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Peace Hyde: Entrepreneur, broadcaster, actress

Comments (0) Africa, Featured, Leaders

peace hyde

The British-born personality promotes education, entrepreneurship in Ghana and Nigeria.

As a child growing up in the United Kingdom, Peace Hyde had two dreams: One day moving to Africa, home of her Ghanaian forbearers, and launching a career in television.

Today, Hyde is living that dream in high style as an award-winning broadcaster, internationally recognized entrepreneur, West Africa correspondent for Forbes, and founder of a nonprofit that promotes education in Ghana and Nigeria.

Two years after leaving a teaching career in England to move to Ghana, Hyde, 30, was recently named African Broadcaster of the year at the Nigerian Broadcasters Merit Awards 2016.

Awards for leadership, influence

Hyde also was one of five people in media and entertainment named to a prestigious list of 50 most influential young Ghanaians in 2015 and was recognized as a Young Chief Executive Officer leader by the young CEO Business Forum in London for her work with Aim Higher Africa, a nonprofit she founded to promote education in Ghana and Nigeria.

She is also currently nominated for International Business Woman of the Year at the Women 4 Africa awards in London in May.

As a teacher in England for seven years before relocating to Africa, Hyde learned two important lessons: the importance of education to motivate and empower young people and the ability to multi-task, which has served her well in her many roles.

Education is a critical tool in the fight to empower communities and lift them out of poverty, she said.

Encounters with young people who carried goods back and forth at the markets of Accra convinced her that education was their way out. Seeing young girls who had no future but laboring at the marketplace, she said she “felt a deep sense of injustice. Something needed to be done for these girls.”

Without funding initially, she began to teach the children at the marketplace. Later, she found support to start Aim Higher Africa, a nonprofit that focuses on education and entrepreneurship.

Project creates digital classrooms

Initially, working in Ghana, Aim Higher Africa focused on improving standards at rural schools, including providing teachers with guidelines on discipline, testing, evaluating and grading.

As the program has grown and expanded to also work in Nigeria, where Hyde is currently based, she said it has become more strategically focused on bringing digital education to rural classrooms.

Currently, the organization is working with 30 schools in Ghana and Nigeria, Hyde said.

Promoting African entrepreneurship

She wants to help build a generation of young African entrepreneurs to help improve employment opportunities on the continent.

She said discussions traditionally have focused on job creation. But her philosophy with Aim Higher Africa is that empowering the next generation entrepreneurs and leaders who can create new industries “the only way you can create sustainable and scalable opportunities.”

Aim Higher Africa organizes Ignite events where entrepreneurs share their expertise and encouragement with young people.

She also hopes to tell success stories in her role as a television host and Forbes West Africa correspondent. As more stories of successful entrepreneurs are told, the environment and opportunities for the next wave of entrepreneurship will improve.

She sees “a new Africa where we are proudly exporting our heritage to the world,” she said. “I believe it is time to highlight the move towards digital platforms and technological advances that were not present (in Africa) a couple of years ago.”

Started with a teaching career

Born to Ghanaian parents in the United Kingdom, she was raised in England and received a degree in psychology from Middlesex University. She went on to receive a master’s degree in journalism and communications as well as a teaching qualification.

Once she completed her studies, she taught in middle and high school for seven years.

She said her experience as a teacher gave her a lot of practice in multitasking, which has paid off as she juggles roles that include broadcasting, running a nonprofit and even some acting.

Her current broadcast projects include hosting a popular celebrity talk show, The EFGH Show (Entertainers from Ghana) and hosting Friday Night Live, a lifestyles show. She has occasional roles in television programs, including a role as a Yoruba mother on the MTV program “Shuga.”

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British bank Barclays will leave Africa

Comments (0) Africa, Business, Featured

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South African economic problems and corruption risks on the continent prompt decision to sell majority stake in Barclays Africa.

South Africa’s economic slow down and plummeting currency were key factors in Barclays decision to exit banking on the continent, ending a presence dating back nearly 100 years.

Barclays, one of Britain’s largest banks, announced it would sell its stake of 62.3 percent in Barclays Africa as part of a larger strategy of refocusing on operations in the United Kingdom and the United States.

Barclays has also cut back operations in Asia, Brazil, Europe and Russia.

Banks in 14 countries

Barclays Africa Group, Limited, one of the largest banks on the continent, is worth about $4.9 billion. It has 45,000 employees and 1,267 branches.

It operates in 14 countries: Botswana, Egypt, Ghana, Kenya, Mauritius, Mozambique, Namibia, Nigeria, Seychelles, Tanzania, Uganda, Zambia and Zimbabwe, as well as South Africa, where the company owns and operates the bank network, Absa.

The African bank has been profitable, but the steep fall of the rand last year cut return on equity to 9 percent, below a target of 11 percent.

Barclays believes Africa is a growth area, according to those familiar with the bank’s review of its options. However, the South African issues along with higher risk of corruption prompted its decision to sell its stake.

Leadership seeks to refocus

 Barclays CEO Jes Staley

Barclays CEO Jes Staley

The move comes under the leadership of Barclays CEO Jes Staley, who took over in October 2015, the latest in a succession of chief executives who have sought to improve the bank’s outlook following the financial crisis.

The decision is a major turnaround from just a year ago, when Barclays Africa CEO Maria Ramos promised that the bank would rank among the top three in revenue in its five largest markets – South Africa, Botswana, Kenya, Ghana and Zambia by 2016. Barclays Africa at that time was in the top three in only two of its markets – South Africa and Botswana.

Ramos also said the bank was on target to produce a return on equity of 18-20 percent.

Bank could be a tough sell

It was not immediately clear who potential buyers might be although it is unlikely Barclays would put its shares on the market if it didn’t expect suitors.

Despite the relative financial health of the bank, it may be a tough sell, according to analysts.

Garth Mackenzie of Trader’s Corner, said while Barclays Africa was a well-governed asset with a good dividend yield, concerns about risk “seem to overshadow that.”

South African turmoil undermines rand

The rand hit an all-time low in late 2015 after African President Jacob Zuma sparked protests with the ouster of a respected finance minister with an unknown who was then quickly replaced amid political and financial turmoil.

The value of the South African currency fell 40 percent in 2015. The rand has begun to recover but is still down by about 25 percent. Meanwhile, South Africa reported economic growth of only 0.06 percent in the final quarter of 2015.

Dividends cut

Barclays also announced it would cut shareholder dividends in half for the next two years, as the bank continues to struggle to recover from the financial crisis. The announcement prompted a reduction of eight percent in the value of its shares.

Staley, the CEO, said that the bank restructuring was coming to an end. “We are acutely aware of shareholders being tired” that it has taken so long to restructure the company.

Barclays has assured investors that their funds are safe; only share certificates will change hands in any sale. However, Barclays decision to leave Africa raises the question of whether other companies will also shift their focus to markets they perceive to be safer in America and Europe.

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Sharjah launches Sheraa entrepreneurship center

Comments (0) Business, Featured, Middle East

Sheraa_2

2016 brings the launch of entrepreneurship centre “Sheraa” based in Sharjah, complete with royal inauguration.

In an increasingly competitive commercial world, most countries are recognizing that to ensure a successful economic future they must invest in companies and the people creating them. Hence, it was with pride that the emirate of Sharjah welcomed His Highness Shaikh Dr Sultan Bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, to attend the official launch of the Sheraa, the Sharjah Entrepreneurship Centre.

On the 17th of January, 2016, an official ceremony took place inaugurating the opening of the center at the American University of Sharjah. An initiative of Sharjah Investment and Development Authority (Shurooq), it aims to encourage and support aspiring entrepreneurs. Simultaneously it hopes to boost the profile of the emirate, as an innovative and sought after place to start an enterprise.

“Here at Sharjah, we are witnessing the birth of a new initiative for the future of the nation,” explained HE Marwan bin Jassim Al Sarkal, CEO of Shurooq.

Why Sharjah?

A long standing hub for commerce, the emirate of Sharjah is the third largest in the United Arab Emirates, estimated to have a population of around one million. Its long history, dating back 6,000 years, is steeped in trading, fishing and pearling. Now Sharjah’s main trade is crude oil and gas, while the economy benefits from a variety of means such as tourism, education and logistics.

Sharjah

Sharjah

Nestling so close that it is regarded as a suburb of Dubai, this bustling country is one of the wealthiest in the UAE, and represents 48% of the UAE’s total Industrial Sector. Its geographical location is also ideal for trade and commerce with Europe, Africa and Asia.

Also known as the “rising sun,” the emirate is becoming well known for its emerging business talent and support of. Acknowledging the role enterprise has had on advancing many other countries, HE Marwan Bin Jassim Al Sarkal expressed his hopes for the UAE. “According to the Entrepreneurship and Development Institute, UAE occupied first place in supporting entrepreneurship and we strive to achieve first place internationally in this sector,” he said. It is in this spirit, to support and nurture, that Sheraa has been conceived.

About the University

Set up as a facility to not only educate but also as an investment in the future of Sharjah, the overall goal is to make a difference, to improve the prosperity of the economy and to develop its society. Highlighting this ambition during the opening ceremony Sheikha Bodour Bint Sultan Al Qassimi, Chairperson of Shurooq, confided that the investment in Sheraa, “reflects our complete belief in the ability of our youth to make a difference and positively contribute in the enhancement of our economy and development of our society,” she said.

So what can a young student of Sheraa expect from the course to help lead them in this positive direction? With an emphasis on innovation, creativity and development, encouragement will be given to explore ideas. Meanwhile students are to be directed in how to apply their visionary concepts in the business world, practical knowledge of the working business climate will be taught as well as assistance given to find the right business path within the emirate. The hope is that students will be inclined to remain in Sharjah, with the incentive of possible help to jump-start their projects from established entrepreneurs within the UAE.

Future

Recognizing the current trend of the business world and how to move forward positively into the future, Sheraa is clear in its aim: to produce creative and innovative business men and women. The university will run cutting edge programs, adapting to the ever changing business climate.

As fast as technology progresses so too does business and it is with this in mind that Sharjah wants to ensure they are forerunners in the field. Already renowned for trade, culture and fossil fuels, the emirate is looking to carve a new niche for itself. To enter onto the global market as a key player will not only ensure other countries are unable to monopolize on the sector but in addition, that foreign businesses will not move in and corner the market. Sheraa is just a step towards ensuring continuing prosperity for the Emirate of Sharjah and the young men and women of the future.

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WOMENA: Taking the (Middle) Men Out of Women’s Investment

Comments (0) Featured, Leaders, Middle East

elissa freiha

Named one of The 100 Most Powerful Businesswomen by Arabian Business, Elissa Freiha is bringing the western model of “angel investing” to the United Arab Emirates.

Barriers to entry are one of the most common challenges creative entrepreneurs face. When young business people have excellent ideas, they have few resources to make these ideas concrete: this is where angel investing comes in. Angel investing is a relatively new concept that began in the western world and is spreading to areas with high concentrations of wealthy people, such as the United Arab Emirates.

Women and Business

Elissa Freiha received a Bachelor’s in Communications from the University of Paris and has worked in publishing and entertainment, both fields where women have been relatively successful in challenging the patriarchal status quo. A native Emirati of Lebanese and American descent, Freiha knew first-hand the challenges women face getting ahead in the business world in both her home country and the European west.

Entering the business world is challenging for both founders of start-ups and for investors. Wealthy individuals need advice on where, how and when to invest, and often need a great deal of coaching and education when they are considering their first large investments. In the UAE, financially independent women are still viewed with apprehension, making it even more difficult for them to make informed business investments.

Freiha recognized the need for a platform that would connect wealthy individuals with determined young business people. Freiha saw an opportunity to combine her feminist ideals with her business acumen: women across the globe have been historically left out of business investment and development. While this is changing in the western world, with more women breaking through the glass ceiling to the top levels of Fortune 500 companies, women’s visibility and participation in top-level business is still stunted in the Middle East.

With the aim of creating a platform for wealthy female investors to meet and collaborate with un-funded start-ups, WOMENA was born. It is not only a bold rejection of the male-dominated business world (men are not allowed to have membership), but is also a play on words: MENA is the acronym used to refer to the Middle East and North Africa in international forums.

womena

Women, Money and MENA

WOMENA is investor-focused, not entrepreneur focused. Members pay an annual fee for exclusive access to WOMENA’s extensive business connections, educational materials, hands-on advice and training workshops. The only institutional angel investment platform for women in the Middle East and Africa, it seeks to help women in the MENA region control their wealth intelligently. With a web of partners with varied business backgrounds and expertise, WOMENA offers members a unique approach to internationally and Middle Eastern focused investment. It does due diligence on all potential investment venues and, when a start-up is selected for presentation; the platform carefully goes through the risks with interested members.

According to the website, their mission is to make “investment more accessible and valuable” in that every new member and every new investment helps to redefine the role of women in business. WOMENA is a platform for progress, equality and education. We are bringing together inspiring and motivated women to make intelligent investments confidently. Development is our driving force: whether that is on an individual or collective level, we aim to push both social and economic boundaries.” Unlike other angel investing platforms, WOMENA does not aim to speed up or incubate start-ups, citing that “we have partners for that”, but are instead a platform for funding start-ups.

Ringing in the Future, Today

It is bold innovators like Freiha who will lead women in the MENA region into the business world. With money to invest and few platforms to do so, WOMENA is changing the way women handle money. A likely positive consequence of this platform will be the introduction of non-traditional start-ups to the MENA region. Women investors have different priorities than their male counterparts, and often look to promote women’s interests: several of the start-ups in WOMENA’s portfolio are apps that take out the time-consuming aspect of traditional “women’s work” so users, likely women with full-time jobs outside of the home, are able to spend more time on their careers and less time on gendered work. Other start-ups include online marketplace for used children’s clothing, an online database of e-books, an app that connects students, and more.

By inviting women into the investment seen with WOMENA, Freiha is changing the face of MENA investment. Financial independence and autonomy is an integral part of women’s empowerment, and Freiha has created a safe space for women to learn and grow as investors.

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What do reformist gains in Iran elections mean for business?

Comments (0) Featured, Middle East, Politics

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Surprise Iranian election result endorses President Hassan Rouhani’s economic reforms.

On February 26th, Iranians headed to the polls and handed moderates and reformists a surprise victory. The result also signaled the endorsement of President Hassan Rouhani and his more moderate agenda and economic reforms, such as his recently negotiated nuclear deal and his moves to engage with the West.

Iranians were voting to decide who sits in the powerful 88-seat constitutional council, the Assembly of Experts, and the 290-seat Iranian Parliament. The Interior Ministry reported that the final count in the parliamentary elections gave reformists 85 seats and moderate conservatives 73, meaning the two blocks, who put their differences aside to run on the same platform, now hold a 54% majority over hard-liners. Iran’s moderates also won a majority in the Assembly, receiving 52 seats, or a 59% majority, bringing to an end more than a decade of conservative domination. In a vote of confidence, President Hassan Rouhani and one of his leading allies, former President Ali Akbar Hashemi Rafsanjani, also retained their seats, while two prominent hardliners lost theirs.

The main role of the clerical Assembly of Experts is to choose the Supreme Leader, the head of state who sits above the president. Current Supreme Leader, 76-year-old hardliner Ali Khamenei, is reportedly ill, meaning it is likely the Assembly voted in by this election will pick the next Supreme Leader. If a reformer or moderate is elected, Iran could see significant change.

However, although this election gave moderates their most dramatic gains in a decade, there have been arguments that the victory is not as reformist as some claim. The running lists were both heavily pruned by the Guardian Council before the vote, with all but 166 rejected of the 801 individuals who put themselves forward as candidates for the Assembly, and 5,200 of the 12,000 individuals registered to run for the Parliament rejected. Nonetheless, with a 62% turnout, this election will be seen as a blow to hardliners and as evidence of a desire for change.

The economy at the heart of the elections

The economy seems to be at the heart of these election results. Iran has been suffering double-digit unemployment and inflation for much of the past decade. Sanctions have cost the country between 15-20% of GDP. And many of its brightest minds have deserted the economy, as 300,000 Iranians moved abroad between 2009 and 2013. A reformist victory suggests that Iranians have had enough of economic pain and are ready to endorse Rouhani’s economic reforms.

Rouhani intends to strengthen the private sector by tackling corruption, welcoming foreign investors, and developing trade with the West. Indeed, since taking office in 2013, more than 120 foreign business delegations have visited Iran in search of business opportunities. And just last month, February 2016, Chinese President Xi Jinping made a poignant visit to the country to discuss increasing trade and signing several agreements. Rouhani has also travelled to Europe to drum up foreign investment, meeting Matteo Renzi in Rome and Francois Hollande in Paris, where he left with $30 billion in deals. Rouhani has also previously said that he hopes to develop tourism into a $30 billion-a-year industry by 2025.

Several deals have also been negotiated recently. Boeing has been given special clearance to sell to Iran, and General Electric is hoping to be offered the same benefit soon. In January, Iran signed an agreement to buy 118 Airbus jets worth $27 billion. And Iran’s Khodro and France’s Peugeot have signed an agreement to build cars.

His negotiation of the nuclear deal in January which lifted sanctions allowing Iran to once again export oil, was also a very clear message of intent. The country now plans to export an additional 1 million barrels a day this year, low prices or not, which will offer a boost to Iran’s economy. And it is also highly likely that foreign firms will start bidding on Iran’s oil fields, bringing the country more modern techniques.

Rouhani

Rouhani

Comparatively fewer restrictions on economic reforms

Moving forwards, analysts believe that these election results will offer Rouhani comparatively fewer restrictions on economic reforms and in making the country more attractive to foreign firms looking for a piece of the relatively untapped market of 77 million consumers. Analysts expect that Rouhani will find it easier to push through legislative reforms and address issues crucial to the business sector such as the commercial code, labor laws, and stock market regulation. They cite the expectation that hardliners will now focus their diminishing political power on social and cultural conservatism.

Analysts have also commented that the positive public opinion will also be significant. These election results offer a symbol to the rest of the world that Iranians themselves are more favorable towards trade and commerce with the West and America, and that in turn could encourage foreign businesses to make longer-term investments.

Of course, the elections do not leave Rouhani without restrictions. Supreme Leader Ayatollah Ali Khamenei, who is strongly against the expansion of civil liberties and freedoms, will still have the final say on matters of state, and the similarly conservative unelected clerical body, the Guardian Council, will continue to have the power to vet all laws. But it does seem that the winds of change may have begun to blow.

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Morocco prepares to host global climate change conference

Comments (0) Africa, Featured, Politics

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More than 30,000 people are expected to attend the COP22 gathering in Marrakesh in November.

Morocco has begun preparations for COP22, the 2015 global climate conference, where African nations hope to see further action to help mitigate damage from climate change.

The event, expected to attract 30,000 attendees, will be held November 7 – 18 in Marrakech. Morocco recently appointed a committee, headed by Foreign Minister Salaheddine Mezouar, to guide logistical preparations.

The conference follows COP21 last November in Paris, where 195 participating countries produced a landmark agreement to reduce carbon emissions.

Repairing damage will be key issue

The upcoming conference is expected to focus on an issue of great importance to many African nations: Mitigation of damage already done by climate change and help adapting to a new environment.

Speaking at a recent “From COP21 to COP22” conference in Geneva, Helen Clark, administrator of the United Nations Development Program, said the next conference must drive mitigation efforts.

Following the Paris agreement, Clark said, agencies and governments must “scale up” initiatives to repair or reduce damage and help countries adapt to changing environmental conditions.

Clark said her agency would facilitate access to financial and technical resources along with other major global actors.

From decision to action

She said COP 22 in Morocco marks a transition from the consensus building and decision-making of Paris to a “COP of Action.”

Clark said that in addition to supporting development to reduce emissions, her agency will work with more than 100 countries to finance mitigation measures as well as strengthening disaster management work and linking it to climate change damage.

While Africa is the least polluting continent on the planet, it has suffered some of climate change’s most severe effects.

At the climate conference in Paris, African leaders emphasized the need for financial help to address losses in their countries.

Drought, flooding, erosion hit Africa

Southern Africa, including Mozambique, Botswana, Zimbabwe and South Africa has been hard hit by drought as have Ethiopia, Eritrea and Somalia in the Horn of Africa.

Drought has nearly emptied the Kariba Dam reservoir on the Zimbabwe-Zambia border, forcing power shortages and energy rationing.

At the same time, heavy rains, landslides and flooding have hit Burundi, Nigeria and Malawi.

In tiny Zanzibar, the rise of sea levels is salinizing the soil, making farming impossible. Zanzibaris have also seen rising temperatures, floods and increased sea waves.

Coastal erosion is emerging as a major threat in West Africa, where large shares of gross domestic products are associated with the sea, including fishing and tourism.

Financial help to mitigate damages and help countries adapt to a new and changing environment are expected to take center state at the Marrakech conference.

Morocco has ambitious plans to reduce emissions

Morocco hopes hosting the conference will also shine an international spotlight on its ambitious efforts to reduce its own reliance on greenhouse gas emissions with its pledge to reduce them by one third percent by 2030.

Morocco plans to increase the share of renewable energy to 42 percent by 2020 and to 52 percent by 2030. The country recently opened what is believed to be the world’s largest solar power plant near the city of Ouarzazate, about 120 miles southeast of Marrakech

As preparations get under way, organizers have begun holding workshops to educate tour and hotel operators and discuss logistics in the city of about 1 million population is Morocco’s most popular tourist destination, known for its colorful markets. Marrakech hosted COP7 in 2001.

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Data shows decline in governance in 21 African nations

Comments (0) Africa, Featured, Politics

Ghana

10 countries see improvement in their political systems and Mauritius, Cabo Verde and Botswana are the top rated.

Africa has seen scant improvement in national governance in recent years and more than a third of its 21 nations saw declines in the quality of their civic systems, according to a comprehensive index established by a Sudanese philanthropist.

The overall average for the continent increased by only 0.2 points to 50.1 out of a total of 100 possible points between 2011 and 2014, according to the Ibrahim Index of African Governance. The index also showed a decline of more than two points in the area of economic opportunity.

Twenty-one countries, including five of the top ten nations, have experienced deterioration of government performance since 2011 while only 10 countries registered improvement.

The index revealed significant gaps. Mauritius was the top-rated nation with a score of 79.9; war-torn Somalia had the lowest with a score of only 8.5. Regionally, Southern Africa had the highest rating for governance at 58.9. Central Africa had the lowest, 40.9.

Index assesses safety, business climate

The annual index is produced by the foundation of Sudanese telecom billionaire Mohamed Ibrahim, who is known for fighting corruption. Launched in 2006, it evaluates governance in each of 54 African countries based on 93 indicators that fall into four broad categories: safety and rule of law, human development, participation and human rights, and sustainable economic opportunity.

The top 10 countries, with their ratings in parentheses, are: Mauritius (79.9), Cabo Verde (74.5) Botswana (74.2), South Africa (73), Namibia (70.4), Seychelles (70.3), Ghana (67.3), Tunisia (66.9), Senegal (62.4), and Lesotho (61.1).

Mauritius, Cabo Verde, Botswana, Seychelles and Ghana, saw ratings declines while the other five countries improved.

Other countries that showed improvement were: Ivory Coast (48.3), Morocco (57.6), Rwanda (60.7), Senegal (62.4), and Zimbabwe (40.4).

Ivory Coast shows most improvement

Ivory Coast was most improved with an increase of 8.4 points. The West African nation is emerging from years of civil war that was triggered by a disputed election in 2010 and left an estimated 3,000 people dead. Ivory Coast held successful democratic elections for president in 2015.

War-torn South Sudan, Mali and the Central African Republic posted the steepest drops in the ratings. South Sudan’s rating declined by 9.6 points to 19.9 out of 100. The Central African Republic’s rating decreased by 8.4 points to 24.9. Mali was down 8 points to a rating of 48.7.

Thousands have been killed or displaced in South Sudan as the government battled rebel forces since 2013. The United Nations has warned that nearly 25 percent of the population of South Sudan is in urgent need of food.

After years of civil unrest, Mali has been plagued by jihadist attacks targeting tourist locations. Islamist militants killed 20 hostages in November at a hotel in the capital of Bamako.

In the Central African Republic, hundreds have been killed and an estimated 35,000 people displaced since 2013, when a mostly Muslim group overthrew the government. Widespread accusations of human rights abuses by that group prompted formation of mostly Christian militias that have retaliated against Muslims.

Tanzania, Uganda among those with declines

These countries had also ratings declines of one point or more: Tanzania (56.7), Uganda (54.6), Mozambique (52.3), Gambia (50.5), Cameroon (45.9), Guinea-Bissau (35.7), and Libya (35.5).

Other countries whose ratings declined slightly (less than one point) were Benin (58.8), Malawi (56.7), Niger (48.4), Guinea (43.7), Equatorial Guinea (35.5), Eritrea (29.9).

Along with the Guinea-Bissau, Equatorial Guinea, Libya, Eritrea, Central African Republic, South Sudan, the bottom 10 included: the Democratic Republic of the Congo (33.9), Chad (32.8), Sudan (28.3), and last-place Somalia (8.5).

The index also revealed striking differences across regions of the continent, from an average low of 40.9 points in Central Africa to a high of 58.9 points in Southern Africa. East Africa scored 44.3, North Africa 51.2 and West Africa 52.4 In addition to being the lowest rated, Central Africa was the only region where governance deteriorated, according to the index.

Business environment declines

In its four categories, the index showed that the sustainable economic opportunity indicators had the lowest average score for the continent, 43.2 points, a decline of 0.7 points from 2011. In particular, the index showed a decline of 2.5 points in “business environment,” which included a drop of 11 points in the sub-category of soundness of banks.

Four countries bucked the trend, showing gains of 5 points or more on economic opportunity ratings: Morocco, Togo, Kenya and Democratic Republic of Congo.

Ibrahim said that while the continent has made significant progress in the past 15 years, the latest results are cause for concern.

The 2015 index “shows that recent progress in other key areas on the continent has either stalled or reversed, and that some key countries seem to be faltering,” he said. “This is a warning sign for all of us. Only shared and sustained improvements across all areas of governance will deliver the future that Africans deserve and demand.”

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Janine Diagou rises to number 2 in family company

Comments (0) Africa, Featured, Leaders

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As head of banking of NSIA Group, Janine Diagou prepares to introduce company shares on the regional stock exchange.

When Janine Bénédicte Diagou joined the family insurance and banking business in 1999, it wasn’t guaranteed that she would be running it one day.

But 17 years later, she is group managing director and head of the banking division at NSIA Group, a leading insurer in French-speaking Africa based in the Ivory Coast, and the number two to her father, Jean Kacou Diagou, who founded NSIA Group in 1995 and serves as its president.

These are busy times for the Diagous as their company, which has pursued an aggressive growth strategy, prepares to take their bank public and introduce shares on the regional stock exchange for eight West African countries, including Ivory Coast.

For Janine Diagou, that has meant months of travel to meet with boards of subsidiaries in the region to smooth the way for the initial public offering, which will enable the bank to raise capital.

Diagou studied business in England, France

Janine Diagou studied business and finance in Paris and in London, obtaining a Bachelor’s Degree in business administration in France and a Master of Science degree in finance in England.

After she finished her studies in 1995, she joined Citibank in Abidjan, and then moved to Mobil Group ACOE as an internal auditor.

She said she took what was essentially a demotion to join her father’s company at his request in 1999, trading an executive role at Mobil Group for the more modest role of auditor at NSIA.

Her father was forming a new auditing group and asked her to join as a simple auditor.

“He asked me to cut my salary in half. I was not very excited at first, especially since I did not know the insurance industry. So we had to work hard to prove that I deserved my place,” she said.

Skepticism, then success

She said she faced skepticism and took pains to avoid being perceived as having the job because she was the daughter of the boss, including addressing him as “mister president.”

She rose to become financial director of the group and then took charge of strategic development. She assumed her current position in 2011.

She said she and her father never had a game plan for her advancement.

“He never promised me anything and, believe me, he did not ease the task either. I think in my job, I won his trust,” she said.

Progress for women in business

She believes her success is a victory for women in business.

“Convincing men in industry of your competence is not simple in Africa,” she said. “The main challenge was to prove again and again that I was capable of doing the job at least at the same level as men — and even better.”

She said she and her father have not reached a stage of discussing succession. Instead she is focused in gaining investor confidence that the company is sustainable.

Family, private investors having holdings

NSIA currently owns nearly 80 percent of the bank, with the family holding 60 percent and the remaining 20 percent in the hands of private investors. National Bank of Canada bought a 20.9 percent share in the bank for approximately $94 million in 2015.

NSIA Bank, formerly known as BIAO-CI is part of the financial group NSIA, which is a leading insurance provider in 12 countries across West and Central Africa. NSIA also owns a bank in Guinea. The company reported revenue of $3.3 million in 2014 and Jean Diagou forecast revenue would increase by 10 percent in 2015.

Few details of the initial public offering have been made public and no date for the stock sale has been announced.

Ivorian law requires companies to offer at least 10 percent of their shares to be listed on the exchange.

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Fred Swaniker, Educating Africa’s next great leaders

Comments (0) Africa, Featured, Leaders

Fred Swaniker

One man’s determination to make Africa great by teaching its fourth generation to be good leaders.

Gaining worldwide recognition, ranked among the “top 10 young power men in Africa” by Forbes Magazine and named one of the World Economic Forum’s “Young Global Leaders” in 2012, few could wish for such an impressive list of accolades. However, for Ghanaian Fred Swaniker, they are just a few happy byproducts of his passionate dedication to educate the fourth generation of post-colonial Africa.

Having succeeded in fulfilling his first dream of opening the African Leadership Academy (ALA) in 2008, followed later by the African Leadership Network (ALN) in 2010, he is by no means ready to slow down. Instead his latest mission just goes to prove that the 38 year old is quietly leading a revolution.

The ambitious entrepreneur has turned his sights towards developing the African Leadership University (ALU). Announcing his plans for the first time in public during a TED talk in October 2014, Swaniker spoke of the potential to educate and develop 250,000 leaders at the University’s 25 campuses across Africa. He estimated that over 50 years that would create three million transformative leaders who could finally walk out the doors of ALU and into the world, hopefully to carry out his vision of leading Africa in a brighter, more prosperous and stable direction.

Early inspiration

The TED fellow’s early years were spent moving from country to country almost every four years due to political unrest in his continent. At the age of four he experienced his first coup d’état that forced him and his father, a lawyer, and his mother, an educator, to leave their native home.

His family moved to Botswana, a revelation to the then eight year old Swaniker, who appreciated the country’s good infrastructure, no coups, good education and the fact that “things worked.” It was here, while watching television that the young Ghanaian pin points the moment he realized the power of leadership. As he watched the incarcerated Nelson Mandela refuse to give up the struggle against the apartheid he thought to himself, “one good leader could make such a difference in Africa.”

His experience of living in many African countries kindled a deeper love for his continent and solidified his dream, to dedicate his life to making Africa great. His first opportunity came about whist living in Botswana and his mother was asked to set up a school. On agreeing she made sure to engage her son as the head teacher, a mere 17 year old at the time. It was a life changing experience that would instill in him a deep understanding of the importance of education and responsibility.

Where education and leadership meet

These two pivotal realizations in the African entrepreneur’s life were uniquely profound but combined, they were revolutionary. He realized the potential in teaching leadership skills to bright, ambitious, young Africans to give them the opportunity to transform the continent. “For Africa more than anywhere else in the world, the difference that just one good leader can make is much greater than anywhere else,” Fred Swaniker said during his 2014 TED talk.

After studying economics at Macalester College in the US, he joined McKinsey management consulting firm before going on to obtain an MBA from Stanford University. While there he came up with the idea to create his African college.

It was not an easy road to fruition; he sacrificed his time, finances, energy and even comfort in order to raise what was needed to get ALA up and running. Reminiscing on the time, Swaniker said, “The initial funding came from my friends and family but that lasted for a few months and then it ran out. I really spent the next two years without any money and we just had to find ways to survive.” Luckily his support network was strong, with friends who believed in him enough they would go on to become co-founders and colleagues.

Looking ahead

It is with unwavering belief that the leadership development expert approaches the future. As much as he has invested already in his continent, he is ready to invest more. His faith is in this new generation and he is putting all he has into making the doors of his institutions as open as possible, to all.

The university runs a scheme of “forgivable” loans that offer students money for fees and living costs which are not required to be paid back should they work in Africa for 10 years after graduating. It is his way of additionally encouraging the bright, young thinkers to remain, to put all their new found skills and knowledge back into Africa.

“I thought that if I can create an organization that can find young entrepreneurs, young leaders in every country in Africa – that has the potential to really change the continent; if I could build an institution that could develop them, then they could achieve much more than I could achieve by myself.”

And while so much of the Young Global Leader’s time is spent conjuring up new ideas and ensuring the smooth operation of his many institutions, he still makes time to enjoy his relatively new married life. Married on the 8th June, 2013 he and his wife share a love of good food, travel and Africa – a continent that is going from strength to strength thanks to visionaries like Fred Swaniker.

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Najla Al-Midfa Breaks the Glass Ceiling

Comments (0) Featured, Leaders, Middle East

Najla Al-Midfa

Najla Al-Midfa set her sights above the solid glass ceiling in the Emirati banking sector, joining as the first female board member at the United Arab Bank, and founding an online mentorship community to provide young Emiratis with more equitable opportunities.

The Muslim world is often portrayed as an oppressively sexist society despite some seemingly modern societies, such as the United Arab Emirates. Despite its widely publicized modernization, for women living in the UAE, life is undeniably inequitable: by law, Emirati women cannot marry non-Muslim men unless they convert (whereas men can marry a woman regardless of her religious affiliation), and wedding contracts are negotiated between future husband and a woman’s male guardian; sex outside of marriage is illegal, women cannot unilaterally divorce their husbands (whereas men can), and in order to petition for divorce must prove that they have been abandoned for more than three months, that they have been physically abused or that a husband has been financially negligent; and in the case of divorce, a woman’s custody rights may be revoked should she re-marry.

The First Step on the Career Ladder

Emirati women are lesser citizens than their male counterparts, which makes individual rebellions against the system all the more remarkable. Najla Al-Midfa, a native Emirati born and raised in Sharjah, is a prime example of the incredible strength and acumen Emirati women possess. Al-Midfa was born and raised in an affluent neighborhood in Dubai and received her Master in Business and Administration from Stanford University before entering the entrepreneurial world of the UAE. Upon her 2010 return to the UAE, Al-Midfa joined the Khalifa Fund. The Khalifa Fund was launched in 2007 to support young, local entrepreneurs in Abu Dhabi enter the business world. The Khalifa Fund was the perfect starting point for Al-Midfa: she wanted to use her business and interpersonal skills to promote local entrepreneurs in a comprehensive way. She guided a team through the due diligence process, and helped identify smart investments. While at the Khalifa Fund, Al-Midfa was constantly questioned about her career path: it was these questions that inspired her to create a mentorship program so that young people would have guidance after their academic careers.

Starting Up to Help Others Starting Out

Al-Midfa left the Khalifa Fund and founded Khayarat. Khayarat gives recent graduates exclusive access to existing companies, connecting them with potential mentors who can offer personal advice on entering the workforce. The online career development platform targets the 18-25 year old market so they can launch their careers in the private sector. Khayarat promotes companies through individual company pages that provide a complete analysis of the company: a Khayarat team visits each company and photographs the workspace and employees so prospective employees can get a feel for the atmosphere. For international businesses, this personal touch is important. Khayarat only visits local branches of international companies, which might not be highlighted on a given corporate website. By highlighting the local branch, Khayarat provides a comprehensive directory of local private sector companies with which recent graduates could work.

khayarat

A Crack in the Ceiling

Not only is Al-Midfa the founder of her own business, but she has worked for numerous international firms and is on several boards of directors and committees. It is common knowledge that, while women make up a significant portion of the formal global workforce, their presence in the upper echelons of business is lacking. Through hard work, perseverance and a refusal to accept the status quo, Al-Midfa has cracked the omnipresent glass ceiling. In her earlier career, she worked for PriceWaterhouseCoopers, the multinational professional services network. She is currently on the board of Education for Employment UAE; Sharjah Business Women Council; Young Arab Leaders and is on the Board of Directors and a Member of the Executive Committee at the United Arab Bank–the first woman to hold such a high position.

Al-Midfa’s impressive resume summarizes and even more impressive woman. Al-Midfa is a formidable role model for all young business people, regardless of gender or nationality. When asked for her best piece of advice, Al-Midfa said “the advice that I give most often is a piece of advice that was given to me – and now I’m passing it on… ‘We find comfort amongst those who agree with us, but we find growth amongst those who don’t.’” This advice should ring true for all: comfort zones must be left, as Al-Midfa did when she went to the USA for her MBA, and as she has done time and again in the male dominated private sector, in order to grow as a person and a professional.

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