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?

South Africa&#8217;s National Health Insurance bill aims to bridge the gap between private and public healthcare sectors. However, concerns about impact on private medical aid coverage and potential for reduced innovation and employment within the healthcare sector have sparked confusion around its implementation.



South Africa stands on the brink of a significant transformation in its healthcare sector with the passing of the National Health Insurance (NHI) bill on June 14, surpassing the first legal obstacle to implementation. The legislation aims to bridge the gap between the private and public healthcare sectors, promising to bring equity to a system that has long been divided.



However, the bill has not been without its detractors, who express concerns about potential government inefficiency, the impact on private medical aid coverage, and the potential for reduced innovation and employment within the healthcare sector.



“Technically, I don’t think it’s feasible,” says Professor Alex Van den Heever, an expert on healthcare governance at the University of the Witwatersrand in Johannesburg, to FORBES AFRICA. “The aim is to ensure that somehow that both the public and private services are of an equivalent standard of care… and that is beyond the capacity of this government at this point in time.”



The South African healthcare system has been grappling with a stark divide for decades. Public healthcare infrastructure has been marred reportedly by poor service delivery and corruption, as evidenced by challenges in Tembisa Hospital procurement, the closing of Charlotte Maxeke Academic Hospital, and continued staffing and supply issues at Chris Hani Baragwanath Academic Hospital, to name a few.



In contrast, private medical aid services have filled this gap, collaborating with private hospitals to provide world-class medical care, albeit at exorbitant rates. The cost of private healthcare has become a significant burden on the South African economy, with the average South African medical aid subscriber paying over $100 per month in a country where the average person earning minimum wage makes around $400 per month.



The NHI, first announced as part of the ANC ruling party’s national conference in 2007 and later introduced to Parliament in 2019, passed earlier this year. The legislation seeks to address the disparities between public and private health, envisioning a state-run medical insurance scheme that leverages both public and private facilities and resources, thereby ensuring that individuals seeking healthcare have access to the same facilities and benefits as those enrolled in private medical schemes.



“The issue we have with the current proposal of the NHI… is Section 33 of the bill, which states that once the NHI is fully implemented, medical schemes would no longer be allowed to provide any cover that is provided by the NHI,” said Discovery Health CEO Ryan Noach in an interview with BizNews last week.



Discovery Health accounts for 40% of South Africans with medical insurance. “It’s not because we have an aversion to government business, but rather because we believe their chosen contracting model doesn’t align with our fully integrated approach to administration and managed care services.”



The bill has raised several concerns among critics and private sector medical providers.



Further critiques include the vague wording of the bill itself, with little clarity as to the &#8220;basic healthcare services&#8221; to be rendered, and how it will be funded as per &#8220;mandatory prepayment&#8221;, neither of which are officially defined.



However, a government factsheet recently surfaced indicating that funding for the NHI might be sourced from a mandatory private income tax as well as payroll tax, without specifying what taxation rates might be levied. The 2015 whitepaper on the NHI provides possible indicative tax rates of payroll and personal income, ranging from 1% to 4% for payroll and a surcharge on taxable income across different scenarios over the next five years.



Van den Heever drives home the challenges of this method of financing for the NHI, stating that the 2015 whitepaper is threadbare and lacks crucial financial analysis. Moreover, payroll taxes and income surcharges are likely to place a further burden on an already strained tax base, the middle class – not high-income tax earners, who primarily earn through dividends and other instruments. “Tax dymanics come in to play,” says Van den Heever. “When you overburden your tax base and you increase tax rates too high, you actually get less revenue.”



Healthcare in South Africa is in need of improvement – the country currently spends around 8.5% of its Gross Domestic Product on healthcare, with the lion&#8217;s share of this funding going to private medical insurance–while such insurance services less than 20% of the population according to recent Council for Medical Schemes Data. This trend runs counter to global movements towards universal care and mirrors circumstances in countries such as the United States, where healthcare has become a prohibitive expense.



The NHI aims to correct this imbalance, aligning with the country&#8217;s commitment to Universal Health Care as part of the 2030 National Development Plan. However, experts such as Van den Heever do not believe that the NHI is the place to begin. “Nothing in the NHI proposals is going to change what’s going on… what the government wants to do is raise taxes and allocate that into the system, while they’ve done nothing about corruption.”



The South African government’s position remains firmly committed to the NHI’s implementation; “Government considers the passing of the NHI Bill by the National Assembly as a key milestone to ensure all the people of South Africa have access to the same clinic or hospital,” said Minister of Health Joe Phaahla in a recent press release.



However, there is as yet little clarity as to how this implementation will occur.



With historical inequality deeply ingrained in healthcare along economic and racial lines, it’s no question that the issue of health services in the country needs redress, as per rights declared in the country’s constitution. However, with a lack of clarity in law, the future of the bill once it becomes practice remains uncertain.

Cholera Outbreak In Hammanskraal

A Step Towards Equitable Healthcare In South Africa But Concerns Around Implementation

The next boom in world football over the coming 10 years will surely be in the women’s game, largely because the potential is so great. And the impact the African sides can make.



Africa will send a quartet of teams to the FIFA Women’s World Cup for the first time, which includes two debutants at the tournament to be staged in Australia and New Zealand from July 20 to August 20.



It will be a month-long celebration of&nbsp;football and the great strides the women’s game has made in recent years to create a product that has a growing army of fans and admirers.



Just what impact the African sides can make remains to be seen. Nigeria have appeared at every tournament played since 1991, while continental champions South Africa will play their second finals having debuted in 2019.



North African side Morocco and southern African nation Zambia take their places for the first time, but are packed with potential.



The World Cup has been expanded from 24 teams to 32 this year, providing an extra spot for the continent.



South Africa have been drawn in something of a Group of Death that includes Sweden, who are ranked number three in the world, Italy and Argentina, who are both also well ahead of them in the global rankings.



Sweden were runners-up at the 2003 World Cup and have won bronze on three other occasions, including last time out in France in 2019. They have also won the silver medal at the last two Olympic Games.



Italy are ranked number 16 in the world and were quarterfinalists four years ago, though perhaps Banyana midfielder Refiloe Jane, who has been based in that country for the last few years, will be able to add some insight.



Argentina are appearing at a fourth World Cup but have yet to get past the group stages, so may be the team Banyana should target. They are ranked 28 in the world, still well ahead of South Africa’s 54.



“It is a tough group, we cannot escape that fact,” Banyana Banyana coach Des Ellis tells FORBES AFRICA. “But we have to believe we can advance. There is no point going to a World Cup and not believing in yourself.



“The tournament in 2019 was a big learning curve for us, but also a great experience and we will bring that into this World Cup.



“Since then we have grown as a team, we are African champions, we have four more years of experience and more players who play overseas. So we have to go there with confidence in what we can achieve.”



South Africa open their tournament against Sweden on July 23, perhaps a blessing to get, on paper, their toughest assignment out the way first.



“We know them, we have played them a few times in recent years and we have been competitive. There is no reason why we can’t be so again.”



South Africa drew their last meeting with the Swedes 0-0 in 2019 and were beaten 3-0 at home a year earlier.



Italy will be new opponents, as will Argentina, but Ellis is also adamant it is about how her side prepares ahead of the tournament.



“We have to be ready, to be in the best shape that we can be as a squad, both physically and mentally, and then make sure we execute our plans in the matches. We cannot ask for more than that.”



Zambia also have a challenging group with Spain, Costa Roca and Japan. The Asian nation were world champions in 2011 and runners-up in 2015, while Spain reached the second round four years ago. Costa Rica’s only previous finals was in 2015 when they exited in the group stage.



Zambia have announced that they will camp in Spain ahead of the tournament.



Football Association of Zambia President Andrew Kamanga says there is much to work on ahead of the World Cup.



“We need to work on the physical side of the team, we need to strengthen the analysis and bring in technical advisors. The coach [Bruce Mwape] will remain in charge of the team, but we need to reinforce the areas where they need additional support,” Kamanga says.



“We will play three friendlies within Europe before the tournament, we want everyone who has a chance to be considered the opportunity to train. We will have local camps and those who make it from there, will go to the next stage.



“The squad to go to the World Cup will only be selected after the training camp in Spain, so the process is quite intense. No-one is guaranteed a place and everyone’s position is up for grabs.”



Nigeria are at yet another finals, but have yet to really fly the African flag, though they too have been handed a horror draw.



They must play hosts Australia, who will be among the tournament favorites, Olympic champions Canada and the tricky Republic of Ireland, who have former Banyana Banyana coach Vera Pauw now in charge.



The Super Falcons are coached by American Randy Waldrum and he knows just what awaits.



“It’s scary, to be honest. Our first two games are brutal,” the Texan said. “Many people have our group ranked as the hardest in the World Cup. The other three teams are all ranked in the top 25 in the world. They all pose different kinds of problems.”



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<h2 class="wp-block-heading has-text-align-center" id="h-a-first-african-host">A FIRST AFRICAN HOST?</h2>


<div class="wp-block-image">
<figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2023/07/Danny-Jordaan-1024x683.jpg" alt="" class="wp-image-58726" width="492" height="328" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/07/Danny-Jordaan-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/Danny-Jordaan-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/Danny-Jordaan-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/Danny-Jordaan-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/Danny-Jordaan-2048x1365.jpg 2048w" sizes="(max-width: 492px) 100vw, 492px" /><figcaption class="wp-element-caption"> ©Shaun Roy/BackpagePix</figcaption></figure></div>


<div class="wp-block-group has-luminous-vivid-amber-background-color has-background"><div class="wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained">
South African Football Association (SAFA) President Danny Jordaan is under no illusions as to the task ahead of Banyana Banyana in Australia and New Zealand, but has also set his sights on a secondary prize.



Jordaan, who was a key figure in South Africa winning the bid to host the 2010 FIFA World Cup, is now hopeful of the country staging the 2027 women’s tournament too.



They are up against a combined bid from Belgium, Germany and Netherlands, while Brazil have also thrown their hat in the ring. The United States and Mexico have said they too will join forces on a bid. But Jordaan believes Africa’s time is now.



“When you look at world football, the first men&#8217;s World Cup was 1930. The first World Cup in Africa was 70 years later. As a result, the gap between European and South American football in relation to Africa and Asia is now impossible to close,” Jordaan tells FORBES AFRICA.



“Of the global revenue for football, 80% goes to Europe. Africa is on the margins. Now, if we sit back and do nothing, and the same pattern emerges in women’s football, we are going to struggle to close the gap between in women&#8217;s football as well.



“We want to have a strong bid to hopefully secure the Women&#8217;s World Cup on the African continent because that will inspire and invigorate and strengthen football for women on the continent and close that gap rather than allow the pattern to repeat itself.” 



Jordaan believes it is imperative that FIFA acts to at least try and give African women’s football a shot in the arm. “If we want football to be truly global, then we must increase the competitiveness throughout the world. I think Africa can deliver a winner of the Women’s World Cup long before the men eventually get an African winner.



“Of course, Morocco made it to the semifinals [of the men’s tournament in Qatar last year], but I think it&#8217;s going to be quite a challenge for Africa to eventually win a men’s World Cup.



“That doesn&#8217;t mean you must give up. But I think on the women’s side, we have a greater chance.”



Whether that will come in this tournament Down Under remains to be seen, but Jordaan is hopeful that



Banyana Banyana can at least make the knockout rounds.



“It’s a second consecutive World Cup for us, about 80% of the players are going for a second World Cup, having been there in France 2019. So, they must be over the jitters and have more experience,” he says.



“We want them to go to the second round. But even that second round place is going to be a challenge because we&#8217;re up against Sweden, Italy and Argentina. There&#8217;s a gap of 30 places between us and the rest in that group.



“Therefore, we have to give [the players] enough opportunity to be able to deal with the challenge that they&#8217;re facing. It is very, very important. I think that we have a chance to go through the second round.”



<hr class="wp-block-separator has-alpha-channel-opacity"/>
</div></div>



Nigeria did recently get a morale-boosting 3-0 friendly win over World Cup co-hosts New Zealand to go with victories over Costa Rica and Haiti.



“Probably still a ‘B’ [mark] for the team, we got three goals and a clean sheet, maybe I guess am a little harsh with that grade, but there are still so many things we can improve on,” Waldrum said in the wake of the New Zealand win. “We have got better and better, that’s what we need leading up to the World Cup.”



Morocco have shot from nowhere to be among the leading teams in Africa in recent years, and had in fact not even qualified for the African championship in 20 years before they hosted in 2022.



But there has been a heavy investment in the women’s game in the country, and well as a reach-out to the diaspora to find gems such as English-born Tottenham Hotspur forward Rosella Ayane.



She will be their major threat as they face Germany, Colombia and South Korea in what looks the gentlest of the pools for the African teams.



“There’s a lot of talent in Morocco, and they’ll eventually be picked up and spotted but I’m so proud to be flying the flag for Morocco, for Africa as a continent and for other countries that don’t necessarily get the recognition sometimes that they deserve,” Ayane told Inside the WSL.



&#8220;It’s been an incredible time for the country, for Arab women and for Arab women in sport. Sometimes, I really need to take a step back and actually look at what we’ve achieved because sometimes I can’t put it into words.



“So, it’s been a real journey and one that I’m going to be proud of for the rest of my life.&#8221;



Ayane makes one other excellent point – for all the African teams at this World Cup, it is a chance for the players to put themselves in the shop window and sign professional contracts with top clubs. That is now a dream closer to being realized.



“There’s a lot of talent in Morocco, and they’ll eventually be picked up and spotted but I’m so proud to be flying the flag for Morocco, for Africa as a continent and for other countries that don’t necessarily get the recognition sometimes that they deserve.”



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<h3 class="wp-block-heading has-text-align-center">WHERE TO NOW?</h3>



<div class="wp-block-group"><div class="wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained">
The next big boom in world football over the coming 10 years will surely be in the women’s game, largely because the potential is so great.



While men’s football has, to a point, become saturated, the potential in the women’s game is still largely unrealized.



“Football and women are not only the right thing to do, but it’s also good business. There is a massive 3 billion customer market that is gravely under-served and untapped,” says Victoire Cogevina Reynal from Gloria Football, which is dedicated to growing the women’s game.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2023/07/Barbra-Banda-of-Zambia-1024x683.jpg" alt="" class="wp-image-58730" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/07/Barbra-Banda-of-Zambia-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/Barbra-Banda-of-Zambia-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/Barbra-Banda-of-Zambia-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/Barbra-Banda-of-Zambia-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/Barbra-Banda-of-Zambia-2048x1365.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Zambia captain Barbra Banda. ©Shaun Roy/BackpagePix</figcaption></figure></div>


It is a point echoed by Ebru Koksal from Women in Football, but she says it can only happen with more resources.



“To grow the system we need a fair distribution of resources. Today, only 2% of the global value and money that football generates goes into women’s football,” Koksal says. 



Cindy Parlow-Cone, President of US Soccer, believes this is a seminal moment for the women’s game and that change is coming.



“The women’s game is poised for exponential growth. I think the time is now to invest in the women’s side of the game across the globe,” she says.
</div></div>

21JDRW

Poised For Growth: Women’s Football In Africa

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



High-profile collapses in bank stocks and losses for major healthcare and energy companies headlined the biggest names losing out on 2023’s broader market rally.



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



Banking turmoil was behind much of the market’s less fortunate spots; investors in&nbsp;First Republic, Signature&nbsp;and&nbsp;Silicon Valley Bank&nbsp;saw their investments turn to dust earlier this year after they&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/05/01/first-republic-bank-failure-a-timeline-of-what-led-to-the-second-largest-bank-collapse-in-us-history/">became</a>&nbsp;three of the four largest American banks to ever fail, with each subsequently losing their spots on the S&amp;P 500.



Still, 19 of the S&amp;P’s 50 worst performers year-to-date are financial services stocks, including slumping but still alive regional banks&nbsp;KeyCorp&nbsp;(down 45%) and&nbsp;Zions&nbsp;(down 43%), the second and third-worst performers on the S&amp;P, respectively.



Broadly, the S&amp;P’s financial sector is down 2% year-to-date, making it the worst-performing sector, followed by energy (down 8%), utilities (8%) and healthcare (3%).



Pharmaceutical giant&nbsp;Pfizer&nbsp;(down 27%) is the worst-performing stock with a market capitalization over $200 billion&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/01/31/pfizer-expects-covid-vaccine-and-pill-revenues-will-fall-60-in-2023/">due in part</a>&nbsp;to a decline in Covid-19 vaccine sales; vaccine rival&nbsp;Moderna&nbsp;is similarly down 33%.



Overall, Advance Auto Parts (down 51%) is the S&amp;P’s worst performer of 2023 after it fell <a href="https://www.forbes.com/sites/jonathanponciano/2023/05/31/retailer-stock-crash-signals-potential-price-wars-looming/?sh=7e3012546997">far short</a> on its first quarter earnings estimates as profits dwindled due to price cuts.


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2023/07/fornes-1024x451.jpg" alt="" class="wp-image-58720" width="750" height="329" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/07/fornes-1024x451.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/fornes-300x132.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/fornes-768x338.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/fornes-1536x676.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/07/fornes.jpg 1897w" sizes="(max-width: 750px) 100vw, 750px" /></figure></div>


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



The slump in energy, healthcare and utility stocks follows a year in which the three sectors were the only positive returners on the S&amp;P. The energy sector gained 66% in 2022 as soaring oil and commodity prices led to record profits at oil and gas giants like Chevron and Exxon, whose shares each touched all-time highs last year. But the well’s run dry for the sector thus far this year as energy prices stabilized. Pfizer and Moderna’s combined market capitalization is down some $260 billion from September 2021 as each reported 30% and 70% annual declines in revenue during 2023’s first quarter and forecasted further pain as the pandemic subsides.



<h2 class="wp-block-heading" id="h-crucial-quotes">CRUCIAL QUOTES</h2>



Small and mid-sized banks “will have a very difficult time moving forward,” Wells Fargo Investment Institute Sameer Samana said on a conference call last month, putting a sell rating for the regional banking stocks even after they plunged following prior failures. “It’s not just a 30-day flash in the pan and you go merrily into the night, this crisis could take 12-18 months to play out” and possibly claim more banks, Samana’s colleague Darrell Cronk added.



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



Outside the S&amp;P, retailer&nbsp;Walgreens&nbsp;(down 24%) is the worst performer on the Dow Jones Industrial Average as the pharmacy&nbsp;<a href="https://investor.walgreensbootsalliance.com/news-and-events/financial-news/financial-news-details/2023/Walgreens-Boots-Alliance-Reports-Fiscal-2023-Third-Quarter-Results/default.aspx" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;a steep decline in Covid-related revenues, and Chinese retailer&nbsp;JD.com&nbsp;(down 39%) is the Nasdaq’s biggest loser as concerns about China’s economic recovery mounted.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="http://www.forbes.com/sites/dereksaul/2023/06/30/best-stocks-of-2023s-first-half-nvidia-leads-big-tech-renaissance/">Best Stocks Of 2023’s First Half: Nvidia Leads Big Tech Renaissance</a> (Forbes)<a href="https://www.forbes.com/sites/dereksaul/"></a>

Citigroup Inc. Plots New Trading Floor With Plans to Double Staff in Paris

Worst Stocks Of 2023’s First Half: Battered Banks And Vaccine Makers

Untitled design (29)

AFRICA’S GREEN ECONOMY: Africa’s Agripreneurs Leading Smart Sustainable Farming

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



Khabane “Khaby” Lame, known for TikTok videos in which he silently mocks complicated &#8220;life hack&#8221; videos, holds the title of&nbsp;<a href="https://www.tiktok.com/@khaby.lame?lang=en" target="_blank" rel="noreferrer noopener">most followed TikToker</a>&nbsp;for the first half of the year with more than 160,500,000 followers, holding his lead of about 10 million followers over dancer and social media personality Charli D’Amelio.



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



Lame, a Senegalese-Italian social media personality, got popular on the short video app for duetting “life hack” videos and silently either making fun or simply showing a simpler way to address the issue “solved” by the hack.



Lame passed D’Amelio as the most followed TikToker in June 2022 and has held the title since then.



Since achieving fame on social media, Lame has been named a&nbsp;<a href="https://www.nbcnews.com/pop-culture/khaby-lame-worlds-followed-tiktok-creator-joins-italias-got-talent-jur-rcna73112" target="_blank" rel="noreferrer noopener">judge</a>&nbsp;on&nbsp;Italia’s Got Talent, signed a multi-year&nbsp;<a href="https://peopleofcolorintech.com/front/tiktok-star-khaby-lame-signs-multiyear-deal-with-the-hugo-boss/" target="_blank" rel="noreferrer noopener">contract</a>&nbsp;with Hugo Boss and has a voice&nbsp;<a href="https://leganerd.com/2022/11/04/black-panther-wakanda-forever-khaby-lame-ha-un-cameo-vocale-nella-versione-italiana/" target="_blank" rel="noreferrer noopener">cameo</a>&nbsp;in the Italian-dubbed version of&nbsp;Black Panther: Wakanda Forever.



On June 27, Lame presented his short film “I Am Khabane,” which documents Lame’s story of finding social media success, at the Taormina Film Festival in Italy.



<h2 class="wp-block-heading" id="h-top-five-accounts">TOP FIVE ACCOUNTS</h2>



As of June 29, these are the five TikTok accounts with the most followers, according to SocialTracker:



<ol>
<li><a href="https://www.tiktok.com/@khaby.lame?lang=en" target="_blank" rel="noreferrer noopener">Khaby Lame</a>: 160,100,000</li>



<li><a href="https://www.tiktok.com/@charlidamelio?lang=en" target="_blank" rel="noreferrer noopener">Charli D’Amelio</a>: 150,700,000</li>



<li><a href="https://www.tiktok.com/@bellapoarch?lang=en" target="_blank" rel="noreferrer noopener">Bella Poarch</a>: 92,700,000</li>



<li><a href="https://www.tiktok.com/@addisonre?lang=en" target="_blank" rel="noreferrer noopener">Addison Rae</a>: 88,600,000</li>



<li><a href="https://www.tiktok.com/@mrbeast?lang=en" target="_blank" rel="noreferrer noopener">MrBeast</a>: 83,200,000</li>
</ol>



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



Lame, 23, first started posting TikToks in 2020 after being laid off from his job as a factory worker in the early days of the Covid-19 pandemic. His comedy videos have been praised for having an “everyman” appeal. In an interview with the&nbsp;New York Times, Lame&nbsp;<a href="https://www.nytimes.com/2021/06/02/style/khaby-lame-tiktok.html" target="_blank" rel="noreferrer noopener">said</a>&nbsp;his silent reactions to the absurd life hack videos he duets or stitches is a “global language” and that his “comedic facial expressions and the simplicity of his content” helped him grow into such a large influencer.



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



Though TikTok users are growing in popularity and the app is becoming a growing place for companies to reach new audiences and sell products, it still faces challenges and people fear the Chinese-owned app is collecting data from American users it could give that to the Communist Party. While there’s no nationwide ban on TikTok, the majority of American states—and Congress—have&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/04/15/montana-bans-tiktok-heres-why-its-probably-unenforceable/?sh=1e3d2e92b38b">banned</a>&nbsp;the app from government devices, and Montana recently became the first state to pass a&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/05/17/montana-governor-signs-tik-tok-ban-but-legal-challenges-are-expected/?sh=4c97c6da4dc9">law</a>&nbsp;banning the app completely. That law drew legal challenges from the&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/05/22/tik-tok-sues-montana-after-state-passes-law-banning-app/?sh=79b6c9865da1">company</a>&nbsp;and criticism from free speech advocates who argue the ban “unlawfully abridges one of the core freedoms guaranteed by the First Amendment.”



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



1.677 billion. That’s how many&nbsp;<a href="https://www.demandsage.com/tiktok-user-statistics/#:~:text=TikTok%20has%20over%201.677%20billion,are%20its%20monthly%20active%20users." target="_blank" rel="noreferrer noopener">users</a>&nbsp;TikTok has, and more than 1 billion of them are considered active monthly users, according to data intelligence company Demand Sage. In March, TikTok passed 150,000,000 American&nbsp;<a href="https://newsroom.tiktok.com/en-us/150-m-us-users" target="_blank" rel="noreferrer noopener">users</a>.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.nytimes.com/2021/06/02/style/khaby-lame-tiktok.html" target="_blank" rel="noreferrer noopener">How Khaby Lame Took Over TikTok</a>&nbsp;(New York Times)



<a href="https://www.socialtracker.io/toplists/top-10-tiktok-users-by-followers/" target="_blank" rel="noreferrer noopener">Top 10 Most Followed TikTok accounts in 2023</a>&nbsp;(SocialTracker)



<a href="https://www.forbes.com/sites/mollybohannon/2023/05/17/montana-governor-signs-tik-tok-ban-but-legal-challenges-are-expected/?sh=4c97c6da4dc9">Montana Governor Signs TikTok Ban—But Legal Challenges Are Expected</a> (Forbes)

69th Taormina Film Festival – Day 6

Khaby Lame—Known For Mocking ‘Life Hacks’—Top TikToker Of 2023

Words and Curation: Chanel Retief and Lillian Roberts Art Director: Lucy Nkosi Photography: Katlego Mokubyane Photography Assistant: Sbusiso Sigidi Studio: NewKatz Studio, Johannesburg CNBC Africa Videographer: Thabo Mathebula Video Editor: Chanel Retief Styling: Bontlefeela Mogoye and Wanda Baloyi Outfits supplied by: Kworks Design; Imprint South Africa; House of Suitability; LSJ Designs Hair &amp; Makeup: Makole Made



Khula! was built on friendship. 



“We [Matthew Piper, Chief Product Officer and co-founder] became friends pretty quickly at university,” Karidas Tshintsholo, wearing a powder blue suit and a bright smile, says to FORBES AFRICA. 



“And then the friendship grew into business. I think already by the second semester of our first year [in university], we had an education type of business running.” 



It was after university that Piper returned to Johannesburg with ideas that he relayed to Tshintsholo.



“Initially, agriculture is not a very sexy industry,” Tshintsholo laughs. “From the outside, it looks pretty dirty and all of that&#8230;Almost everybody on the continent is dependent on agriculture for survival. But it just didn&#8217;t make sense that we were getting more food in than what we were taking out. We should be ideally positioned to be supplying the world 10 times over.” 



And with that in mind, Tshintsholo, Piper and Jackson Dyora (Chief Technology Officer and co-founder cofounder) set out to build Khula! 



In a nutshell, the company provides small-scale and commercial size farmers with software and a marketplace to grow their business. The whole idea was to be an ecosystem of support to farmers across Africa. The platform has three key components: an input marketplace, which allows farmers to purchase inputs and get technical services; there is a trader platform where farmers can sell; and to close the loop, there is a funded dashboard, where the platform links farmers with financing assistance.



“I think it really speaks to the nature of agriculture,” Tshintsholo says, “that quite often, when you&#8217;re trying to solve one problem, you get undone by another problem.” This was what drove him to entrepreneurship to begin with–wanting to solve problems.



“I think Mike Tyson said ‘everybody has a plan until they get punched in the face’. And I think entrepreneurship is like that…We went into this thinking, we&#8217;ve got this, and we have a solid plan, we are going to connect farmers with buyers’. Easy. Until…”



“How many times have you been punched in the face?” we ask. “I get punched in the face every day,” Tshintsholo laughs. “We had to get a lot of punches. But I think the pilot helped us because the farmers were okay with giving us those punches, because in the end, we&#8217;re working together to build a product that we can then begin to scale.”

Untitled design (11)

MEET COVER STAR Karidas Tshintsholo: Building Tech To Support Africa’s Farmers

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



Fast fashion retailer Shein shot down a Thursday report from&nbsp;<a href="https://www.reuters.com/business/retail-consumer/chinas-shein-files-us-ipo-sources-2023-06-29/?taid=649dc58f25570b0001e072d2&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitter" target="_blank" rel="noreferrer noopener">Reuters</a>&nbsp;that claimed it confidentially registered with regulators for a U.S. initial public offering, in what would be a highly controversial listing in the U.S. given controversy around the brand’s labor practices.



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



Shein told&nbsp;Forbes&nbsp;in an email that it denied “rumors” around the Reuters story, which reported the company had filed for an IPO with the Securities and Exchange Commission.



The company, which has been surrounded by&nbsp;<a href="https://time.com/6247732/shein-climate-change-labor-fashion/" target="_blank" rel="noreferrer noopener">controversy</a>&nbsp;over allegations of using forced labor, could have been the most valuable Chinese company to go public in the U.S., according to Reuters.



Shein was valued at $66 billion following a $2 billion funding round from this year—a valuation down more than 25% from a year earlier, according to the&nbsp;<a href="https://www.wsj.com/articles/fashion-giant-shein-raises-2-billion-but-lowers-valuation-by-a-third-1f8c316b" target="_blank" rel="noreferrer noopener">Wall Street Journal.</a>



Shein did not immediately respond to a request for comment from Forbes.



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



Shein is known for its fast fashion platform that offers low prices on a wide variety of men’s and women&#8217;s clothing, making it a popular brand in the U.S. According to a Money.co.uk&nbsp;<a href="https://www.money.co.uk/credit-cards/most-popular-fashion-brands-2022" target="_blank" rel="noreferrer noopener">report</a>&nbsp;last year, Shein managed to overtake companies such as Zara, Nike and Adidas in the world’s most-Googled clothing brands. However, the company’s success comes at a highly-scrutinized cost involving high emissions and alleged forced labor that lawmakers have encouraged the SEC to&nbsp;<a href="https://www.cnbc.com/2023/05/01/shein-china-congress-forced-labor-inquiry.html" target="_blank" rel="noreferrer noopener">crack down on</a>. The company produced about&nbsp;<a href="https://www.businessoffashion.com/news/topics/shein-sustainability-emissions-global-warming-fast-fashion/" target="_blank" rel="noreferrer noopener">6.3 million tons</a>&nbsp;of carbon dioxide in 2021 and has historically&nbsp;<a href="https://www.cnbc.com/2023/05/01/shein-china-congress-forced-labor-inquiry.html" target="_blank" rel="noreferrer noopener">denied</a>&nbsp;forced labor allegations and maintained that it has worked to comply with customs and import laws. However, attempts to clear its record, such as a tour of a clothing factory given by the company to influences, have been&nbsp;<a href="https://www.forbes.com/sites/darreonnadavis/2023/06/27/sheins-influencer-trip-backlash-explained-and-what-we-know-about-allegations-against-them/?sh=49c52cf73508">met with skepticism.</a>



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



<a href="https://www.wsj.com/articles/shein-valued-at-100-billion-in-funding-round-11649126740" target="_blank" rel="noreferrer noopener">$100 billion</a>. That was Shein’s reported valuation in a funding round last year before plummeting down to&nbsp;<a href="https://www.ft.com/content/e84a6fcd-0881-47a1-b5dd-610ab72e7fdf" target="_blank" rel="noreferrer noopener">around $60 billion</a>&nbsp;this year.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.reuters.com/business/retail-consumer/chinas-shein-files-us-ipo-sources-2023-06-29/?taid=649dc58f25570b0001e072d2&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitter" target="_blank" rel="noreferrer noopener">Exclusive: China&#8217;s Shein files for U.S. IPO -sources</a>&nbsp;(Reuters)



<a href="https://www.axios.com/2023/06/29/shein-denies-report-that-its-filed-for-an-ipo" target="_blank" rel="noreferrer noopener">Shein denies report that it&#8217;s filed for an IPO</a>&nbsp;(Axios)



<a href="https://www.forbes.com/sites/darreonnadavis/2023/06/27/sheins-influencer-trip-backlash-explained-and-what-we-know-about-allegations-against-them/?sh=49c52cf73508">Shein’s Influencer Trip Backlash Explained—And What We Know About Allegations Against Them</a>&nbsp;(Forbes)



<a href="https://time.com/6247732/shein-climate-change-labor-fashion/" target="_blank" rel="noreferrer noopener">Shein Is the World’s Most Popular Fashion Brand—at a Huge Cost to Us All </a>(Time)

In this photo illustration, the fashion retailer Shein

Is Shein About To Hit Stock Market? Report Says Company Filed For IPO—But Chinese Firm Denies Plan

<h4 class="wp-block-heading has-text-align-center" id="h-jehiel-oliverfounder-and-ceo-hello-tractorkenya">Jehiel Oliver Founder and CEO, Hello Tractor Kenya</h4>



Chatting to FORBES AFRICA from Nairobi, Jehiel Oliver recalls how he started a business on the Hello Tractor platform where farmers could make up to $30,000 in bookings a year.



“I&#8217;m from the US, and started my professional career in finance,” Oliver says. “But in [my] mind, I always wanted to do work that was meaningful for my community and I came from parents who were kind of pan-African in their view of the world.” 



When a young Oliver left banking and started doing consulting work, “mostly still in finance”, he looked at deal structuring for funds investing across the Global South which then led him to agriculture.



“That&#8217;s where I uncovered the importance of agriculture, the role it plays in Africa&#8217;s economy and future economic growth,” Oliver says. 



Hello Tractor, a Kenya-based smartphone app that connects small-scale farmers with nearby tractor owners, was built on understanding how much access smallholder farmers have to the basic needs of farming.



According to The Economist, in sub-Saharan Africa, 60% of crops are ploughed by hand, which in turn impacts the productivity of farmers and eventual crop yield. This is why over 220 million farmers in Africa live on less than $2 a day.



Oliver reiterates that smallholder farmers don’t have the machinery they need to fully cultivate occupied land. Tractors andfarm equipment are expensive, and financing is virtually non-existent. 



“For us, it was about economic growth and prosperity for these African economies,” Oliver adds, “starting in a rural sector, you have low-income populations underserviced by just about every part of the economy, and seeing an opportunity to commercially serve these economic actors, these farmers, who are also entrepreneurs themselves.



“And to serve them in a way where they can grow their productivity, they can grow their income, they can send their kids to school, and not pull their kids out of school to work the fields.”

Africa’s Green Economy: From Banking To Connecting Farmers And Tractors In Kenya

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



A new study published Wednesday is calling into question one of the oldest stereotypes about the roles of men and women, finding that female members of many of the world&#8217;s remaining foraging societies are just as involved in hunting as men, despite long-held perceptions that men hunted and women gathered.



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



The authors of the study—published by the Public Library of Science—looked into data from previous researchers on 63 living societies across the world that still practice hunting and gathering, then investigated how women participated in the hunting in various societies, what they hunted and what tools they used.



Women were found to have hunted game of all sizes, but most often large animals in a majority of societies, according to the study, spearheaded by Abigail Anderson of Seattle Pacific University’s biology department.



The study found women were actively involved in teaching hunting practices, used a larger variety of weapons than men and were instrumental in bringing home animals for their families to eat, regardless of whether or not they were mothers.



Many hunter-gatherer cultures have disappeared over the millennia, but some of the societies mentioned in the paper include the Tiwi people of Australia, the Hadza of northern Tanzania, the Ganij of New Guinea and the 3,200 indigenous Matsés people of the Brazilian Amazon, who still rely on hunting and gathering for most of their sustenance but have interacted with missionaries, the Peruvian government and researchers.



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



79%. That&#8217;s how many living foraging societies demonstrated female hunting, according to Wednesday’s paper.



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



The study painted the long-held perception of men as hunters and women as gatherers as the building block for more modern stereotypes, like men being less emotional and more aggressive while women are more nurturing and focused on children.



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



The study, titled&nbsp;The Myth of Man the Hunter, confronts why the hunter/gatherer division has prevailed despite evidence to the contrary. Anderson and her colleagues said researchers typically presume that stone projectiles buried alongside males are hunting tools, but are less persuaded when projectiles are associated with females, and pointed to a 2017 incident in Sweden where a person found buried with weapons and equipment linked to high-ranking Viking warriors was assumed to be male, but later was genetically identified as a woman. The inherent bias of researchers can be blamed for the lack of &#8220;recognition of contributions by women to hunting”, the authors said, adding it &#8220;behooves each generation of scientists to ensure that paradigms fit the existing data.&#8221;



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://doi.org/10.1371/journal.pone.0287101" target="_blank" rel="noreferrer noopener">The Myth of Man the Hunter: Women’s contribution to the hunt across ethnographic contexts </a>(PLOS One)

Female ginger hair archer shooting targets with her bow and arrow. Concentration, target, success concept

Women Hunt As Often As Men In Many Hunter-Gatherer Societies—Despite Age-Old Stereotypes, Study Finds

ChatGPT, a cutting-edge language model developed by OpenAI, has revolutionized how we interact with technology and access information through artificial intelligence (AI). As an AI-driven conversation agent, ChatGPT has the potential to significantly impact various sectors in Africa, offering opportunities for growth and development. However, ChatGPT also presents unique challenges that we must address to harness its benefits fully. 



This article explores the implications of ChatGPT for Africa, focusing on its potential applications in education, healthcare, agriculture, and language preservation, as well as the challenges associated with its adoption.



Before discussing the applications of ChatGPT in Africa, it is crucial first to discuss what ChatGPT can and cannot do. Firstly, ChatGPT, like many AI technologies, depends on existing data. Therefore, it cannot incorporate what does not already exist. For example, it will not recommend medications not yet discovered. Consequently, it would not have invented Einstein&#8217;s theory of relativity. However, it can gather and summarize existing information, which may help find new medicines. Despite these,



ChatGPT can be a valuable tool for enhancing education in Africa by providing personalized learning experiences, facilitating access to knowledge, and supporting educators. By offering tailored content based on individual learning needs, ChatGPT can help bridge the gap in educational resources and improve overall learning outcomes. Additionally, it can assist teachers by providing instant feedback on student performance, identifying areas for improvement, and suggesting targeted interventions.



ChatGPT can be crucial in providing medical information and support in Africa, where access to healthcare professionals is often limited. It can serve as a health assistant, offering advice on common health issues, symptom analysis, and self-care tips. This could help reduce the burden on healthcare systems and facilitate timely intervention, particularly in remote or underserved areas. For this to happen, we need to retrain existing and new medical professionals to develop competency in the seamless use of technology in medical care. This, therefore, calls for revising the medical curriculum to incorporate more technology.



Another application of ChatGPT is in the area of agriculture. ChatGPT can contribute to developing sustainable agriculture in Africa by providing farmers real-time information on weather patterns, pest control, and crop management. This could help farmers optimize their operations, improve yields, and enhance food security for the continent. This requires farmers to form learning communes where issues of agricultural performance are discussed together to augment existing recommendations of ChatGPT, which is based on existing information.



ChatGPT can be used for language preservation. Africa is home to a rich linguistic diversity, with over 2,000 languages spoken across the continent. ChatGPT can be trained to understand and interact in various African languages, promoting language preservation and cultural heritage. By making technology more accessible and inclusive, ChatGPT can help bridge the digital divide and empower local communities. However, for this to happen, we need to infuse the ethos of AI transfer learning methodology to ensure that all languages are included, irrespective of size.



One of the primary challenges for ChatGPT adoption in Africa is the lack of robust digital infrastructure. Limited access to the internet, unreliable connectivity, and high data costs can hinder the widespread use of ChatGPT and its associated benefits. To fully harness the potential of ChatGPT, investments in digital infrastructure and affordable internet access are essential. However, for this to happen, we need to bridge the digital divide and ensure that telecommunications data and affordable devices are accessible.



The adoption of ChatGPT in Africa also depends on the population&#8217;s digital literacy level. Therefore, promoting digital literacy through education and training programs is crucial to ensure people can effectively utilize ChatGPT and other digital technologies.



As with any AI technology, ChatGPT raises concerns about data privacy and security. Therefore, ensuring that ChatGPT complies with data protection regulations and safeguards user privacy is essential to build trust and encourage widespread adoption.



AI models, including ChatGPT, can inadvertently perpetuate biases and stereotypes in the data they are trained on. Addressing these biases and ensuring that ChatGPT&#8217;s interactions are culturally sensitive and contextually appropriate is crucial for its successful implementation in Africa.



ChatGPT has the potential to significantly impact various sectors in Africa, offering opportunities for growth and development. By harnessing its potential in education, healthcare, agriculture, and language preservation, Africa can benefit from the advancements in AI technology. However, addressing challenges related to digital infrastructure, digital literacy, data privacy, and ethical considerations is crucial for successfully adopting ChatGPT on the continent through collaborative efforts from governments, the private sector, and African civil society.



– The writer is a Rector of the United Nations University (UNU) Rector based in Tokyo, Japan. UNU has campuses in Ghana, Japan, China, Malaysia, Finland, Germany, Holland, Portugal, Belgium, Venezuela, Canada and the US.

In this photo illustration, the ChatGPT (OpenAI) logo is

ChatGPT In Africa: Opportunities And Challenges

International MSME Day on June 27 recognizes that small businesses and self-employed workers are crucial to the growth and development of economies. We also speak with Jeremy Awori, Chief Executive Officer, Ecobank Group, on the importance of this day.



Small and medium-size businesses (SMEs) are the lifeblood of Africa’s economy. They are responsible for more than 80% of the continent’s employment and 50% of the GDP, according to the World Economic Forum.



To celebrate the role played by micro, small and medium-sized enterprises and increase awareness of their contribution to the achievement of the Sustainable Development Goals (SDGs), the United Nations (UN) General Assembly designated 27 June as International MSME Day.



The UN recognizes that small businesses and self-employed workers are crucial to the growth and development of economies, saying that if adequately supported, MSMEs can “effectively contribute to the structural transformation of economies and drive inclusive, sustained, and equitable economic growth and jobs.”



“SMEs play a crucial role in Africa’s economic growth and development, especially when it comes to the creation of jobs which remains a significant problem across the continent,” says Jeremy Awori, Chief Executive Officer, Ecobank Group.



With operations in 33 African markets, the bank has made it a priority to nurture and contribute to the growth and success of African SMEs and encourage them to leverage trade opportunities.



The African Continental Free Trade Area (AfCFTA), a single, continent-wide market that unites 54 countries, offers significant opportunities on the continent. Among its aims are to scale African businesses through integration of regional value chains and to increase intra-African trade by 52.3% by 2030.



As an entrepreneur in the education sector, Catherine Awuor Oduor manages the operations of Jabali Schools in Kenya and is a Senior Finance Officer at African Union.



She is of the opinion that the private sector and policymakers working in partnership with the AfCFTA can open expansion and growth opportunities for SMEs.



“They have the potential to transform the economies and the continent as a dynamic force in the international arena,” Oduor says. “If policymakers can draft very good policies, this will help businessmen and businesswomen to ensure that their business flows without challenges. As we are aware 60% to 70% of women are involved in business and in the cross strait area. And therefore, if the laws are well-drafted and could favor women, women could do their business very well. Finally, the private sector plays a critical role in the development of Africa, and hence strategy ensures businesses across the continent have access to tools and partnerships, they will be able to play a key area in creating a resilient environment in the future.”



Financial institutions play a big role in easing the ability of SMEs, and especially women-owned SMEs, to grow and develop in the currently challenging environment, and ultimately to tap into cross continental trade.



Despite women-led enterprises making up about a third of all registered African small businesses, the financial gap between men and women remains.



According to the UN, women- and youth-owned enterprises are often most vulnerable and at risk of external shocks. On top of this, they have to deal with limited access to affordable finance, capacity-building support, partnership networks, and global markets. There are many challenges for them to overcome, resulting in many being confined to the informal sector and necessity entrepreneurship.



For Oduor, limited access to cash is one of the challenges for SMEs. “Right now the economy has really gone down. And many lending facilities are offering loans at high interest rates, and this has affected quite a number of businesses.”



In her experience, other challenges include access to technology, poor monitoring and evaluation systems to track feedback, market analysis and feasibility studies and setting up a good business plan.



“For SMEs in the informal sector, we assist them to transition to the formal sector to ensure they gain access to better growth opportunities,” says Ecobank’s Awori. “In addition to catering to their banking needs, we also provide SMEs essential non-financial support such as skills training. In recognition of the vital role of women, Ecobank has curated tailored solutions through our comprehensive Ellevate program, specifically designed for women entrepreneurs.”



For the UN, MSME Day will also focus on supporting resilient supply chains to ensure workers and the environment benefit and encourage policymakers and businesses to join forces to ensure economically viable, socially, and environmentally sustainable supply chains.

Business owner hanging an open sign at a cafe

The Crucial Role Of MSMEs In The Economic Growth And Development Of Africa

Old woman walking with her dog and her wares through the streets of Makhanda, Eastern Cape, in 2021

Cityscapes: Snapshots Of South Africa’s Thriving Informal Economy

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



Novo Nordisk, Eli Lilly and Pfizer have all entered the race for FDA approval of a first-in-class oral weight loss and diabetes drug, and because pills are cheaper to manufacture, these oral weight loss drugs may signal a more affordable (and easier) alternative to drugs—like Ozempic, Wegovy and Mounjaro—that require injections.



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



Known generically as semaglutide,&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2022/12/26/what-to-know-about-ozempic/?sh=792660675adb">Ozempic</a>&nbsp;and Wegovy—both manufactured by Novo Nordisk—are weekly injections and glucagon-like peptide-1 (GLP-1) receptor agonists (a class of drugs used to treat diabetes).



Wegovy was&nbsp;<a href="https://www.fda.gov/news-events/press-announcements/fda-approves-new-drug-treatment-chronic-weight-management-first-2014" target="_blank" rel="noreferrer noopener">approved</a>&nbsp;by the Food and Drug Administration for weight loss in 2021 and while Ozempic is only FDA&nbsp;<a href="https://www.fda.gov/media/110526/download" target="_blank" rel="noreferrer noopener">approved</a>&nbsp;for use in type two diabetics, doctors regularly prescribe it off-label for weight management.



The popularity of both medications caused a&nbsp;<a href="https://www.accessdata.fda.gov/scripts/drugshortages/dsp_SearchResults.cfm" target="_blank" rel="noreferrer noopener">supply shortage</a>, with Novo Nordisk&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2023/05/05/wegovy-shortage-drug-maker-limits-distribution-heres-when-supplies-should-improve/?sh=2eaa52ab1fa4">limiting</a>&nbsp;Wegovy’s distribution of lower doses earlier this month to combat supply problems.



Manufactured by Eli Lilly,&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2023/01/31/diabetes-drug-mounjaro-expected-to-be-approved-for-weight-loss-soon-what-to-know-and-how-it-compares-to-similar-drugs/?sh=12d6194a477a">Mounjaro</a>&nbsp;(known generically as tirzepatide) is a weekly injection and also a GLP-1 receptor agonist, which works by controlling blood sugar—it was&nbsp;<a href="https://www.fda.gov/news-events/press-announcements/fda-approves-novel-dual-targeted-treatment-type-2-diabetes" target="_blank" rel="noreferrer noopener">approved</a>&nbsp;for use in type two diabetics by the FDA in May 2022, though it’s also used off-label for weight loss.



The heightened popularity of weight loss medications has caused an increase in investor interest in the weight loss treatment market, which is&nbsp;<a href="https://www.reuters.com/business/healthcare-pharmaceuticals/novo-nordisk-rivals-see-room-compete-100-bln-weight-loss-drug-market-2023-05-04/" target="_blank" rel="noreferrer noopener">estimated</a>&nbsp;to reach $100 billion by the end of the decade.



<h2 class="wp-block-heading" id="h-news-peg">NEWS PEG</h2>



On Sunday, Novo Nordisk presented findings from a new phase three trial that focused on oral semaglutide tablets. The&nbsp;<a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(23)01185-6/fulltext" target="_blank" rel="noreferrer noopener">study</a>, published in the&nbsp;Lancet,&nbsp;lasted 68 weeks and followed 667 participants. 85% of the participants who took the semaglutide tablet lost at least 5% of their body weight compared to just 26% of those who took the placebo. On average, participants who took semaglutide saw a loss of about 15% of their body weight, around six times more than the placebo.



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



69.9%. That’s how many Americans are either obese or overweight,&nbsp;<a href="https://www.hsph.harvard.edu/obesity-prevention-source/obesity-trends-original/obesity-rates-worldwide/" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to&nbsp;<a href="https://www.hsph.harvard.edu/obesity-prevention-source/obesity-trends-original/obesity-rates-worldwide/" target="_blank" rel="noreferrer noopener">data</a>&nbsp;from the Harvard School of Public Health.



<h2 class="wp-block-heading" id="h-rybelsus">RYBELSUS</h2>



Rybelsus is manufactured by Novo Nordisk (which also makes Ozempic) and is a once-daily oral version of semaglutide. The drug was FDA&nbsp;<a href="https://www.fda.gov/news-events/press-announcements/fda-approves-first-oral-glp-1-treatment-type-2-diabetes" target="_blank" rel="noreferrer noopener">approved</a>&nbsp;in 2019 for type two diabetes management and became the first GLP-1 receptor drug to gain approval for type two diabetics. In a late-stage&nbsp;<a href="https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=166110" target="_blank" rel="noreferrer noopener">study</a>&nbsp;released Monday, the manufacturer released the results from a 68-week trial with 667 adults who are either obese or overweight with one or more comorbidity. On average, participants lost 15.1% of their body weight after 68 weeks compared to 2.4% of body weight from those on the placebo. The results are similar to those from a Wegovy&nbsp;<a href="https://www.nejm.org/doi/full/10.1056/NEJMoa2032183" target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in&nbsp;The New England Journal of Medicine.&nbsp;In that trial, participants saw an average change of body weight of 14.9% compared to a 2.4% change in the placebo group over a span of 68 weeks. The Rybelsus study, which has not been published in a peer-reviewed journal, acknowledged the side effects were comparable to the semaglutide injections, with mainly mild to moderate gastrointestinal adverse events (like nausea or diarrhea) being the most common side effect. These adverse events mainly occurred when the dosage was increased. Novo Nordisk plans to “file for regulatory approval in the US and the EU” this year with availability depending on manufacturing capacity and how it prioritizes its medications. Martin Holst Lange, executive vice president for development at Novo Nordisk said in the study the ability for consumers to pick between a once daily oral pill and weekly injection for obesity “has the potential to offer patients and healthcare providers the opportunity to choose what best suits individual treatment preferences.”



<h2 class="wp-block-heading" id="h-danuglipron">DANUGLIPRON</h2>



Pfizer published a&nbsp;<a href="https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2805054" target="_blank" rel="noreferrer noopener">study</a>&nbsp;in&nbsp;JAMA Network Open&nbsp;on the effects of the drug danuglipron in type two diabetics. Similar to rybelsus, the drug is an oral GLP-1 receptor, but it’s taken twice daily as a pill. The trial included 422 people with type two diabetes and found danuglipron not only lowered blood sugar and hemoglobin A1C at all doses, but it also reduced body weight at the highest dosage. Participants on the 80 milligram pill saw weight loss of 4.5 pounds and those on the 120 milligram pill experienced weight loss of 9.2 pounds by the 16 week mark. The pill was administered to participants once in the morning and once in the evening, both times with food. The most common side effects were nausea, vomiting and diarrhea. Pfizer’s CEO Albert Bourla also explained the importance of an oral obesity pill at J. P. Morgan’s Health Conference,&nbsp;<a href="https://www.fiercepharma.com/marketing/pfizer-ceo-talks-experimental-oral-glp-1-diabetesobesity-hopeful-90b-lilly-novo-battle" target="_blank" rel="noreferrer noopener">saying</a>&nbsp;it’s “significantly more important…in the obese market than it is in the diabetic population.” Pfizer is also testing another oral medication called lotiglipron (though data isn’t available yet), but the company plans to choose only one of the drugs to advance into late-stage clinical trials in both diabetes and obesity, slated to begin in 2024, Barron’s&nbsp;<a href="https://www.barrons.com/articles/eli-lilly-novo-pfizer-stock-weight-loss-pills-dd516c95" target="_blank" rel="noreferrer noopener">reports</a>.



<h2 class="wp-block-heading" id="h-orforglipron">ORFORGLIPRON</h2>



Eli Lilly (the manufacturer of Mounjaro), has its own oral GLP-1 drug, orforglipron, that&nbsp;<a href="https://investor.lilly.com/static-files/c0604a2b-5e58-4f00-bb77-d25da59d991e" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to Eli Lilly, shows people without type two diabetes seeing weight reduction between 14% and 15% over the course of 36 weeks, whereas those with type two diabetes saw weight loss of about 9.6% over the same time frame. Orforglipron is in two trials slated to end in 2025,&nbsp;<a href="https://clinicaltrials.gov/ct2/show/NCT05803421" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to information posted on the U.S. National Library of Medicine’s Clinical Trials website. Evaluate Vantage&nbsp;<a href="https://www.evaluate.com/vantage/articles/news/corporate-strategy-snippets/lilly-steps-its-oral-obesity-push" target="_blank" rel="noreferrer noopener">reports</a>&nbsp;Eli Lilly admitted orforglipron won’t be as powerful as Mounjaro because the former is just a GLP-1 receptor agonist, whereas Mounjaro is a GLP-1 receptor agonist and a glucose-dependent insulinotropic polypeptide (GIP) receptor drug.&nbsp;<a href="https://www.yourhormones.info/hormones/glucose-dependent-insulinotropic-peptide/" target="_blank" rel="noreferrer noopener">GIP</a>&nbsp;is a hormone that helps with the release of insulin after food consumption. GIP receptors have been&nbsp;<a href="https://pubmed.ncbi.nlm.nih.gov/32459834/" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;to reduce weight gain and cause weight loss in animals including nonhuman primates. According to a&nbsp;<a href="https://www.nejm.org/doi/full/10.1056/NEJMoa2206038" target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in&nbsp;The New England Journal of Medicine,&nbsp;participants lost up to 22.5% of their body fat after 72 weeks on Mounjaro. Orforglipron’s side effects haven’t yet been made available, but Mounjaro’s most common&nbsp;<a href="https://www.mounjaro.com/how-to-use-mounjaro" target="_blank" rel="noreferrer noopener">side effects</a>&nbsp;include nausea, diarrhea, vomiting, constipation, stomach pain and indigestion.



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



According to a&nbsp;<a href="https://www.nps.org.au/australian-prescriber/articles/oral-or-intravenous-antibiotics" target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in the&nbsp;Australian Prescriber&nbsp;that compares oral antibiotics to injectable antibiotics, it was found oral drugs were cheaper to manufacture than the injectable ones. A&nbsp;<a href="https://www.healthaffairs.org/doi/full/10.1377/hlthaff.2018.05147" target="_blank" rel="noreferrer noopener">report</a>&nbsp;published in&nbsp;Health Affairs&nbsp;estimated the cost of oral medication rose by 9% between 2008 and 2016, whereas injectable drugs rose by 15% in the same time frame. This signals the potential approval of oral weight loss medication may be a cheaper, more affordable option than the already available injectables.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/ariannajohnson/2023/05/05/wegovy-shortage-drug-maker-limits-distribution-heres-when-supplies-should-improve/?sh=2eaa52ab1fa4">Wegovy Shortage: Drug Maker Limits Distribution—Here’s When Supplies Should Improve</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/ariannajohnson/2022/12/26/what-to-know-about-ozempic/?sh=6d645b6b5adb">What To Know About Ozempic: The Diabetes Drug Becomes A Viral Weight Loss Hit (Elon Musk Boasts Using It) Creating A Shortage</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/ariannajohnson/2023/01/31/diabetes-drug-mounjaro-expected-to-be-approved-for-weight-loss-soon-what-to-know-and-how-it-compares-to-similar-drugs/?sh=21c4eb23477a">Diabetes Drug Mounjaro Expected To Be Approved For Weight Loss Soon: What To Know And How It Compares To Similar Drugs</a> (Forbes)

African American man pouring medications out of a bottle into his hand.

Ozempic As A Pill: Drug Makers Race For Cheaper Weight Loss Drugs (Without The Shots)

Sebastian Negri will go to the Rugby World Cup with Italy but was born in Zimbabwe and raised in South Africa. He will be key for the side, where they have a tough pool that includes hosts France and powerhouse New Zealand.



<blockquote class="wp-block-quote has-text-align-center is-layout-flow wp-block-quote-is-layout-flow">
“When you get an opportunity later in life to represent those people who have helped you along the way, that adds passion and desire to make them proud.”
</blockquote>



Sebastian Negri’s family were forced off their farm in Zimbabwe literally overnight, fleeing as gunshots rang around them, a memory that remains vivid for the then eight-year-old.



But that trauma set Negri on a path that would ultimately see the flanker capped by Italy at international level as he prepares to play in his second Rugby World Cup in France later this year.



It has been a long road to this point, his family found refuge in South Africa having been assisted financially by Italian relatives, and he was able to attend the prestigious Hilton College in the KwaZulu-Natal Midlands in South Africa.



Initially he hoped to be an international cricketer, but as he kept growing he realized rugby was the game that could take him places, and it certainly has.



He was signed after school by Cape Town-town based Western Province, but the lure of playing for the Italian national team set him on the path to where he is now.



Zimbabwe was never really an option because the level they play at is so low, but he could have pushed to play for South Africa’s Springboks. He would have followed in the footsteps of former prop Tendai ‘Beast’ Mtawarira if he had followed that path, while another Zimbabwean, David Pocock, had a distinguished career with Australia.



However, his heritage and the memory of how those Italian relatives had helped his family in their most difficult moment spurred him on to represent the Azzurri.



“My coach at Hilton College was Brad MacLeod-Henderson, who spent time playing in Italy and is very close with (Durban-born former Italy international) Roland de Marigny,” Negri tells FORBES AFRICA. “We stayed in touch and when I was contracted by Western Province after school, that interest (from Italy) grew.



“My hunger for playing for Italy also grew, and that became my biggest dream. When I was at Western Province, I got invited to a few camps over here (Italy) and the rest is history.



“Our family in Italy were there for us when we needed them. A lot of South Africans and Zimbabweans were also there for us. When you get an opportunity later in life to represent those people who have helped you along the way, that adds passion and desire to make them proud.”



Negri made his debut for Italy in 2016 and played against Canada and South Africa at the 2019 World Cup in Japan.



Now established as a regular in the team, and one of the more senior players as he approaches 50 caps, he will be key for the side at this year’s World Cup, where they have a tough pool that includes hosts France and powerhouse New Zealand.



“It&#8217;s always going to be tough for us,” Negri says. “The expectation probably is for us to get knocked over by the two big teams. But, you know, we&#8217;ve got to have that mindset and belief that we can go to the World Cup and cause upsets.



“We must continue with the way we playing, believe in what we&#8217;re doing. Then anything can happen, the bounce of the ball. There&#8217;s a firm belief in the group that we can knock over a big team.



“We proved that in the Six Nations, we&#8217;ve came very close to beating Ireland and France. One or two decisions go our way, or one or two moments in the game, and the result looks different.”



Italy were seen as whipping boys a few years ago, but the arrival of New Zealand coach Kieran Crowley, and the emergence of players like Negri, has turned them into a side every major power will be wary of, as recent wins over Wales and Australia show.



“There’s been a big mindset change over the last 12 to 18 months, and especially since Kieran has come in. Before that we had a difficult couple of years, but I think we&#8217;re on the right track, we&#8217;re starting to get that respect and credibility back,” Negri says.



“Why can&#8217;t we beat France or New Zealand? I think it&#8217;s important that we focus on ourselves and that we don&#8217;t worry too much about what other people are saying.



“There&#8217;s a firm belief in the group, it&#8217;s a really positive environment to be in. And we&#8217;re just going to go out there and, as Kieran always tells us, give it everything you&#8217;ve got and whatever happens, will happen.”

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