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



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



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



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



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



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



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



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



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



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



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



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



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



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

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

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

Billionaire Elon Musk Receives Axel Springer Award

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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

Pro-Palestinian demonstration in Johannesburg

South Africa Accuses Israel Of Genocide In UN Filing

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



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



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



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



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



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



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



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



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



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



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



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



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



Secrets Palace: Luxury Meets Entertainment



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



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



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



Quilox: Luxury, Style And Celeb-Spotting



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



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



Cubana: High-Profile Leisure



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



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



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



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



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



Afefeyeye Restaurant And Bar: A Culinary Haven



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



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



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



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

Young men and women dancing against illuminated red spotlights at nightclub

Dancing Into 2024: Lagos’ Top 5 Nightlife Havens

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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

Millennial man investing stock market analysis during trading cryptocurrency on laptop

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

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



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



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



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



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



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



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



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



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



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



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



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

NATO Holds 2023 Summit In Vilnius

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

Addressing sexual exploitation and abuse in the digital ecosystem.



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



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



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



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



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



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



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



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



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



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



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



<div class="wp-block-media-text" style="grid-template-columns:42% auto"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="1024" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2023/12/Tsitsi-Matekaire-1024x1024.jpg" alt="" class="wp-image-60791 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/12/Tsitsi-Matekaire-1024x1024.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/12/Tsitsi-Matekaire-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/12/Tsitsi-Matekaire-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2023/12/Tsitsi-Matekaire-768x768.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/12/Tsitsi-Matekaire-1536x1536.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/12/Tsitsi-Matekaire-2048x2048.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure><div class="wp-block-media-text__content">
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“WE ARE A DIVERSE COMMUNITY BUT AS A WOMAN, YOU’RE OPERATING AS A WHITE MALE BECAUSE THAT ATTRACTS LESS HARASSMENT.”
</blockquote>
</div></div>



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



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



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



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



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



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



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



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

Avatars

Will Women Be Safe In The Metaverse?

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



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



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



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



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



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



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



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



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

Reports Indicate 2016 Was Hottest Year On Record

Rethinking ‘Just Transition’ In Africa

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



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



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



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



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



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



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



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



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



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



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



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



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

Dementia bran scan research

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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

Nobuhle Ndlovu; image supplied (1)

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



After some soul-searching, she finally understood.



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



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



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



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



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

Alima Bello; image supplied

What It Takes To Build A Fashion Brand In Ghana

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



A drone struck a vessel reportedly linked to Israel off the coast of India on Saturday morning—an unexplained attack that comes as the Houthi militant group continues a campaign of strikes against ships hundreds of miles west in the Red Sea.



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



The attack took place about 200 nautical miles off the coast of Veraval in India’s state of Gujarat—making it one of the furthest drone attacks to hit a vessel in recent weeks, after the Houthis began launching attacks from the portion of Yemen they control.



The Houthis have not taken credit, but British maritime security firm Ambrey confirmed to Forbes the attack took place in the “heightened threat area” for drone strikes.



India’s&nbsp;<a href="https://aninews.in/news/world/asia/indian-navy-coast-guard-vessels-moving-towards-merchant-ship-hit-by-suspected-drone-attack20231223165323/" target="_blank" rel="noreferrer noopener">ANI</a>&nbsp;news agency identified the vessel as the MV Chem Pluto, a Liberian-flagged tanker carrying crude oil from Saudi Arabia to India that Ambrey told Forbes has a link to Israel (the Houthis have targeted ships it says are connected to Israel in the past).



The unmanned aerial vehicle struck the ship’s stern, sparking a fire in the ship’s rope locker and causing structural damage, according to Ambrey.



The fire was extinguished, but the vessel also sustained some damage to the aft, and the ship began taking on water, Ambrey said—no injuries or casualties were reported among the crew of 20 people.



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



Merchant vessels in the Red Sea have faced dozens of attacks by ballistic missiles and drones over the past month. Yemen’s Houthi movement has claimed responsibility for the majority of the attacks, which they say are a response to Israel’s war in Gaza. The Houthis control a large portion of northern Yemen, including the capital of Sana’a, and are allied with the Iranian government and Gaza-based militant group Hamas, which attacked southern Israel in October. The attacks have primarily been targeted at vessels linked to Israel. “Merchant vessels are advised that these types of attacks are typically targeted at Israeli-affiliated shipping, but have in the past mistakenly hit previously Israel-affiliated vessels,” Ambrey said. The drone attacks have slowed trade in the region, causing shipping giants Maersk and Hapag Lloyd to&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/12/15/maersk-pauses-shipments-through-red-sea-after-recent-houthi-attacks/?sh=24e033d6495c">halt cargo shipments</a>&nbsp;through the Red Sea and Suez Canal. BP also&nbsp;<a href="https://www.forbes.com/sites/anafaguy/2023/12/18/oil-giant-bp-halts-shipments-in-the-red-sea-following-houthi-attacks/?sh=596022022ccb">paused all oil shipments</a>&nbsp;through the Red Sea on Monday. Swedish furniture store Ikea, dairy brand Danone, and appliance manufacturer Electrolux have all&nbsp;<a href="https://www.forbes.com/sites/britneynguyen/2023/12/21/these-companies-are-facing-product-delays-due-to-red-sea-houthi-attacks-ikea-danone-and-more/?sh=1825e6ba1063">reported shortages and delays</a>&nbsp;since the attacks began.



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



On Tuesday, U.S. Defense Secretary Lloyd Austin announced <a href="https://www.forbes.com/sites/roberthart/2023/12/19/us-announces-multinational-naval-force-to-combat-houthi-attacks-in-red-sea/?sh=15f13d9f104e">Operation Prosperity Guardian</a>, a multinational security force aimed at protecting merchant vessels in the Red Sea. According to Austin, the Houthi attacks threaten “the free flow of commerce, endangers innocent mariners, and violates international law.” The coalition will include forces from the U.K., Bahrain, Canada, France, Italy, Netherlands, Norway, Seychelles and Spain, the Defense Department announced. Air Force Major General Pat Ryder said the coalition force will act as a “highway patrol” on the Red Sea shipping lanes, which the military estimates sees anywhere from 10-15% of all global shipping.

Israel’s Response To Hamas Attack Complicated By Hostages And Concerns Over Gaza Campaign

Drone Hits Israeli-Linked Oil Tanker Off Indian Coast, Security Firm Says

Nigerian Afrobeats artist Mohbad passed away at the age of 27 on September 12. Posthumously, he surpassed global icons on the charts and experienced a surge in streaming.



Ilerioluwa Aloba, popularly known as Mohbad, passed away at the age of 27 on September 12, leaving a mark as an Afrobeats artist from Nigeria. Posthumously, Mohbad reportedly surpassed global icons such as Nicki Minaj and Eminem, securing the 46th spot among the world&#8217;s best-selling digital artists.



In the week following his demise, Mohbad&#8217;s track Peace soared to the second spot on Billboard&#8217;s Hot Trending Songs chart. Simultaneously, Blessed peaked at number four, and Light marked its entry at number 20 on the Nigerian Official Top 50 Albums chart. Notably, Times Square&#8217;s billboards in New York also paid tribute to the late Nigerian star.



Mohbad&#8217;s posthumous resurgence extended to streaming platforms – TurnTable Charts reported a 702% surge in his music streams since his passing.



Tributes from artists globally, including Meek Mill, Lil Durk, and Kodak Black, underscored Mohbad&#8217;s international influence. In Nigeria, over 50 songs were dedicated to his memory, flooding streaming platforms with heartfelt original recordings and covers. The candlelight procession held across several states, notably at Muri Okunola Park in Lagos, Nigeria&#8217;s largest city, drew notable artists like Davido, Zlatan, Chike, Skales, and Falz.



Stakeholders highlight the complexity of audience reactions to an artist&#8217;s work, especially in the wake of tragic events. Some have attributed the influx of streams to newfound awareness rather than a sudden change in appreciation, emphasizing the diverse ways people connect with music and artists.



Music critic Abiola Fasanmi tells FORBES AFRICA, &#8220;Mohbad was not just an artist; he was a visionary. His posthumous success is bittersweet, but it reflects the undeniable talent he brought to the world.



&#8220;It&#8217;s unprecedented for an artist to climb global charts after their passing. Mohbad&#8217;s music resonated profoundly, capturing the essence of Afrobeats and transcending cultural boundaries.&#8221;



Commenting on the Billboard rankings, Fasanmi observes: &#8220;To see Mohbad surpass industry giants posthumously is a testament to the authenticity of his art. He had a unique ability to connect with listeners on a deep emotional level.



“The surge in streaming numbers reflects the collective grief and celebration of Mohbad&#8217;s artistry.”

mohbad

Posthumous Feat: From Afrobeats Star To Global Music Charts Domination

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



More than 20,000 Palestinians in Gaza have been killed in the ongoing war between Israel and Hamas, the enclave’s Hamas-run health ministry said in an update on Friday, as the United Nations Security Council once again delayed a vote on a resolution to allow desperately needed aid to enter the Palestinian territory.



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



According to the Hamas-run health ministry, 20,057 people have died in the conflict so far and 53,320 Palestinians have been wounded.



The death toll does not differentiate between Gazan civilians and Hamas combatants but earlier breakdowns said women and children make up approximately two-thirds of the overall death toll.



Friday’s gruesome milestone means nearly 1% of Gaza’s&nbsp;<a href="https://www.newarab.com/news/despite-israels-blockade-gazas-population-surpasses-23m" target="_blank" rel="noreferrer noopener">prewar population</a>&nbsp;of 2.3 million—has been killed in the ongoing war.



According to UN estimates, more than 85%—<a href="https://app.powerbi.com/view?r=eyJrIjoiNzBlMWZkMzYtY2ZiYy00OTljLTk5NDMtOTg0ZDAxODM4YWM5IiwidCI6IjBmOWUzNWRiLTU0NGYtNGY2MC1iZGNjLTVlYTQxNmU2ZGM3MCIsImMiOjh9" target="_blank" rel="noreferrer noopener">nearly 2 million</a>—of the enclave’s total population have been displaced by the conflict so far.



On Thursday, a&nbsp;<a href="https://www.wfp.org/news/gaza-grapples-catastrophic-hunger-new-report-predicts-famine-if-conflict-continues" target="_blank" rel="noreferrer noopener">report</a>&nbsp;released by a UN-backed body warned nearly a quarter of Gaza’s population faces imminent starvation while more than 90% of the population was facing a “crisis or worse” level of food insecurity.



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



22,000. That is the number of aerial bombings Israel has carried out over Gaza since the start of the war, according to an&nbsp;<a href="https://apnews.com/article/israel-gaza-bombs-destruction-death-toll-scope-419488c511f83c85baea22458472a796" target="_blank" rel="noreferrer noopener">Associated Press</a>&nbsp;estimate. This is significantly higher than the nearly 15,000 airstrikes carried out by the U.S. and its allies in Iraq over a period between 2014 and 2017 during their battle against the Islamic State (IS).



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



A United Nations Security Council vote on the delivery of much-needed aid to Gaza was delayed once again on Thursday as the council’s members attempted to hash out a resolution that would avoid being vetoed. On Thursday, the U.S. ambassador to the UN, Linda Thomas-Greenfield, <a href="https://www.nytimes.com/live/2023/12/21/world/israel-hamas-war-gaza-news/the-un-security-council-is-set-to-vote-on-a-resolution-calling-for-a-pause-in-fighting-to-deliver-more-aid-into-gaza?smid=url-share" target="_blank" rel="noreferrer noopener">said</a> the U.S. was prepared to vote in favor of a resolution “that will support humanitarian assistance” on the ground. The U.S. had <a href="https://www.forbes.com/sites/mollybohannon/2023/12/21/us-working-to-negotiate-humanitarian-aid-in-gaza-to-avoid-a-veto-at-un-security-council/?sh=3a85d3617b8a">vetoed</a> an earlier resolution by the council which had called for an immediate cessation of hostilities.

Encircled By Israel, Gaza Faces Catastrophe As Death Toll Soars

More Than 20,000 Dead In Gaza Amid Israel-Hamas War, Hamas-Run Health Ministry Says

The importance of agriculture to Africa’s economic output cannot be emphasized enough. Desmond Koney’s Complete Farmer is doing close to $10 million in revenue, and have just closed a funding round of $10.4 million. 



Agriculture has been lauded by many governments as the key to reducing poverty due to the sheer number of people that it employs. According to figures from the World Bank, agriculture contributes to about 65%-70% of Africa’s labor force as well as 30%-40% of GDP.



Furthermore, it estimates that agriculture is the most significant economic activity for about 70% of people on the continent who live in rural areas.



The Ghanaian agriculture sector, in particular, is characterized by smallholder farmers who farm on less than two hectares of land, according to the Ministry of Food and Agriculture in Ghana.



“Agriculture has been the principal sector for the development and growth of Ghana’s economy for decades and it still is a major contributor. It contributes somewhere in the region of about 30% to the GDP of Ghana. The main challenge is how we industrialize the process in order to scale and reap the fruits of the sector,” says Kwame Nkum, senior consultant at Nkum Associates.



This is a challenge Ghanaian entrepreneurs in the sector have been grappling with for years. On the one hand, the agriculture value chain is perhaps one of the longest in any industry. Also, there are interdependencies between one stage of the value chain and the next but, often, there is a lack of data between the two, which creates significant infrastructure challenges for the sector.



For mechanical engineer cum farmer, Desmond Koney, these challenges represent an opportunity to innovate and find solutions that help improve the sector. As the CEO and Founder of Complete Farmer, a crowd farming platform that facilitates easy sourcing of quality farm produce through an African online market, Koney is embarking on an ambitious journey to digitalize agriculture in Ghana.



“It is an exciting time to be in the industry and an exciting time to solve the problem the way we are solving it. Africa is producing close to $90 billion worth of produce and if you were able to build the infrastructure that captures that value, we can create a lot of wealth for local farmers,” says Koney.



The problem is that the farmers producing this are not able to sell their products to the people who need it and this is where Koney is hoping his innovative solution will make a difference.



“This presents an interesting opportunity to build global supply chains and ecommerce platforms. Once we can build this infrastructure, the opportunity of that $90 billion a year is something that should excite anyone,” says Koney.



Currently Complete Farmer is doing close to $10 million in revenue, according to Koney, and they have just closed a funding round of $10.4 million. That has led to the expansion of the Complete Farmer solution to Togo. The platform allows buyers from all over the world to order produce under the care of Complete Farmer.



“When a company makes an order, they put it up on the platform and make it possible for anyone who wants to be a supplier of the product to get on board by way of investment,” he says.



Like many great success stories, Koney’s journey was born out of adversity. Although his father was a pineapple farmer, Koney had opted for a life in the sciences with dreams of becoming an engineer for the National Aeronautics and Space Administration (NASA). Then tragedy struck.



“My father passed away suddenly when I was just about to write my exams in school, and it was a really difficult moment for me. One of my lecturers said this was going to be a defining moment for me and looking back now, I can see how it was. Suddenly, I had a little brother to take care of and I had to support my mother. I remember after my father’s funeral I had only GHC [Ghanaian Cedi] 10 in my pocket,” recalls Koney.



He decided to continue his father’s legacy as a farmer but first, he had to understand the challenges he went through. After working on his father’s farm, Koney realized the challenges were glaring.



“We realized that the agriculture industry has middlemen who purchase goods at a low price from the farmers to sell at much higher prices. This means farmers had no access to the market they were producing for,” says Koney.



With these invaluable lessons, Koney decided to utilize his engineering skills to build farms like factories.



“The initial vision was ‘how do we make agriculture like what China has done with manufacturing?’ In China, you will see people using their garages to set up factories… So, for me it was like ‘how can I bring that same energy and that same approach to farming?’ So, the vision was to really figure out how to build a farm like a factory and try and emulate how China has become a superpower in manufacturing,” says Koney.



The company designed an end-to-end process to solve the value chain issue by digitizing it. By doing so, Complete Farmer has become a bridge between both the demand side and the supply side which increases efficiencies in the entire value chain.



“It took us six years and we have had about three or four pivots to really figure out how we can create that factory to get there. Trying to raise funds, trying to figure out business model implications and trying to figure out the legal implications, and that is what we have been doing for the past six years to try and build this vision,” says Koney.



He is a firm believer in Africa’s ability to be the breadbasket of the world and, now, with Complete Farmer, it has become his mission is to make the rest of the world believe in Africa’s ability to feed everyone too.

Tag: South Africa

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