<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Kai Zhuang, a 17-year-old Chinese exchange student, has been found alive in the Utah wilderness after going missing in what local police are calling a case of “cyber kidnapping,” a new criminal trend in which scammers extort vulnerable victims remotely, convincing their families they’ve been forcibly kidnapped and demanding ransom money.



<h2 class="wp-block-heading">KEY FACTS</h2>



Zhuang was reported missing on Dec. 28, after his family in China contacted his school in the U.S. to report they’d received images that suggested he was forcibly kidnapped, even as Zhuang’s host family in the U.S. told police they had seen Zhuang earlier that day and were unaware of a forcible kidnapping,&nbsp;<a href="https://www.facebook.com/photo?fbid=788485949980868&amp;set=pcb.788486709980792" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to Riverdale, Utah Police Chief Casey Warren.



His family paid approximately $80,000 in ransom money to Chinese bank accounts after receiving “continuous threats from the kidnappers” about Zhuang’s safety, police said.



Meanwhile, the scammers were threatening Zhuang for possibly a month, telling him if he didn’t comply with their demands, his family would be harmed in China, and ordering him to isolate himself in the woods and send photos to his parents, Warren said in a Tuesday&nbsp;<a href="https://www.facebook.com/ksltv/videos/1094551185237234" target="_blank" rel="noreferrer noopener">press conference.</a>



The Riverdale Police and Weber County Sheriff’s Office used bank and phone data to track Zhuang’s movements and general area and conducted a drone search and rescue, finding Zhuang camping in the Brigham City canyon area alive “but very cold and scared,” police said.



In his press statement, Warren said that, as part of the investigation, the FBI had briefed the department of this “disturbing criminal trend,” highlighting similar cases that have been targeting foreign exchange students—and Chinese foreign exchange students, in particular.



In these “cyber kidnapping” cases, the scammers tell victims to isolate themselves and may convince them under duress to make it appear they are being held captive—in some cases even contacting the victim via webcam and sending voice recordings to the families.



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



Other local law enforcement agencies have reported so-called cyber kidnapping cases—last month, the&nbsp;<a href="https://www.facebook.com/GrantCoSheriff/posts/pfbid0aHnLAcV63R5CLaNcUdsJG8XDJJGtaUMR4We46iRPn3dHnrJ4huNZpaBUAXtmgyv6l" target="_blank" rel="noreferrer noopener">Grant County Sheriff’s Office</a>&nbsp;in Washington reported receiving similar cases. In some, scammers have been suspected of using artificial intelligence to mimic the victim’s voice or likeness. Earlier this year, CNN&nbsp;<a href="https://amp-cnn-com.cdn.ampproject.org/c/s/amp.cnn.com/cnn/2023/04/29/us/ai-scam-calls-kidnapping-cec/index.html" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;on the case of Jennifer DeStefano in Arizona, who received a cyber kidnapping call that included fake audio of her daughter screaming—which she believes was generated with artificial intelligence. In June, the FBI issued&nbsp;<a href="https://www.ic3.gov/Media/Y2023/PSA230605" target="_blank" rel="noreferrer noopener">a warning</a>&nbsp;about scammers’ use of artificial intelligence to generate explicit images of victims to harass or extort—also known as a “sextortion” scam. But the FBI has also been warning about these cyber kidnapping scams as far back as&nbsp;<a href="https://www.fbi.gov/news/stories/virtual-kidnapping" target="_blank" rel="noreferrer noopener">2017.</a>&nbsp;The Bureau noted then that these cases have been known to law enforcement for at least two decades, but used to be common mostly along the southern border. They’ve since evolved to reach residents all over the U.S.



<h2 class="wp-block-heading">BIG NUMBER</h2>



$8.8 billion. That’s how much money Americans lost in scams in 2022, with $2.6 billion of that in so-called imposter scams,&nbsp;<a href="https://www.ftc.gov/news-events/news/press-releases/2023/02/new-ftc-data-show-consumers-reported-losing-nearly-88-billion-scams-2022" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the Federal Trade Commission.



<h2 class="wp-block-heading">CRUCIAL QUOTE</h2>



Following Zhuang’s case, the Chinese Embassy in the U.S. warned Chinese citizens, especially students, “to boost safety awareness, take necessary precautions, and stay vigilant against ‘virtual kidnapping’ and other forms of telecom and online fraud so as to protect their personal and property safety.”



<h2 class="wp-block-heading">WHAT TO WATCH FOR</h2>



The Riverdale Police Department noted that if you believe you are the victim of a cyber kidnapping, “do not send money, discontinue contact with the suspects, and contact police immediately.”

Unknown person in the hood, reaches out from the darkness to the laptop. Theft of household and computer equipment

What Is ‘Cyber Kidnapping’? Chinese Exchange Student Latest Victim Of ‘Disturbing’ Trend

<blockquote class="wp-block-quote has-text-align-center is-layout-flow wp-block-quote-is-layout-flow">
“What is a greater opportunity to remedy impropriety than through elections..?”
</blockquote>



Human beings are an optimistic species as, despite all that we do contrary to better judgment, we believe that the future will always be better than the past. As the New Year starts, we are all hopeful that 2024 will definitely bring better sense to people, particularly to those in power to make sincere amends to the lapses of the past. What is a greater opportunity to remedy impropriety than through elections and bringing about change; particularly in countries where it is needed the most?



2024 will be one of the most defining years as billions of voters in over 50 countries around the world go to the electoral ballot to choose who will lead them for the next statutory period. These countries include the United States (US), India, Russia, Pakistan, Indonesia, Taiwan, Iran and many more. The European Union (EU) parliamentary elections are due in 2024 along with Austria, Belgium, Portugal and likely the United Kingdom (no later than January 2025). However, 16 or almost a third of the countries going to the ballot are from Africa, to include but not limited to South Africa, Namibia, Botswana, Mozambique, Mauritius, Rwanda, Ghana, Tunisia, Togo, Chad and Senegal. While we remain wary of change, in most cases, change brings eventual growth and increases the accountability of leaders.



<div class="wp-block-media-text is-stacked-on-mobile"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1829288006.jpg" alt="" class="wp-image-60869 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1829288006.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1829288006-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1829288006-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure><div class="wp-block-media-text__content">
Republican presidential candidates Former New Jersey Governor Chris Christie, left, and businessman Vivek Ramaswamy, right, talk over each other during the NewsNation Republican Primary Debate inside the Moody Music building at the University of Alabama on Wednesday, December 6, 2023 in Tuscaloosa, Alabama. Also pictured are former United Nations Ambassador Nikki Haley, center left, and Florida Governor Ron DeSantis. (Photo by Joshua Lott/The Washington Post via Getty Images)
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<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1244672832.jpg" alt="" class="wp-image-60868" style="width:730px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1244672832.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1244672832-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1244672832-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Vice President Kamala Harris and President Joe Biden (Photo by Nathan Posner/Anadolu Agency via Getty Images)</figcaption></figure></div>


Having lived in South Africa for almost two decades, it’s the country that I remain most concerned about mainly because I love this beautiful country that has been our third home (India and UAE being the first two). Over the last 28 years, there has undoubtedly been a systemic erosion of the popularity and electoral base of the African National Congress (ANC). Ironically, facing marginalization, this is the very party, along with its leaders, that fought to bring about change from apartheid and secured freedom for its majority black, colored and Indian population.



The reasons for its decline remain consistent as for any ruling party: self-serving leadership, blatant abuse of power, total disregard to the needs of the poor and needy, and, finally, the discontentment of the electorate.



The reason I worry is that because in the absence of a clear alternative to the ANC, South Africa is headed towards an era of volatile coalitions. The ANC has been slowly fragmenting, akin to the proverbial binary fission of an Amoeba, as more cells are formed from the same nucleus. The likely course is either a very narrow victory for the ANC or a path where each of the nine provinces will form governments through the coalitions of parties coming from the same constitution, similar values and ideologies but with no track record of governance or selfless service to the people. Coalitions don’t survive even with the best intent as there are far too many conflicts of interest between coalition partners. This will lead to a period of stagnation, political instability and economic uncertainty for the next decade.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“Coalitions don’t survive even with the best intent as there are far too many conflicts of interest between coalition partners. This will lead to a period of stagnation, political instability and economic uncertainty for the next decade.”
</blockquote>



What will serve South Africa well is its God-given gift and wealth of being a resource-rich country. However, it remains to be seen if this will be adequate, in the absence of a functional bureaucracy, prevailing monopolies and lack of consistency in policies. The economic and political stability, or lack thereof, in South Africa will have an impact on the overall development of the African continent but more so on the 16 members of the Southern African Development Community (SADC) countries. This will be an interesting space to watch in the coming years.



<div class="wp-block-media-text is-stacked-on-mobile"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1258249339.jpg" alt="" class="wp-image-60865 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1258249339.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1258249339-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1258249339-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure><div class="wp-block-media-text__content">
Supporters of Turkish President Recep Tayyip Erdogan celebrate as Erdogan leads Turkiye&#8217;s presidential runoff election in Brussels, Belgium on May 28, 2023. (Photo by Dursun Aydemir/Anadolu Agency via Getty Images)
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However, Africa is not the only contributor to growing global economic uncertainty. The real impact will be felt after if there is a change of guard in the US and whether there will be the outside chance that Donald Trump or the Republican Party prevail in the coming election. The jury is still out on whether the US and consequently the EU will continue to push the expansion of the North Atlantic Treaty Organization (NATO) and other agendas that will force continued hostility with Russia. This would require billions of dollars to be pumped into Ukraine in a senseless war that will only see more bloodshed. Since Russian President Vladimir Putin is likely to remain unopposed in his bid to win another presidential term, it’s unlikely that there will be any change in Russia’s objective to ensure that NATO does not spread to its borders. If the Western powers continue to support the war, it’s likely that at some stage the war may expand from a limited campaign in Eastern Ukraine, into the complete destruction of the country. As more time passes, the goal posts will continue to change and positions will get further cemented, which is the opposite of finding a negotiated settlement. No qualified General from any army can say with any conviction that Ukraine has any chance of winning a war against Russia without this escalating into a war against NATO. Nobody will benefit from this and we will continue on a path of self-destruction.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="684" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-521724652-1024x684.jpg" alt="" class="wp-image-60866" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-521724652-1024x684.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-521724652-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-521724652-768x513.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-521724652-1536x1026.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-521724652-2048x1368.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Voters in queue to cast their votes at polling stations for elections in Mumbai, Maharashtra, India. (Getty Images)</figcaption></figure></div>


Under these circumstances, Ukraine needs a change in political ideology and possibly leadership that needs to realign with its former cold war ally and bring back peace into the Black Sea region. The war of ego will seldom be won by the weak. The path to peace is to ensure that neither party sees future threats in each other’s alignments and are not swayed by the agendas of third parties. Peace with Russia and a restoration of energy supply to Europe will reduce the economic pain and pressure in the lives of all European citizens. Continued war and escalation of hostilities as we are seeing currently, is not a solution to the problems in the Black Sea area.



We are likely to see continued problems arising from the war between Israel and Hamas in Gaza. This problem is likely to spill into different parts of the world as the anti-Israel sentiment is reportedly growing everywhere. No one can condone what happened on October 7 but the killing of over 20,000 Palestinian citizens is not the answer. Hamas is an ideology and will foster itself in some other way to reinforce this ideology. This is a problem that cannot be solved without the consent and direct involvement (through cutting financial and military support) of both the US as one of the key allies of Israel, and Qatar and Iran as the key allies of Hamas. A spread of this war to Lebanon (Hezbollah) or the involvement of Jordan, Syria, Egypt and/or any of the Gulf Cooperation Council countries can destabilize the global economy and most certainly disrupt peace in the region.



<div class="wp-block-media-text is-stacked-on-mobile" style="grid-template-columns:62% auto"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1774577620.jpg" alt="" class="wp-image-60864 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1774577620.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1774577620-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1774577620-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure><div class="wp-block-media-text__content">
An election official opens a ballot box for votes counting at the headquarters of the New Patriotic Party during the 2023 presidential primaries on November 4, 2023 in Accra, Ghana. This election will determine who becomes the flagbearer of the party in the upcoming presidential elections in December 2024. (Photo by Ernest Ankomah/Getty Images)
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<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1796329343.jpg" alt="" class="wp-image-60863" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1796329343.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1796329343-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1796329343-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">President Cyril Ramaphosa during voters registration weekend on November 18, 2023 in Johannesburg. (Photo by Sharon Seretlo/Gallo Images via Getty Images)</figcaption></figure></div>


These two major flash points will determine the global geopolitics in the coming year. The third is the China factor, both in its economic revival and its global geopolitical ambitions, more specifically in the South China Sea, Taiwan and in the Pacific which will remain a cause for concern, but other than periodic posturing, there is no imminent threat seen from China. The Asia-Pacific Economic Cooperation (APEC) countries have so far been working closely on economic development and continue to control the largest portion of the global computer and components market. The growth of this bloc will provide stability in the region particularly if trade barriers are removed in the coming period.



Other blocs like BRICS and its planned expansion are unlikely to move the needle in 2024. There is far too much happening elsewhere for the member countries to make any real attempt to do anything earth-shattering that would have a material impact on geopolitics. China and India remain adversaries with absolutely nothing in common except a contentious border and a deep level of growing mistrust. Other than payment solutions and enhancing trade, there is very little that will come from this bloc. India will continue to grow as an economic powerhouse and if the ruling Bharatiya Janata Party wins the elections, as is expected, the country will continue on its path to greater growth and stability. It will, hopefully, play a unifying role in global geopolitics through its own mantra of non-alignment.



The United Nations (UN) has lost its standing and I believe that we will continue to see this become a less relevant organization with the only significance coming from its developmental agencies. In my opinion, the UN headquarters should be moved to Switzerland or to any other relatively neutral country so that the current influence is ended and they can be closer to where good needs to be done. The UN Security Council (UNSC) statement on the Gaza atrocities was a passive call for &#8220;urgent steps to immediately allow safe and unhindered humanitarian access, and also for creating the conditions for a sustainable cessation of hostilities.” Even after this was drafted, the US abstained from voting just to allow some statement to pass. So, 2.5 million people can be completely uprooted and the world watches as we provide unhindered humanitarian access and create conditions to stop hostilities. Well done! We, the citizens of the world, need to be ashamed of ourselves.



The last major event of 2023 was the United Nations Climate Change Conference or the Conference of Parties (COP28) that was held in Dubai. COP28 was no doubt a spectacular gathering of over 70,000 influential people and delegates from around the world and was a year-end tourism and hospitality sector bonanza for the UAE and particularly for the emirate of Dubai. Other than delegates, about 400,000 people registered to attend the event during this period.



Conservatively, even if each person spent an estimated average of $5,000 in airline tickets, hotels, hospitality etc, the income generated would have been close to $1.5 billion to $2 billion in contrast to the hundreds of millions possibly spent on COP28. There were several strategic conversations, and many countries used the opportunity for meaningful bilateral meetings, hosted in one of the finest and safest places on earth. Everything was perfect except that the needle did not move on the urgent need to stop the reliance on fossil fuels.



<div class="wp-block-media-text is-stacked-on-mobile"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1024" height="682" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1796339789.jpg" alt="" class="wp-image-60870 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1796339789.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1796339789-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/GettyImages-1796339789-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure><div class="wp-block-media-text__content">
A general view during a media briefing on voters registration weekend on November 18, 2023 in Johannesburg, South Africa. The Electoral Commission of SA confirmed that it is ready to register South Africans to vote in the 2024 elections. (Photo by Sharon Seretlo/Gallo Images via Getty Images)
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The conference’s final statement could not pass with any mention of the slowing down or stopping of the production of fossil fuels; the core of the problem. So, was there a real return on the investment of about $2 billion that was spent by governments and large corporates to attend this event? There have been decisions on tripling renewable energy resources, doubling energy efficiency and the large contributions to the Loss and Damage Fund; however, no action points were set on the reduction or elimination of fossil fuels. When Covid-19 started, the world went on a mission to stop the spread and find a vaccine to eradicate the disease. No one focused on setting up a fund for funerals. Ironically, this is what COP28 resolved to do.



<blockquote class="wp-block-quote has-text-align-center is-layout-flow wp-block-quote-is-layout-flow">
“The war of ego will seldom be won by the weak.”
</blockquote>



Sadly, a large percentage of the global population does not still understand the impact of climate change and what 1.5 degrees above pre-industrialization temperature means. This increased temperature is catalyzing the age of Anthropocene; an age that will lead to the eventual extinction of all human life created solely by mankind’s impact on the global geology and ecosystem. The irreversible 1.5 degree benchmark is close to being breached and the next threshold we will set ourselves will be 3 degrees, by which time the planet will become a less habitable place, particularly for the poor. As stated in various reports, the world needs between $175 trillion to $275 trillion for energy transition; this is 2.6 times global GDP. The commitment of $85 billion at COP28, though noteworthy, falls really short of what is needed and any significant impact is, therefore, a pipe dream. There is a lot for us all to think about and start playing a meaningful role in bringing change. Saving the planet is a collective responsibility.

Haryana Panchayat Elections 2022

A Record Year For Elections, 2024 Will Determine Global Geopolitics

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Big technology stocks sank Tuesday, a potentially worrisome omen as the darlings of 2023’s explosive gains lost hundreds of billions of dollars of market value.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



The tech-heavy Nasdaq Composite fell 1.6% in the opening trading session of the year, a far wider loss than the Dow Jones Industrial Average’s 0.1% gain and S&amp;P 500’s 0.6% fall.



Tuesday was the Nasdaq’s worst day since October 25 and its lowest closing price since mid-December.



<a href="https://www.forbes.com/sites/dereksaul/2024/01/02/apple-shares-stagger-3-after-lackluster-iphone-sales-earns-rare-analyst-downgrade/?sh=dd328e23c42b">Driving</a>&nbsp;much of the tech slump was a 4% drop by Apple’s stock, a dive precipitated by an analyst downgrade questioning why the $2.9 trillion (market capitalization) company is trading at such an expensive valuation considering its negative earnings and profit growth.



Other members of the “magnificent seven” tech stocks, which gained a collective $5.1 trillion in market cap last year, also flailed Tuesday.



Alphabet, Amazon, Meta, Microsoft, Nvidia and Meta each fell 1% or more, while Tesla was the sole magnificent seven member left unscathed, as its shares were flat after the automaker reported more fourth-quarter electric vehicle deliveries than forecasted.



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



About $238 billion. That’s how much market value the magnificent seven lost Tuesday.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



The Nasdaq rose more than 40% in 2023, erasing most of 2022’s historic losses and easily outperforming the Dow and S&amp;P’s respective returns. Much of tech’s gains were due to investor optimism about the longer-term profitability for breakthroughs in generative artificial intelligence, rather than a corresponding uptick in earnings, leading to&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/04/10/these-7-tech-stocks-command-almost-90-of-the-sp-500s-gains-signaling-market-rally-may-not-be-so-healthy/?sh=b80b39d65d55">concerns</a>&nbsp;about the health of the rally.



<h2 class="wp-block-heading" id="h-surprising-fact">SURPRISING FACT</h2>



Microsoft is now just $130 billion behind Apple for the title of the world’s most valuable company, a mantle held by Apple since late 2021.

Markets Open After Falling More 800 Points On Tuesday

Apple Stock’s Plunge Spurs $200 Billion Big Tech Rout As Nasdaq Tallies Worst Day In Months

Without the Video Assistant Referee (VAR) technology to automate and improve football decision-making, Africa faces being left behind while the world plays a different game.



Africa faces being left behind the rest of the world if the slow implementation of the Video Assistant Referee (VAR) continues at the same slow pace, which will be bad news not only for the integrity of football, but also the continent’s match officials. That is the view of Council of Southern Africa Football Associations (COSAFA) Referees Manager Felix Tangawarima after the organization recently introduced VAR for their Women’s Championship and held a workshop for referees in how to most effectively use the system.



Tangawarima is well-placed to comment; he is a Confederation of African Football (CAF) and FIFA Instructor and very much at the forefront of modern trends in officiating.



He says VAR is becoming the norm at FIFA events at all levels – male and female – and if the continent’s top officials want to be selected for these assignments, they will need to have the necessary training and experience, something that is currently lacking.



“VAR is there within the laws of the game and it is not going anywhere, so it is important for us to embrace it,” Tangawarima tells FORBES AFRICA. “In the future, if you want to go to a World Cup (as a match official), you will have to have practiced with VAR.



“FIFA will come any day and say every game will be VAR, so we urge our member associations at COSAFA to get ready for that. FIFA are looking for licensed officials and we don’t want our referees to be left out.”



The reason why the uptake of VAR has been so slow in Africa is well-documented. It is hugely expensive to buy the equipment and it has to be fixed at stadiums and cannot be easily moved around.



That is a problem for so many clubs on the continent who do not own their own stadiums, but rent from municipalities.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="703" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/VAR-tech-for-football-image-supplied-703x1024.jpg" alt="" class="wp-image-60832" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/VAR-tech-for-football-image-supplied-703x1024.jpg 703w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/VAR-tech-for-football-image-supplied-206x300.jpg 206w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/VAR-tech-for-football-image-supplied-768x1118.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/VAR-tech-for-football-image-supplied-1055x1536.jpg 1055w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/VAR-tech-for-football-image-supplied-1407x2048.jpg 1407w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/VAR-tech-for-football-image-supplied.jpg 1673w" sizes="(max-width: 703px) 100vw, 703px" /><figcaption class="wp-element-caption">Referee Maria Rivet checking VAR during the 2023 Hollywoodlbets COSAFA Womens 3rd/4th Playoff match between Zimbabwe and Mozambique at Lucas Moripe Stadium in Pretoria on 15 October 2023 ©Samuel Shivambu/BackpagePix</figcaption></figure></div>


Who is therefore responsible for the safe-keeping of this expensive equipment?



In terms of the South African Premier Soccer League, all the equipment is already in the country and waiting to be used, but the league has reportedly balked at the reported R40-million ($2.18 million) per season it will cost to run.



But a solution will have to be found or Africa faces being left in the dark ages in football terms, while the rest of the world plays a different game.



COSAFA hope their recent successful pilot project will show their own 14 member associations across southern Africa the way forward, and also the rest of the continent too.



“Our objective is to have as many referees registered and ready as possible,” Tangawarima says. “In the future we want to have VAR used in every game from the group stages of our tournaments. But the first step is to help the referees get licensed, so we must intensify the teaching they need and train as many as we can. The support we have had, which includes from FIFA and CAF, to help us, has been fantastic.



“COSAFA will be one of the first regions to implement VAR for its tournaments, though there are only some North African countries who have it already. So this is very exciting for us and the referees.”



COSAFA implemented the system fully from the semifinals onwards at the Women’s Championship in October, though behind-the-scenes, referees used the system as a training session.



They operated it as if it was live as part of their certification.



“For a referee to be licensed, they must have had 25 hours of training,” Tangawarima says. “We have done a five-day preparatory course, simply because a number of the referees were encountering VAR for the first time. The course includes theory, and of course practical.



“We tasked the project leader from FIFA (Mike van der Roest) with taking the referees through the theory part of it. We split the referees into two groups, the one on the field, the other in the booth using the VAR.



“Everyone is rallying behind this project, which will change the face of COSAFA.”

Football – 2023 Hollywoodbets COSAFA Womens Championship – COSAFA Referees VAR Workshop – Southern Sun Hotel

On A VAR Footing: Catching Up With The Game In Africa

BRICS&#8217; expansion with five new members, set against Argentina&#8217;s decision to decline, presents a nuanced challenge to US influence, markin a complex evolution in international dynamics. BRICS, the international governmental organization focused on bilateral relations, investment, and economic cooperation, has officially admitted five new member countries, effective from January 1, 2024. The inclusion of Saudi Arabia, the United Arab Emirates (UAE), Egypt, Iran, and Ethiopia effectively doubles the bloc&#8217;s membership to 10 nations, adding significant economic weight and potential. Notably, Argentina, one of the six countries invited to join BRICS, declined the offer under newly-elected President Javier Milei.



The formal admission of the new BRICS member countries follows last year’s summit in Johannesburg, South Africa, where the invitations were extended. South African President Cyril Ramaphosa, a proponent of the expansion, highlighted its importance for the Global South&#8217;s representation and the economic and trade development of member states.



“&#8230; South Africa stands to benefit from its relationship with these countries,” said Ramaphosa in a press release concluding the conference. “Together, these countries account for nearly a third of the global economy and are home to 46 percent of the world’s population.”



While the BRICS group (comprising of Brazil, Russia, India, China and South Africa) has long been viewed as an alternative to Western, particularly American, economic and geopolitical influence, independent risk and political analyst Marisa Lourenço in South Africa suggests that this expansion is unlikely to immediately disrupt the current economic order.



“The expansion of BRICS occurs in an era of multipolar politics, where countries can seek alternatives&#8230; and challenge US hegemony with different trading partners,” says Lourenço to FORBES AFRICA. “A BRICS currency seems highly unrealistic, and though trade between countries might increasingly use currencies other than the USD, it will take more to challenge the dominance of the USD in global trade.”



The entry of Saudi Arabia and the UAE is anticipated to significantly enhance the global influence of BRICS. Both countries bring substantial financial resources and geopolitical clout, especially as prominent members of the Organization of Petroleum Exporting Countries (OPEC).



The economic implications of BRICS&#8217; expansion are vast and varied. With the inclusion of major oil producers and emerging economies, the bloc is poised to redefine trade dynamics and create new investment opportunities. This could lead to a reshaping of global trade routes and partnerships, offering a diversification of economic alliances beyond the traditional power centers. As the bloc grows, so does its capacity to influence global economic policies, potentially leading to more equitable trade terms for emerging markets.



The addition of Ethiopia and Egypt marks a notable step in increasing African representation within the bloc, resonating with Ramaphosa’s remarks at the 2023 summit. However, Lourenço believes Africa will not likely dominate the BRICS agenda soon, with the strategies of larger member states expected to dictate overall direction.



Regionally, the impact of BRICS&#8217; expansion on African countries, both within and outside the bloc, deserves a closer examination. For countries like South Africa and Ethiopia, this could mean enhanced access to markets and capital, fostering development and economic growth. However, the challenge lies in ensuring that these benefits are equitably distributed and that the voices of smaller economies are heard within the bloc. As BRICS evolves, its ability to address these regional disparities will be crucial in determining its effectiveness and relevance.



“Africa has improved representation&#8230; but overall remains the weakest link, with the economic sizes of both countries overshadowed by their peers,” states Lourenço. “It will be interesting to observe how Saudi Arabia deepens ties with the continent&#8230; especially as the kingdom has recently increased its investments in numerous African countries, alongside other Middle Eastern powers like Turkey, the UAE, and Jordan.”



Lourenço argues that China is the primary beneficiary of the BRICS expansion, being the bloc&#8217;s most influential member and a direct competitor of the US in strategic areas such as East African infrastructure and access to raw minerals. “Politically, BRICS&#8217; expansion is particularly advantageous for China&#8230; The alignment of global powers like China, Iran, and Saudi Arabia within BRICS is likely to unsettle the US, which may perceive this as a direct challenge to its hegemony.”



The expansion of the bloc occurs at a critical juncture amid global economic and political tensions. BRICS faces the challenge of integrating member states engaged in conflicts with Western allies while maintaining relations with countries closely allied with the US. While BRICS has the potential to significantly expand its political and economic influence, Lourenço warns that this is not a foregone conclusion.



“If it can establish a formal institutional framework, it could become a powerful entity, but member disagreements make this unlikely in the next two to three years,” Lourenço notes. “Its role is likely to remain primarily political, considering the economic challenges of creating a common currency and the prevailing dominance of the US dollar in global trade.”



Furthermore, the global response to BRICS&#8217; expansion, especially from nations outside the traditional Western power bloc, will be an essential factor. Countries in Europe, Asia, and other regions will likely recalibrate their strategies in response to this new power alignment. The expansion of BRICS, thus, not only changes the dynamics within the bloc but also has far-reaching implications for global diplomacy and international relations.

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

New Members, Old Powers: BRICS’ New Year Expansion As 10-Country Bloc

Billionaire Elon Musk Receives Axel Springer Award

The Top 10 Richest People In The World (January 2024)

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



South Africa <a href="https://apnews.com/article/south-africa-israel-un-court-palestinians-genocide-ffe672c4eb3e14a30128542eaa537b21" target="_blank" rel="noreferrer noopener">launched</a> a case Friday in the UN’s International Court of Justice alleging “acts and omissions by Israel” in Gaza “are genocidal in character,” and asking the court to order Israel to stop its military operations in Gaza as the death toll reportedly exceeds 20,000.



<h2 class="wp-block-heading">KEY FACTS</h2>



South Africa’s submission said Israel’s actions in Gaza are “genocidal” because they are intended “to destroy Palestinians in Gaza as a part of the broader Palestinian national, racial and ethnic group,” the&nbsp;<a href="https://apnews.com/article/south-africa-israel-un-court-palestinians-genocide-ffe672c4eb3e14a30128542eaa537b21" target="_blank" rel="noreferrer noopener">Associated Press reported.</a>



Israel rejected the allegations “with disgust,” according to the report.



South Africa can bring its case against Israel under the Genocide Convention, which both are&nbsp;<a href="https://treaties.un.org/Pages/ViewDetails.aspx?src=IND&amp;mtdsg_no=IV-1&amp;chapter=4&amp;clang=_en&amp;_gl=1*1hi9d9x*_ga*MTk5NDkwNTg0Mi4xNzAzMjY0MzU2*_ga_TK9BQL5X7Z*MTcwMzg3NDg1OS42LjAuMTcwMzg3NDg2NS4wLjAuMA.." target="_blank" rel="noreferrer noopener">signatories</a>&nbsp;to,&nbsp;<a href="https://apnews.com/article/south-africa-israel-un-court-palestinians-genocide-ffe672c4eb3e14a30128542eaa537b21" target="_blank" rel="noreferrer noopener">according to</a>&nbsp;the Associated Press.



As of December 22,&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2023/12/22/more-than-20000-dead-in-gaza-amid-israel-hamas-war-hamas-run-health-ministry-says/?sh=c6ed0892c385">over 20,000</a>&nbsp;Palestinians have been killed in Gaza, according to the Hamas-run Gaza Health Ministry.



A hearing for South Africa’s request for Israel to suspend its military operations is likely in the next days or weeks, but if the case goes ahead it will take years,&nbsp;<a href="https://apnews.com/article/south-africa-israel-un-court-palestinians-genocide-ffe672c4eb3e14a30128542eaa537b21" target="_blank" rel="noreferrer noopener">according to</a>&nbsp;the Associated Press, and the court’s orders are not always followed.



<h2 class="wp-block-heading">CONTRA</h2>



Lior Haiat, the spokesperson for Israel’s Ministry of Foreign Affairs <a href="https://x.com/LiorHaiat/status/1740803554166636751?s=20" target="_blank" rel="noreferrer noopener">said</a> the claim “lacks both a factual and a legal basis, and constitutes a despicable and contemptuous exploitation of the Court.” Haiat <a href="https://x.com/LiorHaiat/status/1740803554166636751?s=20" target="_blank" rel="noreferrer noopener">accused</a> South Africa of “cooperating with a terrorist organization that is calling for the destruction of the State of Israel,” and called on the ICJ and international community to reject the case.



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



South Africa also filed a referral to the International Criminal Court in November for an investigation into alleged war crimes by Israel in Gaza. “We have put through a referral because we believe that war crimes are being committed there,” South Africa’s President Cyril Ramaphosa said, <a href="https://apnews.com/article/south-africa-israel-palestinians-icc-referral-6f1dd2b3af534d4d42d56a156968eae4" target="_blank" rel="noreferrer noopener">according to</a> the Associated Press. “And of course we do not condone the actions that were taken by Hamas earlier, but similarly we condemn the actions that are currently underway and believe that they warrant an investigation by the ICC.” During a virtual meeting in November that included Russian President Vladimir Putin and Chinese leader Xi Jinping, Ramaphosa <a href="https://apnews.com/article/israel-hamas-palestine-putin-xi-brics-0c070286b154198a36f0cf7440f973b5" target="_blank" rel="noreferrer noopener">called</a> Israel’s “deliberate denial of medicine, fuel, food and water,” in Gaza “tantamount to genocide.” Later that month, a majority of South African lawmakers voted to close the Israeli embassy and cut diplomatic ties with Israel until it agreed to a ceasefire in Gaza, the Associated Press <a href="https://apnews.com/article/south-africa-israel-ambassador-recall-gaza-bb30d780d0d33f2220dc08bf032a5738" target="_blank" rel="noreferrer noopener">reported</a>.



<h2 class="wp-block-heading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/siladityaray/2023/12/22/more-than-20000-dead-in-gaza-amid-israel-hamas-war-hamas-run-health-ministry-says/?sh=c6ed0892c385">More Than 20,000 Dead In Gaza Amid Israel-Hamas War, Hamas-Run Health Ministry Says</a>&nbsp;(Forbes)

Pro-Palestinian demonstration in Johannesburg

South Africa Accuses Israel Of Genocide In UN Filing

If you find yourself in Nigeria&#8217;s largest city, Lagos, this December, here’s where some of the hottest parties may be happening.



The vibrant and pulsating heartbeat of Nigeria&#8217;s nightlife scene is Lagos, the country&#8217;s largest city and a melting pot of electrifying energy. In December, the city transforms into a kaleidoscope of dazzling lights and infectious beats, offering a nightlife experience like no other. From the upscale lounges of Victoria Island to the rhythmic streets of Ikeja, Lagos boasts a diverse array of hotspots where the night comes alive with an unmistakable Nigerian flair.



Venture into the trendy district of Victoria Island, where high-end clubs beckon with sophisticated vibes and A-list DJs spinning the latest Afrobeats tunes. The glittering skyline provides a stunning backdrop as revelers dance the night away, embracing the city&#8217;s opulent side. For those seeking a more grassroots vibe, the bustling streets of Ikeja reveal a different facet of Lagos nightlife. Here, you will find open-air bars, live music joints, and spontaneous street parties, creating an authentic and immersive experience that captures the spirit of the city.



December in Lagos is a celebration of life, music, and community, making it the perfect time to explore the diverse nightlife spots that define this metropolis. Here are some of the top ones:



The New Afrika Shrine: Closer To Fela&#8217;s Legacy



In the vibrant heart of Ikeja, Lagos State, The New Afrika Shrine is a living testament to Fela Kuti&#8217;s enduring legacy and his vision for a cultural haven that transcends boundaries. As Femi Kuti, Fela&#8217;s eldest son and torchbearer, says on its website, &#8220;The New Afrika Shrine is probably the most important thing I have ever done, aside from my children.&#8221;



The roots of the Shrine trace back to Fela&#8217;s inspiration from the Mbari Artists and Writers Club, a cultural hub in Ibadan, founded in the spirit of post-colonial optimism. Fela&#8217;s cousin, Wole Soyinka, co-founded Mbari, influencing Fela&#8217;s belief that a space could be both a performance venue and a progressive salon. The original Shrine, Fela&#8217;s home until his passing in 1997, became a symbol of community empowerment, offering jobs and opportunities to the urban poor, or as Fela affectionately called them, the &#8220;sufferheads&#8221;.



Unable to revive the original Shrine, Fela&#8217;s family, led by his daughter Yeni and son Femi, crafted The New Afrika Shrine in 2000.



With no entrance fee for most events, &#8220;its doors are open 24/7&#8221;, welcoming everyone, regardless of nationality or socioeconomic status. Femi performs regularly with his band, The Positive Force, and Seun, Fela&#8217;s younger son, graces the stage with Egypt 80.



Femi emphasized the positive revolution the Shrine embodies, breaking down societal barriers. &#8220;The poor people sit with the rich people, the white people sit with the black people, and nobody feels different,&#8221; he said, echoing the sentiment of his latest album, One People One World.



The New Afrika Shrine is a thriving community hub that fuels the local economy. Femi noted, &#8220;Before it opened, the area around it was all bush. Now there are buildings everywhere. There are clubs, hotels, event centers. We have created a prosperous little city.&#8221;



The Shrine&#8217;s allure extends beyond Lagos, drawing a diverse array of global icons, from Erykah Badu and Lauryn Hill to Anthony Joshua and Naomi Campbell. Even President Emmanuel Macron of France, reliving his Lagos days as a junior diplomat, graced the Shrine in 2018.



As Femi Kuti summed it up, &#8220;The Shrine for me is all about positive revolution,&#8221; and indeed, the beat of positivity resonates within its walls, creating an atmosphere where, as the saying goes, &#8220;You never know who you might bump into at the Shrine. You do know you are going to have a wonderful time.&#8221;



Secrets Palace: Luxury Meets Entertainment



Situated in Lekki, Lagos, Secrets Palace defines itself as a &#8220;high-end nightlife establishment&#8221;. Celebrating its two-year anniversary, the venue has become synonymous with luxury.



&#8220;At Secrets Palace, our mission is to create a refined and sophisticated haven for gentlemen in Lagos, Nigeria, where they can unwind and indulge in adult entertainment while experiencing the epitome of luxury and class,&#8221; says its website.



Step through the doors, and you are welcomed into a sumptuous and exclusive ambience where opulence meets comfort. The venue&#8217;s decor is all elegance and style. Patrons are assured privacy and discretion and &nbsp;it’s a popular destination in Nigeria’s nightlife circuit.



Quilox: Luxury, Style And Celeb-Spotting



For a decade now, Quilox Nightclub with Bar, sited in Victoria Island, Lagos, prides itself as the epitome of Nigeria&#8217;s elite nightlife.



&#8220;We have hosted the hottest parties in Lagos!&#8221; it declares on its website, inviting patrons to immerse themselves in a world where style and luxury converge. The venue is adorned in a striking red, gold, and black theme. A space for dancing, dining, mingling, and networking, it’s a regular haunt for A-listers and celebrities. Quilox also hosts private events with the capacity to host parties ranging from 40 to 400 guests.



Cubana: High-Profile Leisure



With locations in Ikeja and Victoria Island, Cubana has become synonymous with high-profile leisure.



At the heart of the island location is Club Pablo, a 1,000-person capacity luxury night club.



The Grind, a rooftop restaurant and lounge enveloped in steel and glass, offers an indoor-outdoor dining experience. Here, Cubana redefines the traditional open-air bush bar with its contemporary twist, known as Cubana Hut ‘n’ Grill.



Cubana spans major Nigerian cities, with branches in Abuja, Port Harcourt, Enugu, and Owerri.



&#8220;Anytime you are in Nigeria, check us out, and I bet you, you will not regret it. Enjoyment is our business,&#8221; asserts the club, inviting guests to experience Cubana Lounge, located in the heart of Abuja.



Afefeyeye Restaurant And Bar: A Culinary Haven



In Ikeja, Lagos, Afefeyeye Restaurant and Bar is fast becoming a testament to the intersection of gastronomy, culture, and vibrant entertainment. Affiliated with Kunle Afolayan Productions&#8217; KAPHub, this culinary gem has been igniting taste buds for over two years.



Nollywood actor and producer Kunle Afolayan, the visionary behind Afefeyeye, shared his passion during the opening, stating, &#8220;This is a brand born out of pure love for food, culture, and a good time.&#8221;



The restaurant&#8217;s Yoruba name translates to &#8220;lavish leisure&#8221;.



The menu reflects both African and intercontinental cuisine. Afolayan invites guests to experience a culinary journey infused with passion and creativity. Afefeyeye is a destination where culinary artistry and cultural richness converge.

Young men and women dancing against illuminated red spotlights at nightclub

Dancing Into 2024: Lagos’ Top 5 Nightlife Havens

The future of money and the way we see money is changing drastically. Wealth forecasters and futurists look into the crystal ball for Africa.



The past two decades have generated $160 trillion in ‘paper wealth’, according to McKinsey’s 2023 Wealth Report. However, growth has been sluggish and there has been rising inequalities. According to the report, Africa’s long-term economic growth has been slow. The continent is home to the world’s youngest and fastest-growing population, but its economic performance has not been in tandem. Although this may seem bleak, reports indicate that Africa could add $1.4 trillion to its economy, almost doubling the value added by services today, were it to match the productivity growth of Asia’s strongest services.



In looking at wealth holistically, mapping out the trends for 2024 tells us that currently, the continent holds investable wealth worth about $2.4 trillion, and according to the recently-published Africa Wealth Report 2023 by Henley &amp; Partners in collaboration with New World Wealth, the population of millionaires is expected to increase by 42% over the next 10 years. Speaking to experts in wealth management and advisory services as well as a futurist, there is some optimism in looking at trends that go beyond just the number. 



1. More Millennials, More Gen Zs, and More Women. Probably the biggest and most significant gear shift, but not new, will be with these different groups of individuals. According to RBC Wealth Management, globally, in 2015, women held 30% of all wealth controlled by individuals or families, and about 44% had grown their wealth independently as entrepreneurs. UBS’s Women’s Wealth 2030 tells a story of how women’s wealth has seen unprecedented growth over the last decade. Women now control 32% of the world’s wealth. This will rise at a compound annual growth rate of 5.7% to $97 trillion by 2024.



“In my opinion, perhaps the fastest-growing cohort of millionaires in the next several years is going to be women,” says Delphine Govender, owner and Chief Investment Officer at Perpetua Investment Managers.



According to Govender, after centuries of being structurally excluded and marginalized in the broader spectrum of wealth- creating activities, there is an exponential rise in economically- empowered women. This can be attributed to several factors but is centered on the tremendous global focus on gender parity in all aspects of society as norms are finally starting to shift. 



“This is being supported by directly targeted policy initiatives to promote gender equality. More specific factors include a material increase in women entrepreneurs and the increasing support of women-led enterprises. The entire focus of gender lens investing (a fast-growing area) seeks to specifically allocate capital to women- led businesses, whose value chain and products also benefit women,” Govender tells FORBES AFRICA. Andrew Möller, CEO at Citadel Investment Services, adds: “We are also finding what appeals quite strongly to women is they place a much higher value on trust, and building relationships, a opposed to let&#8217;s say their male counterparts who would chase more of the metric of return to performance.”



Furthermore, Govender is seeing more adolescent girls being mentored from a school-going age about their career paths and this is starting to light a fire at a young age about the potential these younger girls have as they contemplate adulthood.



This is something both Möller and global futurist Jack Uldrich agree on with the rise of wealth millennials.



“We will absolutely see the growth,” Uldrich says. “Just the sheer amount of wealth that will be first transferred to them as my parents’ generation dies off, as my generation dies off. And we bequeath it to younger people. But they are also rapidly ascending leadership positions, and in many places across the globe, many of these companies still do need people to do their jobs. I think we&#8217;ll see the millennials increase their wealth, and then they will get into leadership positions. But I would say they think about money and wealth differently than we did.”



“Millennials are much more cost- sensitive than a lot of your other guys,” Möller adds. “They are obviously much more digitally driven. Millennials have a much higher requirement for transparency. In terms of the structures, and interestingly enough, on the transfer of wealth, millennials are much more open to switching advisors.”



2.More Entrepreneurship. Notably, there are 52 African-born billionaires globally, and only 23 (44%) still live on African soil. Henley &amp; Partners have noted that this is a significant concern as many billionaires are entrepreneurs and company founders who therefore can create significant employment in their host countries. “Entrepreneurs typically make the best clients,” Möller chuckles. “Why? Because entrepreneurs know what they know. And they&#8217;ve gone and they&#8217;ve made the wealth but in a very specific area. I am happy to say that the future wealth is definitely entrepreneurs and I do think that a lot of wealth management firms will be sourcing their acquisition strategies from them. Entrepreneurs certainly have the biggest growth potential.”



Many reports show that a crucial part of this would be to create more relevant educational curricula, train employees to build the skills and knowledge Africa needs, link talent with job opportunities, and empower entrepreneurs to enhance the continent’s workforce and produce next-generation leaders.



“Indeed, African talent could become the continent’s largest export—and given shifts we are seeing in how work gets done, this talent may not need to leave the continent to fulfill this demand,” the Henley &amp; Partners report reads.



3.  More Investments = More Very-High-Net-Worth Individuals  (VHNWIs) + Ultra-High-Net-Worth Individuals (UHNWIs). As Africa is rich in human and natural resources, individuals are finding different opportunities in a multitude of sectors. As the years go on, Africa’s growth will increase, due to aspects such as the internet, smartphones, and even renewable energy, says Uldrich.



“I think we&#8217;re going to see, and we already are seeing with the number of satellites that are put in, more satellites that are being delivered; high-speed internet access everywhere in the globe and all across Africa. Most people, not everyone, already have smartphones and I think with the advances



in renewable energy [wealth], it’s going to get better because those three are going to lead to increased economic growth, which in turn will in fact manifest itself in wealth as we currently define it. So I would tell you I&#8217;m absolutely bullish on the long-term prospects for Africa.”



According to StatsSA, as of 2022, approximately 138,000 HNWIs lived in Africa, each with $1 million or more net assets, excluding government funds. Statista further added that the total private wealth in Africa amounted to $2.4 trillion in 2022.



The amount was accumulated by over 140,000 individuals, including millionaires, centimillionaires, and billionaires. Compared to 2021, the continent counted 2,000 more millionaires.



Möller says reports predict that in the next decade, the number of African millionaires is going to probably increase by 42% and that will be a number of approximately 195,000 ultra-high-net-worth participants.



“That&#8217;s what the forecasts are saying but when you put that overlay of what&#8217;s been happening in the global environment on top of this, the numbers forecast could be slightly different,” Möller adds.



“And by this, I mean, in 2021, there was a rapid growth of ultra-high-net-worth individuals in the world. That was on the back of unprecedented growth stimulus, there was a very low- interest rate environment, there was high liquidity at the time, and there were significant stock market gains that happened in the economic environment. “Whilst we certainly believe that is going to be a growth, we&#8217;re not quite sure that it&#8217;s going to be the growth of their 42%.” “Perhaps the most pressing aspect affecting Africans and South Africans is the quantum of their wealth that is invested offshore vs onshore,” Govender adds.



“This continues to be a significant source of debate. As liquidity in domestic public markets dries up, many local investors are starting to question the extent of their home bias.”



4.  AI May Redefine Wealth. Artificial intelligence (AI) has rapidly been finding a place in the world of work, so it should come as no surprise that it has found itself in the world of wealth.



Möller believes that the uptake of AI will actually be beneficial when it comes to wealth, particularly for wealth managers and their clients.



“As AI is starting to develop, this thing of digitization is gathering more momentum,” Möller says.



“It might sound perverse but I think digitization is going to make businesses more client-centric and the link between digitization and AI and client centricity is very simply going to open up the advisor&#8217;s diaries allowing them to simply focus on what they should be always doing and that is building relationships. It&#8217;s going to de-clutter.”



However, Uldrich believes that the world&#8217;s leading experts working on artificial intelligence are being a bit disingenuous in stating that it is going to transform the nature of work.



According to the forecaster, long-term, this may be true but short- to mid-term, there&#8217;s going to be a lot of displacement. This is why Uldrich believes that the way one defines wealth should likely change.



“Even in the age of AI,” Uldrich adds, “humans still have agency and we have to create our desired future… Most futurists I think are optimistic about the future, and they speak of an abundant future. But to tie back to wealth, I think what&#8217;s going to happen is for the most part, most people in the world will have all of their material needs met, but that will create a new problem.



“It will be sort of a spiritual vacuum. My point is I don&#8217;t think that we will define wealth simply in terms of dollars and material possessions, people will have those things and then they will say, ‘oh, what really matters?’. And I think we will see a major shift in how we define wealth.”



5. More Creatives. It doesn’t matter how much AI can do, the one sub-set of entrepreneurs, employees, brands, and businesses that will be safe, will be in the creative economy. “We&#8217;re going to see almost a new renaissance in [creativity],” Uldrich says. “Because artificial intelligence is really good at mimicking the human mind or intelligence, what it cannot do is imagine. It can give you the impression it is creating, but it&#8217;s not. All it&#8217;s doing is taking existing pieces and rearranging them and I would say that is a component of creativity and imagination. But we think with our heart, with our body, and that’s what AI can’t yet do.” 



Govender believes the creative economy is contributing meaningfully to growth in the number of millionaires and to some extent this is underpinning why we should expect more female millionaires. “Whether in fields of design, the arts, or entertainment, we are seeing the pursuit of a far more balanced economy as well as a greater value being broadly attached to the creative economy,” she says. “Social media has resulted in an entirely new slew of careers in terms of influencers and content creators – which is channeling income into the hands of many self-made individuals who no longer have to rely on corporates being their employers.



“While traditional careers such as medicine and law will continue to exist, the ascent of an increased number of well-rewarded careers within the creative domains means we now have many more industries and professions capable of producing wealthy individuals.”

Millennial man investing stock market analysis during trading cryptocurrency on laptop

What Wealth Will Look Like In 2024 (And The Years To Come)…

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Sweden’s push to join NATO took a step forward Tuesday, after the Turkish parliament’s foreign affairs committee ended a year-long delay and voted to allow the historically Nordic country to join the Western military alliance, <a href="https://twitter.com/anadoluagency/status/1739680608845008943" target="_blank" rel="noreferrer noopener">according</a> to Turkish media outlets—a step that could help Sweden end its longstanding neutrality amid Russia’s invasion of Ukraine.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



Turkey’s full parliament still needs to approve the decision, though no date for a vote has been set.



Sweden’s Minister of Foreign Affairs Tobias Billström said on X the country&nbsp;<a href="https://twitter.com/TobiasBillstrom/status/1739681174509748345" target="_blank" rel="noreferrer noopener">welcomed</a>&nbsp;the news and looks forward to becoming a member of NATO.



To join NATO, countries need unanimous approval from all 31 existing member countries—Turkey and Hungary have been the lone holdouts in Sweden’s bid, and Hungary has&nbsp;<a href="https://www.reuters.com/world/no-deal-with-turkey-swedish-nato-bid-hungarys-orban-2023-12-21/" target="_blank" rel="noreferrer noopener">not yet</a>&nbsp;started the process of approving Sweden’s membership.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Sweden and fellow Nordic country Finland both <a href="https://www.bbc.com/news/world-europe-61397478" target="_blank" rel="noreferrer noopener">made moves to drop</a> their historic position of neutrality by making a bid to join NATO in 2022, following Russia’s invasion of Ukraine. Finland successfully <a href="https://apnews.com/article/nato-finland-russia-ukraine-membership-enlargement-c703d23a8423d89577d5b752d69d76eb" target="_blank" rel="noreferrer noopener">joined</a> the alliance in April, but Sweden’s bid has taken longer, with Turkey and Hungary each stalling the process. Turkish President Tayyip Erdogan previously <a href="https://www.reuters.com/world/why-is-turkey-blocking-swedish-finnish-nato-membership-2023-01-25/" target="_blank" rel="noreferrer noopener">raised objections</a> about both Sweden and Finland’s memberships, citing concern that Sweden in particular has been too lenient on Kurdish groups that the country views as terrorists. Last year, Turkey, Finland and Sweden struck a deal to bring Sweden and Finland into NATO, with Sweden offering to pass new anti-terrorism laws. Erdogan has <a href="https://apnews.com/article/turkey-sweden-nato-congress-f16s-jets-d851a62123ed4c5ff250929c3d9b67f6" target="_blank" rel="noreferrer noopener">suggested</a> he could approve Sweden’s NATO bid if the United States lets Turkey buy F-16s.



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



Hungarian President Viktor Orban said last week that there was “no great willingness” among Hungary’s parliament to rush a vote on Sweden’s NATO membership, according to&nbsp;<a href="https://www.reuters.com/world/no-deal-with-turkey-swedish-nato-bid-hungarys-orban-2023-12-21/" target="_blank" rel="noreferrer noopener">Reuters.</a>&nbsp;Hungarian leaders have said Sweden has unfairly accused Hungary of eroding democratic rights—as Orban has frequently been accused of authoritarian tendencies. The country’s parliament will reportedly resume in mid-February.



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



32. That’s how many countries would make up the NATO alliance if Sweden’s membership is ultimately approved.

NATO Holds 2023 Summit In Vilnius

Sweden Gets Closer To NATO Membership: Turkish Panel Greenlights Bid To Join Alliance

Addressing sexual exploitation and abuse in the digital ecosystem.



The hype around the development of the metaverse, an immersive digital space that will take real-world experiences online and blur the line between physical and virtual, is palpable. Accounting organization KPMG predicts that by 2030, we might be spending more time in the metaverse than in the real world. In a survey conducted by Pew Research and Elon University in North Carolina, more than half of the technology experts responded that by 2040, they expect the metaverse to be a fully-immersive, well-functioning aspect of daily life for half a billion people (or more) around the world. 



But for many, the excitement around the world’s digital future is something that should be approached with caution. Women, in particular, have been known to experience gender-based violence in the form of online harassment. One study from the Economist Intelligence Unit uncovered that 85% of women have experienced or witnessed online violence, with 38% of women reporting personal experiences with online violence and 65% reporting knowing of other women who were targeted online.



If women are already su-fering a disproportionate amount of abuse online, will they be safe in the metaverse?



In 2022, the Alliance for Universal Digital Rights (AUDRi) was formed by two international gender equality and advocacy organizations, Equality Now and Women Leading in AI. For over 30 years, Equality Now has been campaigning for legal and systematic change to address violence and discrimination against women and girls around the world but what they soon came to realize is that the sexual exploitation and abuse they were working against stopping in the physical space could be manifested online.



“People are using the internet to replicate and amplify the same sort of violence; [what] we’re seeing in the physical space is being played out in the digital space. It’s growing at an alarming rate just because of the nature of the internet,” says Tsitsi Matekaire, Equality Now’s Global Lead of End Sexual Exploitation.



Born in Zimbabwe, Matekaire has worked with women’s rights organizations throughout Africa, providing legal aid services to women affected by domestic violence.



“Looking at the legal frameworks, we didn’t realize that if we focus our research so narrowly on sexual exploitation and abuse, we sort of miss the bigger picture because this is happening in the digital ecosystem.” Working with a network of women in technology, AUDRi is calling for an international standard that will address women and girl’s rights in the digital space grounded in international human rights law.



<h2 class="wp-block-heading" id="h-more-than-a-game">More than a game</h2>



The studies around avatar gender-swapping in the online gaming space are eye-opening. To avoid toxic sexual behavior, female players choose a male avatar to avoid being harassed.



Wai Yen Tang, a researcher from the University of Amsterdam, found that in gaming culture, women are often harassed because they are perceived as an outside and intrusive minority.



“Women don’t participate to the extent that they should because they have serious concerns around safety. The result is self-censorship, where you don’t want to bring out your true identity,” says Maitekaire. “We are a diverse community but as a woman, you’re operating as a white male because that attracts less harassment. There are black women, cisgender women, trans women… all of that can get lost if people have that fear.” In addition, it’s all too easy for the abuse can easily jump from digital to physical – in April 2023, a man in California was arrested for sexually abusing a 14-year old girl he met playing a popular kids gaming app – which is exactly why organizations like AUDRi are so needed.



<div class="wp-block-media-text" style="grid-template-columns:42% auto"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1024" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2023/12/Tsitsi-Matekaire-1024x1024.jpg" alt="" class="wp-image-60791 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/12/Tsitsi-Matekaire-1024x1024.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/12/Tsitsi-Matekaire-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/12/Tsitsi-Matekaire-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2023/12/Tsitsi-Matekaire-768x768.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/12/Tsitsi-Matekaire-1536x1536.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/12/Tsitsi-Matekaire-2048x2048.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">
“WE ARE A DIVERSE COMMUNITY BUT AS A WOMAN, YOU’RE OPERATING AS A WHITE MALE BECAUSE THAT ATTRACTS LESS HARASSMENT.”
</blockquote>
</div></div>



“We really wanted to look at that digital dimension and assess the impact it would have on human rights and human vulnerability so we are advocating for policies at a global level,” says Matekaire. “Even on a national level, we have to show governments what they need to be thinking about to ensure rights are protected within that space.” 



For Matekaire, the urgency is now because as the technology is being developed, policy frameworks need to be created to keep up. “There’s a dilemma because things are moving quickly and policies can also be future-proofed to anticipate the risks,” she adds. “We need to ensure that in the design stage we are building in those principles of equality, of safety, of human rights, for people with disabilities and those in the LGBTQ community. We have to anticipate these different aspects before or as the technology is designed.”



<h2 class="wp-block-heading">An economic opportunity</h2>



Be it education or healthcare, throughout the continent, there has been interest on a governmental level in how the metaverse can be best utilized. Egypt, for example, launched MetaTut at the end of 2022.



MetaTut is a virtual city created to celebrate Egyptian culture and take the country’s heritage into the digital age. It’s not only a virtual tourist destination but a place where people can meet others and even conduct business.



“African governments are looking at the metaverse as an opportunity to advance their economies but have they anticipated the risks?” asks Matekaire.



Considering the potential impact of the metaverse, AUDRi is urging governments, regulators and big tech companies to consider the rights of those who remain marginalized online. They’re calling for guidelines to be established that measure the impact on the human rights of vulnerable groups as well as best practices when it comes to design. 



“And we need governments involved because ultimately governments are the ones that are responsible for people’s rights,” she adds. “As AUDRi, what we’re really talking about is a global approach – global policies and laws that countries can derive their national laws and policies from.

Avatars

Will Women Be Safe In The Metaverse?

Since the 1980s, the term ‘just transition’ has been touted as the answer to our climate challenges. Against the industrial revolution(s) backdrop, this transition referred to the deliberate shift towards more sustainable and green practices. The ‘just transition’ is the responsible move from a high- to a low-carbon economy. 



Yet, an often forgotten aspect of this transition is the very descriptor ‘just’. The reality is that much climate change action happens in silos. A distinct gap between the Global North and the Global South seems to persist. As Irina Velicu and Stefania Barca asserted in 2019: “Since both ecological and social crises are produced via inequalities, a just transition can be a transition out of the logic of unequal relations — rather than just out of fossil fuels.” In other words, our responsibility extends beyond borders and encompasses more than just shifting to a low- carbon economy. In this regard, there are some glaring challenges.



Firstly, there are financial constraints. Here, the gap between the Global North and the Global South is painfully apparent. Much of the Global South is already explicitly confronted by the impact of climate change, and there is a clarion call for the Global North to help fund interventions. The reality is that the Global South lacks the funding and resources to take on this fight alone. According to UNCTAD, the Nationally Determined Contributions (NDCs) of just half of the developing world is projected at $5.8 trillion by 2030. Yet, only $83.3 billion was provided and mobilized by developed countries for climate initiatives in developing countries in 2020, $16.7 billion short of the annual goal. 



This has been compounded by the constrained fiscal context in much of the developing world, which the Covid-19 pandemic has exacerbated. Moreover, many countries in the Global South are still in the initial stages of industrialization and economic development and implementing strict environmental regulations can hinder this progress if they do not have access to critical green technologies such as solar power.



Secondly, the technological gap creates a disparity in implementing sustainable practices. The concentration of intellectual property (IP) ownership in advanced economies has led to difficulties for developing countries to access green technology innovation. This concentration hampers their progress in Global Value Chains and forces them to rely on costly methods to establish domestic capacities. Additionally, there are barriers to transferring green technology. This unwillingness to share IP might similarly hinder global efforts in climate technologies, causing divisions and tensions despite the urgent need for global cooperation. 



Countries with clear policies supporting research, innovation, and technology development tend to have more robust technological capacity, yet there is minimal alignment across developing countries. The Global North is the locus of primary innovation – armed with resources, knowledge, technology and ability. To combat this challenge, a diffusion practice is imperative to assist the Global South in mirroring these practices. Diffusion allows for the sharing of IP, so that innovative practices are easily adopted.



Thirdly, capacity disparities exist between the Global South and the Global North and within the Global South. Alongside financial and technological gaps, there are also infrastructure challenges. Countries in the Global South range from highly industrialized economies to those struggling with basic infrastructure – this is often apparent through service delivery challenges. There are also disparities in education and research capacities. Additionally, it is important to consider the severity of the challenges in the Global South and where they are realistically able to place climate change in our contextual coat hangers. Research demonstrates that the Global South is disproportionately impacted by the setback in the sustainable development goals (SDGs).



A grim reality is that this is a difficult balancing act in many of these regions. The just transition, however, does also have a ripple impact on other SDGs, particularly concerning clean energy, decent employment, economic metrics, inequality and sustainable production and consumption.



Velicu and Barca argue that we need to rethink the just transition through the lens of equality through an approach that focuses on equity rather than equality. In other words, if the Global South received equal diffusion of resources, it would not be as beneficial as if they received an equitable or proportionate resource. As Damian White concluded in 2020: “Decarbonizing, decolonizing, democratizing and de-commodifying our carbon-intensive material world is going to require… the unleashing of enormous amounts of creative labour and inventive praxis to build public institutions, a public ecology and a public culture to allow us to survive and flourish on a warming planet.” What is abundantly apparent is that without bridging these gaps and ensuring the inclusion of the Global South, the just transition will remain a dream deferre

Reports Indicate 2016 Was Hottest Year On Record

Rethinking ‘Just Transition’ In Africa

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Depression, vitamin D deficiency, social isolation and diabetes are among a dozen health issues that can increase the risk of early-onset dementia, according to a new study published Tuesday, the latest evidence on causes of the condition beyond genetics.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



The&nbsp;<a href="https://jamanetwork.com/journals/jamaneurology/article-abstract/2813439" target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in the American Medical Association’s JAMA Neurology found people who are vitamin D deficient or suffer from depression are at a higher risk for experiencing dementia symptoms before the age of 65, as are those with diabetes, heart disease, stroke, a hearing impairment or a form of low blood pressure called orthostatic hypotension.



Factors associated with a lower risk of early-onset dementia included education (having an academic or professional degree), socioeconomic status (wealthier people had a lowered risk) and alcohol use (moderate to heavy drinkers had the lowest association with dementia, while those who didn’t drink at all or with alcohol use disorder were at higher risk).



Researchers with the University of Exeter, Maastricht University and other institutions studied more than 330,000 people under the age of 65 from the United Kingdom and considered 39 risk factors across medical, demographic, lifestyle and environmental factors, among other indicators.



Early-onset dementia often&nbsp;<a href="https://www.alzheimers.org.uk/about-dementia/types-dementia/diagnosing-young-onset-dementia" target="_blank" rel="noreferrer noopener">presents</a>&nbsp;as a change in personality or behavior in people between 30 and 60 years old and is estimated to impact 3.9 million people around the world, the study says— about 5% of people with Alzheimer&#8217;s disease or other dementia illnesses develop symptoms before age 65,&nbsp;<a href="https://www.mayoclinic.org/diseases-conditions/alzheimers-disease/in-depth/alzheimers/art-20048356#:~:text=Young%2Donset%20(also%20called%20early,develop%20symptoms%20before%20age%2065." target="_blank" rel="noreferrer noopener">according to</a>&nbsp;the Mayo Clinic



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



40%. A&nbsp;<a href="https://www.thelancet.com/article/S0140-6736(20)30367-6/fulltext" target="_blank" rel="noreferrer noopener">2020 report</a>&nbsp;of the Lancet Commission on Dementia Prevention, Intervention and Care suggests late-onset dementia cases (in those older than 65) could be reduced by as much as 40% if certain risk factors are eliminated like smoking, high alcohol intake and depression.



<h2 class="wp-block-heading" id="h-surprising-fact">SURPRISING FACT</h2>



While preventative risk factors for late-onset dementia include physical activity, healthy diet, socialization and cognitive activity, authors of the new study said it&#8217;s unclear if the same factors apply to early-onset cases.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Early or young-onset dementia can be attributed to a wider range of diseases than those that impact older people, and people grappling with early-onset cases are more likely to experience a wide range of symptoms in the starting stages,&nbsp;<a href="https://www.alzheimers.org.uk/about-dementia/types-dementia/young-onset-dementia#content-start" target="_blank" rel="noreferrer noopener">according to</a>&nbsp;the Alzheimer&#8217;s Society. Memory loss is often not an early symptom of young-onset dementia, and patients are more likely to experience problems with movement, walking, coordination or balance. Often called &#8220;working-age dementia,&#8221; the new study describes the condition as having a &#8220;particularly high&#8221; personal, societal and economic cost on younger people because of consequences to employment, social life and familial responsibilities.

Dementia bran scan research

Early-Onset Dementia Risk Tied To Alcoholism, Social Isolation And These Other Factors, Study Finds

Nobuhle Ndlovu is among the few to break the glass ceiling in the male-dominated world of private equity.



An investment banker-turned-vice president at a private equity firm in South Africa, Nobuhle Ndlovu realized early on that her calling was to help humanity.



Awarded a full scholarship to Canada, she majored in Economics and International Politics, is fluent in Mandarin Chinese, and holds an MBA from the University of Oxford. She has lived and worked in seven countries across North America, Europe, Asia, and Africa.



It was after a stint at Standard Chartered that Ndlovu realized her true goal. “My internship taught me that banking is the easier route to track money and hold people accountable. The NGO space has a lot of wastage; I liked the concept of making a difference but being able to quantify it.”



Ndlovu started her career with the mindset that she didn’t need to prove herself.



“I had been schooled overseas by my own right through scholarships, and worked hard to get to where I am, but coming back to a South African setting, it all goes out of the window,” says Ndlovu, who started from scratch when she moved back to South Africa.



Ndlovu recalls her earliest job in corporate finance in South Africa as one of only two women in a team of around 50. “I recall thinking, ‘wow, in South Africa, this is still a thing’; I get it in New York, but South Africa?



“But I quickly learned that if you stay humble, put your head down and work, you’ll get the props – if props are necessary,” she says.



“For me, it was about ‘how do I get to the next thing’. There’s not a lot of faces that look like me so it was trying to balance that and doing my best to include others to pay it forward,” she says.



Ndlovu didn’t know she wanted to get into private equity but as she got older, she thought about creating businesses and sustainable ecosystems.



“Even before I went into mergers and acquisitions advisory, I knew I wanted to gain the necessary hard skills to be able to go into private equity,” she says



Today, Ndlovu is a vice president at Kasada Capital Management, an independent real estate private equity platform that focuses on the hospitality sector in sub-Saharan Africa. She also made it to the Mail &amp; Guardian 200 Young South Africans cohort in 2021.



“I get to travel for work and spend a lot of time in East Africa. Hospitality is such an interesting space but it’s also about creating spaces that people want to spend their time and money in.”



You could look at it as real estate or FMCG because you’re catering to a fast-moving good, she says.



“My current fund is across sub-Saharan Africa (SSA) and it’s so fulfilling seeing how much you’re supporting the region.”



Some of the biggest lessons Ndlovu has learned over the years is that no market is the same.



“It’s about how you balance risk and return all the time and having the right people in place to buy and manage assets.



“We’re SSA-focused; we’re constantly trying to work out what market in SSA makes sense when, and where each asset gets anchored.”

Nobuhle Ndlovu; image supplied (1)

South African In Private Equity: ‘Put Your Head Down And Work’

Ghanaian entrepreneur Alima Bello, the founder of Bello Edu, would have been toiling away in a greasy oil seed factory had she not chosen to ignite her passion for contemporary fashion design.



Fashion and art are often synonymous. Just ask Ghanaian fashion entrepreneur Alima Bello, who in 2014 launched a contemporary womenswear brand named Bello Edu.



“We describe the clothes we are making as canvases for women,” says Bello on her body of work.



And as with every canvas, this dream too started on a blank sheet of paper.



As creative director of the brand, humble beginnings preceded international acclaim, such as showcasing her work on prestigious platforms like the Portugal Fashion Week as well as being stocked in retail outlets across Africa.



The challenges included facing an industry that makes it difficult to raise capital to fund entrepreneurial dreams.



“Fashion is such a seasonal business, and a lot of traditional finance institutions don’t understand how it works. It takes time,” says Bello, reiterating the words of most startup founders in the fashion sector.



“The way the fashion cycle works; you get a loan, you do your samples, you start taking your photographs, start doing your campaign, start getting your pieces into retailers and that takes about three months before you start seeing any income from your designs.”



Bello had to bootstrap her dream by creating capital working several odd jobs. Her career also did not take a linear path.



Growing up in her hometown in Kumasi, Bello was expected to graduate with a degree in business management from the University of Ghana and promptly join the family business.



“As a first-born child to a Yoruba man, my father expected me to finish school and join him in the family business and he designed my life that way – go to school to study business management and then finish and come back and work in an oil seed factory where we were processing soya bean oil, palm kernel oil and refining as well.”



That would have been a slippery slope, but thankfully, serendipity came calling.



Bello was privileged enough to have her father fund her travels abroad during school breaks when she would indulge in her love of fashion. But after graduation and once she started working for him, he told her she must buy her own tickets to London because he was no longer paying for them. It meant she couldn’t shop abroad and had to relegate her fashion choices to the boutiques of Kumasi.



“[But] if I found stuff I liked, they wouldn’t have the color or size I wanted,” recalls Bello. 



The only alternative was to start making her own clothes. That interest transformed into a calling and with that, Bello managed to convince her father to let her follow her dreams to pursue fashion.



“It took me two to three years to convince him that I wanted to move to Accra to start my business. But when I moved, I couldn’t find a fashion job with any established designer or brand. So, I found a job with a furniture company that had an interior design unit.”



Bello’s thinking was if she could find a job and see how brands interacted with customers, it would give her a better understanding of what customers were looking for and see how the customer-facing side of the business worked. But that did not pan out well and she found a part-time job in an ad agency doing administrative work and spent her spare time “pattern-drafting”.



Although she was garnering interest with her designs and being invited to showcase her work on some platforms like other designers, Bello decided to take some time out and focus on building her brand.



“It took some time to define who the Bello Edu target is; who am I designing for and what my brand story is. I took my time to answer these questions; trying to flesh out the ‘why I want to do this’ and ‘for whom am I doing this’.”



After some soul-searching, she finally understood.



“The Bello Edu woman is 33 to 35. She is a hard-working woman and confident of who she is. She likes to splurge every now and then but is very conscious about where her money goes. She can buy a luxury bag and a t-shirt from Zara and pants from Bello Edu. She doesn’t take herself way too seriously and she takes life as it comes.”



And with that, came the biggest turning point in Bello’s career. She rented her first brick and mortar store in 2017 and that is when it became “real”. Then came the challenges. By 2018, Bello had depleted her entire life savings trying to keep the business afloat. Although the brand was attracting some sales, the money was not enough to sustain the business.



“I would get so stressed that my jaws would lock up. I had dried up everything and I had workers depending on me. We were not making enough to [even] pay for our overheads,” says Bello.



Then 2020 came and Covid-19 hit. What should have spelled the end of her business brought unexpected respite. “When the lockdown happened, along with the Black Lives Matter movement, there was a boost in sales for black-owned businesses. We got featured on certain platforms and there were more eyes on the brand and that is what helped to boost sales and keep as alive. We didn’t have a marketing budget and everything we have done today has been based on word-of-mouth.”



Today, the brand is in a much more comfortable space and the vision has evolved, she admits. “African fashion had become so popular, and the prints were so bold and in your face. My personal taste is very minimal when it comes to the choice of colors and prints. I wanted to create a brand that would serve as a canvas,” says Bello of her minimalist designs but maximum dreams.

Tag: Africa

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