How did you go bankrupt?” Bill asked.



“Two ways,” Mike said. “Gradually and then suddenly.”



This passage from American writer Ernest Hemingway’s The Sun Also Rises perfectly summarizes the process almost every organization eventually faces. 



Or at least it did up until Tuesday, May 2. Because that was the day when ChatGPT claimed its first victim, the online education platform Chegg.



It seems gone are the days when companies could expect a death spiral of years and years before the CEOs called it a day. 



Blockbusters and Blackberry are two examples that spring to mind. But Chegg’s stock plummeted by more than 50% in just a few hours, and at the time of writing this piece, it was worth just a third of what it was prior to the launch of ChatGPT.



The reason of course, why every business ultimately fails is because the market shifts.



In Blackberry’s case, they lost out as consumers decided they didn’t want keyboards.



For Blockbusters, their customers decided to stay at home and stream.



And for Chegg, Wall Street is predicting that they will lose their students to generative AI.



What’s fascinating and scary though, is we have just entered a phase of business disruption that is exponential in nature. AI, Cloud, 5G, IoT and a host of other technologies are working perfectly in concert to allow anyone in the world to develop new products and services at a fraction of historical costs in record time.



ChatGPT is a case in point. 



On release, it registered 1 million users in one week and hit the 100 million mark within two months. That’s 5x faster than TikTok managed; 30x faster than Facebook. So with barriers falling left right and center because of technological advancements, what must boards do to improve their company’s survival chances?



If you guessed innovate, you are partially right. Boards absolutely need to impress on their executive teams the importance of doubling down on their innovation strategies.



But this will only work if boards think laterally about deliberate actions they can take to encourage their executive teams to become less hubristic.



Because leadership hubris is the catalyst of inertia, not innovation, and inertia is what ultimately kills most organizations. To be fair to executives, they operate in environments that encourage overconfidence.



When you are running a successful multi-billion dollar business, it’s not easy to consider the possibility that it could be fallible, or worse, that it might fail on your watch. I for one don’t know many CEOs who’ll admit they are fearful of being disrupted. And those that do typically fail to place the necessary disruptive business bets.



How can companies remove hubris from their executive teams? 



I humbly suggest by setting up environments that culture a certain amount of fear and a huge amount of curiosity. One of the best examples of a leadership team that encourages this is Amazon. Jeff Bezos is well-known for emphasizing the importance of staying paranoid and maintaining a sense of urgency.



In his 2017 shareholder letter he wrote: “Day 2 business is stasis. Followed by irrelevance. Followed by excruciating, painful decline Followed by death. And that is why it is always Day 1.” 



The goal?



To encourage his team to continually think like a startup, not a multi-billion dollar listed entity. And this idea then gets consistently reinforced in a multitude of ways, ranging from their choice of building names



(Amazon’s head office is named Day 1) to how they encourage executives to make decisions carefully when the outcomes are irreversible, but quickly in all other instances (the two-door/ one-door model).



These systems and frameworks were deliberately introduced to encourage healthy levels of paranoia that in turn, helped motivate a culture of curiosity.



It should not be surprising when successful innovators state that “curiosity” is mission-critical. What is surprising is how knowing this, so few boards demand their leadership teams implement systems to agitate and encourage curiosity.



Perhaps this was acceptable when we lived in a world where change was glacial. But in a world where bankruptcy may skip the slowly part and just come suddenly, boards need to stop worrying about the risks of doing business and start cultivating leaders who understand the need to adapt or die and have the curiosity and courage to attempt to do just that. 



– The writer curates thought leadership events that help executive teams transform their organizations; visit coliniles.com.

Co-workers having meeting with laptop in conference room

Adapt Or Die: What Must Boards Do To Improve Their Company’s Survival Chances?

Reinette van der Merwe has been in the banking industry for more than two decades, and risen to be one of Botswana’s most formidable professionals, but says she still sees glaring gender imbalance in the boardroom – most times, she is the only one woman present.
Van de Merwe, Managing Director of Barclays Bank of Botswana, is aware giant strides need to be made to include more women in corporate Africa.
“I have never really seen gender until a couple of years ago when it was pointed out to me that I am the only woman in the boardroom,” laughs the 47-year-old.
While she never felt discriminated against at any point in her career, her exposure and interactions with other women have highlighted to her that their experiences are not all the same.
While 40% of today’s global workforce is female, only 5% of women hold global chief executive positions in Africa.
This is a far cry from the desired target of 50% to achieve gender equality, according to a study by PricewaterhouseCoopers.
In South Africa, there is only one female chief executive in the Top 40 JSE-listed companies and that’s Maria Ramos of Barclays Africa.
<a href="http://www.forbesafrica.com/woman/2017/08/14/we-men-for-women/" target="_blank" rel="noopener">We, Men For Women</a>
Van de Merwe worked her way up the ranks and was appointed Managing Director in 2013 after serving as Chief Internal Audit Executive. She is also an avid equestrian.
“I never thought I’d end up where I am now, but from the time I was a child, I wanted to become a chartered accountant and then one day become the chief financial officer of a company.”
Despite being at the helm of a bank in an industry characterized by an onslaught of fines, slowed market performance and litigation since the financial crisis, Van der Merwe, says: “I really love running a bank and although I develop women and men equally, I see competence, not gender.”
That has been the driving force of Van der Merwe’s leadership.
“For me, talent development and management in a bank [is fundamental]. A bank is made up of the people and we’re a service-orientated organization, so people are your most important assets,” she says.
“So for me the most rewarding element of my job is when I see someone really excelling at what they are doing and being able to promote them.”
Van de Merwe elaborates:  “&#8230; when I moved to Botswana, I had a really strong head of IT and in terms of her development, she put up her hand and showed her capability, she’s now my chief operating officer.”
<a href="http://www.forbesafrica.com/woman/2017/08/30/social-agenda-business-agenda/" target="_blank" rel="noopener">&#8216;The Social Agenda Is A Business Agenda&#8217;</a>
Leading a people-centered organization is central to another one of Barclays Bank Botswana’s passions carried through programs initiated by the government.
“The government is actively involved in developing entrepreneurship,” she says.
Another of the bank’s focal points is investing in cutting-edge technology that enhances efficiency levels across the business for the consumer.
“One of the government’s aims in Botswana is to bank the unbanked and we are firmly set on this path.”
Recently, the bank continued its digital journey which started with mobile banking followed by internet banking, and international money transfers, where customers can pay school fees or suppliers across the borders by launching a card-less cash deposit service which allows for real-time card-less cash deposits into its accounts by both customers and non-customers at any time and on their own.
And, despite Barclays PLC’s divestment in Barclays Africa, there are still many opportunities and resources for the bank to explore in this space.
Under Van der Merwe’s leadership, the bank has been named Botswana’s ‘Bank of the Year 2016’ by Acquisition International. She attributes some of the success to policies enabling ease of business drafted by the country’s leadership.
“The future of the bank is very exciting as we look to continue developing it as a pan-African bank,” says Van der Merwe.
“We are looking forward to a lot more creativity in making [Barclays Bank Botswana] Africa relevant. We can determine how we want to do business in Africa for Africans and if you look at the divestment which took place in June, it was oversubscribed, so clearly, the market has a lot of faith in the management of the group.
“There’s nothing that stops this group from expanding into the rest of Africa, Asia and even back into London as an African brand,” she laughs. &#8211; Written by Rofhiwa Madzena

The Only Woman In The Boardroom

A woman in a boardroom often needs to work twice as hard as a man; and it also means conveying the right intent and tone, and paying attention to the finer details, body language being one of them.
“Within our very patriarchal history, the boardroom is still very much a man-cave, where the few women who have dared to ‘trespass’ constantly navigate both the written and unwritten man-cave code,” says Khosi Jiyane, a clinical psychologist and corporate training facilitator in Johannesburg.
In order to survive, some women have felt the need to man-up, as currency for being seen and treated as one of the boys, which she says has resulted in some men feeling threatened, while some fellow women see it as a “betrayal of femininity”.
Thrown into this mix are gender and cultural pitfalls that can be effectively countered if the female executive is aware of her body language.
Being attentive is a key aspect according to Durban psychologist Claire Newton who says: “Be sure to sit right up at the table and lean in over the edge slightly. Put your hands and arms on the table. Have a notebook and pen to take notes, but never fiddle with your pen. Don’t take notes on your lap if there’s a table in front of you, this forces you to move away from the action. Women tend to do this a lot. Men don’t.”
“Also ensure you have an open posture, meaning you don’t block the front of your body in any way. Blocking off the front of your body makes you feel safer (which is why you do it), but other people get the message you are insecure and unapproachable,” says industrial psychologist Brian Jude who has been in the communication training industry for 35 years. He says it’s important to stay true to your own personality in the boardroom.
“More aggressive people tend to take up space, with quieter people taking up less space. With any kind of boardroom activity, stay in your comfort zone,” says Jude, adding that women generally feel more comfortable crossing their legs or ankles, but that the ‘figure four cross’ or loose leg cross should be avoided as it is perceived to be aggressive.
“Keep your hands and arms parallel to the body as much as possible. You can use your hands in natural gestures, such as open palms, but avoid any form of finger pointing, which is seen as aggressive.”
He adds that the ‘match and mirror’ technique in body language must be subtle.
“As the other person changes body position, count to four and then change your own position to match. If there is gentle eye contact, maintain the same behavior. This can create an enormous connection, but not if it’s overdone. If you do it too quickly, it is interpreted as mocking behavior,” says Jude.
And while it may be daunting to enter the man cave, never use flirtatious techniques.
“Women are used to flirting and may tend to try and use this in what is still a predominantly male environment. Clothes must be conservative and neutral, with no overt jewelry. Maintaining a professional demeanour says ‘take me seriously’,” says Jude.
Carry handbags, tablets, or files at your side and not in front of your body;
Be aware of nervous habits – don’t fiddle with hands or hair;
Good eye contact shows you are listening, but do not hold eye contact to the point of being either uncomfortable or threatening;
Avoid sitting in the chair next to the door – if you are speaking when someone enters, you lose your message;
Pushing your sleeves up slightly and putting your arms on the table shows you are serious about what is happening in a meeting;
Be aware of your facial expression at all times.

Khosi-Jiyane

Body Of Work

Depression and anxiety are highly stigmatized in the boardroom and top executives have become masters at keeping it locked down, going to extreme lengths to hide such problems.
In the fast-paced corporate world, if you are falling apart, you dare not show it. But is that a good thing?
Recent research has shown many successful women are victims of stress as they strive to balance work and family. But even as children and careers collide, women need to prioritize their wellbeing.
Take 40-year-old successful corporate woman and mother of two, Nicci (surname withheld for confidentiality), who says she experienced “a ridiculously heightened sense of anxiety” possibly linked to post-natal depression after the birth of her first child.
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“I was 36, I was trying to run a business, a home and look after my baby. I remember feeling isolated, alone and incompetent, and being an established business woman, that was a terrible feeling,” she says, echoing the thoughts of many like her.
“I have learned there is no such thing as the perfect balance between a career and motherhood. This is a myth propagated by the media and there is no way women are achieving this holy grail. There are times when you have more time for your career, then something happens and bang, you have to pay more attention to your family. It’s also important to note that a man who has a successful wife often simply assumes he will also have the perfect wife and mother and it is our complicity in this which adds to the pressure. We, as women, try and do it all,” says Nicci.
Dr Colinda Linde, Chair of the Advisory Board at the South African Depression and Anxiety Group (SADAG), and a practicing clinical psychologist, feels modern working women have no role models when it comes to managing the demands of a career and family life.
“Even if our mothers worked, few had careers which resembled those of today and the demands of parenting have also changed, with children’s schedules often as busy as those of their parents. In a dual income household, it mainly still falls to the woman to run the home. This leads to feeling divided and not really being present in the moment – when you are at a school event, your phone is still beeping and when you are at work, your home or issues with your children may also be on your mind,” says Linde.
Over time, this leads to stress and burnout. She says while women learn to rely on other women such as housekeepers or mothers to help with child-rearing, they tend not to expect their partners to take on domestic responsibilities.
“There is a trend emerging where men are doing more to help in the home than their fathers did, by a significant amount, but it is still a relatively small part compared to the typical female portfolio of duties,” says Linde.
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Falling Off The Cliff
Richard Hawkey from Equilibrium Solutions, who has worked with Linde and has conducted substantial research, reveals findings where anxiety, depression or burnout, while highly stigmatized as a sign of weakness, are more than common, with women more affected than men.
Hawkey, who calls himself ‘the recovering banker’, says he slipped into severe clinical depression in 2010 after 15 years in a top position in the finance sector.
“As a senior manager, I had no idea how damaging stress was, or that if you are a Type-A personality (achiever, driver, controller), there isn’t necessarily a slow decline to warn you the cliff is approaching – you simply fall off the end one day. I was happily married, with great children and a house in the suburbs, along with all the trappings of success, so how could I have a breakdown and become depressed?”
Since then, he has recovered and is finishing a Master’s degree in Applied Psychology, and also set up his company Equilibrium Solutions, which in partnership with several doctors, has designed Vitals Software, a confidential online stress self-awareness and management tool.
He gathered and analyzed data from 2,500 respondents surveyed via this online resource. Most were white-collar workers, 98% from South Africa.
Hawkey says key findings, such as 37% complaining of unexplained chest pains were “worryingly high”, as was the 50% of respondents ‘living for Fridays’, highlighting high levels of apathy
and demotivation.
He adds women consistently scored higher than men in the manifestation of various symptoms.
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Hawkey says the situation may well be worse than indicated by the findings, as anecdotal evidence reveals executives are self-medicating, won’t use Employee Assistance Programs and will take two weeks of leave pretending they are ‘going on holiday’, but in fact are booking into a psychiatric unit.
“This anecdotal evidence is quite terrifying. Executives will pay for such treatment with cash and will not use their medical aid in order to keep the problem hidden,” he says.
According to the World Health Organization (WHO), 350 million people across the globe suffer from depression, with less than half receiving treatment due to a number of barriers, a prime one being the social stigma attached to mental disorders.
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More Pressure For The Top Brass
While women trying to balance a career and family are expected not to show any weakness, Hawkey adds that women in the upper echelons of management are particularly under pressure, as they have to appear tough and if from a historically-disadvantaged background, have to prove themselves beyond tokenism, while at the same time shoulder the burden of family.
“My advice to women who are feeling overwhelmed is to speak to someone you trust. It’s important to know you are not alone,” he says.

Don’t Worry,  The CEO Gets Depressed Too

Sam Jonah has broken rocks miles underground and brokered deals over the boardroom table. He’s advised world leaders and discovered a passion for parrots. He is probably one of the few men in the world to be knighted in London nearly 30 years after sweating as a miner in the searing heat, miles beneath the country of his birth.
It all began in 1949, Jonah was born in a military camp in Kibi, Ghana; his father—a sergeant major and World War II veteran, served in the Royal West African Frontier Force. Soon after, Jonah Senior left the army and set up a construction company. The family moved to Obuasi where Jonah went to school. It was after high school that Jonah made the surprising decision to work underground at Ashanti Goldfields Corporation’s (Ashanti) Obuasi mine, the only mine in Ghana. Jonah’s classmates were going into law and medicine, while he was going to work shoulder-to-shoulder with men who had barely gone to school.
“My business was breaking rock,” he says.
Jonah saw that mining was run by whites and wanted to change it. There were tough days underground. Jonah calls it his most humbling experience and with merely a high school certificate and no experience, he had to sink to the bottom of the barrel to learn to survive.
“You learn quickly how to get what you want from people who are better equipped, who are better skilled, who are better experienced, who are much older than you are,” he says.
In his quest for more, Jonah won a scholarship to study mining engineering at the Cambridge School of Mines, in England, which later awarded him an honorary doctorate. He returned to Ashanti and moved up the ranks. Then he returned briefly to London to study business at Imperial College, now the University of London.
It was during these exciting days at Ashanti that tragedy struck. One day, Jonah was underground when the chamber’s ceiling fell in, trapping and killing miners. It was time for quick thinking. Jonah saw a man trapped under rubble who showed signs of life by muttering softly. Under Jonah’s guidance, a team worked to pull the man free and carry him to the lift. The miner, whose legs were crushed, drew Jonah close and thanked him. Four hours later the miner was dead. This was the life Jonah chose as a young man; a life he likens to that of a soldier.
Jonah’s life was moving apace. In 1979, air force officer Jerry Rawlings, then 32, led a coup in Ghana and nominated Jonah, who was the same age, to be Ashanti’s vice president. In 1986, the late Tiny Rowland, the founder of Lonrho, which owned Ashanti, appointed Jonah as managing director. This was at a time when production at the company’s single mine had deteriorated and the industry had yet to see a black man at the helm.
Jonah’s father had once said that the day Ashanti was run by a black man, would be the day he left town. Jonah had the pleasure of telling his father that the day for him to pack his bags had come.
In his new position, Jonah introduced his ‘Africanization Policy’. He wanted to change an industry that was run by whites. He wanted to attract his countrymen to the industry to prosper like he had, by forcing expatriates to fulfill their contractual obligations to impart skills. Moreover, Jonah wanted to cut the expense of expatriates. Why pay a foreigner four times what you would pay a Ghanaian to do the same job?
This policy was unpopular among expatriates but it was all about the big picture in a growing company.
“Glass ceilings were punched through,” says Jonah.
Jonah considers business to be all about people. He feels that it is a leader’s responsibility to identify talent and harness it, to set aside one’s ego and surround oneself with the very best, to make one look good.
“Wisdom does not reside in the head of only one person,” warns Jonah.
Jonah says his parents taught him all he knows about leadership. They encouraged humility, told him that good days are not forever and that he should never give up.
In 1999, Jonah needed all these skills when Ashanti faced a liquidity squeeze. It came at a bad time for the company as it was trying to raise $125 million to build a mine in Tanzania.
The root of the problem was hedging done by the company when the gold price was low. This was viewed as a risk management tool and a price protection mechanism. Unfortunately for Ashanti, a decision taken by global central banks saw a sharp increase in the gold price. The market price was greater than the hedged price and the company did not have enough cash for margin calls because it had pumped a lot of money into new mines. Jonah says this was a bruising time for the company and the most difficult of his career. The company’s share price fell to the point that the New York Stock Exchange was considering delisting it. It took eight months to recover and years to prosper.
Jonah, the driving force behind Ashanti’s growth, sees opportunities where others don’t. In his time, Ashanti grew from a single mine in Ghana to the second largest gold producer in the world.
The company was public until the Ghanaian military government under General Acheampong, took 55% share in 1972—making it a partnership between the government and Lonrho. In the quest for growth, Jonah and his team convinced the partners that better days were ahead if the company went public again. Once Ashanti listed in both Ghana and London, the government held 17% of the company and Lonrho 27%. Between 1994 and 2004, Ashanti went on the acquisition hunt in an attempt to be both an entrepreneurial as well as a conservative company. It extended its operations in Ghana, Australia, Zimbabwe, Guinea and Tanzania. In 1996, Ashanti became the first African-based company to be listed on the New York Stock Exchange.
There is a saying that goes: “No good deed goes unpunished.” As Ashanti grew, the hunter became the hunted. Success attracted the interest of numerous companies.
Jonah felt the choice was to grow from within, or agree to be part of a bigger outfit. It proved difficult trying to convince partners that issuing shares, thus diluting power, was best. The government was faced with a competitive demand for its money, while Lonrho wanted to focus more on platinum. With no other defense, a merger was the only option.
The $1.48 billion merger between Ashanti and AngloGold, then the seventh and second largest gold producers respectively, was far from a merger of equals.
“We were punching beyond our weight,” says Jonah.
Despite this, Ashanti’s management secured key positions within AngloGold Ashanti, with Jonah becoming the executive president of the merged entity.
After his time at AngloGold Ashanti, Jonah became a serial director. Some junior mining companies approached him to guide them to success, as he had done for Ashanti. Equinox Minerals, a mining exploration company based in Zambia, was at the feasibility stage when it approached Jonah. Years later, in 2011, the company that had a market capitalization of $63.1 million in 2006, was sold to the Barrick Gold Corporation for $7.4 billion. Moto Goldmines, in Ghana, grew from a $50 million market capitalization company and was sold to Randgold Resources and AngloGold Ashanti in October 2009.
Since AngloGold Ashanti, Jonah has sat on at least 18 boards of companies.
Jonah currently sits on the boards of a few companies, including Vodafone Plc. He is also the founder and chairman of Jonah Capital, a private investment holding company, based in South Africa, with interests in mineral resources, real estate, agriculture, construction materials, financial services and oil and gas services.
His counsel has extended beyond the business world. When former South African President Thabo Mbeki set up the International Investment Advisory Council in 2000, Jonah was the first and only African to sit on it. He has also been an advisor to Nigerian Presidents Olusegun Obasanjo, his successor Umaru Musa Yar’Adua and Goodluck Jonathan. He was a founding member of Ghanaian President John Kufuor’s investment advisory council and advised the late president of Zambia, Levy Mwanawasa, on investment promotion. Jonah was also on Kofi Annan’s UN Global Compact Advisory Council. Three years ago he helped the president of Togo put together a team that would formulate strategy for the country.
According to his biography, Sam Jonah and the Remaking of Ashanti by Ayowa A. Taylor, Jonah turned down the position of Ghanaian vice president twice.
On June 25, 2003, Jonah received an Honorary Knighthood in recognition of his achievement as an African businessman at St. James’ Palace, in London. Knighthoods conferred to foreign citizens are done so on the advice of the Foreign and Commonwealth Office. They are bestowed on those who have made an important contribution to relations between their country and Britain.
It came from the blue. Jonah took a call from the British high commissioner in Ghana who, after making sure that he had sat down, told him that he had received a call from the British prime minister’s office informing him that Jonah’s name had been put forward for a knighthood. The high commissioner asked Jonah if he would accept the honor, should the Queen approve. The final word came two weeks later, while Jonah was in Guinea. Since Russian President Vladimir Putin was on a state visit on the day of the ceremony, the knighthood was conferred by Prince Charles.
In 2006, Jonah received the Order of the Star of Ghana, the nation’s highest award, and the Commonwealth Business Council Lifetime Achievement Award in 2010.
More recently, Jonah has been appointed—along with 12 other internationally recognized business, academic and public policy leaders—to sit on the newly formed Bank of America Global Advisory Council.
A lifetime away from his days of breaking rock underground, Jonah says: “I saw no barriers. I was determined to get to the highest [level] in anything that I did.”
This sentiment is echoed in his biography where Taylor writes: “Jonah was determined to build a ‘First’ World company, to dispel the unspoken belief that coming from the ‘Third’ World implied that he would be a third-rate businessman.”
Jonah acknowledges the big part that mentorship played in his success and feels that it is important that those that have found success pass down their knowledge and not have the arrogance to think that they did it all on their own. Jonah has, through the years, been approached by those seeking guidance and says that there is nothing more fulfilling.
“You must be humble enough to know what you know and to appreciate what skills you don’t have, and to have a plan.”
Jonah says it’s sad that young people are no longer as keen to serve apprenticeships.
It hasn’t all been smooth sailing for Jonah. In 2008, a conflict of interest arose when Jonah became a non-executive director at Metropolitan Holdings Ltd while on the board of the Standard Bank Group’s Liberty Life. He stepped down after holding the position for a month. Jonah refers to this as the shortest directorship in South Africa and says he failed to see the conflict from the onset as Liberty Life had a separate board to Standard Bank.
Also making it into the news that year were claims of insider trading and the resignation of senior staff in a company chaired by Jonah. Sentula Mining was accused of misdeeds worth R242 million ($29.7 million).
Jonah says he was approached by the family with the controlling interest in a company called Scharrighuisen to become the chairman and shareholder, buying in on concessionary terms, at around R2 ($0.25) a share. Jonah went to distressed shareholders, and some potential ones, and sold them his vision to rebrand Scharrighuisen as a new mining services company to be called Sentula Mining. Jonah Capital and Coronation Capital were the two largest shareholders when they sold some of their shares, at around R21 ($2.60). The combined sales were reported to amount to R680 million ($85.4 million). The share price subsequently fell to around R1 ($0.12) before recovering slightly.
The parties were thought to have had knowledge that the market did not. The Financial Services Board opened up an investigation into the possible insider trading and trading was suspended for a few months. During this time Jonah resigned as chairman of the company but maintains that there was no wrong doing and that they were cleared.
With his focus on the many possibilities the future holds Jonah’s Iron Mineral Beneficiation Services (IMBS) is using industry changing technology for processing super scrap, metallic iron, from the waste dump at Phalaborwa Mining Company, in South Africa’s Limpopo Province. The super scrap replaces traditional scrap in steel making.
Jonah says that when he told Lakshmi Mittal, of ArcelorMittal—the world’s largest steel making company—the chairman and CEO asked: “Sam, what do you mean? I have 77 PhDs in Chicago and New York looking for this technology, and you’re telling me that two South Africans have found the technology?”
Jonah is proud of the fact that while big companies around the world were writing off lots of money in search of this technology, two South Africans beat them to it. Jonah Capital has the largest stake in the company, with South Africa’s Industrial Development Corporation (IDC) and Russian company, OAO Severstal, as partners. The R120 million ($15 million) pilot plant will be up and running by May.
Despite all this success Jonah maintains that he is not a wealthy man and that he is merely comfortable. He has been reported, by African journalists and bloggers, as having a net worth of between $500 and $600 million and has been celebrated as the richest man in Ghana. His worth remains a mystery but Jonah says that he is appalled by the speculation, adding that his father would be upset by people saying such things about him.
“We were not brought up that way,” says Jonah.
Evidence of this is the inscription by Jonah’s father placed on the house he built for his family in 1950. It read: Wobisa wo din enye wo sika, which translates to: They ask about your name, not your money.
“I’d like to be defined more by what I have done, than what I have…” he says.
Jonah says that having earned a monthly salary from the age of 19 until his retirement from AngloGold Ashanti, at 58, and sitting on boards and owning shares, means that he has done well for himself but he denies being the richest man in Ghana.
Jonah may not be pleased by some of the reporting about him, but what pleases him is the way business is going on the continent.
“Africa is all about entrepreneurship,” he says.
Jonah feels that people are now being given the space to grow, that businessmen like Aliko Dangote, Mike Adenuga and Patrice Motsepe, are world-class.
Jonah is also adamant that the world’s attitude towards Africa has changed. He feels that Africa’s potential is now being appreciated and harnessed, which, he says, is coming on the back of political and social change.
The world’s eyes and markets were on South Africa when the Lonmin mine workers’ strike in Marikana turned violent. As the longest serving director of Lonrho, Jonah doesn’t want to weigh in too heavily on the matter but points out that there are philosophical differences in the style of management and his own, influenced by his time underground.
“I came to appreciate the roles of these people [miners], how backbreaking the job was, how hardworking they were, how committed they were,” says Jonah.
He believes there will always be a future in mining as long as there’s a demand but that miners’ living conditions are shocking and that South Africa needs to focus more on the social aspect of the business.
Jonah has enough thoughts to fill a book but jokes about not being literate enough to write it.
Jonah does, however, have a more relaxed side. The jet-setting entrepreneur enjoys fishing. His eyes light up as he talks about it. He took up golf once again, four years ago. It brought back memories of a battle around the golf course nearly 40 years earlier. Jonah challenged the exclusively white Obuasi Golf Club, where he was not welcome. He was determined to learn the game and when none of the other members would teach him he went to the caddies. After 10 lessons, no-one wanted to play with him. Jonah used to go early to the golf course and play slowly, deliberately, to irk the white golfers backed up behind him. It worked and eventually the invitations to play grudgingly arrived. On the other side of the coin, some of his fellow Ghanaians couldn’t see the victory and sneered that Jonah now thought he was white.
It is no surprise that decades later his children tease him about becoming obsessive about his hobbies. When Jonah discovered squash, playing twice a day was not enough so he built a court at his home. When he took to the gym, he was there every morning at 5AM and then built himself one.
You could have guessed that buying a parrot in Guinea would lead to an aviary being built back home. It is now filled with a collection of parrots from South Africa, Ghana and Brazil.
An avid reader and big fan of Rudyard Kipling, Jonah recommends the poem If.
In a speech to inspire leadership Jonah closed with an extract from Henry Wadsworth Longfellow’s A Psalm of Life: “Lives of great men remind us that we can make our own lives sublime and departing we can leave our footprints in the sands of time.”
At the very least, Jonah proves that if you can keep your head while others are losing theirs and blaming it on you… you can be a man, my son.

Tag: Boardroom

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