s impeachment, which failed to pass late last year.



Acting Public Protector Kholeka Gcaleka also absolved Ramaphosa in her own report in June of this year, which was widely panned by opposition parties and is currently the subject of a court challenge.



However, of note in the Reserve Bank&#8217;s media statement is that no violation of exchange controls for the transaction were found due somewhat to a technicality – namely, that since the goods, in this case, the bull for sale, were not actually delivered, no transaction took place, and thus no finding regarding a contravention could be made.



&#8220;SARB has concluded that the transaction in question was subject to conditions precedent which were not fulfilled, and therefore there was no legal entitlement… to the foreign currency,” continued the press release.



While the report is yet another in a long line of investigations that have left President Ramaphosa in the clear, it will likely remain a strong topic of discourse as the country prepares for both the BRICS summit this week and a hotly-contested general election next year.

CHOGM London 2018 – Day 2

South African Reserve Bank Clears President Ramaphosa in Phala Phala Scandal

A deadly attack in Niger claims the lives of 17 soldiers, raising concerns of escalating jihadist activity following the recent overthrow of President Mohamed Bazoum. Supporters of the military junta face the dual threat of ECOWAS military intervention and internal extremism, as a new militia mobilizes to back the nation&#8217;s armed forces.



At least 17 soldiers from the Nigerien military were killed in an attack on Tuesday, potentially signaling an escalation in jihadist activity in a country that has long been considered a partner to the West in combating extremism in the Sahel region. This attack is the first of its kind since Niger&#8217;s democratically elected President, Mohamed Bazoum, was overthrown by a military junta in late July. The Nigerien junta stated that at least 100 attackers were killed in retaliation, although this claim could not be independently confirmed.



Supporters of the junta, condemned by the Economic Community of West African States (ECOWAS), seem to have been motivated by the threat of military intervention by ECOWAS, as well as the internal extremist threat. Reports suggest the emergence of a new militia, the Volunteers for the Defense of Niger, which is recruiting volunteers to support the nation&#8217;s armed forces.



ECOWAS, which denounced the attack on the Nigerien security forces, continues to call for the restoration of democratic order. &#8220;ECOWAS calls on the CNSP-military leadership in Niger to restore constitutional order in order to focus on the security of the increasingly fragile country,&#8221; stated the body in a recent release.



Officials of the bloc also attended an African Union (AU) meeting on Monday in Addis Ababa to discuss the situation in Niger. The situation seems unlikely to resolve soon, given the mixed signals from many of the involved parties. The junta recently expressed openness to diplomatic discussions but seemed to reverse its stance last Sunday by announcing the intention to charge captive President Bazoum with high treason.



Both ECOWAS and the AU condemned the legal threat against Bazoum, but this incident appears to have stalled further talks. The newly appointed US Ambassador to Niger, Kathleen FitzGibbon, is expected to arrive in the capital city of Niamey this week, which could potentially lead to diplomatic progress. However, as these efforts stall, the stability of the region remains precariously fractured.

Demonstration of coup supporters in Niger

17 Soldiers Killed in Niger Attack, Escalating Concerns Over Extremism

Exploring the emerging trend of using cryptocurrency as a hedge against inflation, highlighting real-world applications and driving economic growth in South Africa.



Cryptocurrencies have had a tumultuous history, often marred by speculation and fraudulent activities. However, the recent decline in public interest has allowed for more realistic applications to emerge, along with appropriate regulation. This maturation of the crypto space has led to an exploration of cryptocurrencies as a potential hedge against inflation.



Ahren Posthumus, CEO of Momint, a tech startup based in Cape Town, believes the reduction in hype has allowed for a focus on real-world projects that are auditable and have a real background. &#8220;We&#8217;re seeing this [crypto as a hedge against inflation] quite a lot&#8230; But not only is it being used as a hedge, it’s also being used as a mechanism to drive the bottom line and solve real problems that South Africa is facing right now,” he says to FORBES AFRICA.



Another notable advantage of cryptocurrency as a hedge against inflation is stablecoins. Since stablecoins are backed by the US dollar, owning them is equivalent to saving in dollars. Storing funds in USDT or earning in other stable tokens like USDC can help keep finances protected from devaluation.



According to Peter Mureu, Marketing Director at Yellow Card, “The rand has dramatically lost its value over the past decade. From ZAR10 for $1 in 2010 to almost ZAR20 for the same amount now, the purchasing ability of the rand has nearly been cut in half. Investing in crypto, especially USDT will allow for that risk to be halved and increase the ability to purchase alternative power sources to deal with the current power issues/load-shedding. For those earning in USDT, even the lack of power is an easily surmountable problem because the USDT is constantly appreciating regardless of the state of the rand.”



One such problem is South Africa’s current energy crisis. The combination of large tax rebates for investments in renewable energy, coupled with platforms such as Momint, has seen large growth in realistic applications for cryptocurrencies. “Our tokenized, fractionalized solar investments qualify for Section 12 rebates… this is massive,” continues Posthumus.



Lerato Lamola, consultant and crypto specialist at Webber Wentzel, notes that South Africa’s legislative process seems to be in line with this, with the country classifying crypto as a financial product rather than a security. This allows crypto to be managed more easily within the framework of existing financial instruments.



“South Africa is really focusing on the man in the street,” says Lamola. “South Africa is now focusing more on how crypto is impacting retail consumers.”



Cryptocurrencies and blockchain technology are emerging as potent tools for socio-economic development in Africa, particularly South Africa. By facilitating low-cost remittances and microloans, they&#8217;re creating meaningful changes that uplift the economy.



Posthumus sees the burgeoning sector as a vehicle for innovation and economic growth, asserting that cryptocurrencies could engender a more equitable financial system by enabling secure and cost-effective transactions.



In Africa, cryptocurrencies and blockchain technology are no longer theoretical concepts; they have become practical tools driving tangible change. Platforms such as Momint are already realizing this – one such example is the ability for users to fractionally invest in renewable energy projects, allowing investors to generate returns, take advantage of renewable investment tax breaks, and invest in sustainable development.



Cryptocurrencies in South Africa and Africa are increasingly seen as more than just volatile investments, but as powerful tools.



&#8220;The biggest thing for us is about having a product that people can use and understand. It’s about education, and we need to be building that trust with the consumer,” adds Posthumus.

Author: Yeshiel Panchia

FORBES AFRICA SOCIAL MEDIA