Exploring the emerging trend of using cryptocurrency as a hedge against inflation, highlighting real-world applications and driving economic growth in South Africa.



Cryptocurrencies have had a tumultuous history, often marred by speculation and fraudulent activities. However, the recent decline in public interest has allowed for more realistic applications to emerge, along with appropriate regulation. This maturation of the crypto space has led to an exploration of cryptocurrencies as a potential hedge against inflation.



Ahren Posthumus, CEO of Momint, a tech startup based in Cape Town, believes the reduction in hype has allowed for a focus on real-world projects that are auditable and have a real background. &#8220;We&#8217;re seeing this [crypto as a hedge against inflation] quite a lot&#8230; But not only is it being used as a hedge, it’s also being used as a mechanism to drive the bottom line and solve real problems that South Africa is facing right now,” he says to FORBES AFRICA.



Another notable advantage of cryptocurrency as a hedge against inflation is stablecoins. Since stablecoins are backed by the US dollar, owning them is equivalent to saving in dollars. Storing funds in USDT or earning in other stable tokens like USDC can help keep finances protected from devaluation.



According to Peter Mureu, Marketing Director at Yellow Card, “The rand has dramatically lost its value over the past decade. From ZAR10 for $1 in 2010 to almost ZAR20 for the same amount now, the purchasing ability of the rand has nearly been cut in half. Investing in crypto, especially USDT will allow for that risk to be halved and increase the ability to purchase alternative power sources to deal with the current power issues/load-shedding. For those earning in USDT, even the lack of power is an easily surmountable problem because the USDT is constantly appreciating regardless of the state of the rand.”



One such problem is South Africa’s current energy crisis. The combination of large tax rebates for investments in renewable energy, coupled with platforms such as Momint, has seen large growth in realistic applications for cryptocurrencies. “Our tokenized, fractionalized solar investments qualify for Section 12 rebates… this is massive,” continues Posthumus.



Lerato Lamola, consultant and crypto specialist at Webber Wentzel, notes that South Africa’s legislative process seems to be in line with this, with the country classifying crypto as a financial product rather than a security. This allows crypto to be managed more easily within the framework of existing financial instruments.



“South Africa is really focusing on the man in the street,” says Lamola. “South Africa is now focusing more on how crypto is impacting retail consumers.”



Cryptocurrencies and blockchain technology are emerging as potent tools for socio-economic development in Africa, particularly South Africa. By facilitating low-cost remittances and microloans, they&#8217;re creating meaningful changes that uplift the economy.



Posthumus sees the burgeoning sector as a vehicle for innovation and economic growth, asserting that cryptocurrencies could engender a more equitable financial system by enabling secure and cost-effective transactions.



In Africa, cryptocurrencies and blockchain technology are no longer theoretical concepts; they have become practical tools driving tangible change. Platforms such as Momint are already realizing this – one such example is the ability for users to fractionally invest in renewable energy projects, allowing investors to generate returns, take advantage of renewable investment tax breaks, and invest in sustainable development.



Cryptocurrencies in South Africa and Africa are increasingly seen as more than just volatile investments, but as powerful tools.



&#8220;The biggest thing for us is about having a product that people can use and understand. It’s about education, and we need to be building that trust with the consumer,” adds Posthumus.

Bitcoin on digital circuit board and graph

Crypto As Inflation Hedge: South Africa’s Innovative Approach To Digital Assets

Food waste costs grocery stores $28 billion every year. Afresh is working to slash that number.



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



Albertsons&nbsp;wants to sell fresh raspberries. Not raspberries that are mushy. Or moldy. Or that will be inedible the day after you stick them in your fridge. But raspberries that are red and juicy and delicious.



It’s astonishingly difficult to pull off. In the past, store managers were essentially making their best guess when deciding how much to order. Too little, and the customer walks away empty-handed. Too much, and the raspberries end up sitting around for too long and go bad.



“Previously, produce ordering was a manual process, which meant stores were more likely to inaccurately estimate the type and amount of produce customers would buy,” said Suzanne Long, chief sustainability officer for Albertsons.



Boise, Idaho-based Albertsons, one of the nation&#8217;s largest grocers with $78 billion in annual revenue, began using artificial intelligence software across stores last year from a startup called Afresh Technologies to help it forecast demand and place orders for the type of food that tends to spoil the fastest, like bananas, bell peppers and bagged salads. Albertsons is now placing more frequent&nbsp;orders for smaller quantities.



“We’re trying to have full shelves and an empty backroom when the next truck comes in,” said Afresh CEO Matt Schwartz.



San Francisco-based Afresh, started in 2017, is still a nascent business –&nbsp;Forbes&nbsp;estimates that its revenue last year was under $10 million – but it’s growing fast. With $150 million in equity funding from Spark Capital, Insight Partners and other top VCs, Afresh has rolled out its software at 3,300 stores that include Albertsons (whose stores represent the majority of its business), WinCo Foods and Save Mart. Supermarket employees wielding iPads punch in how many apples, heads of broccoli and cherry tomatoes they have left on shelves and then review automated suggestions for how much to order.



More grocery stores are adopting this type of technology in an effort to cut down on how much food they toss each year, an amount that totals $28 billion, according to estimates from ReFED, a nonprofit that tracks food waste. Since stores tend to err on the side of ordering too much, they throw away about 5% to 6% of fresh food, Schwartz said. Rates can be twice that among prepared foods. In addition to being bad for the environment, it’s bad for business because it means lost sales and crimped profits.



Afresh CEO Matt SchwartzAFRESH



Afresh says that its customers typically reduce food waste by one quarter, which can lift operating margins in the produce category by 40% and deliver tens of millions, or even hundreds of millions, in profit. “We tell chief financial officers, ‘You’re going to smash your numbers,’” said Schwartz.



That’s a welcome message at a time when grocery stores, which have notoriously thin profit margins, are grappling with the rising cost of food. Albertsons, whose brands include Safeway, Vons and Jewel-Osco and which&nbsp;<a href="https://www.nytimes.com/2023/01/23/business/kroger-albertsons-merger.html" target="_blank" rel="noreferrer noopener">has announced plans to merge</a>&nbsp;with Kroger, rolled out the software across nearly all 2,200 of its stores last year. The company has said that its goal is to&nbsp;<a href="https://www.albertsonscompanies.com/our-impact/planet/food-waste/default.aspx" target="_blank" rel="noreferrer noopener">eliminate food waste going to landfills</a>&nbsp;by 2030. “If you can pick up three to five points of gross margin with this thing without having to raise prices, that is huge,” said Walter Robb, the former CEO of Whole Foods, who has invested in Afresh.



To assist with orders, the startup makes sense of a jumble of data to forecast demand better than any human can. It starts with the history of how an item has sold over the past several years, folding in sales data on a daily basis. It then factors in anything that may affect demand, such as upcoming promotions, weather, holidays and the day that food stamps are doled out. Internal estimates attempt to account for the unforgiving shelf life of finicky items like avocados and peaches, which a store is always racing against the clock to sell.



This is a big improvement over an employee going product by product, using their judgment to figure out how many Gala apples to order versus Honeycrisp and Fuji and Pink Lady and Granny Smith.



It means that fruits and veggies are not sitting around for nearly as long at grocers like Cub, a Minnesota chain with 100 stores, which is moving produce in and out of its stores 7% faster than before. The retailer has also seen a nice 2.5% boost in sales from improving its in-stock levels.



“Remember that retailing is all about having the right product at the right price at the right time,” said Robb. “This is a tool to make that happen.”



The backroom of a Cub grocery store before they started working with Afresh (left) and after.AFRESH



The stakes are high in the fresh section of a grocery store, which tends to be a big traffic driver, especially for return trips. Improving the quality and selection of fresh foods has been a major priority for Albertsons, which sees it as a way to boost sales and steal market share from competitors. “The fresh portfolio really, really matters,” Albertsons CEO Vivek Sankaran said in a quarterly earnings call last month.



Schwartz, 33, a former Bain consultant with an MBA from Stanford, started Afresh six years ago after learning how much fresh food grocery stores were throwing away, and how little technology existed to address the problem. Schwartz has always been a health nut, who practiced intermittent fasting and designed meal and workout plans for friends. Early in his career, he’d worked at Simple Mills, which makes crackers, cookies and other snacks with alt-ingredients like almond flour and coconut sugar.



Afresh charges each store department hundreds of dollars per month to use its software. It says it has prevented 43 million pounds of food from being thrown away since inception.



“This technology is one of a small handful we’re seeing really take off,” said Dana Gunders, executive director of ReFED.



As AI-powered ordering gains wider adoption, it&nbsp;<a href="http://pacificcoastcollaborative.org/wp-content/uploads/2022/12/PCFWC-Case-Study_AI_Final.pdf" target="_blank" rel="noreferrer noopener">could help cut food waste at the store level in half by 2030</a>, according to the Pacific Coast Collaborative, a multi-state governmental initiative to reduce greenhouse gas. Similar technology is sold by companies like Shelf Engine, which signed up Kroger as a customer but subsequently laid off a significant portion of its staff.



Afresh is now signing up more stores and expanding beyond produce with existing customers. This year, it expects to go into another 7,500 departments, which includes new forays into the meat and seafood counters, the deli and the prepared foods section. It is also introducing more tools for grocery stores, like one that helps employees complete monthly inventory checks.



The company now assists with ordering a tenth of all produce sold in America, said Schwartz. “We plan to be preventing over 100 million pounds of food waste per year very shortly,” he said.

E-commerce augmented reality marketing in supermarket mobile phone app AI artificial intelligence

This AI Startup Has Saved Grocers From Tossing Millions Of Pounds Of Food

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



Niger’s military junta announced plans to charge ousted President Mohamed Bazoum with “high treason” and undermining national security, defying international pressure to release and reinstate the democratically elected leader and raising tensions in the region just hours after coup leaders signaled they were open to explore diplomatic solutions to the growing crisis.



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



In a&nbsp;<a href="https://www.youtube.com/watch?v=azXRQJp7eVQ&amp;ab_channel=GuardianNews" target="_blank" rel="noreferrer noopener">statement</a>&nbsp;<a href="https://apnews.com/article/niger-coup-leaders-president-bazoum-treason-1e54fa565ec0c659fc233cc695d7de21" target="_blank" rel="noreferrer noopener">delivered</a>&nbsp;on state television Sunday night, junta spokesman Colonel Major Amadou Abdramane&nbsp;<a href="https://www.ft.com/content/c8fae0de-6555-4022-8226-a529b6ff7a33" target="_blank" rel="noreferrer noopener">vowed</a>&nbsp;to prosecute Bazoum “for high treason and for undermining the internal and external security of Niger.”



Abdramane said the military regime, which ousted and replaced Bazoum’s democratically elected government in July, had now gathered sufficient evidence to try the deposed leader alongside “local and foreign accomplices.”



The regime would do so before “competent national and international authorities,” Abdramane said.



The statement did not include details on the allegations leveled against Bazoum or provide specific details on who alleged conspirators may be, nor did it outline possible dates and venues for a trial.



If found guilty, Bazoum could&nbsp;<a href="https://www.bbc.co.uk/news/world-africa-66496128" target="_blank" rel="noreferrer noopener">face</a>&nbsp;the death penalty under Niger’s penal code.



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



The public declaration to charge Bazoum with high treason is a major blow to international efforts to resolve the crisis in Niger diplomatically. It marks a rapid about turn from the junta, which has resisted global pressure to reinstate the ousted president—who has been imprisoned under&nbsp;<a href="https://www.theguardian.com/world/2023/aug/11/niger-captive-leader-losing-weight-in-inhumane-conditions-daughter-reveals-mohamed-bazoum" target="_blank" rel="noreferrer noopener">questionable</a>&nbsp;conditions since his own presidential guard turned on him last month—and had rebuffed diplomats until&nbsp;<a href="https://www.wionews.com/world/niger-regime-leader-open-to-explore-diplomacy-625135" target="_blank" rel="noreferrer noopener">suggesting</a>&nbsp;it was open to possible negotiation on Sunday. The announcement also threatens to destabilize the entire region as the area’s key diplomatic bloc, the Nigeria-led Economic Community of West African States (ECOWAS), has threatened military intervention to restore Niger’s democratically elected leader. This could spiral into all-out regional conflict as the group, which has already instigated stinging sanctions against Niger, could face more than just Niger, with Mali and Burkina Faso—both junta-led states—<a href="https://foreignpolicy.com/2023/08/01/niger-mali-burkina-faso-ecowas-coup-military-intervention/" target="_blank" rel="noreferrer noopener">warning</a>&nbsp;they would consider any intervention a “declaration of war.” Abdramane dismissed foreign efforts to discrete the coup and&nbsp;<a href="https://www.reuters.com/world/africa/niger-junta-says-ousted-president-could-be-prosecuted-high-treason-2023-08-14/" target="_blank" rel="noreferrer noopener">said</a>&nbsp;foreign powers are waging a misinformation campaign to try to &#8220;derail any negotiated solution to the crisis in order to justify military intervention.”



<h2 class="wp-block-heading" id="h-what-to-watch-for-0">WHAT TO WATCH FOR</h2>



Developments in Niger could have far-reaching ramifications for the region and international security writ large. Niger has long been considered a&nbsp;<a href="https://www.theguardian.com/world/2023/jul/27/explainer-niger-a-linchpin-for-stability-in-africas-coup-belt" target="_blank" rel="noreferrer noopener">bastion of stability</a>&nbsp;in Africa’s otherwise tumultuous Sahel region. The country is a key partner in efforts to combat violent Islamic extremism in the Sahel and is one the few Western allies left in the region. The coup dashes hard fought gains towards democratic rule in Niger,&nbsp;<a href="https://www.pbs.org/newshour/world/how-the-coup-in-niger-could-expand-the-reach-of-islamic-extremism-and-wagner-in-west-africa" target="_blank" rel="noreferrer noopener">sets back counterterrorism efforts</a>&nbsp;and threatens to both destabilize the region and further&nbsp;<a href="https://apnews.com/article/coup-niger-jihadis-extremist-violence-a7ae8b8f3954cdf838692b074f9cd4e8" target="_blank" rel="noreferrer noopener">embolden</a>&nbsp;Islamic extremists. The possibility of regime change also deals a heavy blow to Western powers, notably France and the U.S., who not only lose a crucial ally and&nbsp;<a href="https://www.wsj.com/articles/niger-coup-upends-u-s-security-plans-in-west-africa-handing-russia-an-opportunity-8dcf6679" target="_blank" rel="noreferrer noopener">security partner</a>&nbsp;but face the prospect of the country pivoting towards an enemy: Russia. Such shifts were seen following recent coups in neighboring Mali and Burkina Faso and Moscow, especially via the&nbsp;<a href="https://foreignpolicy.com/2023/05/17/russia-wagner-prigozhin-africa-war-security-terrorism/" target="_blank" rel="noreferrer noopener">Wagner mercenary group</a>, has been keen to grow its footprint in the region. The White House has&nbsp;<a href="https://www.wsj.com/articles/niger-coup-upends-u-s-security-plans-in-west-africa-handing-russia-an-opportunity-8dcf6679" target="_blank" rel="noreferrer noopener">said</a>&nbsp;there is no evidence Russia or the Wagner Group were behind the coup. The country is also a key provider of uranium and strained relations could&nbsp;<a href="https://www.politico.eu/article/niger-coup-spark-concerns-france-uranium-dependency/" target="_blank" rel="noreferrer noopener">stress global supplies and energy</a>&nbsp;security, particularly for big importers like France and the European Union.



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



<a href="https://www.forbes.com/sites/anafaguy/2023/08/01/why-the-niger-coup-has-sparked-concerns-about-nuclear-power/">Why The Niger Coup Has Sparked Concerns About Nuclear Power</a>&nbsp;(Forbes)



<a href="https://foreignpolicy.com/2023/05/17/russia-wagner-prigozhin-africa-war-security-terrorism/" target="_blank" rel="noreferrer noopener">How Russia Expands Its Influence in Africa</a>&nbsp;(Foreign Policy)



<a href="https://www.theguardian.com/world/2023/jul/27/explainer-niger-a-linchpin-for-stability-in-africas-coup-belt" target="_blank" rel="noreferrer noopener">Explainer: Niger a linchpin for stability in Africa’s ‘coup belt’</a>&nbsp;(Guardian)

Key Speakers At The 77th Session Of The United Nations General Assembly

Niger Coup: Junta Leaders Will Charge Ousted President With ‘High Treason’

Isaac Oladipupo, the CEO of Afrilearn, co-founded the edtech startup with Gabriel Olatunji-Legend in 2019 with a bold vision: to provide affordable, world-class education for Africans anywhere.



For millions of children and young people in Africa, access to quality education is often limited by factors such as poverty, conflict, distance, and lack of infrastructure. To address this challenge, Afrilearn CEO, Isaac Oladipupo and co-founder Gabriel Olatunji-Legend drew inspiration from their own experiences to create something innovative.



According to the United Nations Educational, Scientific and Cultural Organization (UNESCO), 98 million children in sub-Saharan Africa are out of school, and many more are enrolled in schools that fail to provide them with the skills and knowledge they need to succeed in life.



Revolutionizing education in Africa with a gamified learn-and-earn feature, Afrilearn provides curriculum-relevant class notes, exam practice, animated video lessons, and a personalized learning dashboard that enable elementary and high school students (ages 6-18) to study easily and “achieve exam success in a single sitting”.



The inspiration behind Afrilearn came from the founders’ personal experiences of the educational challenges faced by students in Nigeria and across Africa.



“Imagine a world where every child, no matter their background or location, has full access to quality education and the tools to prepare them for lifelong success. That vision is what inspired the birth of Afrilearn,” Oladipupo tells FORBES AFRICA.



“When my exceptional co-founder Gabriel Olatunji-Legend and I struck out to build Afrilearn in 2019, we observed that for most young Africans, quality education is largely unaffordable, inaccessible and boring. Having personally witnessed the severe educational challenges faced by students in Nigeria and across Africa, resulting in high level of illiteracy, poor school grades, and failed dreams – we recognized the need for an urgent solution. We realized that technology offered the best opportunity to solve this challenge for generations to come, and Afrilearn was created to bridge this gap,&#8221; says Oladipupo.



One of the unique features of Afrilearn is that it offers both free and subscription-based accounts for its users. This means that students can access most of the platform’s content without paying anything.



However, if they want to enjoy exclusive benefits such as downloadable class notes, instant homework help with detailed explanations, coding lessons, live classes, personalized learning plans and much more, they can opt for a paid subscription.



“Our commitment to inclusivity led us to introduce free accounts, ensuring that no child is left behind due to financial constraints. Today, Afrilearn is widely renowned as the free, fun and effective app for the best school grades, uniting learners from top private schools, public schools, underserved communities, and even homeschoolers. We have evolved into a driving force for educational equity, turning learning into a joyful journey and transforming lives one lesson at a time.



“Revenue generated from subscriptions helps us continuously improve and expand our offerings, ensuring that Afrilearn remains a sustainable and impactful platform,” says Oladipupo.



Support from notable organizations, including United Nations Children’s Fund (UNICEF), the African Union (AU) and the Kingdom of the Netherlands, has enabled Afrilearn to further develop its content library, ensuring that it aligns with the national curricula and meets the highest educational standards globally.



“It has facilitated partnerships with schools and non-governmental organizations (NGOs), enabling us to reach even more students in need,” says Oladipupo.



He adds: “Beyond financial assistance, the backing of these organizations has also bolstered our credibility and reputation, attracting more educators and experts to collaborate with us. This network effect has elevated Afrilearn’s influence in the education sector, amplifying our mission to provide free, world-class education for Africans, anywhere.”



However, more support is needed to introduce more advanced courses and specialized subjects to cater to the diverse interests and career aspirations of students globally.



Oladipupo envisions the platform’s role in shaping the future of learning: “Every child deserves the opportunity to experience Afrilearn and our ultimate goal is to serve the world. We will continue to expand our content library, covering a broader range of subjects and topics.



“To this end, we are actively seeking collaborations and partnerships with educational institutions, governments, and organizations. Through strategic alliances, we aim to reach more students and expand our impact on the education sector. We envision a future where access to quality education is no longer a privilege but a fundamental right for every child.”



Oladipupo recalls with fond memories, some success stories of users, including students, teachers and parents: “I remember Adeola, who cleared her West African Senior School Certificate Examination (WASSCE) in one sitting and is now pursuing her dream of becoming a software developer. A teacher, Abdullahi, shared with us how he experienced improved classroom engagement and student performance after using Afrilearn’s resources. The Osagie family, homeschooling their children, consider our platform a valuable educational partner tailored to each child’s learning needs,” he says.



“The joy and transformation we witness in the lives of students, teachers, and parents motivate us to push the boundaries of educational innovation further. Afrilearn’s impact extends beyond the classroom, empowering individuals to realize their full potential and become agents of positive change in their communities.”

Isaac Oladipupo; image credit Afrilearn 1

Beyond The Classroom: Nigerian Edtech Entrepreneur’s Aim ‘To Serve The World’

Africa’s secret weapon in the global energy race – green hydrogen. The continent has the potential to flip the script, transitioning from a fossil fuel consumer to a green energy titan.



The global energy transition has a burgeoning champion – green hydrogen. Often overshadowed by solar and wind, this renewable resource is increasingly crucial for a sustainable future.



The current global hydrogen market is over $130 billion. The World Bank predicts an annual growth of over 9%. Although the surge is likely niche until 2030, the growing demand for renewable energy means that green hydrogen could accelerate rapidly thereafter. Regions with low-cost markets and abundant renewable resources, like Africa, become attractive production markets.



The principle is straightforward. Use renewable energy sources to split water into hydrogen and oxygen. The result? A fuel source that releases only water upon consumption. The applications are limitless, from powering cars to heating homes.



<h3 class="wp-block-heading" id="h-what-is-green-hydrogen">What is green hydrogen?</h3>



At its core, green hydrogen is simple. It’s hydrogen, the universe’s most abundant element, produced environmentally friendly. But how do we make it, and why does it matter?



Green hydrogen is generated via electrolysis, which splits water into hydrogen and oxygen using electricity. But for the hydrogen to be ‘green’, the electricity must come from renewable sources, like wind or solar power. The only byproduct is oxygen, a harmless gas we breathe every day.



In contrast, most hydrogen produced today is ‘grey’ or ‘blue’. It’s derived from fossil fuels, mainly natural gas, and the process releases significant amounts of carbon dioxide, a harmful greenhouse gas. Green hydrogen represents a shift away from this environmentally damaging status quo. However, green hydrogen faces challenges. Currently, it accounts for less than 1% of all hydrogen production. The main obstacle is the production cost, which is not yet competitive compared to grey or blue hydrogen. Most green hydrogen is used in energy-intensive industries like steel and chemical manufacturing.



The path to economic viability for green hydrogen lies in a combination of technological advancements, increased global development investment, and legislative commitments. These factors are expected to make green hydrogen a serious market contender in the coming decades.



Africa is fast becoming a frontrunner in the green hydrogen race.



<div class="wp-block-media-text is-stacked-on-mobile"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1024" height="682" src="https://cms.forbesafrica.com/wp-content/uploads/2023/08/GettyImages-1240573620.jpg" alt="" class="wp-image-59195 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/08/GettyImages-1240573620.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/GettyImages-1240573620-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/GettyImages-1240573620-768x512.jpg 768w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure><div class="wp-block-media-text__content">
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“FROM SOLAR TO BIOGAS, FROM WIND TO BATTERY STORAGE, THESE INVESTMENTS ARE LEADING ONE OF THE MOST IMPORTANT GROWTH INDUSTRIES IN OUR COUNTRY.&#8221;
<cite>—South African President Cyril Ramaphosa</cite></blockquote>
</div></div>



Blessed with an abundance of sunlight and wind, Africa is ideally positioned to exploit green hydrogen’s potential. Groundbreaking projects are taking shape across the continent.



From the ambitious SA-H2 venture announced recently in South Africa to a green hydrogen initiative between Namibia and Botswana, these projects signal profound economic opportunities for job creation, growth, and sustainable development.



The Africa Green Hydrogen Alliance (AGHA), established in 2022, emphasizes Africa’s competitive edge due to low production costs. Masopha Moshoeshoe, Green Economy Specialist at the Investment and Infrastructure Office in the Presidency of South Africa, stated in a press release issued by the United Nations Framework Convention on Climate Change on the launch of the alliance: “Green hydrogen has the potential to marry South Africa’s significant mineral endowment with its significant renewable revolutionize its energy sector. The SA-H2 fund, which aims to establish a hydrogen ecosystem in South Africa, is at the forefront of this exciting transition.



The $1-billion fund was announced in June as part of a joint effort between the Netherlands, Denmark and South Africa.



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



Blended finance is a key concept underpinning this project.



Andrew Johnstone, the CEO of Climate Fund Managers, explains to FORBES AFRICA that it refers to the strategic use of public



or philanthropic funds to mobilize private sector investment in sustainable development. In the context of SA-H2, this means bringing together private and public funding to make projects economically viable.



“They (the funds) act as a “spark” to ignite and mobilize belief, technology, and other forms of capital,” says Johnstone.



“The SA-H2 project should be seen as part of a larger effort across the region to leverage blended finance for sustainable energy development.”



The project is financed by a combination of different forms of capital, each with a different return requirement. This includes donor capital, commercial capital, and guarantees. By bringing these diverse sources of funding together, the project achieves a lower average cost of capital.



Johnstone explains, “Blended finance means in this context&#8230; to bring in capital in defined proportions in pursuit of a low average cost of capital.” Notably, this blended finance model also allows



for differential risk sharing. If a project underperforms, certain investors may not receive a return, thus sharing the risk in a structured and agreed-upon manner.



Once a project is up and running, it has an obligation to repay its funders, whether those are lenders through equity or energy loans, or others through dividends. Johnstone describes this repayment as a “waterfall”, with those who took the least risk and accepted a lower return being repaid first.



It’s important to highlight the transparency and regulation of these funds. They operate similarly to companies, are regulated by appropriate bodies, and are overseen by advisory boards and investment committees populated by investors or independent representatives. This governance structure ensures a high level of oversight and accountability.



Another key aspect of the SA-H2 project is the co-existence of different funds. The development side of the project is planned with public contracts and equity funds in mind. This co-existence helps redefine what “bankable” means in the context of these projects, potentially accelerating the implementation process.



These blended finance projects aim to create scalable, replicable, and improvable markets, serving as a catalyst for broader change in the energy sector.



South Africa’s SA-H2 initiative is not alone in its ambition.



Namibia is also making significant strides in the green hydrogen sector.



Noteworthy is a project in the Tsau Khaeb National Park, near Lüderitz, with the Namibian government proactively confirming a 24% equity stake in this $10 billion project, almost equivalent to the country’s gross domestic product.



This initiative, led by Hyphen Hydrogen Energy, is gaining momentum with several key partners signing a Memorandum of Understanding to collaborate on the necessary infrastructure for Namibia’s green hydrogen production ambitions.



“Namibia is perfectly positioned to produce low-cost green hydrogen and ammonia for domestic and international markets,” said Frans Kalenga, Technical Advisor to the Minister of Mines and Energy of Namibia on Namibia’s joining of the AGHA, in a press statement. “[It] provides a platform for us to collaborate with neighboring countries. AGHA’s report reaffirms the potential, and provides important recommendations on how we can work together to unlock the extraordinary potential.”



This potential is estimated to generate 15,000 jobs during the direct construction of the project, and a further 3,000 created permanently when the project is fully underway.



Namibia’s Vice President Nangolo Mbumba acknowledged the global transition toward green hydrogen, as well as the country’s abundant natural resources and landscape assisting in the suitability of its development as an industry.



“We are now approaching new fields of economy. Everybody is talking about green hydrogen. Three-four years ago, even the pronunciation was not known,” he said, speaking during the Forbes Under 30 Summit Africa in Botswana in April. “People need energy, and plenty of it,” he continued, acknowledging the international collaboration, local training and investment in education to develop the skills needed for green hydrogen initiatives.



“If we succeed, we will produce enough energy for the whole region of southern Africa,” added Mbumba.



<h3 class="wp-block-heading">Policy and profitability</h3>



A confluence of factors is propelling the growth of green hydrogen in Africa. The continent’s abundant natural resources, particularly sunlight and wind, provide an ideal setting for green hydrogen production. Escalating global demand for clean energy is creating opportunities for African nations to emerge as green hydrogen exporters. Moreover, policymakers are increasingly recognizing green hydrogen’s potential in achieving climate goals and fostering sustainable development.



The advent of green hydrogen presents a substantial opportunity for job creation across the African continent.



With Africa positioned as a potential global exporter of green hydrogen, the sector could become a significant contributor to the continent’s GDP. Moreover, the revenues generated from green hydrogen exports could be reinvested into local communities, improving infrastructure, education, and healthcare.



An analysis by McKinsey on behalf of AGHA identified a possible increase in GDP for member countries of between $66 billion and $126 billion by 2050, as well as up to 4.2 million new jobs as a result of green hydrogen investments.



The potential offers a pathway for nations to build a more resilient future, mitigating economic risks tied to unpredictable oil and gas prices. By developing a green hydrogen industry, nations could foster local technological innovation and enhance their manufacturing capabilities.



This prospect could shift Africa’s role in the global energy landscape, transitioning from a net importer of fossil fuels to a significant exporter of clean energy.



However, the promise of green hydrogen is not solely economic. It also offers a sustainable solution that addresses the pressing issues of economic development and climate change simultaneously.



<h3 class="wp-block-heading">Green Hydrogen is a tool for survival</h3>



As the world stands on the brink of a pivotal moment in its fight against climate change, green hydrogen emerges as a powerful ally. As a clean, carbon-free source of energy, green hydrogen can replace fossil fuels in various sectors, leading to a dramatic reduction in greenhouse gas emissions.



In Africa, where climate change threatens both people and ecosystems, investing in green hydrogen will not only enable nations to contribute to global emission reductions but also helps them build resilience against climate change impacts at home.



Even though Africa is responsible for only a fraction of global carbon emissions, the continent is actively taking steps to reduce its carbon footprint.



Green hydrogen can play a significant role in these efforts, replacing carbon-intensive fuels across the economy and leading to substantial emission reductions.



Moreover, exporting green hydrogen to other continents could further reduce global carbon emissions, enhancing Africa’s contribution to the global fight against climate change.



Renewable energy has been identified by many African countries as a key element of their climate change mitigation strategies. Incorporating green hydrogen into these strategies could hasten their progress towards achieving climate goals.



By offering a means to store and transport renewable energy, green hydrogen could solve one of the significant challenges of the energy transition: the intermittency of wind and solar power. This could facilitate a more extensive and efficient use of renewable energy, driving further emission reductions.



At the heart of the global energy transition, green hydrogen stands out as a beacon of hope. This renewable resource, making waves in the energy sector worldwide, has found a promising home in Africa. The continent, blessed with abundant wind and sunlight, is quickly gaining recognition as a potential global leader in green hydrogen production.



Pioneering projects across the continent signify Africa’s commitment to embracing green hydrogen.



Yet, the narrative of green hydrogen extends beyond economics. It is a tale of resilience and innovation in the face of climate change. Looking ahead, it’s clear that green hydrogen could reshape Africa’s energy landscape, transforming the continent from a net importer of fossil fuels to a major exporter of clean energy. Such a transformation could not only stimulate economic growth but also enhance Africa’s influence in global energy and climate policy discussions.



For Africa, the opportunity is now. It’s an opportunity that calls for further research, investment, and policy support, for the sake of the continent and the world.

Aerial view of hydrogen tank terminal at sea

The Rise Of Green Hydrogen In Africa

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



Tech executives Mark Zuckerberg and Elon Musk suggested in June they’d be interested in clashing in a UFC-style cage fight, and egged each other on while tensions escalated between the two billionaires and their companies—but Zuckerberg&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/08/13/zuckerberg-thinks-its-time-to-move-on-from-planned-cage-fight-with-musk-elon-isnt-serious/">downplayed the potential</a>&nbsp;of a billionaire brawl Sunday when he said Musk “isn’t serious” about picking a date.



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



The idea of a cage match was first posed by Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1671364992665264131" target="_blank" rel="noreferrer noopener">over Twitter</a>, where the Tesla CEO responded to a thread about Instagram’s then-upcoming rival app Threads, saying, “I’m up for a cage match if he is lol.”



Zuckerberg responded the next day with an Instagram story showing a screenshot of Musk’s tweet captioned “send me location”—a reference to a famous line from former UFC lightweight champion Khabib Nurmagomedov (a Meta spokesperson confirmed to&nbsp;<a href="https://www.theverge.com/2023/6/21/23769263/mark-zuckerberg-elon-musk-fight-cage-match-worldstar" target="_blank" rel="noreferrer noopener">The Verge</a>&nbsp;that Zuckerberg was being serious in his response to Musk).



As hype around a potential fight picked up, UFC president Dana White joined in on the anticipation, posting a video of himself sporting a&nbsp;<a href="https://www.instagram.com/reel/CuCyF4HJQut/?img_index=1" target="_blank" rel="noreferrer noopener">Zuckerberg vs Musk shirt</a>&nbsp;that was made available for purchase on the UFC’s website.



White was quoted in a July 1 story from the&nbsp;<a href="https://www.nytimes.com/2023/07/01/technology/elon-musk-mark-zuckerberg-cage-match.html" target="_blank" rel="noreferrer noopener">New York Times</a>&nbsp;saying he would help organize an exhibition match between the tech CEOs and that they both wanted to fight—with both men agreeing there should be a charity component to the bout.



On July 3, photos of Musk training with UFC legend Georges St. Pierre, mixed martial arts coach John Danaher and Brazilian Jiu-jitsu black belt Lex Fridman surfaced online—with an&nbsp;<a href="https://www.instagram.com/p/CuQLly_vqrT/?img_index=1" target="_blank" rel="noreferrer noopener">Instagram post</a>&nbsp;from St. Pierre showing the four men in training gear.



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Zuckerberg, who is trained in the grappling combat discipline of Jiu-jitsu, also employed the training services of elite fighting talent in July—made evident by&nbsp;<a href="https://twitter.com/stylebender/status/1678848822041255937" target="_blank" rel="noreferrer noopener">gym photos</a>&nbsp;taken with UFC middleweight champion Israel Adesanya and UFC featherweight champion Alexander Volkanovski on July 11.



The two billionaires reinvigorated interest in a potential match in early August, when Musk said he was weightlifting to prepare for the fight, suggesting it would be live-streamed on X—the rebranded Twitter platform—and that all proceeds would go to a charity for veterans.



Zuckerberg responded to Musk’s posts via Threads, asking if a “more reliable platform” should be used for a live-stream of the fight and adding he was “not holding his breath” for a fight to materialize.



Although Zuckerberg has&nbsp;<a href="https://www.threads.net/@zuck/post/CvnechDSJeC" target="_blank" rel="noreferrer noopener">made clear</a>&nbsp;he is ready for a match, the same can’t be said for Musk, who said the date is “still in flux” and he&nbsp;<a href="https://twitter.com/elonmusk/status/1688377445957652480?s=20" target="_blank" rel="noreferrer noopener">may need surgery</a>&nbsp;before a fight can happen.



Days after calling the idea “in flux,” Musk said the Italian government agreed to an “<a href="https://www.forbes.com/sites/dereksaul/2023/08/11/elon-musk-says-italian-government-approved-epic-location-for-his-billionaire-clash-against-mark-zuckerberg/?sh=1d1742f043f9">epic location</a>” for a fight that would be managed by his and Zuckerberg’s respective foundations, not the UFC.



Zuckerberg shot down Musk’s plans, saying, “if he ever agrees on an actual date, you&#8217;ll hear it from me,” adding that he’d prefer to work with professional fight promotions such as UFC and ONE.



Just days after Zuckerberg expressed hesitation about Musk’s commitment to the match, the Meta CEO&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/08/13/zuckerberg-thinks-its-time-to-move-on-from-planned-cage-fight-with-musk-elon-isnt-serious/">posted on Threads</a>&nbsp;on August 13 “it’s time to move on” because Musk won’t confirm a date, adding Musk said he needs surgery—and months of recovery—before fighting and wanted to do a practice round in Zuckerberg’s backyard.



The same day Zuckerberg announced the desire to move on, Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1690747345674137600" target="_blank" rel="noreferrer noopener">posted</a>&nbsp;a screenshot to X of the purported conversation in which he suggested a practice round; Zuckerberg responded over text telling him he should train on his own and say when he’s ready to compete, adding he doesn’t “want to keep hyping something that will never happen.”



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



In the background of Musk and Zuckerberg fight-related banter, tensions between the two have&nbsp;<a href="https://www.forbes.com/sites/phoebeliu/2023/07/09/billionaire-brawl-now-whos-winning-the-fight-between-musk-and-zuckerberg/?sh=11d0221d26bc">increased</a>&nbsp;following the launch of Instagram’s Threads platform, a direct competitor to Twitter that launched July 5 and racked up its first&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2023/07/10/with-100-million-users-in-five-days-threads-is-the-fastest-growing-app-in-history/?sh=287d252549ab">100 million users</a>&nbsp;on July 10. That same day, Musk called Zuckerberg a “<a href="https://www.forbes.com/sites/maryroeloffs/2023/07/10/musk-hits-below-the-belt-with-latest-zuckerberg-attacks-zuck-is-a-cuck/?sh=356527f622ee">cuck</a>” over Twitter and proposed a “dick measuring contest” with him. An attorney for Twitter accused and threatened to sue Meta for allegedly misusing Twitter’s &#8220;trade secrets and other intellectual property&#8221; and employing former Twitter staffers for help with developing Threads, labeling it as a “copycat” app of Twitter.



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



Musk biographer Walter Isaacson later claimed in a Twitter Spaces session that&nbsp;<a href="https://www.businessinsider.com/elon-musk-mark-zuckerberg-cage-fight-match-unlikely-walter-isaacson-2023-7" target="_blank" rel="noreferrer noopener">he doubted</a>&nbsp;a fight would happen and that it was “a metaphor” for the competition between the CEOs’ rivaling social media sites.



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



-160. That was the&nbsp;<a href="https://dknation.draftkings.com/pop-culture/2023/6/22/23769810/mark-zuckerberg-vs-elon-musk-odds-cage-fight-who-will-win-wheres-the-asteroid" target="_blank" rel="noreferrer noopener">hypothetical line</a>&nbsp;DraftKings set in June for Zuckerberg to win the match, making him the betting favorite, with bettors needing to wager $160 on Zuckerberg to return a $100 profit. DraftKings set the odds for a Musk upset at +140, meaning a $100 bet would deliver a $140 profit. The sports betting company attributed the lines to Zuckerberg’s younger age and his regular physical activity.



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



A cage match between the tech CEOs might involve some parameters to account for their difference in size. Notably, Musk told White that he would not be willing to “lose any weight” for a potential matchup. Musk, 52, stands around 6’1” tall and has made clear on Twitter that he&nbsp;<a href="https://twitter.com/elonmusk/status/1671699387620237312" target="_blank" rel="noreferrer noopener">almost never works out</a>. Zuckerberg, 39, is 5 &#8216;7” and regularly takes to physical training and competition, recently securing two medals in his first&nbsp;<a href="https://www.cnn.com/2023/05/09/business/mark-zuckerberg-jiu-jitsu-winner/index.html" target="_blank" rel="noreferrer noopener">Jiu-jitsu tournament</a>&nbsp;in May, though he was also choked out in one of his fights, according to the&nbsp;<a href="https://www.nytimes.com/2023/06/02/style/mark-zuckerberg-workout.html" target="_blank" rel="noreferrer noopener">New York Times</a>&nbsp;(Zuckerberg has denied the claim). Zuckerberg also seems to be the more avid fight fan, as he and his wife, Priscilla Chan, attended a UFC&nbsp;<a href="https://www.insider.com/video-mark-zuckerberg-attends-ufc-event-priscilla-chan-looks-shook-2022-10" target="_blank" rel="noreferrer noopener">fight card</a>&nbsp;last October.



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



We estimate Musk is the richest person in the world, with an estimated net worth of&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?list=rtb/&amp;sh=5a59a8f87999">$225.2 billion</a>. Zuckerberg’s net worth is estimated at&nbsp;<a href="https://www.forbes.com/profile/mark-zuckerberg/?sh=350141a23e06">$107 billion</a>—placing him at No. 8 on&nbsp;Forbes’ list of the&nbsp;<a href="https://www.forbes.com/real-time-billionaires/#7b288cfb3d78">world’s real-time billionaires</a>.



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



<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/07/11/mark-zuckerberg-training-with-ufc-champions-israel-adesanya-and-alexander-volkanovski-as-elon-musk-spat-intensifies/?sh=52e0cfd75d9a">Mark Zuckerberg Training With UFC Champions Israel Adesanya And Alexander Volkanovski As Elon Musk Spat Intensifies</a>&nbsp;(Forbes)



<a href="https://www.nytimes.com/2023/07/01/technology/elon-musk-mark-zuckerberg-cage-match.html" target="_blank" rel="noreferrer noopener">A ‘Cage Match’ Between Elon Musk and Mark Zuckerberg May Be No Joke</a>&nbsp;(New York Times)



<a href="https://www.forbes.com/sites/maryroeloffs/2023/07/10/musk-hits-below-the-belt-with-latest-zuckerberg-attacks-zuck-is-a-cuck/?sh=356527f622ee">Musk Hits Below The Belt With Latest Zuckerberg Attacks: ‘Zuck Is A Cuck’</a> (Forbes)

Elon Musk Vs Mark Zuckerberg Illustration

Zuckerberg Vs Musk: Disputes Heat Up Over Billionaire Cage Fight—Here’s Everything We Know

After taking the daring step of unifying the Naira, the Central Bank of Nigeria (CBN) has reported a composite foreign exchange (FX) influx of $2.55 billion in two months.



This increased inflow was predominant in the Investors and Exporters (I&amp;E) window, marking $1.41 billion in June, up from $1.14 billion in May, with a significant portion of the June influx coming from domestic businesses and exporters.



The Naira unification policy has led to noteworthy advancements in the domestic forex market. The policy was announced as an initiative to improve liquidity and stability by consolidating all forex market segments.



The CBN reported that the domestic forex market managed to sustain over 90% of the total inflow in June.



Despite the Naira&#8217;s continuing plummet against the dollar, financial experts predict that the exchange rate unification could potentially stimulate enhancements in FX liquidity in the medium to long term.



Some pundits also predict an inflow of investors across various sectors of the economy due to this recent shift.



Kelvin Emmanuel, an economist, puts a positive spin on the situation, stating that the current uptick in foreign inflows shows an appreciation in light of the government&#8217;s decision to peg the Naira to fair value.



Emmanuel shares with FORBES AFRICA: &#8220;The increase from $468 million to $2.55 billion serve as evidence that aligning official I&amp;E rates with spot rates leads to increased independent government revenues, higher foreign direct investment (FDI)/foreign portfolio investment (FPI) funds, improved diaspora remittances, and enhanced net export proceeds.&#8221;



However, he is concerned that &#8220;the widening of the black-market premium to 18%, which reflects the apex bank&#8217;s hesitance to merge the I&amp;E window with spot rates, indicates that the CBN has not fully embraced a floating exchange rate system&#8221;.



Emmanuel&#8217;s assessment is that the annual consolidated report of the CBN, showing a decrease in Nigeria&#8217;s external reserves to $17 billion in contrast to the $43 billion of external debt, solidifies the reluctance of long-term, non-speculative foreign direct investors and short-term, speculative foreign portfolio investors to invest capital in Nigeria, aligning with the principles of the Guidotti-Greenspan rule for the reserves-to-debt ratio.



Oluwaseun Obilana, an exporter, emphasizes the need for the government to increase their rebate to exporters and improve daily limits on FX transactions.



Obilana expresses to FORBES AFRICA: &#8220;The increase in inflow is very promising as it could significantly contribute to the growth of the country&#8217;s economy, potentially motivating more exporters to engage in business.&#8221;



&#8220;But, to achieve this, the government needs to consider raising the rebate provided to exporters and also increasing the daily limit for foreign exchange transactions.&#8221;



He highlights the challenges exporters like him face due to strained access to the dollar at the official rate.



&#8220;Despite the recorded increase in inflow, exporters still encounter difficulties accessing dollars at the official rate. The inability to access dollars for freight payments is severely impacting our businesses. When attempting to pay for freight, we often encounter the frustrating message &#8216;daily limit reached.&#8217; Dollars should be made more accessible and promptly available.&#8221;

coins-paper-money-globe-white-statistic-form-background_1387-296

Nigeria’s Naira Unification Accelerates FX Inflows To $2.55 Billion In Two Months: ‘Promising’, Say Experts

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



Global oil demand reached record levels in June and is poised to peak again in August, the International Energy Agency&nbsp;<a href="https://www.iea.org/reports/oil-market-report-august-2023" target="_blank" rel="noreferrer noopener">said</a>&nbsp;on Friday, warning that price hikes could be on the horizon as slowing outputs from major suppliers like Saudi Arabia tighten supply.



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



World oil demand hit a record 103 million barrels a day in June, the IEA said.



The agency said demand could rise further in August and demand for 2023 as a whole is expected to reach 102.2 million barrels a day.



The figure, an increase of around 2.2 million barrels a day from the year before, would mark the highest ever annual level, the agency said.



China is responsible for the lion’s share of this growth, accounting for more than 70% of the uptick, the IEA said, adding that demand there was “stronger than expected” and reached new highs “despite persistent concerns over the health of the economy.”



Strong summer air travel and the increased use of oil in power generation also contributed to increased demand, the IEA said.



The IEA forecast continued, albeit slower, growth for oil demand in 2024, pointing to “lacklustre economic conditions,” new electric vehicles and the “post-pandemic rebound running out of steam.”



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



Oil prices could be poised to rise even higher in coming months as major producers, particularly Saudi Arabia, move to constrict supplies. Previous production cuts from the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have helped&nbsp;<a href="https://www.reuters.com/markets/commodities/oil-benchmark-brents-price-structure-reflects-tighter-market-2023-08-10/" target="_blank" rel="noreferrer noopener">drive</a>&nbsp;oil prices up and the IEA warns the bloc’s targets, if maintained, pose “a risk of driving prices still higher.”



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



The IEA said Russia’s oil exports breached the price cap put in place by the Group of Seven (G7) nations. Prices reached an average of $64.41 a barrel last month, the IEA said, above the $60 a barrel cap the group set. The cap was designed to limit Moscow’s ability to fund its war in Ukraine while simultaneously averting chaos in global energy markets by keeping its oil on the markets and it limits how companies can move Russian oil by cutting access to things like insurance and other key services should they pay more than this threshold. The rule has changed the map of global oil supply chains and exports from Russia, a major producer, away from Europe and towards Asia. The IEA said crude exports to India and China accounted for 80% of Russia’s shipments.



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



While oil demand dropped during the Covid-19 pandemic and as the world shifted to greener forms of energy, supplies have also tightened from output cuts and disruption from Russia’s invasion of Ukraine. The recent squeeze, spearheaded by Saudi Arabia’s voluntary production cuts, have helped push prices up and Brent crude, a key international benchmark, was trading at $88 dollars a barrel on Thursday, a six month&nbsp;<a href="https://www.reuters.com/markets/commodities/iea-lowers-2024-oil-demand-growth-forecast-2023-08-11/" target="_blank" rel="noreferrer noopener">high</a>.



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



<a href="https://www.forbes.com/sites/roberthart/2023/07/19/electricity-demand-slows-in-2023-as-economic-downturn-and-energy-crisis-weighs-on-growth-iea-says/">Electricity Demand Slows In 2023 As Economic Downturn And Energy Crisis Weighs On Growth, IEA Says</a>&nbsp;(Forbes)



<a href="https://www.bloomberg.com/news/articles/2023-08-11/global-oil-demand-hits-record-and-prices-may-climb-iea-says" target="_blank" rel="noreferrer noopener">Global Oil Demand Hits Record and Prices May Climb, IEA Says</a>&nbsp;(Bloomberg)



<a href="https://www.reuters.com/markets/commodities/iea-lowers-2024-oil-demand-growth-forecast-2023-08-11/" target="_blank" rel="noreferrer noopener">IEA sees slower 2024 oil demand growth, tightening market this year</a>&nbsp;(Reuters)



<a href="https://www.bbc.com/future/article/20230726-an-experts-guide-to-peak-oil-and-what-it-really-means" target="_blank" rel="noreferrer noopener">Is the decline of oil in sight?</a> (BBC)<a href="https://www.forbes.com/sites/roberthart/"></a>

Oil pump with candle stick graph chart in the background. World Oil Industry

Oil Prices Poised To Soar As Global Demand Hits Record High, IEA Says

Africa’s largest economy has received a positive assessment from Standard and Poor&#8217;s (S&amp;P) Global Ratings, which upgraded the country’s credit outlook from negative to stable. The ratings agency cited the new government’s reform agenda as the main reason for the improved outlook.



Nigeria has received a positive assessment from Standard and Poor&#8217;s (S&amp;P) Global Ratings. The ratings agency has upgraded the credit outlook of Africa’s largest economy from negative to stable. The new government’s ambitious reform agenda has been cited as the main reason for the improved outlook, with S&amp;P keeping the sovereign rating at B-, which is six levels below investment grade.



This change in outlook comes after President Bola Tinubu, who took office in May, announced a series of bold policy moves to address some of the long-standing challenges facing the oil-rich nation. On inauguration day, Tinubu scrapped costly fuel subsidies, which have drained public finances and distorted the energy market.



He subsequently approved the suspension of the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, with Folashodun Shonubi appointed as acting head. These moves have allowed for a more flexible exchange rate regime, allowing the naira to depreciate and unifying the multiple official and parallel rates that created distortions and discouraged foreign investment.



“The new government is moving ahead with a series of reforms that could, if delivered, benefit growth and fiscal outcomes,” analysts Ravi Bhatia, Samira Mensah, and Juili Pargaonkar reportedly wrote in a statement. “We believe these measures will gradually benefit Nigeria’s public finances and its balance of payments.”



Iheakanwah Felix Arinzeh,&nbsp;a financial expert and doctor of business administration, tells FORBES AFRICA: “I can deduce that the upgrade is a vote of confidence in Tinubu’s ability to deliver on his promises. Recall that Tinubu has made economic reform a top priority of his presidency, and the upgrade suggests that S&amp;P believes he is on the right track.



“Expectedly, the upgrade of Nigeria&#8217;s credit outlook is likely to have a number of positive implications for the country. It will make it easier for Nigeria to borrow money from international lenders, which will help to finance the government’s investment plans. It will also make Nigeria more attractive to foreign investors, which will help boost economic growth.



Arinzeh believes that the S&amp;P credit outlook upgrade is also a major boost for Tinubu’s presidency and his planned reforms.



“It is a sign that the international community is supportive of his efforts to improve Nigeria&#8217;s economy, and it will make it easier for him to implement his plans.”



Nigeria still faces significant economic and social challenges, such as high fiscal spending, low revenue mobilization, high inflation, weak governance, and security issues. However, the ratings agency projected that the elimination of the petrol subsidy and the securitization of the ways and means advances will generate fiscal savings of around 2.5% of Gross Domestic Product (GDP) in 2023.



S&amp;P also warned of potential geopolitical risks stemming from the recent coup in neighboring Niger, where a military junta overthrew President Mohamed Bazoum on July 26. Niger is a key partner of Nigeria in the fight against militants in the Sahel region, where groups such as Boko Haram have been active for years.



The coup has raised concerns about the stability and security of the region, as well as the prospects for democratic transition and regional cooperation.

Black Businessman using laptop for analyzing data stock market, forex trading graph, stock exchange trading online, financial investment concept. close up

S&P Global Ratings Strengthen Nigeria’s Credit Outlook

Earning the support and trust of the community surrounding the Malaika school in the Democratic Republic of the Congo (DRC) was vital in its early days, and still is today, says the non-profit’s founder and philanthropist, Noëlla Coursaris Musunka.



In the heart of Kalebuka – a village in Lubumbashi in the Democratic Republic of the Congo (DRC) – the Malaika school, which opened its doors in 2011, has just celebrated its first graduation.



Empowering girls through education has been a key focus of the grassroots non-profit organization and founder, model and philanthropist, Noëlla Coursaris Musunka tells FORBES AFRICA that having the support structure that she has, has been vital.



“It has been challenging to help the community recognize the value of girls’ education when it has been a part of their culture to prioritize boys’ education and expect girls to do domestic duties only.



“When we gather the community to play sports we teach them about equality, social cohesion and the value of education. This has helped them to recognize why girls should be educated and to be supportive of this,” she says.



The United Nations Educational, Scientific and Cultural Organization (UNESCO) estimated that the out-of-school population in sub-Saharan Africa reached 98 million in 2021.



However, the organization noted that “important data gaps have been filled in countries that have large out of school numbers but where no administrative data of good quality has been available for over a decade”. This included the DRC (5.9 million).


<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/2023/08/ROB3606-1024x681.jpg" alt="" class="wp-image-59153" style="width:662px;height:440px" width="662" height="440" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/08/ROB3606-1024x681.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/ROB3606-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/ROB3606-768x511.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/ROB3606.jpg 1500w" sizes="auto, (max-width: 662px) 100vw, 662px" /><figcaption class="wp-element-caption"> Noëlla and a student. Image Supplied. </figcaption></figure></div>


Since its establishment, Malaika has developed into a primary and secondary school, and a community center and organic farm has been added, along with the refurbishment of 30 wells in the area.



“It has been extremely important to earn the trust and support of the community. Our mission is to empower girls and their communities and if community members were not interested in taking part then our work would have had minimal impact,” Musunka says.



“Our school, and our community center that provides vocational education and training to youth and adults, have been better because of the community’s help and support.&nbsp;Having their buy-in with our community center where they come to play sport and learning together has been wonderful to see and when whole families come and benefit from education, the girls at our school benefit even more.”



She also emphasizes that the support of the community was vital in getting the girls to school in the early days, and that many have been volunteers and helped to maintain the premises and land over the years.&nbsp;



Students at the school receive Science, Technology, Engineering, and Mathematics (STEM) education and can learn concepts like VPL, Blockly and Scratch languages as well as other basic and advanced computer skills.



Along with this, the school teaches sustainable farming practices and ensures that the community has access to basic needs, like clean drinking water, all of which can give the community what it needs to uplift itself in the long-term.



“I would like to see more investment in education and community development. Malaika is a sustainable ecosystem that can be duplicated in any context and we have created a toolkit in order to support others to create a similar provision in their communities.



“I would also love to see more focus on sustainable development. There also needs to be a holistic emphasis, including focus on infrastructure and health needs. There needs to be provision that can empower a community with lasting change,” says Musunka, who lives in the United Kingdom with her husband and children, and was named one of the BBC’s 100 Most Influential &amp; Inspirational Women in 2017.



As a mom, a feminist, and a believer in the right to access to education, health, and opportunity, her advice to young girls and women on the continent is to bet on yourself and aim high.



“Keep working hard and don’t give up even if things don’t seem to be going your way, just keep following your passion.”

_ROB7761

Pushing For Change In The DRC: School-Founder On The Challenges And Rewards Of Prioritizing Girls’ Education

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



New research found that organs like the heart, liver and kidneys may still be affected by Covid well after the lungs have healed, affirming previous research that long Covid can affect multiple organs.



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



A new&nbsp;<a href="https://www.science.org/doi/10.1126/scitranslmed.abq1533" target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in&nbsp;Science Translational Medicine&nbsp;on Wednesday reviewed how Covid can negatively affect organs other than the lungs, resulting in long Covid.



Long Covid (also called post-Covid) is lingering symptoms—like loss of smell or taste, chest pain, shortness of breath or brain fog—following recovery from a Covid infection that can last for weeks or even years,&nbsp;<a href="https://www.cdc.gov/coronavirus/2019-ncov/long-term-effects/index.html" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the Centers for Disease Control and Prevention.



The cause of the issue stems from when the virus’ proteins bind to the genes of the mitochondria, the cells’ energy producer, which can negatively impact the body’s organs, leading to dysfunction.



The study also found that even if mitochondrial gene expression recovered in the lungs, the first organ&nbsp;<a href="https://www.lung.org/lung-health-diseases/lung-disease-lookup/covid-19/about-covid-19" target="_blank" rel="noreferrer noopener">affected</a>&nbsp;by Covid infection, it can still negatively impact other organs, including the heart, liver and kidneys.



Long Covid most commonly affects people who suffered from severe Covid symptoms, people with underlying conditions, the unvaccinated and those who had multisystem inflammatory syndrome—a rare&nbsp;<a href="https://www.cdc.gov/mis/index.html" target="_blank" rel="noreferrer noopener">condition</a>&nbsp;associated with Covid in which body parts like the kidneys and brain become inflamed—during or after Covid, the National Library of Medicine&nbsp;<a href="https://medlineplus.gov/postcovidconditionslongcovid.html" target="_blank" rel="noreferrer noopener">reports</a>.



A study published in February by the American College of Cardiology&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2023/02/23/long-covid-linked-to-heart-problems-here-are-the-symptoms--and-whos-at-risk/?sh=43b1469c6890">found</a>&nbsp;having long Covid doubled a person’s risk of developing cardiovascular health issues.



A separate&nbsp;<a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9955527/#:~:text=The%20results%20of%20these%20investigations,in%20long%2DCOVID%2D19." target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in the journal of&nbsp;International Urology and Nephrology&nbsp;found that long Covid may play a part in the development of chronic kidney disease and acute kidney injury.



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



“This study provides us with strong evidence that we need to stop looking at Covid-19 as strictly an upper respiratory disease and start viewing it as a systemic disorder that impacts multiple organs,” Douglas C. Wallace, the study’s coauthor, said in a statement. “The continued dysfunction we observed in organs other than the lungs suggests that mitochondrial dysfunction could be causing long-term damage to the internal organs of these patients.”



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



65 million. That’s how many people worldwide are estimated to suffer from long Covid, according to a&nbsp;<a href="https://www.nature.com/articles/s41579-022-00846-2" target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in&nbsp;Nature&nbsp;in February.



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



A recent&nbsp;<a href="https://www.thelancet.com/journals/eclinm/article/PIIS2589-5370(22)00354-6/fulltext" target="_blank" rel="noreferrer noopener">report</a>&nbsp;published in the&nbsp;Lancet&nbsp;found that Covid vaccines could potentially reduce the risk of developing long Covid, with data suggesting two doses is more effective at protection than one.&nbsp;<a href="https://medlineplus.gov/postcovidconditionslongcovid.html" target="_blank" rel="noreferrer noopener">According</a>&nbsp;to MedlinePlus, a site run by the National Institutes of Health’s National Library of Medicine, post-Covid symptoms may present in one of three ways: Patients may develop new health issues months after a Covid infection; they seem to recover from Covid, but their symptoms come back; or they have symptoms that can linger for a span of days to years. Long Covid&nbsp;<a href="https://www.cdc.gov/coronavirus/2019-ncov/long-term-effects/index.html" target="_blank" rel="noreferrer noopener">symptoms</a>&nbsp;can include heart palpitations, chest pain, diarrhea, stomach pain, coughing, shortness of breath or neurologic symptoms—like brain fog, headaches or sleep problems. There is not a certain test for long Covid. To diagnose it, a physician will ask about a patient&#8217;s medical history, conduct a physical exam and they may order blood work and imaging tests.



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



New&nbsp;<a href="https://www.medrxiv.org/content/10.1101/2023.06.29.23292056v1" target="_blank" rel="noreferrer noopener">research</a>&nbsp;published in&nbsp;medRxiv&nbsp;suggests that genetics may play a role in who develops long Covid. The researchers looked at data from 24 different studies with almost 6,500 participants and found that patients with long Covid were more likely to share DNA around a gene called FOXP4, which is a gene that may be involved in immune responses in the air sacs of the lungs. However, just because a patient has the FOXP4 gene doesn’t guarantee they will develop long Covid. The gene has previously been&nbsp;<a href="https://pubmed.ncbi.nlm.nih.gov/25994569/" target="_blank" rel="noreferrer noopener">found</a>&nbsp;to play a role in tumor growth in lung cancer.



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



<a href="https://www.forbes.com/sites/ariannajohnson/2023/02/23/long-covid-linked-to-heart-problems-here-are-the-symptoms--and-whos-at-risk/?sh=43b1469c6890">Long Covid Linked To Heart Problems: Here Are The Symptoms – And Who’s At Risk</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/ariannajohnson/2023/06/15/more-people-got-diabetes-during-the-covid-pandemic-heres-why/?sh=65ea758f31d3">More People Got Diabetes During The Covid Pandemic—Here’s Why</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/ariannajohnson/2023/05/10/covids-no-longer-a-public-health-emergency-heres-how-that-may-affect-you/?sh=33db5d4d20e3">Covid’s No Longer A Public Health Emergency: Here’s How That May Affect You</a> (Forbes)

TUNISIA-HEALTH-VIRUS-TOURISM-HOSPITAL

Long Covid May Affect Organs Like The Heart And Kidneys After Lungs Recover, New Research Says

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



Disney’s streaming unit beat expectations even as it shed 12 million Disney+ subscribers, according its latest quarterly earnings report released Wednesday afternoon, as the entertainment giant contends with turbulence while struggling to return profits to prior glory.



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



Disney’s $22.33 billion of revenue and $1.03 earnings per share largely tracked consensus analyst estimates of $22.5 billion and $0.96, respectively, as tracked by FactSet.



The conglomerate’s park and linear television units continued to beef up the bottom line, as the units’ $1.1 billion and $1.9 billion in quarterly operating profit were in line with expectations, respectively, while Disney bled $512 million in its flashier direct-to-consumer media business including Disney+, ESPN+ and Hulu, far below projections of a $758 million loss.



The company reported a staggering 12 million decrease in Disney+ subscribers, though its subscriber loss in the U.S. and Canada was a milder 1%.



Disney incurred $2.7 billion in restructuring costs during the quarter in which the company concluded its round of roughly&nbsp;<a href="https://www.cnn.com/2023/05/22/media/disney-layoffs/index.html" target="_blank" rel="noreferrer noopener">7,000</a>&nbsp;layoffs globally.



Shares of Disney registered a roughly 1% in after hours trading as investors digested the mixed-bag report.



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



Disney’s earnings release comes amid a turbulent stretch for the company’s stock, which is down 20% over the last five years, far underperforming the S&amp;P 500’s roughly 60% return over the timeframe. The slump comes after a brief surge in Disney’s share price as investors&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2022/11/21/disney-shares-jump-9-on-return-of-bob-igers-magic/?sh=14889bd28b2f">heralded</a>&nbsp;the November return of the company’s long-time CEO Bob Iger. But Disney’s stock is down 4% since Iger’s reclamation of the throne, well below the S&amp;P’s 13% gain during the period, as investors&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/05/11/disney-stock-set-for-worst-day-since-ceo-bob-igers-comeback/?sh=38001ff940da">grew impatient</a>&nbsp;with a lack of results in Iger’s cost-cutting vision to grow profits as streaming losses mounted.



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



Much of Disney’s bottom-line issues come as the legacy media sector grapples with a decline in the popularity of linear television: Its $1.1 billion in operating profit for its media and entertainment unit during the first three months of 2023 was down from $1.9 billion the year prior and nearly $3 billion five years ago. Overall, Disney’s operating profit during the most recent quarter was roughly a fifth less robust than it was during the same period five years ago ($4.2 billion).



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



How Disney’s&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/08/08/penn-entertainment-sells-barstool-sports-back-to-founder-dave-portnoy-in-deal-rebranding-sportsbook-as-espn-bet/?sh=52dfb7d968d2">$1.5 billion</a>&nbsp;agreement with sports gambling operator PENN Entertainment announced Tuesday – and subsequent launch of an ESPN-branded sportsbook – will drive sales at Disney’s sports segment. Iger&nbsp;<a href="https://www.cnbc.com/2023/07/13/disney-open-to-finding-espn-strategic-partner.html" target="_blank" rel="noreferrer noopener">said</a>&nbsp;last month the company is open to offloading an equity stake in ESPN.



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



Even amid entertainment companies’ challenges as consumer preferences shift, Disney “should survive and thrive in this environment due to its diversification, multiplatform media offerings, large vault of content, and pricing premium,” Daiwa analyst Jonathan Kees proclaimed in a Tuesday note previewing earnings.



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



<a href="https://www.forbes.com/sites/brianbushard/2023/08/08/penn-entertainment-sells-barstool-sports-back-to-founder-dave-portnoy-in-deal-rebranding-sportsbook-as-espn-bet/" target="_blank" rel="noreferrer noopener">MORE FROM FORBESPenn Entertainment Sells Barstool Sports Back To Founder Dave Portnoy In Deal Rebranding Sportsbook As ESPN BETBy&nbsp;Brian Bushard</a>



<a href="https://www.forbes.com/sites/dereksaul/2023/05/11/disney-stock-set-for-worst-day-since-ceo-bob-igers-comeback/" target="_blank" rel="noreferrer noopener">MORE FROM FORBESDisney Stock Set For Worst Day Since CEO Bob Iger&#8217;s ComebackBy&nbsp;Derek Saul</a>



<a href="https://www.hollywoodreporter.com/business/business-news/disney-apple-deal-1235559416/" target="_blank" rel="noreferrer noopener">THE HOLLYWOOD REPORTERA Disney Sale to Apple? Don&#8217;t Count It Out This Time</a>

Disney plus : Illustration

Disney Plus Subscribers Dwindle — But Streaming Unit Beats Estimates

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



Google and Universal Music Group are discussing whether to license artists’ melodies and vocals for AI-generated music, <a href="https://www.ft.com/content/6f022306-2f83-4da7-8066-51386e8fe63b?list=intlhomepage" target="_blank" rel="noreferrer noopener">according</a> to the Financial Times, following a recent trend of music produced by artificial intelligence that has faced backlash—and support—from music labels and artists.



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



Universal Music—which represents artists like Drake, Ariana Grande and Taylor Swift—and Google are working to develop a tool for users to create AI-generated music using an artist’s voice, lyrics or sounds, the&nbsp;Financial Times&nbsp;<a href="https://www.ft.com/content/6f022306-2f83-4da7-8066-51386e8fe63b?list=intlhomepage" target="_blank" rel="noreferrer noopener">reported</a>.



A deal would pay copyright holders for the right to create the music, while artists would have the choice to opt in.



Warner Music Group is also discussing a similar product with Google, according to the&nbsp;Times.



Neither Google nor Universal Music immediately responded to requests for comment from&nbsp;Forbes.



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



Warner Music CEO Robert Kyncl&nbsp;<a href="https://investors.wmg.com/events/event-details/q3-2023-warner-music-group-earnings-conference-call" target="_blank" rel="noreferrer noopener">said</a>&nbsp;during the company’s earnings call Tuesday that “with the right framework in place” artificial intelligence would be able to “enable fans to pay their heroes the ultimate compliment through a new level of user-driven content.”



<h2 class="wp-block-heading" id="h-chief-critic">CHIEF CRITIC</h2>



Drake voiced his opposition to AI-produced music earlier this year after he was featured in several deepfakes,&nbsp;<a href="https://www.billboard.com/music/rb-hip-hop/drake-reacts-ice-spice-munch-ai-1235303454/" target="_blank" rel="noreferrer noopener">suggesting</a>&nbsp;after one song was released: “This is the last straw.” Sting said there was “going to be a battle” between “human capital” and AI, which he said “doesn’t impress me at all,”&nbsp;<a href="https://www.bbc.com/news/entertainment-arts-65627089" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the BBC.



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



Several artists have supported the development of AI-generated music, including Grimes, who&nbsp;<a href="https://www.rollingstone.com/music/music-features/grimes-drake-the-weeknd-ai-music-1234726521/" target="_blank" rel="noreferrer noopener">said</a>&nbsp;anyone could create songs using her voice “without penalty” as long as she receives a 50% split on royalties. 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=4c263c571275">announced</a>&nbsp;in June a new Beatles song would be released later this year, after McCartney said AI was used to “extricate” John Lennon’s voice from an old demo tape to create “the final Beatles record.”



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



Regulations and restrictions for music generated by artificial intelligence have increased in recent months. Universal Music sent a&nbsp;<a href="https://www.ft.com/content/aec1679b-5a34-4dad-9fc9-f4d8cdd124b9" target="_blank" rel="noreferrer noopener">letter</a>&nbsp;to streaming services in April requesting they prevent AI programs from accessing its platforms to train on copyrighted lyrics and melodies. Universal Music general counsel Jeffrey Harleston&nbsp;<a href="https://www.youtube.com/watch?v=uoCJun7gkbA&amp;ab_channel=CNBCTelevision" target="_blank" rel="noreferrer noopener">said</a>&nbsp;during a Senate hearing last month that “an artist’s voice is often the most valuable part of their livelihood and public persona.” The U.S. Copyright Office noted it will only offer copyright to works “created by a human being” and not “register works produced by a machine.” Google&nbsp;<a href="https://blog.google/technology/ai/musiclm-google-ai-test-kitchen/" target="_blank" rel="noreferrer noopener">released</a>&nbsp;an experimental AI tool for created music in May, which develops a song based on a text prompt. Meta&nbsp;<a href="https://www.forbes.com/sites/irenebenedicto/2023/08/02/meta-launches-tool-to-create-music-using-ai-heres-what-to-know/?sh=41419a9e444d">released</a>&nbsp;its own AI tool for creating music earlier this month, which is trained on 20,000 hours of licensed music owned by Meta.



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



<a href="https://www.ft.com/content/6f022306-2f83-4da7-8066-51386e8fe63b?list=intlhomepage" target="_blank" rel="noreferrer noopener">Google And Universal Music Negotiate Deal Over AI ‘Deepfakes’</a>&nbsp;(Financial Times)



<a href="https://www.forbes.com/sites/irenebenedicto/2023/08/02/meta-launches-tool-to-create-music-using-ai-heres-what-to-know/?sh=41419a9e444d">Meta Launches Tool To Create Music Using AI—Here’s What To Know</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=612b5343aa32">AI-Generated Music Is Here—‘Sung’ By Stars Like Drake And Ariana Grande—But It May Be Very Illegal</a> (Forbes)

Headphones, Amplifying Equipment, Studio Audio Mixer Knobs And Faders. Sound Engineering Equipment. Selective Focus. The photo is covered with sand and noise. Wireless and electronic technologies. Equipment in a nightclub, on television, radio studio.

Google And Universal Music Group Negotiating AI-Generated Music Tool, Report Says

Entrepreneurship is a risky game. Ask these women who have had to create their own rules and lead with hustle and heart. They entered the game at different times but have one thing in common – their focus on the finish line. They are in it to win it, come what may. A Women’s Month special.



It has been 67 years since the trailblazing Women’s March in South Africa. The country will never forget the fire and fortitude of the 20,000 women of all races, classes and creed who on August 9, 1956, marched up the steps of the Union Buildings, the seat of the apartheid government in capital city Pretoria, to deliver a petition to then Prime Minister J.G Strijdom against the introduction of pass laws. The march was led by struggle stalwarts Lilian Ngoyi, Helen Joseph, Albertina Sisulu, Sophia Williams-De Bruyn and Rahima Moosa.



In the annals of history, iconic events have always further defined the women’s liberation movement, and Covid-19 was no less a landmark in reaffirming the resilience of the female workforce, in both Africa Inc. and across the entrepreneurial ecosystem. 



The pandemic saw resourceful survivalist entrepreneurs emerge in Africa and champion their cause with talent and tenacity. According to the 2022 Mastercard Index of Women Entrepreneurs, female entrepreneurs in South Africa are making progress, with a strong will and determination to make sure their businesses survive. In South Africa, women account for just 19.4% of business owners but there have been important gains in recent years in terms of entrepreneurial traction.



But even as business booms, we must contend with the dismal numbers on the ground. According to the World Bank, women represent a majority of the poor in most regions of Africa and the gap may widen further. According to recent analysis by the United Nations, an estimated 121 women per 100 men will be living in extreme poverty by 2030 (living on $1.90 a day or less).



Lizz Welch, the CEO of International Development Enterprises (iDE), says investing heavily in female entrepreneurs is the key to alleviating poverty. “From my point of view, women entrepreneurs invest more heavily in hiring women… helping with gender parity, and also, often, they have a much more successful business model, they’re more profitable, and [put] more investments back into the community. 



So when women lead and women-owned businesses really take off, you see a much bigger multiplier effect that occurs within the community.” The iDE has spent $137 million in the past five years powering entrepreneurs to end poverty across the developing world. In an article written by Stephanie McKinney, CEO and Founder of River VC (a venture capital firm dedicated to investing in women entrepreneurs), she says female-led businesses or startups tend to struggle to find funding. 



Studies show that male and female entrepreneurs are often evaluated differently by investors, the latter more likely to be perceived as “risky” investments. This bias can derail female- led businesses to secure the funding they need to grow and scale. But they continue to be undaunted, as this small cross-section of female change- makers on these pages illustrate.



<h3 class="wp-block-heading has-text-align-center" id="h-luyanda-lwandle-duma-founder-alchemy-lab-dumisa-kamvenya-and-shop-she-who-dreams">Luyanda Lwandle Duma Founder, Alchemy Lab, Dumisa KaMvenya and Shop She Who Dreams</h3>


<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/2023/08/3B4A7825-3-1-836x1024.jpg" alt="" class="wp-image-59130" style="width:344px;height:422px" width="344" height="422" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/08/3B4A7825-3-1-836x1024.jpg 836w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/3B4A7825-3-1-245x300.jpg 245w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/3B4A7825-3-1-768x941.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/3B4A7825-3-1-1253x1536.jpg 1253w, https://cms.forbesafrica.com/wp-content/uploads/2023/08/3B4A7825-3-1-1671x2048.jpg 1671w" sizes="auto, (max-width: 344px) 100vw, 344px" /></figure></div>


Duma runs not one but three businesses –Alchemy Lab Talent Management, which is focused on identifying and crafting authentic brands; Dumisa KaMvenya, which provides human capital solutions to small and medium enterprises; and Shop She Who Dreams, which retails personal organizational stationery and productivity resources. We ask:



What inspired your businesses?



My father has always been an entrepreneur and growing up in a family of entrepreneurs, I was introduced to it, especially as a sustainable profession.



What were some of the challenges you experienced?



The beauty of entrepreneurship is that no one day is the same. Not all deals pull through but with every step of the journey, there is also a hidden lesson that makes you better and teaches what you need for the next level. Finding a business model that works has been the most challenging for me, but also cash flow for certain projects, and then, finding capital.



South Africa is one of only 12 economies where women’s entrepreneurial activity rates increased, with 11.1% of working-age women engaged in early-stage entrepreneurial activities. What would you want female entrepreneurship to look like in South Africa? 



As South Africa strives to foster economic growth and equality, it is essential to envision a future where female entrepreneurship flourishes. Building on the progress made thus far, the future of female entrepreneurship in South Africa should be characterized by inclusivity, equal opportunities, and supportive ecosystems. This vision not only benefits women but also contributes to the overall economic advancement and social wellbeing of the nation. We envision a South Africa where female entrepreneurs have equal access to capital. Financial institutions, government agencies, and private investors must actively support female-led ventures by providing tailored financial solutions, grants, and low-interest loans. Additionally, initiatives to bridge the gender financing gap and educate women about funding options should be prioritized, empowering them to scale their businesses.



<h3 class="wp-block-heading has-text-align-center" id="h-olwethu-mhlana-founder-afristem">Olwethu Mhlana Founder, AfriSTEM</h3>


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As the technology industry continues to rapidly grow, there are still billions of people around the world, particularly women, without access to that technology.



This is what motivated Mhlana to start her business.



“As the daughter of activist parents who spent their lives fighting for freedom and equality, I have always been driven by the need to create spaces where inclusion and democratization were the mission and not a by-product,” she says.



Having been part of startups that have built and taught coding and robotics, the disparity that Mhlana saw in the types of communities that benefited from that education drove her vision.



“This is how AfriSTEM began as a way to provide STEM education to underserved communities.”



Mhlana hopes the tech space can be reimagined by providing opportunities for more people, and also encourage them to pioneer innovative solutions that would advance their communities and South Africa at large.



According to a report by Mordor Intelligence, the South African ICT Market is expected to grow at a compound annual growth rate of 9.3% for the forecast period. “South Africa is one of Africa&#8217;s biggest marketplaces for information and communications technology (ICT). It demonstrates technological leadership in the areas of mobile software, security software, and online banking services,” the report reads.



Mhlana wants to see more inclusion, especially for women in the tech space.



“We need to transform and completely reimagine the foundation of what inclusion looks like. We need to take into account that marginalized groups have even less access to business opportunities, and then we can start to discuss how to break down the exclusionary nature of entrepreneurship.”



For her, this could also be the solution to getting more investments into female businesses but the change needs to start from the top.



“I want to see more women in policy-maker roles, more women handling funding portfolios, more women teaching business skills, and more women creating their own tables. Men are often at the helm of all these roles, and the more women are at the helm, the more women will be encouraged to leap into entrepreneurship.”



<h3 class="wp-block-heading has-text-align-center">Tania Theron Co-founder and Head of Wealth, GraySwan</h3>


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According to a report by Investment Week, asset management and investment teams are still dominated by men. Overall, the study found the average investment team&#8217;s gender split is 78% male and 22% female. Part of that small percentage is Theron, who, with her husband, started a boutique wealth management firm in 2010. As Head of Wealth, her role is to oversee client portfolios and build a lasting relationship with them, at the same time ensuring all transactions are executed effortlessly.



How did you start your business?



Before starting our business, my husband and I had worked in the investment industry. Our 12 years of constructing purpose-led long-term investment solutions stem from the story of a family that, being passionate about investments, decided to not only live well, but also help others implement and manage long-term investment strategies.



What were some of the highlights and challenges you experienced as a female entrepreneur?



The finance and investments industry is male-dominated and it has taken a while to build my reputation but I was fortunate enough to have been surrounded by supportive family and friends. I recall when I matriculated, I [enrolled for] a physiotherapy degree. Two weeks in, I realized I had made the wrong decision. Perhaps it was that a part of me had doubted whether I could succeed in this industry as a female. I later attended RAU (now the University of Johannesburg), where I met a professor who took me through a few career [options]. Having always enjoyed maths and accounting, I was intrigued when he told me I should become a chartered accountant. Since choosing this path, I have never once looked back.



What would you want female entrepreneurship to look like in South Africa?



The future really holds great promise for women entrepreneurs in our country. As a society, we have become more aware of the untapped potential and value that women bring to the business landscape, so I anticipate a significant shift towards a more inclusive and supportive environment. In the coming years, I hope to see more representation of women in entrepreneurship across various sectors. There should be greater access to funding opportunities specifically targeted towards women-owned businesses, enabling them to scale and thrive. 



What do you think needs to happen to get more investors interested in female businesses and startups?



To achieve this, one would have to change the current perspectives of female-led businesses and startups. The reality is there are already quite a few female businesses that have secured investments; these are the women who should be providing mentorship, training and networking opportunities specifically for women entrepreneurs, which can help enhance their skills and confidence. We need to stand together and support each other as much as we can. Because if we don’t believe in each other, we can’t expect others to believe in us and change the way they think.



<h3 class="wp-block-heading has-text-align-center" id="h-sinovuyo-mondliwa-founder-lovekinks">Sinovuyo Mondliwa Founder, LoveKinks</h3>


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This story started with five sisters who bonded doing each other’s hair.



“This made me appreciate how much a woman&#8217;s hair is tied to her innate identity,” Mondliwa says of her childhood. “My haircare business was inspired by wanting to help my audience care for their hair in the most simple, practical, and accessible way possible.”



She started her business on Instagram showing her audience it is possible for “natural hair to look fashionable, professional, and socially acceptable”.



Studies have shown how using platforms like Instagram can help business. According to EmbedSocial, there are over 200,000 million businesses that use the app for this purpose.



“This allowed my audience to add natural hair to their hairstyle options,” Mondliwa explains. She also turned to YouTube. “My YouTube was more helpful via tutorials. Then, my audience had another challenge; YouTube tutorials could only take them so far – most people do not have the time or desire to go through the whole upskilling process. So that was how LoveKinks was born.”



It’s a haircare business that offers accessories and products focused on improving the relationship women have with their tresses and ultimately themselves.



“A highlight [for me] has been seeing something that was a thought come to life and grow [from a turnover of] R1 million to R5 million ($55,000-$275,000).”



[Pullquote]: What would you want female entrepreneurship to look like in South Africa? “I would like females in business to speak to each other more and not compete so that information can be shared. Through collaborations, we can find possible economies of scale… There is so much room for information-sharing that would help grow our businesses.”

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Women’s Month Special: Survivors And Thrivers In South Africa

The president of the World Bank, Ajay Banga, visited Nigeria to reaffirm support for the bank’s aspirations &#8220;for Nigerians to live with dignity in a prosperous and climate-resilient Africa&#8221;.



In a CNBC Africa exclusive interview on Monday, Banga disclosed: &#8220;Talks with President [Bola] Tinubu have given me some direction. Africa is important to the world. Ethiopia and Nigeria can become African giants. Nigeria and Ethiopia have ambitious governments with similar challenges.&#8221;&nbsp;



He added: &#8220;Job creation requires policies that leverage comparative areas. Hard country negotiations over debt is ongoing. Concessional finance and grants [are] needed to complement private sector resources. There are partners we can work better with.&#8221;



According to a statement by presidential spokesman Ajuri Ngelale, Tinubu highlighted Nigeria&#8217;s resilience and intellectual prowess when he received a visit on Friday from a World Bank delegation led by Banga, at the Presidential Villa, Abuja, Nigeria&#8217;s Federal Capital Territory.



‘‘We stand as a vibrant and educated society, seeking to avert chaos through strategic interventions. Your proactive engagement aligns with our quest for partnership, and together, we shall pursue mutual benefits that enrich us all,’’ Tinubu was quoted to have said.



Banga, according to the statement, responded saying: &#8221;Yes, we give money and our dollars are very important, but where we are really helpful is our expertise and knowledge and our experience from many markets. In that way, we will always be your friend and partner, not just with the money, but with our minds and our hearts, and you should be rest assured about that.&#8221;



During a private sector roundtable also convened on Friday by Banga and Damilola Ogunbiyi, CEO of Sustainable Energy For All (SEforALL), discussions were held on the crucial role electricity plays in the country&#8217;s economic development.



The World Bank notes that 85 million Nigerians lack access to electricity, and if left unaddressed, this figure is expected to rise to 94 million by 2030.



Ahmad Salihijo, Managing Director and CEO of the Rural Electrification Agency, disclosed joining Banga, Ogunbiyi, and other stakeholders on a visit to Petti Village in Abuja, on Saturday. They have &#8220;through the World Bank-funded Nigeria Electrification Project, deployed a 60 [kilowatt peak] KwP solar mini-grid, closing the energy gap in this vibrant, agrarian community&#8221;. The World Bank tweeted it aims &#8220;to assist in funding the construction of 1,000 mini solar power grids in partnership with the Nigerian government and the private sector&#8221;.

The World Bank president (second from left) visited Nigeria to reaffirm support for its aspirations ‘for Nigerians to live with dignity in a prosperous and climate-resilient Africa’; Image supplied

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