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



Bitcoin rose sharply Wednesday and surpassed $30,000 for the first time in months, continuing a days-long increase in the cryptocurrency’s price, despite economic uncertainty and a regulatory crackdown on some crypto exchanges.



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



Bitcoin’s price rose as much as 9.8% on Wednesday, peaking at $30,749.45 at around 12:35 p.m. ET, the first time Bitcoin has topped the $30,000 mark since mid-April.



As of 2:30 p.m. ET, bitcoin was trading at $30,222.52.



The surge Wednesday extended a rally that has caused bitcoin prices to shoot up almost 20% over the last week, along with a smaller 13% jump in ethereum.



Bitcoin took a dive just last week, when the price fell below $25,000 for the first time since March, amid lawsuits from regulators against Binance and Coinbase and after the Federal Reserve&nbsp;<a href="https://www.forbes.com/sites/katherinehamilton/2023/06/15/bitcoin-drops-to-3-month-low-following-fed-rate-decision/?sh=400085da4dde">announced</a>&nbsp;it would not hike interest rates this month but could return to aggressive increases later in the year, both of which led to uncertainty about what the market’s future would look like.



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



Bitcoin’s price has nearly doubled since last December, when the cryptocurrency industry was left reeling from the collapse of exchange FTX and arrest of its founder, Sam Bankman-Fried, on fraud charges. Since then, several other crypto firms have faced scrutiny from regulators. Prices of bitcoin are still well below their all-time peak of more than $64,000 in late 2021.



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



The recent increase in bitcoin prices came six days after BlackRock, the world’s largest money manager,&nbsp;<a href="https://www.forbes.com/sites/digital-assets/2023/06/15/blackrocks-spot-bitcoin-etf-plan-appears-to-be-a-case-of-perception-bending-reality/?sh=5aa055684afe">requested</a>&nbsp;to register a spot-market bitcoin ETF, despite the U.S. Securities and Exchange Commission not yet approving any applications for spot bitcoin ETFs. The ETF would own bitcoins that are held in custody by Coinbase, the largest U.S.-based crypto exchange. In the past, the SEC has rejected ETF applications and said the product is not safe enough to be sold to investors and that prior applicants hadn’t proven they could prevent fraud and protect investors, CNBC&nbsp;<a href="https://www.cnbc.com/2023/06/20/bitcoin-hits-new-high-for-june-as-more-financial-incumbents-signal-commitment-to-crypto.html" target="_blank" rel="noreferrer noopener">reported</a>. Meanwhile, a crypto exchange backed by Fidelity, Charles Schwab and Citadel Securities&nbsp;<a href="https://www.wsj.com/articles/crypto-exchange-backed-by-citadel-securities-fidelity-schwab-starts-operations-597f6d46" target="_blank" rel="noreferrer noopener">launched this week</a>.



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



U.S. regulators of late have been cracking down on crypto firms and several have been hit with civil lawsuits, leading some to question the timing of BlackRock’s application. The request came just one week after the SEC&nbsp;<a href="https://www.forbes.com/sites/jonathanponciano/2023/06/06/sec-charges-coinbase-alleges-crypto-trading-platform-operated-as-unregistered-exchange-since-2019/?sh=5f53d79b606e">sued</a>&nbsp;Coinbase, alleging the platform had been operating an unregistered broker since at least 2019. Just one day earlier, the SEC also&nbsp;<a href="https://www.forbes.com/sites/anafaguy/2023/06/05/sec-sues-binance-for-multiple-us-rule-violations/?sh=71839e407fcb">sued</a>&nbsp;Binance, another crypto exchange, for allegedly misusing customer funds.



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



<a href="https://www.forbes.com/sites/katherinehamilton/2023/06/15/bitcoin-drops-to-3-month-low-following-fed-rate-decision/?sh=3dbe7d0e4dde">Bitcoin Drops To 3-Month Low Following Fed Rate Decision</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/digital-assets/2023/06/15/blackrocks-spot-bitcoin-etf-plan-appears-to-be-a-case-of-perception-bending-reality/?sh=5aa055684afe">BlackRock’s Spot Bitcoin ETF Plan Appears To Be A Case Of Perception Bending Reality</a>&nbsp;(Forbes)



<a href="https://www.cnbc.com/2023/06/21/bitcoin-rallies-to-highest-level-in-over-a-month-on-etf-news.html" target="_blank" rel="noreferrer noopener">Bitcoin rallies 10% to highest level in over a month as traders get bullish on ETF news</a> (CNBC)

gettyimages-932503482-170667a

Bitcoin Surges Past $30,000 For First Time In Months

<h4 class="wp-block-heading has-text-align-center" id="h-desmond-koneyco-founder-and-ceo-complete-farmerghana">Desmond Koney Co-Founder and CEO, Complete Farmer Ghana</h4>



There is no manual or playbook to tell you how to run a farm or even scale a business, as this agripreneur will tell you.



“I think a lot of times, especially for solving problems in Africa, you always underestimate then infrastructure gap that your solution needs to get to market,” Desmond Koney says to us from his home in busy, bustling Lagos.



Complete Farmer was built connecting three integral parts of agriculture; buyer, grower and vendor, connecting farmers to global food buyers and growing with them to provide a competitive edge across the supply chain. 



“I asked myself ‘how can we start looking at farming differently’?”



Koney went to the drawing board not as a farmer but as a qualified engineer who wanted to bring more success to the sector on the continent.



“I started thinking of the problem from an engineering perspective. Like, how would I have done this, if I were designing a factory or if I were using my production engineering skills to approach the problem of farming in Africa?”



According to Koney, the reasons why African farmers struggle to scale and sometimes ultimately fail are because the continent has supply chain as well as capital issues.



The AfCFTA: A New Era for Global Business and Investment in Africa report by the African Continental Free Trade Area reiterates that already the pressure on Africa’s food supply will require substantial investment in order to guarantee food security, as the continent remains the only region yet to experience a Green Revolution.



“So Complete Farmer really started with the question of how do we improve and digitize the African agriculture value chain,” Koney says.



“We did not have a clear path…I wanted to build but first we really had to figure out what the solution really is. And we spent close to five years refining the model to where we are today.”



Complete Farmer is an end-to-end digital agriculture platform that provides industries with an easy way to cheaply source quality farm produce and it offers individuals anywhere in the world a convenient way to own a farm by eliminating the middlemen and farm produce aggregators. The marketplace platform allows global industries to build the supply chain and solve their agricultural needs directly, these are then exclusively brought by African farmers.



“We&#8217;ve seen that data about what the potential for agriculture is in Africa,” Koney adds. “And then we&#8217;ve also seen that data for how food insecurity is increasing, especially with what&#8217;s going on in Europe. And given that we are talking about food, which is really something basic for human survival, this is what makes this industry full of opportunity.”

CF Des

Africa’s Green Economy: This CEO’s Advice On Digitizing The African Agriculture Value Chain

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



Coast Guard Capt. Jamie Frederick said Wednesday afternoon a team of experts is analyzing banging sounds that were picked up earlier Wednesday and late Tuesday, but the search mission for the Titan submersible—which has five passengers and disappeared Sunday—has not yielded any other signs of the missing vessel.



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



A Canadian airplane picked up “<a href="https://www.forbes.com/sites/siladityaray/2023/06/21/canadian-maritime-surveillance-plane-detected-underwater-noises-in-titanic-sub-search-area/?sh=3da0017845be">underwater noises</a>&nbsp;in the search area,” Frederick said, leading authorities to direct many of their search efforts around the area where the sound was heard.



The sounds are being analyzed by experts, but their source has not yet been identified.



The search area has been almost doubled in size since the Coast Guard last&nbsp;<a href="https://www.forbes.com/sites/katherinehamilton/2023/06/20/titanic-sub-has-40-hours-of-oxygen-left-as-authorities-search-area-the-size-of-connecticut/?sh=68719d8b4fc7">addressed</a>&nbsp;the public Tuesday afternoon, and is now incorporating an area twice the size of Connecticut.



Frederick declined to give a timeline for how much longer the crew would search for the submersible, and clarified the mission is still “100%” a search-and-rescue attempt and not yet a recovery mission.



He also shared the team’s thoughts and prayers with the families of the <a href="https://www.forbes.com/sites/katherinehamilton/2023/06/20/what-we-know-about-the-passengers-on-the-missing-titanic-submersible/?sh=1a20a8212d21">five people onboard</a> the Titan.



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The sound from TITAN 📣<a href="https://twitter.com/hashtag/OceanGate?src=hash&amp;ref_src=twsrc%5Etfw">#OceanGate</a> The five people stuck inside the Titanic submarine 🥺 Paul-Henry Nargeolet, 73 Stockton Rush, 61 Hamish Harding, 58 Shahzada Dawood, 48 Sulaiman Dawood, 19<a href="https://twitter.com/hashtag/TitanicRescue?src=hash&amp;ref_src=twsrc%5Etfw">#TitanicRescue</a> <a href="https://twitter.com/hashtag/titanicsubmarine?src=hash&amp;ref_src=twsrc%5Etfw">#titanicsubmarine</a> <a href="https://twitter.com/hashtag/OceanGate?src=hash&amp;ref_src=twsrc%5Etfw">#OceanGate</a> <a href="https://twitter.com/hashtag/OceanGateExpeditions?src=hash&amp;ref_src=twsrc%5Etfw">#OceanGateExpeditions</a> <a href="https://twitter.com/hashtag/submarinemissing?src=hash&amp;ref_src=twsrc%5Etfw">#submarinemissing</a> <a href="https://t.co/JftL3c6GU1">pic.twitter.com/JftL3c6GU1</a>&mdash; Abdullah Attique (@abooodddiii) <a href="https://twitter.com/abooodddiii/status/1671654454783885312?ref_src=twsrc%5Etfw">June 21, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



The Titan had 96 hours of life support, which means the passengers likely have less than 24 hours of air remaining. Coast Guard Rear Adm. John Mauger&nbsp;<a href="https://www.bbc.com/news/live/world-us-canada-65967464?ns_mchannel=social&amp;ns_source=twitter&amp;ns_campaign=bbc_live&amp;ns_linkname=64931083f2e5745fd8a78178%26Oxygen%20will%20run%20out%20tomorrow%20morning%2C%20admiral%20says%262023-06-21T15%3A03%3A43.030Z&amp;ns_fee=0&amp;pinned_post_locator=urn:asset:b44431e1-1f73-4df6-8b03-204415f94808&amp;pinned_post_asset_id=64931083f2e5745fd8a78178&amp;pinned_post_type=share" target="_blank" rel="noreferrer noopener">told</a>&nbsp;the BBC on Wednesday that rescue crews are assuming they have until Thursday morning to find the submersible with its occupants still alive. But the oxygen “is just one piece of data” the team is considering in its time line for how much longer to search, Frederick said. The submersible&nbsp;<a href="https://www.forbes.com/sites/katherinehamilton/2023/06/19/5-reportedly-missing-after-titanic-wreck-tourism-vessel-disappears-in-atlantic/?sh=777119a57190">went missing</a>&nbsp;shortly after it dove at 4 a.m. Sunday morning off the coast of Newfoundland, Canada, to view the wreck of the R.M.S.&nbsp;Titanic&nbsp;more than 2 miles underwater.



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



<a href="https://www.forbes.com/sites/siladityaray/2023/06/21/canadian-maritime-surveillance-plane-detected-underwater-noises-in-titanic-sub-search-area/?sh=3da0017845be">‘Underwater Noises’ Detected In Titanic Sub Search By Canadian Military Plane</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/katherinehamilton/2023/06/20/what-we-know-about-the-passengers-on-the-missing-titanic-submersible/?sh=1a20a8212d21">What We Know About The Passengers On The Missing Titanic Submersible</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/katherinehamilton/2023/06/19/5-reportedly-missing-after-titanic-wreck-tourism-vessel-disappears-in-atlantic/?sh=777119a57190">5 Reportedly Missing After Titanic Wreck Tourism Vessel Disappears In Atlantic</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/katherinehamilton/2023/06/20/titanic-sub-has-40-hours-of-oxygen-left-as-authorities-search-area-the-size-of-connecticut/?sh=68719d8b4fc7">Titanic Sub Has 40 Hours Of Oxygen Left As Authorities Search Area The Size Of Connecticut</a>&nbsp;(Forbes)

Bahamian research vessel arrived in the search area for the OceanGate Titan Submersible

Titan Sub Search-And-Rescue Still ‘100%’ On—But Just Hours Of Oxygen Left In Vessel

South Africa, Denmark, and the Netherlands have launched SA-H2, a $1 billion fund to bolster green hydrogen projects in South Africa. The fund, backed by major financiers, signifies a shared commitment to sustainable energy and a belief in green hydrogen&#8217;s critical role in a future low-carbon economy.



In an unprecedented alliance, South Africa, the Netherlands, and Denmark have unveiled a joint fund – the SA-H2 – dedicated to bolstering green hydrogen initiatives in South Africa, tapping into its abundant wind and solar resources. The fund, totaling $1 billion, was launched in Pretoria, South Africa yesterday, with an initial seeding of $50 million from the Dutch investment body, Invest International.



The remainder of the fund is set to be raised over the subsequent two years, with numerous stakeholders including the Development Bank of Southern Africa, Industrial Development Corporation, and insurance firm Sanlam stepping up to support the cause. The fund will be expertly managed by the Dutch Climate Fund Managers.



In his address, delivered beside the Prime Ministers of the Netherlands and Denmark, Mark Rutte and Mette Frederiksen respectively, President Ramaphosa acknowledged the urgent need to tackle South Africa&#8217;s electricity crisis and stressed the critical role of renewable energy in achieving long-term energy security. While acknowledging that the current loadshedding crisis in the country necessitates reliance on its current coal fleet, the fund is nevertheless a move toward more sustainable source of energy.



“From solar to biogas, from wind to battery storage, these investments are leading one of the most important growth industries in our country” said Ramaphosa.



The fund is expected to stimulate significant advancements in the green hydrogen sector, offering early investment opportunities in a technology set to play a transformative role in achieving global emission reduction targets. These investments are likely to be lucrative, given that South Africa’s COP27 presentation revealed the country is targeting $250 billion in green hydrogen investment by the year 2050.



Emphasizing the spirit of collaboration underpinning the fund, Ramaphosa highlighted the diversity of the SA-H2&#8217;s support base, extending beyond state entities and private sector players to include organized labor and NGOs, with all parties hoping for productive social and economic gains, alongside the environmental benefits.



“… that is the true architecture of our cooperation in our country” continued Ramaphosa, “… and it reinforces our view that these developments need to be inclusive, and needs to benefit all within society.”



While the Netherlands and Denmark are not presently part of the Just Energy Transition Partnership (JETP), they have indicated a supportive stance toward its objectives, and discussions to join the alliance are underway.



The launch also witnessed the signing of a memorandum of understanding on green hydrogen between South Africa and the Netherlands. Additionally, an agreement was inked to expand an existing energy partnership between Denmark and South Africa. A finance package for water-related public infrastructure, announced by Invest International, rounded off the day&#8217;s commitments.



These collaborative efforts signify a collective commitment to combating climate change and a shared belief in green hydrogen&#8217;s potential to revolutionize the future energy landscape, with the launch of the SA-H2 fund represents a significant leap toward a sustainable energy future for South Africa.

President Ramaphosa Welcomes Prime Minister Mark Rutte And Mette Fredeiksen In Pretoria

Going Green Together–Netherlands, Denmark and South Africa’s Landmark Green Hydrogen Fund

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



Drugmaker GSK <a href="https://www.gsk.com/en-gb/media/press-releases/gsk-shares-positive-data-for-arexvy-its-respiratory-syncytial-virus-older-adult-vaccine-indicating-protection-over-two-rsv-seasons/" target="_blank" rel="noreferrer noopener">said</a> Wednesday its RSV vaccine gave long-term protection in older adults after a single shot, according to results from its late stage clinical trial, promising news for efforts to combat the common and potentially lethal infection.



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



GSK said the shot, which is designed to protect adults ages 60 and older and is marketed as Arexvy, conveyed strong protection against lower respiratory tract disease and severe disease from RSV over two full seasons.



The findings, which have yet to be fully published, come from the company’s late stage trial of around 25,000 people testing the safety and efficacy of a single dose of Arexvy against RSV, a very common respiratory infection that normally only causes mild, cold-like illness in healthy adults but can trigger severe, possibly fatal, disease in older adults, young infants and those with underlying health conditions.



Lasting protection was also observed in people with underlying health conditions or of advanced age, GSK said, a particularly important finding given the vulnerability of these groups following infection.



Tony Wood, GSK’s chief scientific officer, said the result “reinforces our confidence in [the vaccine’s] potential to make a significant public health impact.”



Other data, notably the shot’s safety and ability to provoke an immune response, were consistent with earlier observations from the trial, which showed the shot to be safe and have side effects in line with other vaccines.



<h2 class="wp-block-heading" id="h-what-we-don-t-know">WHAT WE DON’T KNOW</h2>



It’s not clear how often people will need to be vaccinated against RSV and the seasonal nature of the virus—similar to what happens with flu—suggests vaccines could be yearly. This is still an open question and one that will be guided over time by public health policy, real-world data and other concerns in addition to clinical trial data. GSK evaluated an annual revaccination schedule in around half of its trial participants. The findings were similar to those who had only received the one shot and suggested “revaccination after 12 months does not appear to confer additional benefit for the overall population,” GSK said. The company said it will continue to “evaluate longer term follow up” and assess the “optimal timing for potential revaccination.”



<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



The Centers for Disease Control and Prevention’s Advisory Committee on Immunization Practices is set to&nbsp;<a href="https://www.cdc.gov/vaccines/acip/meetings/downloads/agenda-archive/agenda-2023-06-21-23-508.pdf" target="_blank" rel="noreferrer noopener">meet</a>&nbsp;Wednesday. The group, comprised of vaccine and public health experts, meets regularly to discuss the science surrounding vaccines and infectious diseases and develop guidelines for how vaccines should be administered to the civilian population. These guidelines form the basis of official immunization schedules. RSV vaccines for older adults are on the agenda and talks will determine how they are rolled out for the very first time. There are now&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/05/03/fda-approves-first-ever-rsv-vaccine-after-brutal-2022-season/?sh=505f124410b2">two</a>&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/06/01/fda-approves-pfizers-rsv-vaccine-for-older-adults-it-could-be-available-this-fall/?sh=8ef1bb335ca2">authorized</a>&nbsp;shots intended to protect older adults from RSV, both of which were only approved this year after years of setbacks. GSK’s shot was the first to gain clearance, followed closely by Pfizer’s shot, Abrysvo. FDA advisors have&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/05/18/rsv-vaccine-fda-advisors-recommend-pfizer-shot-to-protect-infants-from-infection-heres-what-to-know/?sh=4e0f12523859">recommended</a>&nbsp;the agency clear Pfizer’s shot for use in pregnant people to protect infants in their first months of life.



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



<a href="https://www.forbes.com/sites/roberthart/2023/06/01/fda-approves-pfizers-rsv-vaccine-for-older-adults-it-could-be-available-this-fall/?sh=8ef1bb335ca2">FDA Approves Pfizer’s RSV Vaccine For Older Adults—It Could Be Available This Fall</a>&nbsp;(Forbes)



<a href="https://qz.com/rsv-vaccine-pfizer-global-south-1850401425" target="_blank" rel="noreferrer noopener">Pfizer&#8217;s RSV vaccine promise to the Global South is already several years behind schedule</a>&nbsp;(Quartz)

Human respiratory syncytial virus inoculation

RSV Vaccine For Adults Gives Long-Term Protection, GSK Says After Late-Stage Trial

Ndidi Okonkwo Nwuneli on her passion for equipping and investing in the continent’s future game-changers and also changing the food narrative on the continent.



Why can’t a continent with over 60% of the world’s unused arable land grow enough food to sustain itself? For as long as she can remember, Ndidi Okonkwo Nwuneli has pondered this serious question about Africa.



Nwuneli, an entrepreneur, philanthropist and expert on agriculture and food ecosystems, fondly recalls growing her own avocados in the backyard of her family home in Enugu, Nigeria, and selling them at wholesale prices to women in the market. From that experience, Nwuneli knew she would always work, in some capacity, in the agriculture sector.



Her mother has been a staunch supporter of Nwuneli and her four siblings pursuing their passion. To help Nwuneli hone her business savviness, her mother would constantly share annual company reports with Nwuneli when she was an undergraduate student at The Wharton School of the University of Pennsylvania in the United States.



“That helped me with business and I enjoyed going into the social impact side of business. When I started school, I was passionate about Africa and Nigeria; [this was] when I moved to the United States,” says Nwuneli.



Her love for Africa led her to co-found the African Business Conference when she attended Harvard Business School which is now the largest student-run conference focused on business in Africa.



“The theme was reversing the African brain drain in 1999 and, at that time, no one was trying to come back to Africa. But we were already focused on that,” says Nwuneli.



After brief stints with McKinsey &amp; Company where she worked on numerous projects, including the transformation of the South African Police Service, Nwuneli joined the Michael Porter project in the Middle East to help Palestinian entrepreneurs scale and access their markets. That is when a conversation changed things.



“While I was there, a Palestinian asked me, ‘Why are you helping our country when yours is such a mess?’ I was like, it is one thing for Nigerians to say Nigeria is such a mess but for a Palestinian to tell me that my country was a mess, that was a wakeup call and this is one of the reasons I started working on initiatives back home.”



At 25, she joined investor and entrepreneur, Fola Adeola, and his FATE Foundation initiative, where she served as the pioneer executive director, to help empower Nigerian entrepreneurs.



“From an early age, we understood the reality that what is going to save our continent is not poverty alleviation but wealth creation. We had to create jobs for ourselves and others and, at the time, unemployment rates were still high. At the time the stats were saying 70% of our youth were unemployed and when young people are unemployed, they are seen as liabilities, not assets. The challenge was how can we transform this into positive change and wealth creation,” says Nwuneli.



Part of her initiatives involved organizing the first business plan competition for Nigeria as well as an investment forum and incubator to help young people create and scale their business.



Through working with the FATE Foundation, Nwuneli realized that it is one thing to teach young people how to make money, but another to instill the importance of creating businesses that are steeped in values, ethics and succession.



To help address this gap, she founded LEAP Africa. LEAP is an acronym for leadership, effectiveness, accountability and professionalism.



“The vision was to inspire and empower the next generation of African leaders. LEAP is 21 years old today and we work in eight African countries. I was the founder and on the board until this year.”



In 2007, Nwuneli’s husband suffered from a gunshot to his knee, which led the family to relocate to Senegal.



“He took a job with a private equity fund in Senegal. I have always wanted to make an impact in the food ecosystem and I thought this was a good opportunity to solve the food problem. My first project was with Oxfam [International], who needed a West African strategy for the food crisis and from then on, I started writing a lot of reports in and around Africa. That is what has birthed what we call Sahel Consulting, which now works across Africa, and our head office is in Abuja. I am the chair of the board.”



Nwuneli believes Africa can feed itself and the world. Through her consultancy work, she advises various institutions on how to improve the food scarcity issues plaguing Africa. That was when she moved on to her next venture, Aace Foods.



“I came up with Aace Foods because I realized so much of the food in Africa was imported and, as a continent, we had a high rate of malnutrition. Aace Foods processes food from local African farmers like spices and snacks, and our vision is to displace imports and also nourish our people,” says Nwuneli.



She has now come full circle when it comes to agriculture. Through her not-for-profit organization, African Food Changemakers, Nwuneli provides a platform for food and agriculture entrepreneurs in 37 countries to scale their business and change the food narrative on the continent.

NdidiNwuneliphotoshoot2021

‘What Is Going To Save Africa Is Not Poverty Alleviation But Wealth Creation’: Nigerian Entrepreneur On What Can Drive Positive Change

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



A sweeping climate report released Monday says Europe is the world&#8217;s fastest-warming continent, which has contributed to violent wildfires, drought conditions and a rise in heat-related deaths over the last several years.



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



Europe&#8217;s temperatures are increasing at twice the global average rate of 1.2 degrees Celsius, according to the most recent&nbsp;<a href="https://climate.copernicus.eu/esotc/2022/european-state-climate-2022-summary" target="_blank" rel="noreferrer noopener">European State of the Climate</a>&nbsp;report, and have been since the 1980s.



2022 brought a spring and summer drought through much of Europe; record-breaking heat; wildfires in the Czech Republic, France, Portugal, Slovenia, Spain and the U.K.; and a record loss of glacier ice from the European Alps.



More than 16,000 people died last year from severe heat in Europe, and about $2 billion in damages were attributed to floods and storms brought by weather and climate extremes,&nbsp;<a href="https://uk.news.yahoo.com/europe-worlds-fastest-warming-continent-112322072.html?guccounter=1" target="_blank" rel="noreferrer noopener">Yahoo News</a>&nbsp;reported.



European economies and ecosystems took a big hit due to the unprecedented climate change, the report said—the Iberian Peninsula, which provides water to Spain, saw its fourth drier-than-average year in a row; dry conditions hit farmers in France and Germany, which saw a lower-than-average cereal and grape yield; and glaciers saw a new record mass loss for a single year.



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



The Earth has been warming at an unprecedented rate since the mid-1800s, when the industrial revolution introduced a skyrocketing usage of fossil fuels and other climate-harming behaviors that kicked off a warming rate not seen in the past 10,000 years,&nbsp;<a href="https://climate.nasa.gov/evidence/" target="_blank" rel="noreferrer noopener">according to NASA</a>. Widespread and rapid changes in the atmosphere, ocean and biosphere have occurred since, and Monday’s report says Europe is now 2.3 degrees Celsius hotter than it was in pre-industrial times. A relatively recent shift to prioritizing climate solutions has politicians and global organizations pushing for greener alternatives to harmful energy sources like coal and oil, and the 2015 Paris Accords has 195 member nations focused on cutting roughly 50% of emissions by 2030.



Environmentalists demonstrate during the World Climate Change Conference 2015 (COP21) on December&nbsp;&#8230; [+]GETTY IMAGES



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



30%. That&#8217;s how many more warm days occurred in Europe in 2022 than in the average year. Temperatures were 7 to 10 degrees Celsius warmer than average for seven of the 12 months in 2023, and in July temperatures reached 40 degrees Celsius (104 degrees Fahrenheit) for the first time on record in the U.K.



<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



Hotter days, bigger wildfires and more frequent floods. The State of the Climate report says the trend of high temperatures and drought will allow fires to burn hotter for longer periods of time. In addition, rainfall in months when snow is more common can lead to ice melt and increased flooding, as seen in Greenland last fall.



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



The climate report was released on the same day President Joe Biden is expected to launch more than $600 million worth of new climate change initiatives. On a three-day visit to California that starts Monday, Biden is&nbsp;<a href="https://www.forbes.com/sites/maryroeloffs/2023/06/19/biden-launching-new-600-million-climate-change-initiative-focused-on-great-lakes-and-coasts/?sh=411cc2e3749d">expected to announce&nbsp;</a>a $575 million National Oceanic and Atmospheric Administration project to help coastal and Great Lakes communities become more resilient to climate change and a $67 million investment for California to modernize its electric grid.



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



<a href="https://www.forbes.com/sites/maryroeloffs/2023/06/19/biden-launching-new-600-million-climate-change-initiative-focused-on-great-lakes-and-coasts/?sh=411cc2e3749d">Biden Launching New $600 Million Climate Change Initiative—Focused On Great Lakes And Coasts&nbsp;</a>(Forbes)



<a href="https://www.forbes.com/sites/indiarice/2023/06/17/current-climate-demand-for-oil-will-peak-by-the-end-of-the-decade/?sh=561c084a55df">Current Climate: Demand For Oil Will Peak By The End Of The Decade</a>&nbsp;(Forbes)



<a href="https://www.irishtimes.com/environment/climate-crisis/2023/06/19/climate-change-is-scarring-europe-and-southern-countries-most-of-all/" target="_blank" rel="noreferrer noopener">Climate change is scarring Europe, and southern countries most of all </a>(Irish Times)

Start of the day – Traffic

Europe Warming Faster Than Any Other Continent, Report Suggests

Africa is simultaneously contending with three realities: the continent has the youngest growing population; the Covid-19 pandemic has spurred substantial development and growth setbacks; and employment opportunities are flailing. This is seemingly a direct antithesis of the Africa rise narrative that dominated just a few years ago. If we consider this post-pandemic era as an opportunity for growth, this is a crisis we must address. 



Africa has a population that is under 25 in excess of 60%. Young Africans are anticipated to make up 42% of the world’s youth by 2030. Yet, we are demonstrably not tapping into this potential.



As Audrey Donkor wrote for Foreign Policy in 2021: “Such a large youthful population might ordinarily symbolize an ample and energetic workforce, a boon for the development prospects of any region. But the dire employment situation for young people across Africa continues to snuff out their potential.”



The African Development Bank (AfDB) asserts that only one in six young people aged 15 to 35 are employed for pay, another third are vulnerable workers, and a third are unemployed and discouraged.



Intriguingly, in sub-Saharan Africa, unemployment rates overall are relatively low. However, if one were to delve into the statistics, these figures do not consider the quality of employment.



Much of this work is informal, wages are low, and little to no social safety nets exist. It is thus difficult to make any comparisons to more advanced economies. The trend demonstrates that many engage in insecure jobs for income.



Research suggests that youth unemployment leads to increased poverty levels, migration, social exclusion, social instability, welfare increases, human capital erosion, and even conflict. Moreover, high levels of unemployment stunt a nation’smdevelopment. Evidence suggests that if most of the youth are economically active, there are distinct opportunities for poverty and inequality reduction and greater economic growth as dependency ratios are lowered. This phenomenon comprises part of the democratic dividend, which speaks to the growth associated with the age structure of a region.



As Julius Maina, regional editor of The Conversation, aptly argued: “The media frequently portray young people excluded from wage work as inactive, aimless and alienated from mainstream society. This image feeds into fears of crime, violence, and social unrest in which jobless people are cast as a ‘ticking time bomb’ that threatens a country’s stability. But this is a very misleading characterization. Most analyses of unemployed youth fail to grapple with the reality that unemployment in the sense of ‘doing nothing’ is not a feasible option for most young people.



&#8220;In South Africa, of course, unemployment presents itself starkly; 3.4% of those in the 15-34 age range are unemployed.



Against this context, there is a clear intersection between unemployment, economic growth and social security. Social security broadly refers to public measures provided by society against economic and social distress. In Africa, there is a distinct gap between the first economy, which is competitive and globally integrated, and the second economy, primarily comprised of the unemployed and characterized by underdevelopment.



The question is, how do we bridge these two worlds? Much of Africa lacks comprehensive social security systems, leaving the population, particularly the youth, vulnerable to economic shocks and social instability. These programs often face significant challenges in implementation, including limited funding and inadequate infrastructure. 



The introduction of strategic social security programs could provide support for youth seeking employment. Implementing social security measures in Africa while also ensuring empowerment, job creation, and economic growth requires a comprehensive and holistic approach that addresses the region’s underlying causes of poverty and joblessness. 



One strategy is job training programs and youth entrepreneurship programs. This emphasizes both skills-building and the creation of safety mechanisms.



Partnerships with universities and vocational training institutions as well as initiatives that support innovation and entrepreneurship can help achieve this. The University of Johannesburg, for instance, has partnered with the Youth Employment Service (YES) to provide students with internship opportunities.



Another strategy is to invest in infrastructure, including transportation, telecommunications, and energy systems. In particular, investments in renewable energy technologies can create new industries and job opportunities while contributing to sustainable development. To address unemployment and create growth, these social security systems need to be strengthened to ensure access and provide a safety net.



A comprehensive social security system could well be the remedy.

Youth Day Is Celebrated in South Africa

Why Africa Must Strengthen Social Security Systems To Address Youth Unemployment Meaningfully

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



Only “human creators” can be nominated for Grammy Awards, according to new eligibility requirements released Friday by the Recording Academy, as the music industry adds new limitations for songs produced by artificial intelligence.



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



Any work that features elements created by AI must also feature a “human authorship component” that is “meaningful” in order to be considered for a Grammy Award, according to new&nbsp;<a href="https://www.recordingacademy.com/awards/awards-updates" target="_blank" rel="noreferrer noopener">requirements</a>&nbsp;released Friday by the Recording Academy.



The Recording Academy previously&nbsp;<a href="https://www.recordingacademy.com/advocacy/news/ai-copyright-protecting-music-creators-united-states-copyright-office" target="_blank" rel="noreferrer noopener">said</a>&nbsp;it “embraces advances in technology,” adding it wanted to ensure “human creativity and passion is protected.”



Other eligibility changes require artists to account for at least 20% of a work in order for it to be considered.



The number of people eligible for the Grammy’s “Big Four” categories—best new artist and best new album, song and record—was also decreased from 10 to eight.



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



Paul McCartney&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/06/13/ai-you-need-is-love-artificial-intelligence-helps-create-final-beatles-song-paul-mccartney-says/?sh=5c3ce17b1275">announced</a>&nbsp;Tuesday that a “final” Beatles song would be released later this year after it was completed with the help of AI. McCartney—who did not name the song—said the technology was used to “extricate” John Lennon’s voice from a demo tape, while Lennon’s “pure” vocals” were used to complete the song.



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



Researchers at Meta&nbsp;<a href="https://twitter.com/FelixKreuk/status/1667086356927901696?ref_src=twsrc%5Etfw" target="_blank" rel="noreferrer noopener">announced</a>&nbsp;an open-sourced AI program—<a href="https://huggingface.co/spaces/facebook/MusicGen" target="_blank" rel="noreferrer noopener">MusicGen</a>—last week that allows users to generate music based on text input.



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



AI-generated music&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2023/05/03/ai-generated-music-is-here-sung-by-stars-like-drake-and-ariana-grande-but-it-may-be-very-illegal/?sh=42692453aa32">became</a>&nbsp;a social media trend this year, including AI-created songs that featured Drake, Kendrick Lamar, the Weeknd and others. Universal Music Group sent a letter to streaming services—like Spotify, Apple Music, YouTube and TikTok—in April requesting they prevent AI programs from accessing their platforms to train on copyrighted lyrics and melodies,&nbsp;<a href="https://www.ft.com/content/aec1679b-5a34-4dad-9fc9-f4d8cdd124b9" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the&nbsp;Financial Times. The U.S. Copyright Office&nbsp;<a href="https://www.federalregister.gov/documents/2023/03/16/2023-05321/copyright-registration-guidance-works-containing-material-generated-by-artificial-intelligence#:~:text=And%20in%20the%20current%20edition,any%20creative%20input%20or%20intervention" target="_blank" rel="noreferrer noopener">will only</a>&nbsp;offer copyright to works “created by a human being,” adding it will not “register works produced by a machine.” The Recording Academy—which presents the Grammy Awards—<a href="https://www.recordingacademy.com/advocacy/news/ai-copyright-protecting-music-creators-united-states-copyright-office" target="_blank" rel="noreferrer noopener">said</a>&nbsp;it is working with the copyright office to discuss possible regulations for AI-generated music, adding it wants to “ensure human creativity is always at the forefront of copyright policy.”



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



<a href="https://www.forbes.com/sites/roberthart/2023/06/13/ai-you-need-is-love-artificial-intelligence-helps-create-final-beatles-song-paul-mccartney-says/?sh=5c3ce17b1275">AI You Need Is Love: Artificial Intelligence Helps Create ‘Final’ Beatles Song, Paul McCartney Says</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/ariannajohnson/2023/05/03/ai-generated-music-is-here-sung-by-stars-like-drake-and-ariana-grande-but-it-may-be-very-illegal/?sh=42692453aa32">AI-Generated Music Is Here—‘Sung’ By Stars Like Drake And Ariana Grande—But It May Be Very Illegal</a> (Forbes)

Chicago Chapter 60th Anniversary Concert

Grammy Awards Restrict AI: Only ‘Meaningful’ Human Work Will Be Recognized

<h3 class="wp-block-heading" id="h-as-international-organizations-push-for-automation-in-social-assistance-programs-a-report-by-the-human-rights-watch-finds-that-the-algorithms-can-t-always-identify-the-most-vulnerable-households">As international organizations push for automation in social assistance programs, a report by the Human Rights Watch finds that the algorithms can’t always identify the most vulnerable households.</h3>



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



The World Bank is increasingly incentivizing countries to develop technologies that can find and rank people in poverty so they can be provided with cash transfer and social assistance programs, according to a&nbsp;<a href="https://www.hrw.org/report/2023/06/13/automated-neglect/how-world-banks-push-allocate-cash-assistance-using-algorithms#_ftn102" target="_blank" rel="noreferrer noopener">report</a>&nbsp;by the Human Rights Watch. But an algorithm used by a Jordanian government, which ranked households on 57 socio-economic factors in order to distribute funds from the World Bank, was found to be inaccurate and biased, the report says.



A cash transfer program for low-income households in Jordan, called Takaful, uses an algorithm to track indicators like property, car and business ownership, the number of members in a household, and electricity and water consumption to assess which families qualify for assistance. The program, launched by the National Aid Fund (NAF) in Jordan in 2019, was responsible for the allocation of roughly $1 billion provided by the World Bank and has 220,000 families enrolled as beneficiaries. The Human Rights Watch, a nonprofit that advocates and researches human rights, found that the algorithm failed to take into account the economic complexities faced by Jordanians who are under the poverty line, leading to some people in dire need being excluded.



Lead researcher Amos Toh, whose team conducted 70 interviews with families and business owners in Jordan since late 2021, says some factors took the country’s social realities into account. For instance, because women comprise a small part of the Jordanian labor force, households that are headed by a woman were more likely to qualify for the program. But other indicators that influence the algorithm, such as asset ownership and electricity consumption, are not appropriate measures of poverty and can make the program seem like a “lottery,” he says.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“These rigid indicators and measurements that comprise the algorithm lead to a loss of nuance and aren’t able to capture what any family is going through at one point in time.”Amos Toh, researcher at Human Rights Watch
</blockquote>



The study found that some families who were disqualified had recently inherited property but didn’t have the financial means to make ends meet. Other applicants who owned a car that was less than five years old or a business that was worth over $4300 were automatically excluded by the algorithm, even if the car owner couldn’t afford petrol or the business was failing.



Mariam, a woman who lives with her family outside the city and needs a car for commuting and transporting water, was dropped from the Takaful program in 2022, according to her interview with the Human Rights Watch. She says that owning a car, which is one of the criteria factored into the algorithm, affected her chances of getting financial aid. “The car destroyed us,” she told Human Right Watch.



Jordan is not the first country whose government has used an algorithm to make crucial decisions about people’s lives. An algorithm used by&nbsp;<a href="https://www.wired.com/story/welfare-algorithms-discrimination/" target="_blank" rel="noreferrer noopener">Rotterdam</a>&nbsp;that ranked people who received welfare benefits based on their risk of fraud was found to be biased and flawed.&nbsp;<a href="https://themarkup.org/prediction-bias/2021/12/02/crime-prediction-software-promised-to-be-free-of-biases-new-data-shows-it-perpetuates-them" target="_blank" rel="noreferrer noopener">Crime prediction</a>&nbsp;software used by police departments in the U.S. has been repeatedly found to be racially biased and problematic. In 2016, the&nbsp;<a href="https://www.reuters.com/article/australia-tech-ai/feature-australian-robodebt-scandal-shows-the-risk-of-rule-by-algorithm-idUKL8N3340SN" target="_blank" rel="noreferrer noopener">Australian</a>&nbsp;government used an automated system to calculate overpayment and issue debt notices to welfare recipients which wrongly accused about 400,000 people.



“When we were in Jordan and interviewing people, they kept talking about how the algorithm is depriving them of support,” Toh told&nbsp;Forbes.&nbsp;“These rigid indicators and measurements that comprise the algorithm lead to a loss of nuance and aren’t able to capture what any family applying is going through at one point in time.”



The algorithm was developed by the National Aid Fund, a social protection agency in Jordan. It pulls in 80 percent of the application data from the National Unified Registry, a database of applicants’ information that includes their income, employment and education. The World Bank gave a&nbsp;<a href="https://documents1.worldbank.org/curated/en/368601602882565893/pdf/Jordan-National-Unified-Registry-and-Outreach.pdf" target="_blank" rel="noreferrer noopener">loan</a>&nbsp;of $2.5 million to create the registry with the help of a third-party contractor called&nbsp;<a href="https://naf.gov.jo/EBV4.0/Root_Storage/EN/EB_List_Page/Rapid_Social_Assessment_-_ECT_AF2_c.pdf" target="_blank" rel="noreferrer noopener">Optimiza</a>. Also known as Al-Faris National Investment Company, Optimiza is an Amman-based software provider and tech consultancy that processes the data and manages the database. The company, which said the NAF was a client, declined to comment.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“The car destroyed us.”Mariam, applicant of the Takaful program
</blockquote>



Toh says human-induced inaccuracies and inconsistencies in the data compilation could affect the ranking of individuals in the algorithm. Data collected from surveys and mass registration exercises are often conducted infrequently and in limited areas, the study found. Another flaw in the program was that it didn’t accept applications where an individual’s expenses were 20 percent more than their income. To work around it, applicants had to arbitrarily inflate their income or lower expenses, Toh says.



In a detailed&nbsp;<a href="https://www.hrw.org/sites/default/files/media_2023/06/thr_jordan0623%20annex%202.pdf" target="_blank" rel="noreferrer noopener">response</a>&nbsp;to Human Rights Watch, the National Aid Fund said that each of the 57 indicators held a certain weight and the indicators were developed based on the concept of “multidimensional poverty.” NAF said it conducted house visits to verify data collected in the form and that it has a complaints and appeals process for citizens. The World Bank said in response that targeting through algorithms and formulas is an “effective tool… to make the most of constrained fiscal space” and reduce poverty.



The World Bank also has given loans for similar projects to upgrade technologies and databases in seven other countries in the region, including Egypt, Iraq, Lebanon, Morocco, Yemen and Tunisia. HRW found that the World Bank has loaned $100 million to Tunisia to develop and integrate&nbsp;<a href="https://documents1.worldbank.org/curated/en/831811560823331664/pdf/Tunisia-GovTech-Digital-Transformation-for-User-Centric-Public-Services-Project.pdf" target="_blank" rel="noreferrer noopener">machine learning</a>&nbsp;and a targeting AI model into the country’s social registry to detect fraud and improve compliance.



“At the end of the day, the algorithm generates a crude ranking of people&#8217;s poverty that essentially pits one household needs against another for support and generates social tension,” Toh says.

Roman Theater in Amman

An Algorithm Aimed To Help Jordan’s Poor. It Excluded Some In Need, Report Finds

South Africa&#8217;s Youth Day commemorates past struggles faced by a generation under apartheid striving for better education and opportunity. While much has changed, continuing challenges in education and economic opportunity mean that the country still relies far too much on the resilience of its youth.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
Today’s South African youth are not mere victims of circumstance; they are innovators, pioneers, and activists. They echo the activism of their predecessors, pushing boundaries and creating globally recognized projects and technologies.
</blockquote>



The 16th of June holds a prominent place in South Africa&#8217;s national narrative. It marks the 1976 student uprisings, a watershed moment in the resistance against apartheid, when over 20,000 students stood up against the Bantu education system&#8217;s segregation and inferiority. Fast forward to today, and echoes of these struggles continue to reverberate. Today&#8217;s South African youth grapple with a faltering education system and limited economic opportunities, suggesting that the promises of 1976 remain only partially fulfilled.



In the apartheid era, the Bantu education system notoriously provided substandard education to students of color, preparing them predominantly for manual labor and a life of segregation. The imposition of Afrikaans as the language of instruction sparked the historic Soweto protests, culminating in a tragic police crackdown that left at least 176 students dead and thousands injured. Youth Day now commemorates this resolute spirit of resistance, honoring the role of the youth in overcoming apartheid.



Unfortunately, the battle for quality education continues to this day. The 2021 Progress in International Reading Literacy Study (PIRLS 2021) reveals that South Africa’s Grade 4 learners rank last in reading comprehension among 42 countries. Particularly concerning is the stark disparity between students tested in English and Afrikaans and those assessed in the nine African languages, indicating an education system still failing black youth.



Centre for Development and Enterprise (CDE) Executive Director Ann Bernstein states: “The truth is we face a silent crisis in our schools: South Africa has one of the worst performing education systems in the world. Are you prepared to condemn another generation of young South Africans to an appalling education?” The CDE published a detailed report on the state of the country’s education system this year, highlighting policy, teaching skills and resources as major contributing factors to declining levels of education and literacy.



Graduation offers little reprieve. As per Statistics South Africa, the youth unemployment rate stands at a staggering 63.9% for those aged 15-24. That’s over 7.7 million young people, many of whom have abandoned hope of finding suitable employment due to sheer discouragement.



Yet, amidst these bleak statistics, the spirit of 1976 lives on. Today’s South African youth are not mere victims of circumstance; they are innovators, pioneers, and activists. They echo the activism of their predecessors, pushing boundaries and creating globally recognized projects and technologies. South African youth in particular have made strides in social activism and renewables, with notable examples being chronic medication delivery as with Sizwe Nzima’s Iyeza Express, or recycled schoolbags in the case of Rethaka–just two examples of thousands of entrepreneurs that are testament to the enduring spirit that marked the youth of 1976.



In recognizing this resilience, both the government and the private sector are stepping up efforts to invest in South Africa&#8217;s youth. Recent efforts have included several provincial job drives, with the Gauteng Provincial Government promoting a new job search platform today, which saw a bustling cohort of young learners signing up and submitting their CVs for opportunities to work within provincial projects.



In this vein, Youth Day is not just a commemoration of past struggles; it&#8217;s a celebration of the ongoing resilience and resourcefulness of South African youth. It&#8217;s also a call to action for all sectors of society to invest in their potential. The challenges of the past and present are formidable, but if the history of 1976 teaches us anything, it is that South Africa&#8217;s youth are capable of extraordinary things when given the opportunity.

South Africa’s Youth Day–Echoes Of 1976 And A Reliance On Resilience

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



&#8220;Our story started with a banana.&#8221;



“Yes, a banana,” Peter Njonjo attests, as he sits down, adjusts his glasses and looks right into the camera reminiscing the beginnings of one of Africa’s most influential companies–according to Time Magazine–Twiga Foods.



“And the key thing here was that bananas in a supermarket in London were cheaper than they were in a supermarket in Nairobi.” This was strange for Njonjo as the banana in the London supermarket had traveled over 4,000 miles from Latin America to the United Kingdom. However, the banana in Nairobi had merely traveled 400 kilometers.



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<iframe loading="lazy" title="MEET COVER STAR Peter Njonjo: &#039;Africans are Spending a Significant Amount on Food&#039;" width="500" height="281" src="https://www.youtube.com/embed/XEE1QrdTaTg?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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“And we asked ourselves, ‘why is this the case’? And by answering that question, we started uncovering the issue around food inefficiency.” Njonjo’s belief is that in Africa, the retail industry is fragmented by the many “middlemen” involved in the supply chain moving food from farm to the table.



“We realized that sometimes a banana has been touched by five to six people before it gets to the retailer.



In the course of that [time], half the produce is actually lost to poor handling and post-harvest losses. So that level of waste, that level of inefficiency was contributing to the high cost of food on the continent,” says Njonjo.



At least one in five Africans goes to bed hungry and an estimated 140 million people in Africa face acute food insecurity, according to the World Bank Global Report on Food Crises 2022 Mid-Year Update. Furthermore, a 2022 World Resources Institute report found that around a third of food produced globally is lost or wasted, resulting in economic losses of an estimated $1 trillion a year. In sub-Saharan Africa, the estimate is roughly 37% or 120kg-170 kg/year per capita.



“Food loss and waste leads to reduced economic returns for farmers, and the water, fertilizers, energy and land used in production also go to waste. Such loss and waste drives expansion into fragile ecosystems, accelerates deforestation, species extinction and contributes to 8%-10% of annual greenhouse gas emissions,” the report said.



“What we wanted to do is develop an alternative system that allows us to reengineer this whole supply chain to digitize it and get to a point where we can shorten the cycle between the farms, and the retail and also reduce the amount of waste,” Njonjo explains. Twiga Foods uses technology to build supply chains in food and retail distribution on the continent, starting with Kenya.



The company inspired by the banana is now reportedly worth $300 million.



“The amount of food and beverage consumed in informal retail across the African continent is worth $700 billion. And if 50% of Africa&#8217;s disposable income is going to food, it means that that&#8217;s where the bulk of expenditure is at; that&#8217;s a bulk of [what] the opportunity is.”



“So the way we&#8217;re looking at it is we&#8217;re simply fishing where the fish are. The reality is that being in food on the African continent is an amazing space to be.”

Untitled design (24)

MEET COVER STAR PETER NJONJO: ‘Being in Food on the African Continent is an Amazing Space to be’

Zuwaira Isah-Ikharo is endeavoring to meet the needs of new moms in the West African region by providing products that are natural and non-toxic.



Mothers shouldn’t have to choose between what works and what is good for their children. This is reportedly the premise behind American A-lister and self-made entrepreneur, Jessica’s Alba’s Honest Company. During her pregnancy in 2008, the actor realized that she couldn’t find affordable natural baby products. Her response was to fill that gap. In 2015, the Honest Company was valued at about $1.7 billion.



Here, on the African continent, Alba’s success story resonated with another new mom–Amal Botanicals’ founder, Zuwaira Isah-Ikharo.



Born in Kaduna State in Nigeria, Isah-Ikharo was surrounded by entrepreneurship. Although her mother and father worked as a lecturer and immigration controller respectively, they both dabbled in side hustles. Isah-Ikharo’s mother opened a provision shop while her dad co-authored a best-selling book on small business and food processing. Isah-Ikharo, however, took an unconventional path towards realizing her entrepreneurial prowess.



Her early career was in the accounting field where she worked as a chartered accountant for various organizations, including the Federal Inland Revenue Service in Nigeria. Her specialism was taxation as well as forensic accounting. The plan was to build her career in the accounting field and perhaps rise to the top with her own firm. That is until she got pregnant and, like Alba, her maternal, protective instincts for her unborn children kicked in.



“I had my triplets in 2013 and that is when my entrepreneurial career started. My children were born premature and, even when I was pregnant, I had a high-risk pregnancy and I was told to stay away from some products and cosmetics. All the products I had bought for my children, which were conventional baby care products, were not suitable for them. I needed something more natural and toxic-free to use on them because they were in the incubator and they were still receiving therapy,” says Isah-Ikharo.



According to a report by news distribution platform, GlobeNewswire, the global baby care products market is estimated to reach $26.84 billion by 2030. In recent years, the term ‘baby products’, which broadly denotes all products made for infants under the age of three, has become increasingly popular.



In Nigeria, in particular, market and consumer data provider, Statista, estimates that the baby and child market segment is expected to grow annually by 19.15% (CAGR 2023–2027).



The problem for Isah-Ikharo was that there were no products on the market that she felt she could trust. That is when she began to do her own research and, with the help of her personal Instagram page, she started sharing how she dealt with taking care of the triplets and the experimental products she was using.



“I was getting response[s] from people asking me what I was using and this was coming from all over Africa. I also discovered that there were other mothers on my page and they needed to hear more from me.”



To help her formulate her products, Isah-Ikharo took a course with a cosmetic science formulation company in London, with a special focus on children. Once she got her certification, she began creating her own unique formulation, which she shared with family and friends.



“They kept demanding it and I needed to put a price on it to help restock my raw materials because I was giving it [away] for free for a while. And that is how Amal Botanicals actually started,” says Isah-Ikharo.



Her first products, which included a moisturizing cream, soothing shea oil, bubbly bath wash and African black bar soap, were immediate best-sellers.



“When I started, I only had the vision. No one understood what I was trying to do and they thought it would not survive. Starting a business for a delicate niche like babies was risky because people are very careful about what they use on their children. So, trust in [the] brand I was building is very important.”



Today, Amal Botanicals is still self-funded and has grown organically with products being shipped to all 36 states in Nigeria as well as to Ghana. But the growth has not been without its challenges.



“One of the difficult challenges we have had relates to sourcing raw materials and we all know how the exchange rate has impacted businesses globally. Right now, most of our packages are still imported because we want to be able to compete with the global brands out there and hence, there is [a] high cost of importation. Our packages are imported from China and the back and forth from our manufacturers can become very tedious,” says Isah-Ikharo.



With minimal barriers to entry in Nigeria, Isah-Ikharo has her vision cut out for her–of becoming one of the biggest suppliers of quality natural baby care products.



“The beauty industry in Nigeria is plagued by people with substandard products. Because it is easy to enter, we have people with no certification mixing products together without following the due process of formulation and this can be dangerous to customers, and harms our industry,” says Isah-Ikharo.



But like Alba, Isah-Ikharo is determined to build a leading baby care brand in Africa and with sales of her products consistently selling out, the future certainly looks bright.

Zuwaira Isah-Ikharo of Amal Botanicals, image supplied

More Than An Infant Business: How This Nigerian Entrepreneur Is Getting Baby Care Right

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



Beyoncé’s “Renaissance” world tour—which launched with two nights in Stockholm last month—may have contributed to Sweden’s increased inflation rate in May, according to an economist from Danske Bank, after the tour resulted in increased hotel, restaurant and recreation prices.



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



Michael Grahn, Danske Bank’s chief economist,&nbsp;<a href="https://twitter.com/MichaelGrahn1/status/1668865814110380033?s=20" target="_blank" rel="noreferrer noopener">said</a>&nbsp;Beyoncé’s tour “probably” added between 0.2 and 0.3 percentage points to Sweden’s inflation rate, which fell from 10.5% in April to 9.7% in May.



The Swedish government&nbsp;<a href="https://www.scb.se/en/finding-statistics/statistics-by-subject-area/prices-and-consumption/consumer-price-index/consumer-price-index-cpi/pong/statistical-news/consumer-price-index-cpi-may-2023/" target="_blank" rel="noreferrer noopener">noted</a>&nbsp;in its inflation report that the inflation rate was affected by hotel and restaurant prices, which rose 3.3% over the previous month, and prices for “recreational services,” which include concert tickets.



Grahn—who said the scenario was “very rare”—<a href="https://www.wsj.com/articles/the-beyonce-effect-swedens-inflation-feels-the-hit-417370a6?mod=hp_listb_pos4" target="_blank" rel="noreferrer noopener">told</a>&nbsp;the&nbsp;Wall Street Journal&nbsp;that increased prices were most likely affected by Beyoncé’s fans, who “vacuumed hotels around Stockholm” while “bidding” for hotel rates.



The added percentage points are expected to be “reversed” in June as hotel and ticket prices “reverse back to normal,” Grahn&nbsp;<a href="https://twitter.com/MichaelGrahn1/status/1668865816597610496" target="_blank" rel="noreferrer noopener">added</a>.



Beyonce performed both Stockholm shows before sold-out audiences of 46,000, including many who flew in from around the world.



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



“Beyoncé is responsible for the extra upside surprise this month,” Grahn&nbsp;<a href="https://www.ft.com/content/abc431c4-426d-4a9f-9674-f437ed504eb7" target="_blank" rel="noreferrer noopener">told</a>&nbsp;the&nbsp;Financial Times, adding, “It’s quite astonishing for a single event. We haven’t seen this before.”



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



Ticketmaster&nbsp;<a href="https://blog.ticketmaster.com/beyonce/" target="_blank" rel="noreferrer noopener">warned</a>&nbsp;in February that demand for “Renaissance” tour tickets in “Group A” cities—including Atlanta, Chicago, Houston, Las Vegas, Toronto and Washington D.C.—exceeded the number of tickets available by 800%.



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



$2.4 billion. That’s how much&nbsp;Forbes&nbsp;<a href="https://www.forbes.com/sites/petercohan/2023/05/08/beyonc-renaissance-tour-could-outearn-taylor-swift-eras-by-600-million/?sh=4933e31e49bc">estimates</a>&nbsp;Beyoncé’s tour could gross in revenue.



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



Beyoncé has a net worth of $540 million,&nbsp;<a href="https://www.forbes.com/profile/beyonce-knowles/?sh=1d5096693ce7">according</a>&nbsp;to our most recent estimates.



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



Beyoncé—who has won a record 32 Grammy Awards—announced her long-anticipated “Renaissance” world tour to coincide with the release of her&nbsp;Renaissance&nbsp;album, which&nbsp;<a href="https://www.forbes.com/sites/marisadellatto/2022/08/08/beyoncs-renaissance-is-a-no-1-album-but-its-not-her-biggest-debut-ever/?sh=525fc48127d5">debuted&nbsp;</a>No. 1 on the&nbsp;Billboard&nbsp;200 last August. The tour—Beyoncé’s first since 2018—opened in May in Stockholm before subsequently reaching other European cities. The tour will start its North American leg in July. “Renaissance” is Beyoncé’s first solo tour since 2016, when she grossed&nbsp;<a href="https://www.billboard.com/pro/beyonce-formation-tour-2-million-tickets-250-million-dollars/" target="_blank" rel="noreferrer noopener">$256 million</a>&nbsp;with “The Formation World Tour.”



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



<a href="https://www.forbes.com/sites/carlieporterfield/2023/02/01/beyonc-announces-renaissance-world-tour-dates/?sh=2424d9314d9f">Beyoncé Announces ‘Renaissance’ World Tour Dates</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/marisadellatto/2022/08/08/beyoncs-renaissance-is-a-no-1-album-but-its-not-her-biggest-debut-ever/?sh=72337d5d27d5">Beyoncé’s ‘Renaissance’ Is A No. 1 Album—But It’s Not Her Biggest Debut Ever</a> (Forbes)

Beyoncé RENAISSANCE WORLD TOUR – London

Beyoncé Caused Inflation? ‘Renaissance’ Tour May Have Boosted Sweden’s Costs, Economist Says

Gugulethu Mahlangu Founder and CEO, House Harvest South Africa



In 2018, Gugulethu Mahlangu went home to the rolling plains of the Highveld in South Africa. In a landscape dominated by livestock farmers, she planted cabbages, only to soon find them waterlogged.



Counterintuitively, this first failure was the moment she realized she was going to be a farmer.



“I found that there&#8217;s just so many numerous opportunities, especially for young African women. That&#8217;s just what made me cultivate the love for agriculture, because before I really felt like it was roses and sunsets, but when you get in the industry itself, you realize that it&#8217;s a lot of work. It&#8217;s patience, it&#8217;s money, it&#8217;s time, it&#8217;s investing in trying, learning, and picking yourself up back again.”



Mahlangu describes aquaponics as a soilless farming method.



She uses the Deep Water Culture (DWC) method.



In DWC, the nutrient-rich water is circulated through long canals while rafts float on top, according to the Food and Agriculture Organization (FAO). The plant roots hang through holes, absorbing nutrients and oxygen. According to the FAO, this method is commonly used for commercial aquaponics with a high stocking density of fish.



Mahlangu explains that fish provide 10 out of 13 nutrients plants need.



“It&#8217;s economical once it starts, and can provide you with a system that can employ people all year round, because it runs all year round.”



Mahlangu says aquaponics is a climate smart-solution to agriculture. Unlike traditional agriculture that is seasonal and based on economies of scale, aquaponics requires limited space.



“Global warming isn&#8217;t a regional issue. It&#8217;s not an African problem. It&#8217;s a planet problem. So, we are contributing to that positively.”



Technology like aquaponics can be a method of alleviating food insecurity in densely-populated and urban areas.



“Apparently, they say in South Africa, we are food secure. But we are insecure in the way that food gets accessed. Here comes a solution like aquaponics or vertical farming saying ‘I can meet you where you are, I can meet you on your balcony, I can meet you in your township, in your limited space’.”



She has worked as an aquaponics horticulturist at Finleaf Farms. Now, Mahlangu has returned to her hometown of Witbank in the Highveld of Mpumalanga, South Africa, to build her own facility, named House Harvest, in an urban setting.



Focused on trial and error, she’s going to gather her own data in the South African context before acquiring an investor and scaling. Since aquaponics is a high investment, she wants to produce high value crops to get an ROI as quickly as possible, focusing on restaurants.



As a 29-year-old emerging farmer, she understands the challenges in this sector.



“I think the first thing is because aquaponics is so new, the government doesn&#8217;t know what you&#8217;re talking about. They know aquaculture, they know about tilapia and all sorts of freshwater fish…So, it sometimes feels like I&#8217;m on a tangent on my own.” Mahlangu feels like a pioneer—on a stressful but exciting journey, she concludes.

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FORBES AFRICA SOCIAL MEDIA