&#8220;I founded this company when I was sick,” Carla Frankel says with a shaky voice, when we meet in Botswana in April for the Forbes Under 30 Summit Africa. When she says that, the people around her listen, as she unravels to FORBES AFRICA the story of how she created the Top Drawer Collection, retailing personalized luxury sleepwear, in South Africa.



“In life-altering moments, I stood at the crossroads and pushed boundaries and used negative experiences to create really great products and experiences, rather than choosing the road of defeat and victimization.”



At the age of 21, Frankel was walking around campus and suddenly felt her feet burn, which actually turned out to be Sagittal Sinus Thrombosis.



“In other words, I had a stroke!” she recounts. Two years before that, Frankel had already been diagnosed with two autoimmune diseases; antiphospholipid syndrome (APS) as well as Lupus. During her second year at university, she had another stroke during a four-hour exam. This resulted in three weeks of hospitalization and Frankel being unable to finish her exams.



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It was during the recovery phase that she realized that the only thing in that “dark period” that lifted her spirits was the pair of matching pajamas her mom had bought for her from retail chain Woolworths.



“We would make quite a moment of them, put on face masks, and watch our favorite movies. Those pajamas with my mom weren’t just pajamas — they were a layer of comfort and safety. They were an armor of sorts to me that helped me feel beautiful and safe even while so disconnected from myself, in this foreign body that didn’t feel like mine.”



Coming into this moment feels almost full circle for Frankel as she admits that she started reading FORBES AFRICA 30 Under 30 lists five years ago and had always been inspired by the stories of the founders in them.



“I noticed that a large commonality in each person was overcoming challenges to create solutions and innovate. Most of all, I found inspiration in how most of these people made the choice to voyage forward into the path of success despite circumstances being against them.



“A near-death experience is the reason Top Drawer Collection exists, and with every negative health experience I face, a new, even better product is born to meet the need that I would only know how to fulfill by walking through the thorns and making it to the other side.”



Within six months of starting Top Drawer, Frankel says she received orders from South African celebrities such as actor-producer Connie Ferguson and influencer Kefilwe Mabote. Corporates like Unilever were also ordering sleepwear from her. Even when Covid-19 hit, she still managed her business.



“We have reached the market cap for the units that can be produced locally. I sell what I have, and there is a waiting list unbelievably long for those who didn’t manage to secure a set on a restock day. I am very grateful for the desire for the product.&#8221; Frankel says.



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Words and Curation: Chanel Retief Art Director: Lucy Nkosi Additional Research &amp; Reporting: Lillian Roberts Photography: Ilan Godfrey for Forbes Videography and production: Timothy Pierson for Forbes &amp; Chad McClymonds for Forbes Video Editor: Chanel Retief Styling: Katlego Magano of Oak Ave; Assistant: Tumelo Nkwe Hair &amp; Makeup: SnehhOnline Beauty; Thapelo Letsebe Location: Image Lounge, Botswana and 2022 Forbes Under 30 Summit



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#FORBESAFRICA30UNDER30: Meet Cover Star CARLA FRANKEL: ‘With Every Negative Health Experience…A New, Even Better Product is Born’

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When a 16-year-old Brett Lyndall Singh from Pietermaritzburg, South Africa, was unable to perform CPR on his sick grandmother, he used this traumatic experience as his calling to become a doctor.



“It kind of cemented the idea of me making sure that I have the skills to be able to save people’s lives,” Singh tells FORBES AFRICA.



The congenial doctor has a spring in his step when we meet him, as he speaks about his journey around the world in medicine and health.



“Unfortunately, I couldn’t study in South Africa due to a lack of space [in medical school],” Singh explains. “And I took a leap of faith and applied to universities around the world and got a great offer from China. And so, I moved to China when I was 17 going [on] 18 back in 2011. I then studied at Wenzhou Medical University for my bachelor of medicine and surgery. I was then able to do some internships and electives at the Royal Melbourne Hospital in Australia.”



When Covid-19 became a vast and ugly reality across the globe, Singh spent days in Covid wards in China, and says was even invited by President Xi Jinping and the Communist party to go to Beijing to volunteer during the pandemic as one of two African doctors.



Singh is now also involved in South Africa’s national response to Covid-19 and is also currently the chairperson of the Global Value Chains working group of the Department of Trade and Industry Cooperation’s national healthcare master plan.



“My job is to unlock the strategy and investment and opportunities around ‘made in South Africa’ medical devices and healthcare products. So, as a doctor, getting involved in research and development and in the healthcare business started with my thesis in combatting sub-Saharan Africa’s malnutrition…



“I am helping to create a device that could make a doctor’s life better, and could also contribute to stimulating the economy of South Africa and Africa… And I’m trying to be the bridge to help technology transfer like what we did in our project for rapid antigen, as well as component manufacturing, so that we can stimulate the economy, do more research and development and go forward.”



When Covid-19 first broke in 2020, whilst with Plame Biotech, Singh’s company Alpha and Omega MedTech contributed to medical advancements in coronavirus diagnostics by way of the KOVIFAST Rapid Antigen Test, which compared to a PCR Test, only needing 15 minutes to identify a test, rather than six to 18 hours.



Alpha and Omega MedTech was soon approved by CDC Africa’s Africa Medical Supplies Platform as an official supplier of Diagnostic and Therapeutic Medical Devices. Singh’s company has one of the youngest founding teams to hold a South African Health Products Regulatory Authority (SAHPRA) license. His work on diagnostics, and its pairing with digital healthcare in epidemiological tracking was presented at the First International Conference on Public Health in Africa hosted by CDC Africa.



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Words and Curation: Chanel Retief Art Director: Lucy Nkosi Additional Research &amp; Reporting: Lillian Roberts Photography: Ilan Godfrey for Forbes Videography and production: Timothy Pierson for Forbes &amp; Chad McClymonds for Forbes Video Editor: Chanel Retief Styling: Katlego Magano of Oak Ave; Assistant: Tumelo Nkwe Hair &amp; Makeup: SnehhOnline Beauty; Thapelo Letsebe Location: Image Lounge, Botswana and 2022 Forbes Under 30 Summit



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#FORBESAFRICA30UNDER30: Meet Cover Star DR BRETT LYNDALL SINGH: ‘Helping Create A Device That Could Make A Doctor’s Life Better’

Having grown up as a conservative Northern Nigerian, it was ingrained in Fatima Babakura that at a certain age, inevitably, she would have to finish school and then get married “to someone rich who can take care of you”.



But Babakura was never going to let this happen.



“Living in Lagos gave me a different perspective because I was living around people whose mindset was ‘make your own money and then go to school’ so it’s not like you are waiting for someone to come and take care of you’,” Babakura tells FORBES AFRICA. “And because I was privileged enough to experience that, I am not your average Northern Nigerian girl.”



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Babakura is the founder, chief executive officer and designer of Timabee, an accessories brand that “redefines luxury in Africa and beyond”.



Her sharp eye for design, curiosity and yen for imagining a product and bringing it to life motivated her to start Timabee.



Babakura began the brand in her first year of university in Canada.



She had designed a “simple handbag” and given it to her close family friend as a gift.



“I didn’t even think it was that great,” she laughs. But continuing on with her theme to be “curious”, she set out to find a manufacturer who would make this bag.



“Keep in mind, I was an accounting student with no business or fashion background. I did a simple Google search which led me to Alibaba where I found a company that agreed to make me a sample for $150 in December 2013.”



From the pocket money she received from her parents, 17-year-old Babakura set out to spend the $150 which she ended up losing as “I interacted with a fraudulent vendor and had no clue”.



Losing the money did not stop her.



“I was determined to find someone else to make my bag, but this time I was a lot more careful and I did my due diligence researching the company.”



One of the biggest highlights for Timabee was in 2021, when the brand was approved by award-winning American artist and businesswoman, Beyoncé.



“Last year, when Beyoncé’s team compiled a list of black-owned businesses, we were honored to make the list. It just goes to show that as a small, growing brand, the work we put in every day does not go unnoticed.”



Having taken the pro-women approach when it comes to running her business, she wants to encourage many women, including those who may look like her, to feel empowered to start enterprises.



“Starting Timabee as a young girl, there were many mistakes I made as I did not seek out mentorship earlier on due to the fear of being rejected. I learned a lot through trial and error, many of which cost the company money and could have easily been avoided had I sought mentorship,” Babakura says. “This is a major reason why I have set up Timabee global resources, a concept aimed at helping entrepreneurs in the accessory business navigate their way to global recognition and achieve success. I truly believe in paying it forward and so in the next three years, I hope to open a mentoring school specifically for high school and university students where they can have hands-on experience on the business of fashion especially as it relates to Africa.



“Many girls from Northern Nigeria aspire to marry rich as a ‘career path’, sadly. I believe that through my mentorship program, the right mindset will be the foundation for future success especially since I will be an example to them through my achievements as a Northern girl.”



Words and Curation: Chanel Retief Art Director: Lucy Nkosi Additional Research &amp; Reporting: Lillian Roberts Photography: Ilan Godfrey for Forbes Videography and production: Timothy Pierson for Forbes &amp; Chad McClymonds for Forbes Video Editor: Chanel Retief Styling: Katlego Magano of Oak Ave; Assistant: Tumelo Nkwe Hair &amp; Makeup: SnehhOnline Beauty; Thapelo Letsebe Location: Image Lounge, Botswana and 2022 Forbes Under 30 Summit



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#FORBESAFRICA30UNDER30: Meet Cover Star FATIMA BABAKURA- ‘I am not your average Northern Nigerian girl’

“RISKING YOUR JOB FOR 10 MINUTES OF SLEEP&#8230; THAT’S CALLED SACRIFICE&#8230;” says Majimbo, donning her iconic sunglasses. “If I get up on time then what is the snooze button for,” she asks, proceeding to crunch on a crisp, perfectly-rounded potato chip.



When you think of that Kenyan accent, the 90s-themed sunglasses, the potato chip, and the hallmark giggle, Majimbo immediately has you thinking “iconic”.



Just ask any one of her loyal followers on Instagram.



The Nairobi-born Majimbo, who spent her days playing chess and attending college, was not aiming to be an internet sensation with her laughter-inducing, pared-down vid- eos when the Covid-19 pandemic hit in 2020.



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“I made these videos to make myself laugh and then one day my friend told me that I had gone viral,” she tells FORBES AFRICA.



The videos became a sensation and Majimbo a social media star. Two years on, Majimbo sits with over 2.5 million followers on Instagram.



At this year’s Forbes Under 30 Summit Africa, she said: “Growing up, I always knew I would be iconic. I didn’t know how I would do it, but I knew it would be done.”



Once Majimbo’s videos broke the internet, she immediately informed the journalism institution she was attending and dropped out; she did not even tell her parents.



“I think it was a relief for me because I always say this, I never like[d] school,” Majimbo says.



<blockquote class="wp-block-quote has-text-align-center is-style-large is-layout-flow wp-block-quote-is-layout-flow">“ONE THING PEOPLE ALWAYS GET WRONG ABOUT ME THOUGH IS THAT I AM ALWAYS HAPPY. I HAVE BAD DAYS TOO GUYS.”</blockquote>



On set at the FORBES AFRICA 30 Under 30 photo- shoot in Gaborone in April, Majimbo’s energy was infectious.



“One thing people always get wrong about me though is that I am always happy. I have bad days too guys,” she laughs.



At just 20 years old, Majimbo has already graced the covers of Teen Vogue, Verified, Harper’s Bazaar, and GQ South Africa. She has been featured in Maison Valentino campaigns and has won ‘entertainer of the year’ awards for both GQ South Africa and FORBES WOMAN AFRICA.



Currently, the young starlet is on her way “to make that Hollywood money” in her new home in Los Ange- les where Majimbo’s short documentary, Elsa, will premiere at the Tribeca Film Festival in June.



“You’re going to see me on the big screen,” she promised at the summit.



When it comes to her millions of followers, she always ensures that she is authentic and inspires them to go after their dreams.



“Enjoy your life&#8230; it’s never that deep. People will try and discourage you and you can do whatever you want,” Majimbo says. “Chase that bag until it starts chasing you.&#8221; 



Words and Curation: Chanel Retief Art Director: Lucy Nkosi Additional Research &amp; Reporting: Lillian Roberts Photography: Ilan Godfrey for Forbes Videography and production: Timothy Pierson for Forbes &amp; Chad McClymonds for Forbes Video Editor: Chanel Retief Styling: Katlego Magano of Oak Ave; Assistant: Tumelo Nkwe Hair &amp; Makeup: SnehhOnline Beauty; Thapelo Letsebe Location: Image Lounge, Botswana and 2022 Forbes Under 30 Summit



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#FORBESAFRICA30Under30: Meet Cover Star ELSA MAJIMBO- ‘Chase That Bag, Until it Starts Chasing You’

From teacher to actuary to entrepreneur, CEO and corporate titan, Sello Moloko has had an illustrious journey that could inspire any young African. Taking over as chairman of the Absa Group from April 1, he is all set to make his mark in defining the future of banking.



By GODFREY MUTIZWA



Photographer: Katlego Mokubyane Studio: Newkatz Studio, Johannesburg Art Director: Lucy Nkosi Make-up artist: Okuhle Mciteka Behind-The-Scenes: Chanel Retief



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SOLVING PROBLEMS MAY BE PAR for the course for mathematicians, but incoming Absa Group Chairman Sello Moloko may be about to get his sternest examination yet.



Absa Group remains without a substantive Chief Executive Officer, a year since the unhappy departure of former central banker Daniel Mminele. Mminele lasted 15 months in the group after succeeding Maria Ramos in 2019.



Ramos had led the bank for a decade during which it had been a part of Barclays.



“Look, there is a lot of work that needs to be done inside the organization,’’ Moloko says in an interview with FORBES AFRICA on March 8.



“It has to find a new direction and new leadership that would work towards ensuring that we redefine our culture. So at this point we have the excitement to redefine our culture, and operating in 12 countries in the continent, we have to show that leadership from the top.’’



Arguably the first item on Moloko’s in-tray will be the appointment of a new CEO. Mminele, a former deputy governor of the South African Reserve Bank, had joined Absa in January 2020 amid much excitement after Barclays quit as a controlling shareholder. In his departure statement, he spoke of the importance of aligning the CEO and board on strategy and culture.



It is an axis Moloko is well aware of.



Thabo Leeuw, his friend and business partner of more than three decades tells FORBES AFRICA: “[Moloko] is a mathematician. So, solving problems is something that comes 



naturally to him&#8230; So figuring out ideas, in my short corporate life, I found that it is often an either/or, you don’t quite find in one person a combination of those skills, but it’s certainly something he possesses in abundance. He has an ability to dream, but an ability to also dispassionately and very rationally approach a problematic situation.”



Industry experience has certainly forged the present-day Moloko. He served as Chairman of gold and platinum producer Sibanye-Stillwater for more than six years, working with CEO Neal Froneman as he transformed the company into South Africa’s biggest precious metals producer.



He is also Chairman of Telkom, South Africa’s third largest mobile phone operator, a company that has tenaciously competed against industry behemoths MTN Group and Vodacom Group, and he has previously served as Chairman of General Reinsurance Africa, a company owned by Warren Buffett’s Berkshire Hathaway.



Alignment between the CEO and the board is paramount, he says.



<div class="wp-block-image"><figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2022/04/FORBES-COVER8415-By-Katlego-Mokubyane-683x1024.jpg" alt="" class="wp-image-54882" width="396" height="594" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/04/FORBES-COVER8415-By-Katlego-Mokubyane-683x1024.jpg 683w, https://cms.forbesafrica.com/wp-content/uploads/2022/04/FORBES-COVER8415-By-Katlego-Mokubyane-200x300.jpg 200w, https://cms.forbesafrica.com/wp-content/uploads/2022/04/FORBES-COVER8415-By-Katlego-Mokubyane-768x1152.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2022/04/FORBES-COVER8415-By-Katlego-Mokubyane-1024x1536.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2022/04/FORBES-COVER8415-By-Katlego-Mokubyane-1365x2048.jpg 1365w, https://cms.forbesafrica.com/wp-content/uploads/2022/04/FORBES-COVER8415-By-Katlego-Mokubyane-scaled.jpg 1707w" sizes="(max-width: 396px) 100vw, 396px" /></figure></div>



“The new CEO has to work into the culture of the organization and help define a new culture because as you know, this is a business that was taken over by Barclays and had to find a different culture and then obviously Barclays disinvested from South Africa and so it had to find its new direction. So the key thing is to find new leadership and work with that leadership toward ensuring that we redefine the culture of Absa that will return the glory days back to Absa.’’



To be sure, the bank has been rediscovering some its former magic. Acting CEO Jason Quinn in March reported an almost tripling in 2021 earnings on record first-half profit even as the bank recovered from the impact of the coronavirus.



He also reported profitability above pre-pandemic levels, lifted by transactions and customer activity levels also back to 2019 levels.



With more than 30 years in the financial services industry, Sello Matthews Moloko is at home in banking.



A teacher in his teens, the young man from Soweto’s Seana Marena High School says his short teaching stint opened his eyes to the deficiencies of the Bantu education system imposed on the black majority by the apartheid rulers.



“The year I spent teaching was the most gratifying. It presented the opportunity to impact fellow teenagers positively in an education system that was already failing us then. Besides the honorable impact mission, 1983 gave me the break to introspect and to make a critical decision about the direction of my tertiary education.’’



That path was to take him to the University of Cape Town and later to the University of Leicester, United Kingdom, where he completed a Bachelor of Science degree with Honours (Mathematics major) and a post graduate Certificate in Education in 1988 and 1989 respectively.



His corporate journey started in 1989 in the pensions industry doing actuarial work at Alexander Forbes, which resulted in him pursuing actuarial studies. His career took off in earnest when South Africa attained democratic rule in 1994, enabling him to join the asset management industry in 1996 with South African businessman and entrepreneur Mzi Khumalo’s Capital Alliance. With new opportunities opening up, he suspended his actuarial studies.



“In hindsight, that was a good call,’’ he says.



At Capital Alliance, progress was rapid, culminating in his being appointed deputy CEO in 1997. It wasn’t long before he was noticed, and two years later, began the journey at Old Mutual Asset Managers (OMAM), then the largest money manager in the country.



Four years later, he was CEO, and to-date there remains an emotional attachment.



“OMAM provided a great opportunity for growth,’’ he says.



But the entrepreneurial bug was ever present and three days after resigning from OMAM, what had been meant to be an exploration of job prospects turned into a business discussion and so Thesele Group was born with R15 million seed capital from Sanlam Private Equity.



He has never looked back.



“The seed was planted in 1996 whilst in the proximity of the trailblazing Mzi Khumalo at Capital Alliance,’’ he says. “The idea was however dominated by the desire to gain more commercial experience and the itch to ascend the corporate ladder. These roles, whilst time consuming, have been invaluable in my overall professional development.’’



It has certainly worked.



Today, the company co-founded with Leeuw has a portfolio that includes financial services companies MandG Investment Management which manages more than R300 billion ($20 billion), DG Capital, a specialist financial services group, car rental, waste management, property and manufacturing businesses.



Alongside it, is the Thesele Foundation, which targets education, entrepreneurship and skills training.



“I was introduced to Thabo by a friend some 34 years ago and we have maintained a strong relationship since. Through our respective careers, me in investment management and him in corporate finance, we have always shared ideas almost daily,’’ he says.



“We often spoke about forming an entity together. When the opportunity presented itself, and I was unemployed and his firm was a takeover target, we took the plunge. One could say, the stars aligned. What has kept our partnership enduring is deep trust, mutual respect, common purpose and holding each other to account.’’



Beyond his corporate and entrepreneurial journey, Moloko has been true to his desire to give back to the community.



Between 2005 and 2007, he was President of the Association of Black Securities and Investment Professionals (ABSIP), where he spearheaded a program to assist young black professionals enter and grow in the industry, work which continues to-date. He believes the challenge to create employment is a shared responsibility between all social partners.



“The big thing is not about what government can do. I think the challenge that we have is youth unemployment. It’s a universal problem that we have. We need to empower them with skills. We do quite a lot of work with the Thesele Foundation around coding to ensure that we empower them with skills to be able to find their way in life,’’ he says.



“I think it needs to be a united effort. I had an engagement with some business leaders a few weeks ago wherein we said we need to work together as business and solve it together rather than looking for marketing points.’’



It is work he intends to carry into his Absa Chairman’s office, expanding on the work the company is already carrying out. He cites the Thesele Foundation where 4.7% of all dividends declared are channeled in work impacting children and young people.



“It’s one of the things I am going to put on the agenda of Absa to say, how do we also as a financial institution become an enabler, particularly with funding small businesses to ensure that the issue doesn’t become a constraint. And we also do need to solve the issue of education particularly around the areas where I grew up like Soweto.



“So I’m involved in a number of fundraising initiatives that seek to solve the problem. It is important for me being somebody that visits a place where I grew up. I am concerned with what I see and I try in my own small way and encourage other business leaders to join me on the journey to solving some of these problems.’’



It’s continuation of work he and Leeuw have been involved in through their company and foundation. Withinthese firms, Moloko seeks to make a dent on a scourge that faces South Africa and the rest of the African continent: youth unemployment.



<div class="wp-block-image"><figure class="alignright size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2022/04/FORBES-COVER8395-By-Katlego-Mokubyane-683x1024.jpg" alt="" class="wp-image-54880" width="447" height="670" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/04/FORBES-COVER8395-By-Katlego-Mokubyane-683x1024.jpg 683w, https://cms.forbesafrica.com/wp-content/uploads/2022/04/FORBES-COVER8395-By-Katlego-Mokubyane-200x300.jpg 200w, https://cms.forbesafrica.com/wp-content/uploads/2022/04/FORBES-COVER8395-By-Katlego-Mokubyane-768x1152.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2022/04/FORBES-COVER8395-By-Katlego-Mokubyane-1024x1536.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2022/04/FORBES-COVER8395-By-Katlego-Mokubyane-1365x2048.jpg 1365w, https://cms.forbesafrica.com/wp-content/uploads/2022/04/FORBES-COVER8395-By-Katlego-Mokubyane-scaled.jpg 1707w" sizes="(max-width: 447px) 100vw, 447px" /></figure></div>



But he recognizes today’s youth is different to the youth of his days but he has got some advice.



“Their business proposition is key&#8230; so is the strategic depth, attitude, energy and the ability to execute. Attitude is important as it talks to, for example, the individual’s ability to receive feedback and capacity to handle difficulties along the commercial journey.



“My distinct impression is that the younger, modern-day entrepreneurs tend to lack patience. Many youngsters rush into entrepreneurship before they acquire basic commercial skills. Patience is a key attribute in business and helpful in tough periods which materialize from time to time.’’



Moloko joins banking as the traditional financial industry faces



one of its biggest challenges through ever-evolving technological changes. Fintech has barged in like nothing before it, threatening a large chunk of traditional income streams but Moloko thinks banking’s “death” has been greatly exaggerated. It is defining the future and will adjust as required, he says with a smile.



“I’m not necessarily convinced that banks will be obliterated from the face of the earth. I think banks will be reinvented, in essence, and as technology comes, new and better ways of doing things will evolve. The traditional banking model will of course be challenged. However, because of security issues etc, there will be a heightened role that regulators need to play. Banking will not die, it is the form that will change. And I think it will be changed quite significantly.’’



What of crypto and its promise of revolutionizing the financial system as we know it?



“Look, the future of money is not going to be the same. I think with the changes in technology, the way we engage and deal with money is going to be very different. So technology has been a significant disrupter. The future of money is uncertain and we are definitely defining as we go along. And banking isn’t going to be what it is today.



“You know, my son was asking me that the other day, if I have a crypto strategy for myself, or my own investments, and my response was, ‘I’m struggling with understanding the economics of the crypto space’. Maybe I’m old school. But we’ve gotto have an open mind-set, lest we become a Kodak.’’



As well as his strong conviction that banking will survive current changes, Moloko also sees South Africans overcoming their current challenges, put in stark focus recently by a World Bank study showing the country remains the most unequal society in the world, nearly three decades after the dawn of democracy which brought majority black people into the economic mainstream.



“I’m optimistic that our country has the will, has the plans to be able to navigate its challenges. But we’ve got to solve the economy first. Going forward, it will require very decisive, execution-based type of leadership. But simultaneously as we fix this economy, we have got to solve youth unemployment by finding programs that will empower this youth. So we need to be able to give them skills to create jobs and by opening this economy to enable that kind of entrepreneurship to happen. ‘’



Clearly, South Africa will need the skills of the problem-solver to enable its youth to help build an economy that can take its place among the growing economies of the continent but for that dream to be realized, more will need to share it and own it.



With inputs by Lillian Roberts

FORBES COVER8419-By Katlego Mokubyane

The Problem-Solver In African Business

FROM TEACHER TO ACTUARY TO ENTREPRENEUR, CEO AND CORPORATE TITAN, SELLO MOLOKO HAS HAD AN ILLUSTRIOUS JOURNEY THAT COULD INSPIRE ANY YOUNG AFRICAN. TAKING OVER AS CHAIRMAN OF THE ABSA GROUP FROM APRIL 1, HE IS ALL SET TO MAKE HIS MARK IN DEFINING THE FUTURE OF BANKING.



<a href="https://shop.forbesafrica.com/product/single-digital-issue-april-may-2022/" target="_blank" rel="noreferrer noopener">Get Your Digital Copy Here</a>



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<iframe loading="lazy" title="BTS Cover Shoot With Sello Moloko: The Problem Solver" width="500" height="281" src="https://www.youtube.com/embed/0MbBkEguNFI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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Get Your Digital Copy Now: The Problem Solver

SAM DARWISH HAS CHOSEN EMERGING MARKETS AS THE UNIVERSE IN WHICH TO GROW AND CONNECT. READ ON ABOUT THE TOWERING AMBITIONS OF THIS ENTREPRENEUR WHO ROSE AS AN ENGINEER TO RUN ONE OF THE WORLD’S LARGEST PROVIDERS OF TELECOMS INFRASTRUCTURE, RECENTLY LISTED ON THE NEW YORK STOCK EXCHANGE.



<blockquote class="wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow">We went through a lot of hardship, but what that period gave me was a lot of focus and determination. I became an avid reader, thanks to my father’s modest bookshelf, and I used to read his books regularly with a passion. There was nothing to do because you could not go out and play in the streets. The easiest thing for me, which was the most valuable thing for a kid to do, was to read.</blockquote>



SAM DARWISH is no stranger to adversity. He spent his early childhood trying to survive the hardships brought on by the brutal civil war that gripped the West Asian country of Lebanon that he called home. Today, he is Chairman and CEO of IHS Towers, the largest telecommunications infrastructure company in Africa and one of the very few with global operations and aspirations.



With a current valuation of $7 billion, as per the company’s Q3 results last year, IHS Towers is one of only a handful of unicorns in Africa.



In October last year, Darwish marked another milestone by listing IHS Towers on the New York Stock Exchange (NYSE), a lifelong dream for the telecom entrepreneur, and a move you don’t often hear about in Africa.



“When I rang the NYSE bell on October 14 2021, it was a privilege. I don’t think anyone of similar background or path has done this before. We are talking about ringing the opening bell of the NYSE, the largest stock exchange on earth and the pulsating heart of the global capital markets,” exudes Darwish when we meet him for this recent interview via Zoom.



<div class="wp-block-image"><figure class="alignleft size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2022/02/Screenshot-2022-02-14-at-11.23.08.png" alt="" class="wp-image-54295" width="388" height="596" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/02/Screenshot-2022-02-14-at-11.23.08.png 486w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/Screenshot-2022-02-14-at-11.23.08-195x300.png 195w" sizes="(max-width: 388px) 100vw, 388px" /></figure></div>



From Lebanon to Lagos, he is beaming with pride in his business suit, but in scaling to those heights, taller than his towers, he has had to face some pretty low moments.



The trauma he faced in his early years seem like a lifetime ago for him now. Growing up during those bleak war-torn times in Beirut, Lebanon, Darwish had to find ways to not just survive but make meaningful sense of his long days.



“When you are a kid, you don’t realize that everyone around you is dying but over time you realize the adversity of the situation; when electricity is cut for days, when you see your father taking the battery out of the car and bringing it to the house so that he can light a bulb or turn on a small TV; you start to realize that things are not normal,” recalls Darwish of those dark times.



This difficult childhood helped embed two important traits in Darwish – the thirst for knowledge and the value of perseverance.



“We went through a lot of hardship, but what that period gave me was a lot of focus and determination. I became an avid reader, thanks to my father’s modest bookshelf, and I used to read his books regularly with a passion. There was nothing to do because you could not go out and play in the streets. The easiest thing for me, which was the most valuable thing for a kid to do, was to read.”



After receiving a Bachelor of Engineering degree – with distinction – in 1992, he joined MCI, a telecom carrier, as a satellite systems manager and over the following years became one of a small number of cell phone engineers in Lebanon.



<blockquote class="wp-block-quote is-style-default is-layout-flow wp-block-quote-is-layout-flow">We are the undisputed leader of telecom infrastructure in Africa. Our plan, however, is global. Excluding China and India, there are over three billion people in the emerging markets with less than a handful of infracos with a global emerging market focus.</blockquote>



A chance encounter with a group of Lebanese entrepreneurs who had acquired a Global System for Mobile Communications (GSM) license, brought Darwish to Nigeria.



“I helped set up the mobile phone network in Lebanon in the 1990s with Telecom Finland, and thought that coming to Nigeria would just be a two-year period to help set up another GSM network before continuing on to the United States.



<div class="wp-block-image"><figure class="alignright size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2022/02/Screenshot-2022-02-14-at-11.23.00.png" alt="" class="wp-image-54296" width="399" height="596" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/02/Screenshot-2022-02-14-at-11.23.00.png 550w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/Screenshot-2022-02-14-at-11.23.00-201x300.png 201w" sizes="(max-width: 399px) 100vw, 399px" /><figcaption> Photos by Maike Schulz/Gruber Photographers</figcaption></figure></div>



“Emigrating to the US had been my dream since I was young. I saw the US as the land of opportunity, the land where a person is respected as an individual with liberties guaranteed by its Constitution. In my opinion, this is the fundamental thing that defines America which is also why I’m delighted to have become a citizen,” says Darwish.



That two-year layover in Nigeria turned into 23 years.



During that time, Darwish set up IHS Towers, when the former Nigerian President Olusegun Obasanjo privatized the telecoms industry and issued licenses to telecom companies.



“I came from a country of four million people to Nigeria, a country of 150 million people. I felt like Alice in Wonderland given the size and the scale of the country. Yet despite the large population, there were barely any telephones in the country. I think at the time there were about 8,000 mobile phones and only a few hundred thousand fixed telephone lines,” says Darwish.



Nigeria is where he was able to put to test his perseverance and tenacity, traits acquired from his childhood.



“I think it’s important to persevere. Everyone has goals, dreams and aspirations. The difference between people who make it and those who don’t comes down to perseverance. You may fail once, twice or many times but you keep pushing until you make it. Along the way you may stop, reassess and potentially chart a new path to get to your goals. But one thing is for sure, never stop trying.”



No one believed the potential of the mobile telephony market given the high cost of service in the initial years. However, Darwish believed there was a way to reduce communication costs and make mobile phones accessible to anyone who wanted to get connected.



So, in 2001, he set up IHS Towers and started building towers for Africa’s mobile network operators (MNOs).



One of his first clients was Motorola who chose IHS Towers to provide all services related to building and running their towers.



A decade in, and there was more to report.



By 2010, IHS had shifted its focus towards the ownership model.



“We asked ourselves, ‘why don’t we own the towers ourselves and lease them to carriers’? Up until then, MTN, Orange and Vodafone all built their own towers. With each tower, these MNOs had to spend scarce resources on building their own towers, paying rent to landlords and setting up their own power supply; a very inefficient operating model. When we build a tower, we lease space for wireless antenna to several MNOs on the same tower. The infrastructure-sharing saves expenses for MNOs and also allows them to focus on their core business,” notes Darwish.



By 2012, the company had raised its first $79 million equity funding led by the International Finance Corporation.



In 2014, Darwish told FORBES AFRICA he was looking to raise $1 billion for his tower infrastructure business. Today, that investment stands at multiple billions of dollars, representing over 35,000 towers under management in 11 countries across Africa, Latin America and the Middle East.



Along the way, his personal networth has also grown in excess of $500 million, his team confirm. (In the 2014 story on him in FORBES AFRICA, his wealth was cited as $200 million as valued by the Forbes wealth unit in the US.)



“We cover 750 million consumers globally – we either already operate or soon will operate in some of the largest emerging market countries – Nigeria, Brazil, Egypt and South Africa. We are the undisputed leader of telecom infrastructure in Africa. Our plan, however, is global. Excluding China and India, there are over three billion people in the emerging markets with less than a handful of infracos with a global emerging market focus.



“So much potential to grow! The average age in the emerging markets is 20 compared to 40 in the US or 45 in Europe. This is the future, and the universe in which we will grow. For example, there is no reason why IHS cannot be in 30 markets over time. We are the only company with African origins that has come from Nigeria, to list on the NYSE with approximately 35,000 towers pro forma including our MTN South Africa acquisition. This makes us uniquely skilled to tackle the global emerging markets challenges and succeed,” says Darwish.



One of the key reasons for listing on the NYSE, as opposed to an African stock exchange, was to help combat negative stereotypes about Nigerian-origin companies.



As Darwish puts it, this is an issue of governance.



“Investors want to know that you adhere to the best corporate governance practices and that you are a sustainable business. In my opinion, Africa suffers not from a lack of opportunities but from a perceived lack of governance. Investors expect a very high level of governance practices in terms of sustainability, gender equality, and ESG such as whistle-blowing, code of conduct&#8230; and companies need to have zero tolerance towards unethical behavior as part of their DNA to be able to attract capital to scale and grow,” Darwish says.



By coming to New York, Darwish is telling the world that this is the level of governance IHS Towers adheres to. “After all, the NYSE and SEC (Securities and Exchange Commission) must approve your listing, banks must authorize it, you have the New York State and the Department of Justice watching you. We are now bound by the highest levels of scrutiny.”



Also, according to Darwish, only sustainable companies can scale in emerging markets because of the limited resources available to them compared to their counterparts in developed markets. So, he believes unless a company is respectful to the environment and community around its operations, there is no way it can scale.



“There isn’t enough to simply carve out and keep a piece. Companies need to expand their universe of opportunity and benefit collaboratively. That’s what building connectivity does.”



Another strategic reason for choosing the NYSE was due to the capital-intensive nature of the business. After investing billions of dollars, Darwish believes they have barely scratched the surface.



“If you look at Africa today, only about 40% of Africans have access to 3G or 4G mobile services, compared to 85% or higher penetration in the developed markets. On the continent, 5G is only available in South Africa. I believe that internet access will evolve in two ways in Africa; 5G services will be offered to address the high-speed mobile communications needs of consumers and fiber to the home or business will be deployed to solve high bandwidth connectivity demand. Both types of networks are substantially underdeveloped both in Africa and other emerging markets and require billions of dollars of investments.”



Consider IHS’ primary geographies – Africa and Latin America. According to Darwish, the average American consumes about 11GB of data a month compared to 1GB in Nigeria and 2.5GB in Brazil. This means there is room for tremendous growth via the provision of better and broader broadband connectivity. This requires greater access to capital which is best found in deep-pocketed destinations outside Africa.



“Remember the most fundamental premise for telecom connectivity is that every human being wants a bigger, wider broadband pipe no matter where they are or who they are. It’s up to us to satisfy that demand. The Covid-19 crisis taught us that whilst the world could survive with less planes, cars and trains, it couldn’t survive without the phone!” says Darwish.



So where can you find that type of money? New York, says Darwish; the NYSE has 10 times the depth of the London Stock Exchange, he adds, and that was his primary goal.



With the new inflow of capital investment, Darwish has embarked on some key strategic acquisitions.



In October last year, the company signed a partnership agreement with the Egyptian government to erect and lease to MNOs 5,800 telecom towers in Egypt during the first three years of the license term. However, IHS plans to expand further as it believes the country is on an upward trajectory.



The following month, IHS Towers signed agreements to acquire 5,709 telecom towers in South Africa from Mobile Telephone Networks Proprietary Limited (MTN), one of Africa’s leading mobile telecommunications groups.



IHS Towers will also provide Power-as-a-Service (PaaS) to MTN at approximately 12,800 sites across South Africa (including the acquired 5,709 sites). On closing, the company says this will make IHS the largest independent towerco in South Africa. In addition, IHS will become the main towerco in the three largest economies in Africa, further strengthening its leadership position on the continent.



Within the company, the growth trajectory has earned Darwish plaudits.



William Saad, Executive Vice President, Chief Operating Officer and Co-Founder of IHS Towers, talks about his dedication and commitment to success: “Since the first day we co-founded IHS, his focus has been on building strong foundations to be ready for where we are today. Some people dream and talk about their dreams, but, Sam, when he dreams, he turns the dream into a goal and ensures it comes true. That only happens with dedication, long hours, sacrifices, research, learning, planning&#8230; and the proof is the size and geographic spread of IHS today.”



“In my five years working closely with Sam, I’ve been wowed by his ability to successfully lead a company operating in so many complicated places. What I’ve seen as truly special, has been his ability to successfully grow the company’s footprint and bottom line while at the same time truly being devoted to employee wellbeing,” attests Mel Immergut, the former Chairman of Milbank, Tweed, Hadley &amp; McCloy.



<blockquote class="wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow">I believe that internet access will evolve in two ways in Africa; 5G services will be offered to address the high-speed mobile communications needs of consumers and fiber to the home or business will be deployed to solve high bandwidth connectivity demand. Both types of networks are substantially underdeveloped both in Africa and other emerging markets and require billions of dollars of investments.</blockquote>



IHS’ signing of the MTN deal coincided with the completion of an agreement with TIM S.A., a Brazilian MNO and fiber operator. IHS acquired a 51% controlling interest in FiberCo Soluções de Infraestrutura S.A. (FiberCo), a former subsidiary of TIM S.A., which includes TIM’s secondary fiber network and assets, in addition to the provision of fiber optic infrastructure services as an Open Fiber Network Service Provider. FiberCo will complement as well as help further develop IHS’ tower footprint in Brazil (currently comprising of around 5,000 towers) in addition to generating revenue from fiber-to-the-X services.



“Brazil has about 200 million people, and Latin America is a few years ahead of Africa in terms of telecom sector development. FiberCo’s network passes over 6.5 million locations; 3.5 million of which is Fiber- to-the-Home and 3.4 million Fiber-to-the-Cabinets. This deal makes us one of the top fiber players in Brazil and positions us for the imminent 5G growth,” says Darwish. Whilethisdealisattractivefromareturn perspective, the main reason Darwish is excited is because of its importance to Brazil’s 5G network rollout.



“Up until now, location has been the most important part of cellphone network rollouts. FiberCo’s 70,000km of fiber strands run through the busy streets of Sao Paulo, Rio de Janeiro, etc. This network complements the roughly 5,000 towers we own, and the land bank we acquired last year. This combination makes IHS the most strategically placed digital infrastructure operator in Brazil to assist with the rollout of fast 5G networks by MNOs and other telecom operators. Very exciting!”



The new acquisitions undoubtedly make IHS Towers one of the largest telecommunication infrastructure companies globally. The focus for Darwish now is to use IHS’ increased platform and capital base to help advance Africa’s development through further deployment of digital infrastructure.

Screenshot 2022-02-14 at 11.23.16

‘THE COVID-19 CRISIS TAUGHT US THAT WHILST THE WORLD COULD SURVIVE WITH LESS PLANES, CARS AND TRAINS, IT COULDN’T SURVIVE WITHOUT THE PHONE!’

Screenshot-2021-12-03-at-11.30.58

Q&A With the AFRICAN OF THE YEAR: Nana Akufo-Addo

Nana Akufo-Addo, Ghana’s President, has repositioned the country in the global marketplace as one reliant on its own resources and strengths. He is redefining economic development and it’s resonating across Africa. In an exclusive interview with FORBES AFRICA, he dwells on the new focus of the West African nation that has in recent years consistently been one of the world’s fastest-growing economies. 



IN 2019, WHEN GHANA’S PRESIDENT NANA AKUFO-ADDO shared his vision for the national transformation agenda through the Ghana Beyond Aid (GBA) charter, the mandate for his New Patriotic Party (NPP) government was simple – move away from the traditional view of a Ghana dependent on aid to grow the economy and focus on its core competitive advantages.



Much before that, at a joint press conference with French President Emmanuel Macron in 2017 in Ghana’s capital Accra where a local journalist asked whether France was going to extend its support to other countries in Africa that were nonFrench colonies, the Ghanaian president, serving his first term, had interjected with: “We can no longer continue to make policy for ourselves in our continent on the basis of whatever support that the western world can give us. It will not work, it has not worked and it will not work.” A visibly uncomfortable Macron could all but muster a somewhat embarrassed smile at the audience.



But the video of this speech went viral and the remark won AkufoAddo praise on social media. The president followed by tasking his government to implement the GBA strategy document and charter for a more prosperous Ghana.



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Congratulations to President of Ghana H.E. Nana Akufo-Addo (<a href="https://twitter.com/NAkufoAddo?ref_src=twsrc%5Etfw">@NAkufoAddo</a>) for the well-deserved and earned <a href="https://twitter.com/forbesafrica?ref_src=twsrc%5Etfw">@forbesafrica</a> African of the Year 2021. <a href="https://twitter.com/hashtag/AfricanOfTheYear?src=hash&amp;ref_src=twsrc%5Etfw">#AfricanOfTheYear</a> <a href="https://t.co/H3EHwqhG9D">pic.twitter.com/H3EHwqhG9D</a>&mdash; Ellen Johnson Sirleaf (@MaEllenSirleaf) <a href="https://twitter.com/MaEllenSirleaf/status/1467812557067067398?ref_src=twsrc%5Etfw">December 6, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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After years of negative growth and economic challenges, AkufoAddo had a new vision for Ghana when he assumed office in 2017, and that was for the country to look within, to its own capabilities. Central to his thinking of growing Ghana’s economy was offering free senior high school education to children who would otherwise not receive it.



Since its implementation, a total of 1.6 million students have reportedly benefited from the program. 



“We do want, and we shall work, to take Ghana to where she deserves to be, a prosperous and dynamic member of the world community which is neither a victim nor a pawn of the world order,” Akufo-Addo said in a speech at the 75th anniversary celebrations of North Rhine-Westphalia, a top industrial region in Germany. During the visit, the president expressed his determination for Ghana to wholeheartedly participate in the global marketplace not only as a supplier of raw materials but as a leading exporter of manufactured goods.



The messages were clear and consistent. Endowed with natural resources and human capital, Ghana wanted to take accountability for its own growth and economic development without relying solely on aid from former colonial masters.



The country had not been without its share of crises and difficulties. On the economic front, its over-reliance on gold and cocoa exports meant that there was little in the way of diversification with inflation peaking at 17.46%.



After the president won the 2016 elections and came to power in 2017, new oil fields were found with production starting in 2017 and jumping to 60 million barrels which resulted in a boost in oil export revenues, pushing the country’s economic growth above 6% for each of the three years to 2019, according to Reuters.



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<h1 class="has-text-align-center wp-block-heading" id="h-nana-akufo-addo-has-been-adjudged-the-2021-african-of-the-year-previous-winners-of-the-coveted-award-include-rwandan-president-paul-kagame-2018-president-of-the-african-development-bank-akinwumi-adesina-2019-and-world-trade-organization-director-general-ngozi-okonjo-iweala-2020">Nana Akufo-Addo has been adjudged the ‘2021 African of the Year’. Previous winners of the coveted award include Rwandan President Paul Kagame (2018), President of the African Development Bank Akinwumi Adesina (2019) and World Trade Organization Director-General Ngozi Okonjo-Iweala (2020).</h1>



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During that period, inflation receded to less than 10% for the first time in six years in 2018, according to figures from Ghana’s ministry of finance. The International Monetary Fund (IMF) projected a GDP growth rate of 8.8% in 2019 for Ghana as the fastest-growing economy in subSaharan Africa (SSA). A March 2018 article in The New York Times said:“Now, as oil prices rise again and the country’s oil production rapidly expands, Ghana is on track to make a remarkable claim for a country mired in poverty not long ago: It is likely to have one of the world’s fastest-growing economies this year, according to the World Bank, the African Development Bank, the International Monetary Fund and the Brookings Institution.”



<div class="wp-block-media-text alignwide is-stacked-on-mobile"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1024" height="748" src="https://cms.forbesafrica.com/wp-content/uploads/2020/04/PRST-Adesina-1024x748.jpg" alt="" class="wp-image-44771 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/04/PRST-Adesina-1024x748.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/PRST-Adesina-300x219.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/PRST-Adesina-600x438.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/PRST-Adesina-768x561.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/PRST-Adesina-1536x1122.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/PRST-Adesina.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure><div class="wp-block-media-text__content">
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“I would like to warmly congratulate H.E. Nana Akufo-Addo, President of the Republic of Ghana, on being named Forbes Africa&#8217;s &#8216;African of the Year.&#8217; This is an excellent and very well-deserved honour and recognition. As a leader, you continue to push the boundaries of what is possible for Ghana and the people of Africa. You are an embodiment of a remarkable &#8216;can-do&#8217; African spirit&#8230; a spirit of focused determination that seeks to make a difference in the lives of your people and unleash Africa&#8217;s true potential. Once again, congratulations and warm felicitations.&#8221;<cite>Dr Akinwumi A. Adesina, President, African Development Bank Group </cite></blockquote>




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A May 2019 article in the World Economic Forum concurred: “Just three decades ago, Ghana was in crisis; impoverished and suffering famine, it was on the verge of economic collapse. Fast-forward to the present day, the West African nation has staged a remarkable comeback and is predicted to be the world’s fastest-growing economy in 2019.”



The economic growth was not just buoyed by the discovery of oil but also what many economic pundits considered to be sound fiscal policies wrapped in a peaceful democracy. The world noticed. Companies such as Google, which in its bid to position itself as an ‘AI first’ company with already established centers in strategic cities such as Tokyo, Zurich and Paris, made the decision to open its first Artificial Intelligence center in Africa in Accra in 2019.



Exxon Mobil in 2018 moved to sign a deep-water oil exploration deal with Ghana after the International Tribunal for the Law of the Sea drew a new ocean boundary favoring Ghana over the Ivory Coast in 2017, according to a Reuters report.



In 2020, automobile major Volkswagen expanded its footprint in SSA with the opening of a vehicle assembly facility in Accra, making Ghana its fifth vehicle assembly location in SSA (after South Africa, Kenya, Nigeria and Rwanda). And in April 2021, social media giant Twitter sent shock waves across the bigger economic hubs in Africa when it chose Ghana as its regional headquarters.



What has also been loudly clear has been Akufo-Addo’s deliberate strategy to involve the diaspora in the country’s economic growth. In September 2018, the president launched a year-long initiative to commemorate “the 400th anniversary of the firstrecorded forced arrival of enslaved African people to the United States” and dubbed it the Year of the Return, Ghana 2019.



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Congratulations President <a href="https://twitter.com/NAkufoAddo?ref_src=twsrc%5Etfw">@NAkufoAddo</a> of Ghana on being named the African of the Year 2021 by the Forbes Africa Magazine. Thank you for your great leadership and all you do in positively projecting Africa. We are very proud of you, Your Excellency. 🏆🏆🏆🏆🏆 <a href="https://twitter.com/forbesafrica?ref_src=twsrc%5Etfw">@forbesafrica</a> <a href="https://t.co/TfAp8lX1Ao">https://t.co/TfAp8lX1Ao</a>&mdash; Akinwumi A. Adesina (@akin_adesina) <a href="https://twitter.com/akin_adesina/status/1467119088245870595?ref_src=twsrc%5Etfw">December 4, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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The President called for not just Ghanaians but people of African descent, including African-Americans, to return to Africa, or more specifically Ghana, in what was to be a reconnection with their roots. New visitors arriving to the shores of Ghana were welcomed to a shiny, newly-refurbished airport which was adjudged winner of best airport by passenger volume on the continent according to Airports Council International. In what is perhaps the president’s biggest PR campaign and by far the country’s loudest communication drive, it was estimated that the Year of the Return campaign resulted in an additional 237,000 visitors to Ghana accounting for a 45% increase compared to the previous year and thereby injecting $1.9 billion into the Ghanaian economy, according to figures from the Ghana Tourism Authority.



The country also made strides in the international bond market, raising $3 billion on the international debt market using a four-year zero-coupon bond tranche.



<div class="wp-block-image"><figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/12/GettyImages-1133592927.jpg" alt="" class="wp-image-53595" width="647" height="472" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/12/GettyImages-1133592927.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/12/GettyImages-1133592927-300x219.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/12/GettyImages-1133592927-768x561.jpg 768w" sizes="(max-width: 647px) 100vw, 647px" /><figcaption>President of Ghana Nana Akufo-Addo delivers the Keynote Address for the 2019 10th Annual Africa Development Conference at Harvard University (Photo by Paul Marotta/Getty Images)</figcaption></figure></div>



“This historic bond issuance is a strong signal that investors have confidence in our plan for debt sustainability, economic recovery and growth,” said Ghana’s finance minister Ken OforiAtta, as reported in Reuters.



And where investors have confidence, foreign direct investments (FDI) follow. According to the Ghana Investment Promotion Centre (GIPC), despite the pandemic, total investment inflows reached $2,796.49 million in 2020, with a total FDI value of $2,650.97 million accounting for a 139.06% increase over 2019.



This means some 279 projects were registered within the year amounting to an estimate of 27,110 jobs being generated from those projects. Another plus? The African Continental Free Trade Area (AfCFTA) agreement which came into effect from January 2021. Ghana was selected amongst its peers as the trading bloc’s Secretariat. 



The AfCFTA is estimated to create a single continental market for goods and services covering a market of 1.2 billion people and accounting for a combined GDP of $3 trillion.



“As a champion for democracy, Ghana is a supporter of free speech, online freedom, and the Open Internet, of which Twitter is also an advocate. Furthermore, Ghana’s recent appointment to host the Secretariat of the African Continental Free Trade Area aligns with our overarching goal to establish a presence in the region that speech, online freedom, and the Open Internet, of which Twitter is also an advocate. Furthermore, Ghana’s recent appointment to host the Secretariat of the African Continental Free Trade Area aligns with our overarching goal to establish a presence in the region that will support our efforts to improve and tailor our service across Africa,” says Uche Adegbite, Director, Product Management at Twitter on the company’s ‘Twitter’s presence in Africa’ blog post.



These milestones, in a historic pandemic period, could have played a part in the re-election of the 77-year-old statesman for a second term as Ghana’s president, from January 2021.



With a long lineage of political luminaries as ancestors, it was perhaps in Akufo-Addo’s destiny to lead the country.



Prior to assuming office as president, he practised as a human rights lawyer in France and England. His father, Edward Akufo-Addo, who was a lawyer, was the nation’s president in the late 1960s and one of the founding fathers of Ghana.



“Nana Addo Dankwa Akufo-Addo, an indefatigable visionary, has not only inspired his country but the continent of Africa to rise up and shine. He has, through his aspirations and efforts, transformed Ghana into a modern economy. His influence has reached beyond Ghana to the continent, pleading the case of a Ghana Beyond Aid thereby infusing a great dose of confidence to transform the continent. This is positively changing the narrative and bringing real hope of a brighter future to Africa’s youth. Primus inter pares [first among equals],” says Yofi Grant, CEO of GIPC, to FORBES AFRICA.



When the Covid-19 pandemic hit, the country revised its 7% growth projections to about 1%, but it did not slip into recession.



The Ghana Stock Exchange (GSE) recorded an impressive 36.13% in dollar terms for investors in the first half of 2021, with a market capitalization of GHC61.3 billion ($10 billion).



“Ghana has been consistently one of the fastest-growing economies in the world for each of the last four years, notwithstanding the decline of GDP growth to 0.9% in 2020 as a result of Covid-19,” says Dr Mahamudu Bawumia, Vice President of Ghana, to FORBES AFRICA.



Bawumia lists key indicators such as the reduction of lending rates from 32% in 2016 to 21% in 2020, increasing gross international reserves from $6.1 billion in 2016 to $8.6 billion in 2020, the upgrade of Ghana’s first credit rating in 10 years from B- in 2016 to B with a stable outlook, and the implementation of the ‘one district, one warehouse’ as well as the ‘one district, one factory’ initiatives.



Another area of focus is Ghana’s growing youth population.



There is a push to create an enabling environment for technology startups and for small and medium entrepreneurs to thrive.



According to a World Bank report, Ghana Digital Economy Diagnostic, the Ghanaian government is spearheading the adoption of digital financial services (DFS) through the National Financial Inclusion and Development Strategy 2017-2023, which makes the government accountable to measures to achieving universal access to DFS as well as creating an Africa-wide payments infrastructure by 2030.



For full Q &amp; A with Nana Akufo-Addo, <a href="https://shop.forbesafrica.com/product/single-digital-issue-african-of-the-year-dec-jan-2022/" target="_blank" rel="noreferrer noopener">click here to download your Digital Copy </a>



<div class="wp-block-image"><figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/12/banner-1024x341.jpg" alt="" class="wp-image-53596" width="748" height="248" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/12/banner-1024x341.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/12/banner-300x100.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/12/banner-768x256.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/12/banner-1536x512.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2021/12/banner-2048x683.jpg 2048w" sizes="(max-width: 748px) 100vw, 748px" /></figure></div>

Screenshot 2021-12-08 at 16.04.37

AFRICAN OF THE YEAR: NANA AKUFO-ADDO

As FORBES AFRICA celebrates a landmark 10th year, we look back on our stellar collection of cover stars and features and some of the most &#8220;quotable quotes&#8221; from the last ten years. 



<div class="wp-block-image"><figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2020-Dec_Jan-RGB-793x1024.jpg" alt="" class="wp-image-52876" width="298" height="385" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2020-Dec_Jan-RGB-793x1024.jpg 793w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2020-Dec_Jan-RGB-232x300.jpg 232w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2020-Dec_Jan-RGB-768x991.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2020-Dec_Jan-RGB-1190x1536.jpg 1190w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2020-Dec_Jan-RGB.jpg 1258w" sizes="(max-width: 298px) 100vw, 298px" /></figure></div>



<blockquote class="wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow">I often say I can sleep on a mud floor as well as a feathered bed and be very comfortable. It has made me someone who can do without things in life because of what we went through.-Ngozi Okonjo-Iweala, December 2020 /January 2021</blockquote>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“IF WE CONTINUE DOING THE RIGHT THINGS IN AFRICA WE CAN CREATE A VERY EXCITING AND COMPETITIVE GLOBAL MARKET HERE.”– Patrice Motsepe, October 2011 (launch issue)</blockquote>



<div class="wp-block-image"><figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-10-28-at-17.31.24.png" alt="" class="wp-image-53194" width="439" height="349" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-10-28-at-17.31.24.png 686w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-10-28-at-17.31.24-300x239.png 300w" sizes="(max-width: 439px) 100vw, 439px" /></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/10/1-782x1024.jpg" alt="" class="wp-image-52782" width="318" height="416" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/10/1-782x1024.jpg 782w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/1-229x300.jpg 229w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/1-768x1006.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/1-1173x1536.jpg 1173w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/1.jpg 1240w" sizes="(max-width: 318px) 100vw, 318px" /></figure></div>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">THERE IS NO BULLSHIT WITH WOMEN. WE DON’T WASTE TIME OUT OF POLITENESS.– Wendy Appelbaum, August 2012</blockquote>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">You have to sit down and look at your business model and say ‘can it be interrupted’? – Jannie Mouton, July 2017</blockquote>



<blockquote class="wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow">LIFE IS ABOUT TRIPPING AND FALLING AND LEARNING FROM MISTAKES, PULLING YOUR STRENGTHS AND MOVING ON.– Gbenga Oyebode, July 2018</blockquote>



<blockquote class="wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow">It’s not only all about how much money you would have made and what you would have got. It’s about having a little bit of fun.” – Sol Kerzner, October 2014</blockquote>



<div class="wp-block-image"><figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2018-MARCH-RGB-793x1024.jpg" alt="" class="wp-image-52852" width="414" height="535" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2018-MARCH-RGB-793x1024.jpg 793w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2018-MARCH-RGB-232x300.jpg 232w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2018-MARCH-RGB-768x992.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2018-MARCH-RGB-1189x1536.jpg 1189w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2018-MARCH-RGB.jpg 1258w" sizes="(max-width: 414px) 100vw, 414px" /></figure></div>



<div class="wp-block-image"><figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2020-MAR-RGB-793x1024.jpg" alt="" class="wp-image-52878" width="336" height="434" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2020-MAR-RGB-793x1024.jpg 793w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2020-MAR-RGB-232x300.jpg 232w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2020-MAR-RGB-768x991.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2020-MAR-RGB-1190x1536.jpg 1190w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/FA-2020-MAR-RGB.jpg 1258w" sizes="(max-width: 336px) 100vw, 336px" /></figure></div>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“If you fall flat on your face, beat yourself up and do it again until you succeed&#8230;” – Richard Branson, March 2018</blockquote>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“USING YOUR INFLUENCE TO CREATE IMPACT AND BETTER THE LIVES OF OTHERS — THAT IS WHAT BEING A POWERFUL WOMAN MEANS TO ME.” – Graça Machel, March 2020</blockquote>



<div class="wp-block-image"><figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-10-28-at-17.31.36.png" alt="" class="wp-image-53193" width="339" height="384" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-10-28-at-17.31.36.png 454w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-10-28-at-17.31.36-265x300.png 265w" sizes="(max-width: 339px) 100vw, 339px" /></figure></div>

quotes

FORBES AFRICA 10TH ANNIVERSARY: FROM PAST EDITIONS- Who Said What

Untitled-2022

WHERE ARE THEY NOW: A Decade of Celebrating Africa’s Bright Young Minds

As FORBES AFRICA celebrates a landmark 10th year, we look back on our stellar collection of compelling cover stories and innovative features, coming up with a star cast of powerful personalities, from business behemoths to captains of industry and exceptional leaders in politics, art and civil society. On these pages that follow are their thoughts, triumphs and testimonials, not just for the magazine but for Africa’s continued growth as we transition together into the future.



By Renuka Methil, Peace Hyde, Yeshiel Panchia &amp; Chanel Retief 



From running her own organization, to becoming the first black woman executive at the head of Naspers South Africa, Phuthi Mahanyele-Dabengwa has come a long, meaningful way. She was also the cover of FORBES AFRICA in August 2018 with Stacey Brewer of SPARK Schools. Here are excerpts from a recent interview with the CEO of the JSE-listed company, whose priority is also developing South Africa’s early stage startups and skilling and employing young people:



<div class="wp-block-image"><figure class="alignleft size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-10-13-at-16.34.44.png" alt="" class="wp-image-52960" width="251" height="388" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-10-13-at-16.34.44.png 444w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-10-13-at-16.34.44-194x300.png 194w" sizes="(max-width: 251px) 100vw, 251px" /></figure></div>



Q. You play a big part in South Africa’s tech ecosystem backing startups. How did Covid change your business philosophy and how did you adapt?



A. There was no business immune to the impact, not even in the internet industry. We had many businesses that did well during this pandemic, but we also had businesses that did terribly, because they required face-to-face engagement. And so, as with most companies, we also faced challenges, especially during the hard lockdowns. And from the outset, our first priority was to ensure the safety of our own people. We immediately ensured that we had a work-from-home policy&#8230;The lockdowns led to an acceleration in the general trend towards online, which was underway globally. Whilst we were focusing on ensuring the safety of our staff, we were also looking at growing our businesses. What we saw was significant acceleration. Certainly, if you look at the US, as an example, we saw an acceleration to online, which would typically have taken about seven years, took only one month. Here in South Africa, our online retail business Takealot and our food business, Mr D Food, experienced exponential growth. We believe that a lot of the new online trends will remain, notwithstanding what happens with respect to the Covid-19 pandemic receding.



I believe for many companies, digitization has become a lifeline. And so with technology, it allows them the ability to stay operational, in a world where social distancing has become the norm. And so, we have seen many organizations now having their own platforms, and providing their goods online. And we applaud that, because we want to see more people being digitally available&#8230; But in South Africa, we do need to ensure that people have access for the ability to engage with online goods&#8230;We need both the public sector and private sector working together in order to ensure that we can realize the growth we see in many countries around the world, particularly those such as India, where growth in the tech industry has been phenomenal. And we want to see that here in Africa.



Through the Naspers Foundry, we&#8217;ve also invested in companies such as Aerobotics, in agritech businesses and edtech. Fintech is also so important.



Q. What would you tell FORBES AFRICA on its 10th anniversary? 



A. One of the things I love about FORBES AFRICA is the stories you tell about Africa. You go and meet with CEOs and the leaders of businesses. We spoke about the rise of fintechs, across the continent, and it&#8217;s FORBES AFRICA that will tell the story&#8230; We need to continue to hear this positive good messaging&#8230; Your engagement with leaders has been so pivotal, like the President of the African Development Bank, so we can see the realization of a different, new, vibrant Africa emerging.



<div class="wp-block-image"><figure class="alignright size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-08-17-at-11.59.10-814x1024.png" alt="" class="wp-image-52963" width="271" height="341" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-08-17-at-11.59.10-814x1024.png 814w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-08-17-at-11.59.10-239x300.png 239w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-08-17-at-11.59.10-768x966.png 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-08-17-at-11.59.10-1221x1536.png 1221w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-08-17-at-11.59.10.png 1258w" sizes="(max-width: 271px) 100vw, 271px" /></figure></div>



In 2015, when FORBES WOMAN AFRICA spoke to South African singer Lerato Molapo, more famously known as Lira, she was a globe- trotting star. Now, the 49-year-old acclaimed songstress says the pandemic has forced her to appreciate the virtues of virtual performances where there may only be an audience as big as 50 people.



“My trajectory was to be working in South Africa, the United States and in Europe. And I&#8217;ve managed to be doing that for at least consistently the last eight years,” Lira tells FORBES AFRICA in a recent interview.



“The first thing I realized was that Covid wasn&#8217;t personal. A lot of our businesses almost felt like they were in trouble. But I was like, ‘it&#8217;s not personal, it&#8217;s happening to everyone’.”



As someone who has always spoken as “a businesswoman in music”, as in her cover feature in the December 2015 issue of FORBES WOMAN AFRICA, Lira believes that musicians were hit just as hard as any industry. However, she packed her bags, went to Namibia for a couple of months, decided not to stress and found that the opportunities came to her.



“So, while I was in the media, there were opportunities to do shows online. Now, as an artist, the reason I don&#8217;t like the idea of putting on my own show online is that South Africans don&#8217;t attend online shows in numbers,” she says. “The opportunities I was getting was like a corporate or a magazine willing to fund the whole thing. And we just offered to the public for free. So that was wonderful.”



Lira’s message to FORBES AFRICA on its 10th year: “The magazine’s existence, in my opinion, also drives excellence for people to want to be associated with something of such high caliber. So firstly, thank you so much for coming into the country, but also for telling African stories, because the closer the stories are, the more motivating it is.”



Gil Oved, Co-Chief Executive, Bella Thaler Investments, was part of the trend-setting August-September 2017 cover of FORBES WOMAN AFRICA on male gender champions in corporate South Africa. At the time, he was the Group Co-CEO of The Creative Counsel and spoke about gender-parity in business, leadership and life. He returns to speak to FORBES AFRICA about his journey since:



<div class="wp-block-image"><figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-10-13-at-16.34.36.png" alt="" class="wp-image-52961" width="404" height="342" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-10-13-at-16.34.36.png 578w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-10-13-at-16.34.36-300x254.png 300w" sizes="(max-width: 404px) 100vw, 404px" /></figure></div>



Q. How did your business pivot during the Covid-19 pandemic and what are your future plans?



A. I would say a more accurate depiction than pivot is a zig zag and then some zag zig for good measure. In the beginning, when it all started unfolding, we decided to pause, catch our breath, zoom out and try get some perspective. We thought it wiser to slow things down and not be tempted to be impetuous or swept up by the panic and discombobulation of the moment. We recognized that the world was in turmoil but also that the volatility and change brings new sets of opportunities. One of them is the potential that Special Purpose Acquisition Companies (SPACs) hold, and specifically for emerging markets. Though SPACs have been around for a while they never really took off until relatively recently&#8230; We’ve been spending time on that and some other interesting things that have managed to keep my mind occupied during this extraordinary era the world finds itself in.



Q. Your message to readers on our 10th birthday?



A. Such an impressive achievement. A decade of glory. FORBES AFRICA has been the continent’s formidable champion of business excellence and entrepreneurial relevance. It’s the marquee any self-respecting businessperson looks to in order to feel informed and well-read. The magazine and its related initiatives have stood up for the values the continent aspires to and has done so in the most trying of times and on a challenging continent and yet has remained resolute and true to its original promise. I salute you and I thank you for all that you have done and may the next 10 years prove to be 10 times more successful.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">Well, I think we’ve got to recognize two things. The continent has enormous potential. I mean the continental economy is bigger than that of India. And we&#8217;ve got all the natural resources that one can wish for. So the potential is enormous&#8230; Secondly, I think people who are writing off the continent are making a bad mistake. They are ignoring Africa, at their peril. But all things are going to get better. And so I remain an ‘Afro-optimist’&#8230; I want to congratulate FORBES AFRICA. And I want to express as an African my appreciation that they saw fit to have this special edition. Again, it is the recognition that Africa deserves.”<cite> – South African businessman Christo Wiese, who was the cover of FORBES AFRICA in March 2013 and May 2016.</cite></blockquote>



September 2012 saw Aspen Group Chief Executive Stephan Saad, on the cover of FORBES AFRICA as ‘Millionaire Medicine Man’. A lot has changed since for the South African pharma major, Aspen, especially now with Covid-19 and the company playing a lead role in manufacturing vaccines. Saad breaks down how to FORBES AFRICA:



Q. Please tell us more about Aspen’s growth?



A. Aspen has reshaped itself over the past 10 years, completing a number of transformational projects across our operations. These changes have allowed us to differentiate Aspen as an emerging, market-focused, specialty pharmaceutical company, anchored by a manufacturing platform with significant sterile manufacturing capacity. During this 10-year period, we have concluded several acquisitions for the intellectual property rights and access to specialty brands, injectable anticoagulants, a sterile manufacturing site in France, and an API business in the Netherlands [to name a few]. Most notably, Aspen is now also playing a critical role in the manufacture of Covid-19 vaccines under an agreement with Johnson &amp; Johnson.



Q. What is your message to FORBES AFRICA on its 10th anniversary?



A. We congratulate FORBES AFRICA on this milestone occasion and wish you every success for the future as you continue to focus on publishing news and stories showcasing Africa that are factually accurate, relevant and of a superior quality. We hope to feature in your 20th anniversary presentation!



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Nigerian politician and philanthropist Tonye Cole featured on the April 2016 cover of FORBES AFRICA as an oil millionaire and Founder and CEO of Sahara Group. Three years on, he says he took a big personal decision to move into politics.



“Three things helped me make up my mind about the move. The first is having traveled across Africa for business and meeting politicians etc, I found out that we were all troubled about the same thing always. There was concern about the type of leadership we had. Secondly, there was a lot of agitation amongst young people. They wanted change but they could not articulate exactly what they wanted. We needed to give them something they could hold on to. And thirdly, no matter how much we built our business at Sahara, I kept seeing that there was a very heavy hand of politics and policies affecting everything we did and so no matter how much we pushed as a business, there was people sitting on one side who would create a policy and that will set us back. So, I reviewed those things and decided that if you were going to impact life and you were going to make a difference, where can you do it in such a way that one decision that you take can impact thousands or millions of people?



“I found out that the only place you can really do this is through policies and government. Philanthropy, which I did a lot through corporate social responsibility, was targeted at certain people. Before leaving Sahara, we had a target of impacting four million people directly through our initiatives. Nigeria has over 200 million people and in politics, one decision you make can impact way more than four million. If you do the right thing, within a year or month, you can touch the lives of over 100 million people in politics whereas in Sahara, one initiative would take us about four years to make an impact.”

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Part 2: Towards The Next Decade

BY: WINNIE BYANYIMA, EXECUTIVE DIRECTOR OF UNAIDS AND UNDER-SECRETARY-GENERAL OF THE UNITED NATIONS, ALSO NAMED ONE OF ‘AFRICA’S 50 MOST POWERFUL WOMEN’ BY FORBES AFRICA IN 2020.



The 10th birthday of FORBES AFRICA is a moment of pride, reflection, and recommitment for African women’s leadership. FORBES AFRICA has for a decade helped to shine a light on the transformational progress which African women have been



driving. Crucially, the stories which FORBES AFRICA has told of African women’s contribution have not only brought attention to the impact of women prime ministers and presidents, chairs, and directors; they have highlighted too the inspirational leadership of women who are changing lives and building power in the most important way there is &#8211; by working from the community, up.



As the pandemic has reminded us, every woman in their own power counts: the woman nurse pioneering approaches to care at the hospital, the woman trader explaining her new product at the village market, the woman community organizer who carries a megaphone in her informal settlement imparting life-saving health messaging, and many more.



When the story of the Covid crisis is recounted in the history books of our grandchildren, stories from FORBES AFRICA will help let them learn this: it was the women who got everyone through.



As well as pride, this is also a moment for reflection and recommitment.



Whilst women’s leadership is increasingly seen, it remains socially undervalued. Whilst the contribution of unpaid care work has never been more visible, it remains unrewarded and overwhelmingly carried by women. Progress in tackling HIV has been knocked back by the fallout from the Covid crisis, especially impacting women. Five in six African adolescents newly acquiring HIV are girls. Adolescent girls and young women in Africa remain most at risk of missing out on education. Gender-based violence has surged in the pandemic. Yet as countries struggle with the fiscal challenges exacerbated by the Covid crisis, often the sectors that are suffering the biggest budget cuts are those on which women most depend.



It is not only Covid and HIV that Africa needs to recover from. We need to recover from the inequalities – between men and women, between Africa and the rest of the world, between dominant and marginalized communities, between the elite and the majority – which hold back our enormous potential. How can we reform unjust exclusionary laws? How can we deliver on the promise of school completion for every girl and boy? How can we ensure health for all – including sexual and reproductive health for all? How can we build a prosperity that is widely shared? In the face of the colliding crises, it has become clear that we need bold new approaches to how we survive and thrive.



Thankfully, the answers are being articulated by African women leaders; thankfully, too, FORBES AFRICA is helping ensure that their voices are heard.



Women leaders, particularly young women, when given space to share their creativity, will show how to build societies able to overcome any crisis and to unleash the potential of all.



Happy birthday FORBES AFRICA!

winnie

ESSAY: What’s Next For Women Leaders On Africa’s Recovery Path

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FORBES AFRICA 10th ANNIVERSARY: Towards The Next Decade

In recent years, he has dominated Africa’s rich lists as the continent’s youngest billionaire. Mohammed Dewji, the shrewd entrepreneur and CEO of MeTL Group in Tanzania, has previously been on two FORBES AFRICA covers – in 2013 and 2015. In this new decade, he is eyeing a much bigger chunk of African business.



JUST BACK IN DUBAI AFTER A WHIRLWIND trip dropping off his 18-year-old daughter at the School of Foreign Service at his alma mater, Georgetown University in Washington DC, the 46-year-old Tanzanian businessman, known in the hallowed corridors of the continent’s elite as “Africa’s youngest billionaire”, is more emotional than jet-lagged.



“I had to let go of her, you know, but I’m going to visit DC more often,” says Mohammed Dewji.



He could be speaking for himself too. In FORBES AFRICA’s July 2013 cover, he had said he puts in 100 hours a week growing MeTL into a pan-African conglomerate.



Today, he admits to slowing down “a little bit” – after his headline-grabbing kidnapping incident in 2018 that gave him a new lease on life and made him veer towards philanthropy and impact investing a lot more than before, he says.



But this has in no way decelerated his ambitions to conquer more markets and more milestones.



The astute, hard-nosed businessman running Tanzania’s MeTL Group, operating in areas as diverse as food, agriculture, textiles, trading, energy, financial services, real estate, logistics, and distribution, has a vision for his company that covers every commerce and commodity on the African map.



“My problem is my mind, it runs like a train. I’m trying to slow it down. But I’m not working 100 hours a week anymore; I work 80 hours a week,” he laughs. “I’m still passionate about work, I just cannot have an idle mind.”



The entire MeTL Group, he says, is on course for a targeted revenue this year of about $2 billion. The group had its genesis in the early 1970s as a modest trading house; his father Gulam Dewji, in a few years, turned it into a flourishing import-export business.



Today, the younger Dewji is talking about buying an island with a landing strip “very soon” and venturing into the hospitality business. A half-hour interview with Dewji and he has touched every business there is: his renewed investments in tea, carbonated drinks, macadamia, cashews, textiles&#8230; the list is endless.



But there is the reason for him to feel bullish. With the country’s new President, Samia Suluhu Hassan, taking over early this year following the death of President John Magufuli, Tanzania is waking up to a new vision and positive outlook, hoping to join the continent’s economic giants Nigeria, South Africa, Kenya, and Ghana.



“The new president is so business-friendly, investment-friendly, and FDI-friendly, she is doing good for Tanzania,” says Dewji.



“I have promised her that in the next five years, I’ll employ 100,000. Tanzania is one of the fastest-growing countries in Africa. I am going to continue investing more into the country and of course, in the region.”



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Dewji has his ear to the ground and is well-attuned to the purchasing power of consumers in his target markets in East and Central Africa.



“When I got out of university in Georgetown in 1998-1999, the per capita income in Tanzania was $300. So I was like, ‘okay, how do I become a rich man?’ Today, the per capita income is over $1,000. From the time you wake up in the morning, to the time you sleep, I need to dig deep into your pockets to at least take 70% of your purchasing power, right?” he explains simply.



“So you wake up in the morning, there is tea, sugar, maize flour, carbonated drinks, water; there’s a bicycle, there’s a motorcycle, there’s garments etc etc, So I have been able to just fight to enter. And I’ve been competing with Unilever and Procter &amp; Gamble, and Coca-Cola. I believe that in the next maybe four or five years, my carbonated drinks business, which I am expanding, will be at least over a billion dollars in terms of valuation in East and Central Africa.”



Dewji has big plans in Rwanda.



“I told President Paul Kagame that I was going to invest $50 million. And I’m going to put in an edible oil refinery and a soap plant, I’m going to put in wheat milling, I’m going to put in maize milling, I am going to put petroleum, we’re putting carbonated soft drinks. And they have been amazing. They are punching above their weight. You are welcomed like a king in Rwanda,” says the man, also known to his family and friends as ‘Mo’.



Agriculture is a mainstay business, and in 2022, Dewji says he will be the single largest sisal producer in the world. In addition, he is converting his tea business to organic tea.



“I’m going to invest another $50 million into planting a couple of thousand hectares of new hybrid tea that I can export, and also make more tea locally. I am looking at macadamia in a big way; we’ve invested in Mozambique in the maize milling business, in the cashew processing business. And in textiles, you know that I am one of the largest. If you were to visit my factory, it’s 3,800 people spinning, weaving, processing, dyeing, printing&#8230; For now, I want to also go into denim. We need to create more jobs,” he reels off breathlessly.



Dewji was in Iraq too recently and found a big gap in FMCG – “businesses that I know already”.



In the last few years, he has also found the time to part-own a football club, Simba SC, and is channeling more funds into it.



“And now, we [are among] the top 15 clubs in Africa. We have had back-to-back leagues, and I have invested $20 million. It’s just like having a plane or a yacht; you bleed money. But I just love the club and am so emotional about it.”



In 2015, Dewji also created his eponymous foundation educating underprivileged children right up to the university level in Tanzania, he says. As Tanzania’s only billionaire, he also signed the Giving Pledge in 2016, promising to donate at least half his fortune to philanthropic causes.



“Bill Gates convinced me and I signed the Giving Pledge and it has been amazing. And then, of course, the worst the part was my kidnapping in 2018.”



Kidnapped at gunpoint in Dar es Salaam, the Tanzanian capital, in October 2018, outside his gym at 5 AM, Dewji was released after nine days.



“I went through a near-death experience; they basically stripped me and blindfolded me, and I was in a room with two people, without moving for all those days,” he recalls.



It gave him a new life-altering perspective.



“I think by the age of 50, I want my kids to get a little older, and I just want to step down and do philanthropy, because it gives me a lot of satisfaction. When we run businesses, we invest and we want the maximum per dollar, right? So I look at philanthropy the same way; that you spend that dollar or the $100 or $100 million that you want to put to have maximum impact, and I’m going to focus on that!&#8221;

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