This is the first year the Ocean Race has been attempted since 2018, with 11 boats taking part in a journey expected to last six months, finishing early July. During the Ocean Race stop in Cape Town, South Africa, recently, French sailor Kevin Escoffier spoke about how you discover more about yourself in the high seas than in any other sport.



The Ocean Race has long caught the imagination of many a sailor, a chance to traverse the high seas in a battle of physical and mental strength that pushes those who take part to the very limit of their endurance.



First attempted in 1973, it is in essence a race across the globe, making various ports of call along the way, with the quickest to navigate the various legs the winner. 



This is the first year the event has been attempted since 2018, with 11 boats taking part in a race that is expected to last all of six months, finishing in early July.



The boats will cover 32,000 nautical miles (59,200 kilometers) and there are seven legs, starting in the Spanish port of Alicante, before stops in Praia (Cape Verde), Cape Town, Itajaí (Brazil), Rhode Island (United States) and Aarhus (Denmark), the first of three In-Port races along with The Hague (Netherlands) and Genoa (Italy).



Although shorter than previous races (which have lasted up to nine months), the 2023 edition is certainly still very challenging and the real danger of upset in, at times, treacherous conditions is always there.



Frenchman Kevin Escoffier, who is skipper of the boat Holcim PRB, is in his third Ocean Race, having finished third in 2014 and won in 2018.



He admits it is hard graft but says you discover more about yourself in these conditions on the sea than in almost any other sport.



“You learn a lot about yourself, about the sea and about your boat very quickly, because there is no room for error,” Escoffier told FORBES AFRICA during the Ocean Race stop in Cape Town.



“I am lucky that I have experience in my crew because you need that if you hope to be successful. It is a very challenging race and there are many things that can be a setback.



“We only launched this boat in May 2022, so from that point of view it is very new. Not all boats are the same. They have their own character, and you have to learn that personality quickly.”



Although it is a race, Escoffier says the key as a skipper is actually to pace yourself, the crew and the boat. Trying to push too hard on any of those three things can have dire consequences.



“You have to find a steady rhythm, not always trying to be at 110% of what the boat is able to do. You don’t want to push too much because the boat can be at sea for 35 days or however long the leg is. It can be exhausting for everyone.”



Escoffier is the leader of crew, but even though he has won this race before, admits key to his role is allowing other people to contribute and to utilize his crew’s knowledge to the best of their abilities.



It is a lesson for life too, about being willing to hear what those around you have to say and not lead with absolute authority, even if it is ultimately your reputation on the line.



“It’s very important in a crew to use all the experience on board, even if they do not have experience in the Ocean Race itself.



As a skipper, you have to be able to listen to everybody and that each person is able to come with their skills and their ideas, even if it is ultimately up to me as the skipper to decide what to do.



“I always encourage the crew to come with their own ideas and find solutions to go faster by pushing less on the boat, if that makes sense. How can we be more efficient?”



Escoffier says that, even months into the race, they are still trying to work out the best combinations for Holcim PRB to reach optimum performance in all weather conditions.



“We are still working on the sails, in each leg we are modifying the speed of the boat, depending on the twin speed and the twin angle we are using, and monitoring the software that we have on board,” he says. 



“We’re always learning and pushing a bit harder, but there’s plenty to do, we’ve got a long list of what we want to try in the race.



“We learn every day how to go faster. And it’s amazing how fast these boats can go, but again, the race is long and it’s very, important… I know from my previous Ocean Races that you have to adapt as you go along.



“You cannot say, ‘we will start the race like that and finish doing the same things’. You have to adapt to what is happening around you.”



All of the stops in the race present a chance for the crew to explore the country they are in and find their land legs again. The boats spent around two weeks in Cape Town.



“It is the third time I have come to Cape Town, and I had a great time with my wife and family, it was a chance to see them again,” Escoffier said. “It’s a beautiful city and a door to the Southern Seas in the head of all sailors.



“That means it’s the ‘Hell’s Door’ for us,” he joked, in reference to the treacherous third leg in the Southern Atlantic that is the most challenging of the Ocean Race.



“But it’s so beautiful in Cape Town, I like to eat and there is so much good food, so I enjoyed that a lot. We had a wonderful time.&#8221;

The Ocean Race 2022/2023: Cape Town Leg 3 Start

The Ocean Race Stop In Cape Town And Lessons From The Sea

Behind the sandbags, blast barriers, barbed wires and high walls, are impressive modern buildings in Somalia’s capital city. Despite the country struggling with war and drought, there is a strong pride in being Somali.



Mogadishu, the capital of Somalia, is reportedly one of the most dangerous places in the world, off limits to most foreigners and a risky place for Somali government officials. Travel advisories don’t mince their words: “Do not travel to Somalia, due to armed conflict, the ongoing very high threat of terrorist attacks and kidnapping, and dangerous levels of violent crime,” they read.



For more than three decades Somalia has battled terrorism, drought, famine and war. A drive through its capital throws up reminders of the past in the form of bullet-ridden buildings and smashed concrete rubble that has been pushed to the side of the streets. In the middle of a main intersection where two truck bombings five years ago killed 587 people and injured 316, a donkey stands chewing on garbage, unfazed by the armed convoys driving past.



Four kilometers from the Green Zone, which is how distance is measured in this war-torn city, the once tarred roads are covered with sand and dust due to years of neglect. Styled on the Baghdad safe zone, the heavily-guarded security zone around Aden Adde airport is controlled by government security forces who man the checkpoints in and out.



It’s dangerous for non-Somalis to move around the capital. Most embassy, United Nations and NGO staff hold their meetings inside the Green Zone. Attacks by the al-Shabaab militant group have increased since the president recently ramped up an offensive against them and the areas of Somalia they control.



If you’re planning a trip to the capital, your first point of call is a security company. During my visit they advised me not to leave the secure compound where I slept and ate, at any time, for anything, without informing them.



Even a trip inside the Green Zone saw me being driven in a heavily-armed vehicle, wearing a bulletproof vest, as part of a convoy with six local contractors armed with AK47, riding in the front.



It wasn’t always like this. For millennia, this ancient port city connected traders across the Indian Ocean. In the 1800s, the country was colonized by Britain and Italy and the faded facades of mostly Italian architecture can be seen on some of the buildings.



While independence came in 1960, decades of civil war followed that virtually destroyed the economy and infrastructure and split Somalia into areas under the rule of various entities. Since the late 2000s, the US military has supported the government in its counter-terrorism operations as part of the ongoing ‘Global War on Terror’ that followed the September 11 attacks in 2001.



This has translated into more security and soldiers on the roads.



The struggle to survive underlies the friendliness and graciousness of the population. Soft-spoken and extremely polite, the Somalis I meet are those who work in the security compound that is my temporary home, as well as government officials and businessmen in their elaborate offices. It’s strange but behind the sandbags, blast barriers, barbed wires and high walls, are impressive modern buildings.



We arrive at one in a more rural part of the Mogadishu outskirts after passing a man sauntering down the road with an AK47 assault rifle casually slung over his shoulder. The driver confirms he’s alShabaab.



Driving into the complex, two watchguards are fast asleep on dirty mattresses in the garden, using their PK machine guns as pillows. They yawn, eye us, turn over and go back to sleep.



March and April are the hottest seasons and temperatures can soar to 34 degrees with 83% humidity. In a few months, unless something drastic and unforeseen happens, the country will be battling its sixth consecutive drought season. Dotted around the capital are camps for internally-displaced people that date back years but which still see newcomers arriving on a daily basis. The orange tarpaulin stick-framed structures shelter the estimated 1.3 million people who’ve moved here from other parts of the country. Eighty percent are women and children.



My security detail prevents me from leaving the safety of an armed Land Cruiser whenever we are on the roads. The vehicle fights its way through checkpoints, competing with an endless stream of mostly red three-wheeled bajajis (tuk-tuks) careering around – by far the most popular mode of transport in Mogadishu.



Through the bulletproof windows, hand-painted shops and garage signs bring color and vibrancy to the streets. New coffee houses are springing up in an attempt to introduce a sense of normality to the beleaguered capital. Women carry bundles of firewood on their heads as they walk along the pavements in their colorful hijabs while men play boardgames, lounging outside on plastic chairs.



Dromedary camels are in the middle of everything, often resting in the shade of a palm tree. I wish I could see more. I wish I could walk these streets and chat with the vendors who are endlessly curious to see foreigners. The country has a lot to offer. There are a number of historical sites, beaches, waterfalls, mountain ranges and national parks. After dozens of meetings and a brief glimpse into Somali life, it’s the resilience and optimism of the people that touches me the most.



I’m showered with a lot of hospitality and care, and despite the country struggling with war and drought, there is a strong pride in being Somali. Down-to-earth, people here are generally happy with what they have. There might be a lack of development and overwhelming challenges but as more than one Somali told me: “I only have one passport and this is my home, I have no intention of going anywhere else.”

Mogadishu Street Life Goes On, Despite Risk Of Al Shabaab Attack

More To Mogadishu: The Resilience And Pride In Being Somali

Where does the continent fit into the chatbot conversation, and why it needs its own startups that focus on AI.



The ability to be able to have a conversation with someone else is a fundamental part of what it means to be a human being but today, it’s becoming more and more confusing to figure out whether you’re talking to a bot… or not.



Technology has advanced to the point where AI-powered conversational chatbots, like ChatGPT or Meta’s BlenderBot 3, are deceptively realistic. (More so when they go off the rails and say things like ‘I want to be alive’, which is exactly what Bing’s AI bot expressed earlier this year.) While chatbots like these are trained to avoid expressing personal or biased views, and are known to make factual mistakes and mix up information, they’re becoming smarter, more streamlined and sometimes, a little strange…



“Conversational AI is one of the first applications of NLP in artificial intelligence and this kind of technology has existed since Eliza in the sixties,” explains Professor Mpho Raborife, the deputy director at the Institute for Intelligent Systems at the University of Johannesburg in South Africa.



Natural Language Processing, or NLP, is a way for computers to understand human language. NLP uses AI tools like machine learning and neural networks to process and interpret large amounts of data.



“With the rise of big data, ChatGPT was inevitable. It’s trained on a very large dataset and the technologies behind it make it a lot more advanced than other conversational AI applications.”



One of the reasons for this, explains Raborife, is that ChatGPT uses reinforcement learning alongside sophisticated algorithms that manipulate its dataset. “It’s so sophisticated that people don’t realize that it really possesses no intelligence whatsoever,” she adds, “it really doesn’t understand the meaning behind anything, it just know how the words are supposed to work but not what they mean.”



OpenAI’s ChatGPT is a research experiment gone wild that has shown the incredible potential of conversational AI yet Africa is still being left behind. Consider smartphone voice assistants like Siri or Alexa – both examples of conversational AI used regularly; they work with English but struggle to understand local accents. They don’t support African languages.



“We know that the Global North is not going to include our languages. Therefore, we need to find a way to make sure that we create an environment that the startups that come from Africa which do incorporate our languages have the same kind of impact,” Raborife adds. Duolingo, for example, is a popular language learning mobile app that uses an AI system called Birdbrain to personalize its content. Duolingo has 43 different languages (including made-up dialects such as Klingon, High Valyrian and Esperanto) but only isiZulu and Swahili are available when it comes to African language learning courses.



“When we talk about AI, our languages are not supported or even represented by these technologies,” says Raborife. “But conversational AI has the potential to bridge the language divide as it can be used in a variety of ways because it surpasses literacy levels. If people cannot read or write, they can use their voice to access services and this is something that is important to Africa.



This is why we need our own startups that focus on AI. Recently launched, Lelapa AI is an African AI research and product house looking to make a real difference within the continent with a special interest in agriculture, education, energy, healthcare, microfinance and language.



“There are so many problems on the continent that AI-type technologies can help with so there’s a responsibility for us to use our skills to help create better lives for everyday Africans,” says Pelonomi Moiloa, Lelapa AI’s co-founder and CEO. 



“What we intend to do is use technology in a very smart, resource-efficient way because there are challenges on the continent like rolling blackouts, water shortages and network issues…” Lelapa AI have already debuted an app called VulaVula which offers NLP-as-a-service for under-represented languages. Moiloa describes VulaVula as an underlying technology that supports other technologies. A banking chatbot, for example, could use VulaVula’s AI language capabilities to help customers interact in their own languages.



“The idea is that if an organization has a place for us to plug our models into and we can collaborate agreements around how that work can be done, then – ideally – if we have the resources and capacity we will help businesses do what they need.”



For Moiloa, creating African data sets to work from may be challenging but it’s also something she sees as a competitive advantage for Lelapa AI. “We’re having to think around clever ways of dealing with Africa’s data scarcity problem. We have to create models that are able to cope with less amounts of data, but models that can get really good at curating and gathering data,” she says.



And the fact that ChatGPT doesn’t necessarily draw its information from African data sets (it was apparently trained using real human conversations) means startups like Lelapa AI have the opportunity to develop responsible methods of dealing with problems that are relevant to the continent.



“I don’t think we should be trying to develop our own ChatGPT but maybe we can develop other textual tools that can help solve the problems that ChatGPT is meant to – but at the moment, it seems to be creating more problems,” she ends.

AI (Artificial Intelligence) concept. Electronic circuit. Communication network.

Talking A-‘bot Africa: The Potential For Conversational AI

March 1 marked the beginning of my term as Rector of the United Nations University (UNU). Along with my initial excitement and ambition is the recognition that I am starting my Rectorship in an era defined by our shared efforts to address immense challenges — climate change, lasting peace, and sustainable development for all. 



It is also an era where technology will play a pivotal role in our success, challenge our ethics, and reshape our values. UNU’s contributions and expertise are more vital than ever as we approach the 2030 Sustainable Development Goals’ (SDGs) deadline and overcome the very real SDG setbacks caused by the Covid-19 pandemic and our structural inequalities. 



Access, distribution and capacity are demonstrably skewed, and our divisions have grown. As a 2021 UN report on the SDGs found, the SDGs have long been off track. If we hope to reverse this trend, we will all have to work hard to achieve them. The work of UNU and our partners must be grounded in justice that transcends our physical, mental, and digital capacities.



In Africa, the challenges of achieving the SDGs are compounded. This is because development seems to have stalled. A 2022 Organisation for Economic Co-operation and Development (OECD) publication demonstrated that Africa’s growth rates in the aftermath of the Covid-19 pandemic hindered its convergence with other global economies. This lag in growth is, in turn, stunting the continent’s development and has pushed more than 29 million people into extreme poverty.



The research and application thereof that emerges from the UNU present a unique opportunity to emerge from this malaise while addressing broader global challenges. Hassatou Diop N’Sele of the African Development Bank (AfDB) stated in an October 2022 report: “The economic and security shocks experienced by Africa over the last few years have been devastating, both in their reach and their repercussions. If there was ever a time to reaffirm the relevance and critical role of security and its interrelation with development, that time is now.”



To help meet these challenges, three principal actions need to be implemented by UNU. First, we should raise the University’s global profile. Second, we should expand the activities of UNU, especially in the Global South. And third, we should increase UNU’s capacity in teaching, learning, research, and policy-work in partnership with universities and other key stakeholders worldwide.



We need to mobilize financial, political, human and intellectual resources in both the Global South and Global North to achieve these goals. UNU should continue to create partnerships that provide sustainable support for our work in new regions and communities. We should use digital platforms to expand the teaching, learning, research, and policy offerings of UNU. 



We should produce and spread digital programs primarily targeting a just transition to the fourth industrial revolution. We should prioritize using artificial intelligence and other technologies for responsible, peaceful, and sustainable policies and applications. We need to further UNU’s role as a critical player in tackling contemporary global challenges and position UNU as an essential intellectual resource for stakeholders worldwide.



The work currently being done by the UNU is innovative, exciting and impactful in positing sustainable solutions. The institutes and programs now span Japan, China, Malaysia, Finland, Germany, Holland, Portugal, Ghana, Belgium, Venezuela, New York and Canada. There is a call to expand further into the Global South physically and through our work. 



Additionally, there is a call for a greater focus on technology. As the pandemic has demonstrated, we are deeply entrenched in a digital era characterized by intelligent technology. It would be myopic to approach any of our shared challenges without an awareness of this context or to use these tools to contribute towards sustainability. As a 2020 PwC report states: “For all the potential that these technologies offer, however, they could also put greater stress on the Earth, its resources, and on our society.



We should ensure, therefore, that these technologies are harnessed in the right way, to fulfil their potential to revolutionize our world, transform the lives of people, and unlock new pathways to prosperity – fast-tracking sustainable development globally.”



My approach to UNU in the coming months will be a convergence of the emphasis on the solid collaboration network that spans from the Global South to the North facilitated by technology to achieve lasting peace and sustainable development. This is how we create a more equitable world and ensure that Africa and the rest of the world are part of the conversation and action.



The writer is a Rector of the United Nations University based in Tokyo.

Aerial view of a green highway and railway tunnel covered with solar panels in Belgium.

A Critical Player In Tackling Contemporary Global Challenges: An Africa Perspective

Nigerian teen golf prodigy Iyene Essien is focused on her goal to become ‘the female African Tiger Woods’. She has been acing her game from when she was six. 



By Peace Hyde



When Tiger Woods won the prestigious Arnold Palmer Invitational, a professional golf tournament on the PGA Tour, in 2012 for the seventh time, little did he know he was inspiring a five-year-old, Iyene Essien, in faraway Nigeria to pick up a golf club and play. 



At the time, Essien’s dad took her to a golf club in Abuja and she was immediately hooked.



“I was fascinated and asked if I could play,” says Essien in an interview with FORBES AFRICA. Convinced, it was not long before her dad bought her golf clubs and hired a coach to take her through the paces.



Today, she is a teen golfing sensation. 



After winning her first golf event by age six, Essien has consistently dominated the African golfing world and gone on to represent Nigeria at international competitions. She finished second in the Champion of Champions golf tournament in Northern Ireland, playing on the same course as golfing legend Rory Mcllroy and has also won the prestigious Hurricane Junior Golf Tour (HJGT) in the United States, twice.



The HJGT tour is a prestigious program that affords truly exceptional junior golfers between the ages of 8-18 the opportunity to play world class courses competitively; the perfect ground for Essien to hone her skills if she is to make her dream of becoming



“the female African Tiger Woods” a reality.



And as luck would have it, in 2017, Woods acquired a stake in HJGT to help grow the sport and expand it globally. According to Forbes, more than 30,000 boys and girls have competed in the events that have produced close to 4,000 golfers since 2007. 



“I look up to Tiger Woods because of his dedication to the sport and his ambition to keep going against all odds. He shows how passionate he is about the sport whether he is winning or losing,” says Essien. 



Essien could very well be on the golfing legend’s radar if she continues her winning streak on the HJGT course.



It is no surprise that her long-term goal is to be able to play professionally full-time but Essien is pragmatic enough to invest in education as a back-up plan.



“Not everyone makes it to playing professionally so it is essential that I have a stable education before fully devoting my life to golf.” 



She is currently attending high school at The Taft School in the United States (US). She is the number two player and also an member of The Taft School Girls’ Varsity Golf team – winners of 2022 Founders League High School Golf Tournament in Connecticut, US. 



Golf is still an up and coming sport in Nigeria, a country that is dominated by football.



The current president of the Nigerian Golf Federation, Otunba Olusegun Runsewe, has vowed to usher in a new era for golf. At the top of his agenda is positioning Nigeria to be a viable and attractive destination for international golf funding.



“There is about $4 billion worth of funding available for golf in Africa by 2023 and it is my duty to ensure we have the infrastructure here to attract that level of investment,” says Runsewe.



For Essien, the support from her family and friends has been crucial. Like most women in sports, even at the tender age of 16, Essien still has to deal with the stigma that comes with the territory.



“The challenges I’ve personally faced are people don’t really see me as a golfer. When I tell people ‘I play golf’, they don’t expect me to be as good as I am. Imagining a female to be good at a sport seems to not be the norm and it honestly doesn’t surprise me.



Everyone is majorly interested in male sports and female sports are seen as slow and boring.”



Boring or not, this Nigerian prodigy is determined to make her mark in the golfing world and if her recent achievements are anything to go by, she is aiming right.

Iyene Essien

The Nigerian Teen Who Is A Big Shot In Golf

By Paula Slier



The humanitarian crisis in Sudan is worsening by the day and within the first month of violence, erupting on April 15, at least 700 people have been killed&#8230;and counting. Those fighting vow to do so until death–or at least until they’re exhausted or one of the sides has a military breakthrough.



Pitted against each other are the Sudanese Armed Forces (SAF), led by Lieutenant General Abdel Fattah al-Burhan, and the Rapid Support Forces (RSF), controlled by Mohamed Hamdan ‘Hemedti’ Dagalo. In their fight to control the country, the two generals are seemingly committed to destroying each other which is why observers don’t foresee an end to the conflict any time soon.



Sudan was one of the first African countries to gain independence from British rule after World War II, but its governance has always been compromised and is reflected in the country’s numerous civil wars. The latest violence can be traced directly back to the ousting of former military officer and head of state, Omar Hassan Ahmad al-Bashir, in 2019, that was coordinated by the RSF and the SAF. But a power-sharing deal between the generals soon turned into a deadly power struggle.



RSF is a proxy militia that was historically used against the people of Sudan in marginalized regions. They’ve reportedly been found guilty of mass killings and rapes, pillage, torture, and the destruction of villages. Its key leaders have been indicted by the International Criminal Court of genocide, war crimes, and crimes against humanity.



Since the start of the current conflict, a variety of voices with different motives and backgrounds have called for the continuation of the war, in the belief that this will eliminate the RSF once and for all. In the eyes of many members of Bashir’s former regime, the RSF represents the main obstacle preventing them from re-seizing power.



Peace talks in Jeddah, Saudi Arabia, have so far failed to end the violence. Brokered by Riyadh and Washington, thousands of foreign nationals have been ferried out of the country. Sudanese journalist Mohamed Amen is following the talks and says: “Recent strides towards a ceasefire open the passage for relief aid in many parts of Sudan, especially Darfur…Amid all these tensions, people are still fleeing the capital Khartoum and other parts of the country. The humanitarian situation in Khartoum continues to deteriorate because of the fighting that is still continuing. The lack of food, the cutting off of water and electricity, and the shortage of fuel and other basic needs are mainly caused by the two sides not honoring the various ceasefires that were previously put in place.”



The humanitarian situation is nothing short of catastrophic. The conflict has driven many to seek refuge in neighboring countries. Hospitals are under pressure. Many are without water and electricity and have been vandalized. Health practitioners’ and patients’ lives are also in danger and Sudanese doctors are warning of a healthcare crisis. A call for humanitarian aid has so far delivered too little to salvage the situation.



The war has also left many jobless and exacerbated an already deflated economy.



Homes have been destroyed, families torn apart and many civilians have looted shops in a desperate effort to get some food.



Sadly, the instability is also creating new opportunities for armed groups and there are reports of them taking over laboratories for infectious diseases. Former staff are worried there might be a bio-risk if they open and sabotage fridges.



Sudanese civil wars are rooted in the historical context of the country, with the first one breaking out in 1955 to 1972.Until today, the second Sudanese civil war (1983-2005) remains one of the longest civil wars to ever erupt in Africa. Although it led to South Sudan eventually gaining independence from Khartoum, it left poverty and dependency on foreign aid in its wake. The latest conflict only exacerbates the situation, with infrastructure now even more dilapidated, poverty even worse and Sudanese people in greater despair.

Clashes continue in Sudan

Sudan Crisis: ‘Situation In Khartoum Continues To Deteriorate’

Rwandan cinema is coming of age, with a new wave of artistes and filmmakers bent on reiterating the country’s indomitable creative spirit and putting its movies on the international map. 



By Ridhima Shukla



The first feature film to ever come out of Rwanda was in 2001 titled 100 Days, a love story set against the backdrop of the brutal genocide against the Tutsi of 1994 directed by British filmmaker Nick Hughes.



In the years since, there have been more movies made in the tiny East African nation, although this has been a journey of risk and resilience in nabbing the top honors on the big screen .



Still busy building itself from scratch since the horrific events of 1994 that saw almost a million dead, as also building the capacity and infrastructure for large-scale movie production in tande with other development projects, Rwanda had not had a prevailing cinema culture in general. 



Mazimpaka Jones Kennedy, a veteran of the African film industry, says to FORBES AFRICA: “Rwandans did not have the culture of buying a ticket and going to the cinema, but things are changing. There is so much talent in the country and everyone loves films; we have come a long way!” 



With the spurt of growth and development in Rwanda, the nation’s artistes and creatives are exploring the myriad possibilities.



The creative sector has changed its narrative and today, Rwandans are being recognized for their work in international projects; their faces are on big budget films and their names are being played up across Over-The-Top (OTT) streaming platforms.



But this story began with the pioneers in the early 2000s.


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In 2004, Eric Kabera, a name synonymous with the Rwandan film industry, established the Rwanda Cinema Centre for training local talent and providing a launchpad for future filmmakers. He is focused on telling a new tale of hope and resilience in Africa.



At the same time, a larger influx of foreign producers, directors, actors and film crews made their way into Rwanda, instigating a passion for filmmaking among Rwandans and leading to the rise of a new wave of creatives who see cinema as a tool to tell their story and assist in the healing of the country’s people.



“We started by telling stories around the genocide. Because it was important for healing, and commemorating the lives that were lost,” says Eliane Umuhire, an award-winning Rwandan actress known for her role in the BAFTA-nominated Bazigaga.



Whilst Rwandans were beginning to take an interest in cinematography, and the passion for the craft was becoming more prevalent, the industry still lacked the necessary skills needed to create full feature films.



Authentic and compelling stories were being written but with a massive skills gap, the industry was struggling to scale up and become more lucrative. 



Christopher Marler, who founded the Africa Digital Media Academy in Rwanda in 2014 to bridge the necessary gaps in the industry, says: “The industry is still young and does not have a lot of money. On the other hand, how can the industry make more money if it does not have the skilled workers it needs? There are plenty of people that have the vision for film, but making it happen… that’s another story.”



He says his graduates are doing well. 



“It’s a bit old now, but in 2018, we did a tracer survey and discovered that we had a 91% employment rate amongst our graduates, not just because of their technical skills, but because they also know how to be professionals.”



But even before the inception of such institutes, Umuhire, the protagonist of Trees of Peace, paved the way with the help of likeminded and passionate artists, a tremendous testimony to Rwanda’s creative spirit.



“I started in theater and there was no cinema industry as such, even theater was in the early stages. There were two theater companies both led by women. They are the ones who walked me on [my] artistic journey,” says Umuhire from her film set in an international production studio in London where she is shooting her yet-to-be-announced next project.



“I want to share my story to inspire others that anything is possible. By working in international productions I can say that I can be black, with no hair, short and not the normal standard of beauty, yet make an impact on someone… all these people are testimony to that. We can tell our own stories.”



The story of the African people told by African people is becoming the norm and Rwanda has a major role to play in it. Today, the land of a thousand hills is a shining beacon of political and economic stability – and its cinema landscape is a reflection of a modern society embracing its past and channeling it into unity, growth and development.



Cinema has taken up the role as a medium for Rwandans to own their story and change the perception of the world about Rwanda.



Umuhire shares what it has meant for her to work on a story that does not simply focus on the chaos and brutality of the past but also bring to light the humanity of the continent’s people. 



“I played a character in a short film that played at the BAFTA, about a Rwandan shaman, a traditional healer who saved 200 Tutsi people. It’s beautiful to tell a story like that, about people who were the light in the deep dark history of Rwanda and who did good. Without this story, no one would have known. It portrays an African woman not as a victim but as a winner, saving lives.”



By being the compass and propellers of the African narrative, Rwanda is looking to create more buzz globally and within the continent with bigger productions portraying a new, fast-growing and changing Africa.



This ambition has opened doors for OTT content to thrive.



Moving hand in hand with improved access to mobile devices and the internet, OTT films and series are the new trend in East Africa; one that is here to stay and grow exponentially. Wilson Misago, the Founder and CEO of Zacu TV, a production and distribution house in Rwanda, says: “According to a report by Africa Business Communities, the OTT market in East Africa is projected to grow by 17% annually, reaching a value of $392 million by 2025.”



The rise of OTT has compensated for the lack of distribution avenues in the region by serving as a valuable distribution channel for local content creators, who are able to reach wider audiences and monetize their content through ad-supported or subscription-based models. “In Rwanda, there is a growing interest in locally-produced content, particularly in the Kinyarwanda language. Viewers are interested in stories that are relevant to their culture and experiences, including dramas, comedies and documentaries that address social issues,” adds Misago.



“Rwanda, by itself, is a small market. Now we have, through Canal+ and other efforts, a way to distribute and promote films to all of Africa. This, in turn, makes it more interesting for investors to finance production. The other big change is that we are finally getting some international attention. Distribution plus exposure equals the funding of productions,” concurs Marler.



In a matter of 20 years, the country has gone from having not a single movie theater to having several, and from having no homegrown productions to a thriving movie industry with the potential to grow into one of the biggest sectors of the economy.



In contrast to the past when actors were hired from other parts of Africa to play Rwandans, today, many Rwandans work in international projects as actors. Actor Arthur Nkusi considers it a natural progression. He played a supporting role in the film Fight Like A Girl with Rwandan actress, Malaika Uwamahoro.



“Rwandan actors have grown in terms of the experience of participating on international sets; today, the chances of being cast are much higher,” says Nkusi to FORBES AFRICA. Beyond acting, Rwanda’s directors are also shaking up the international market despite budget constraints.



This growth and recognition has not gone unnoticed by the government of Rwanda which has identified films as an important medium to strengthen its identity globally and also to enhance film tourism in the country.



Clare Akamanzi, CEO of the Rwanda Development Board (RDB), says: “We have set up the Rwanda Film Office; the idea is to reduce the cost for producers who come to shoot in our country.



This package includes tax incentives, and we have also built an audio visual studio at the ICT Innovation Centre to enable talent and quality in production, under the Rwanda Tourism Board.”



This move by the government is a strategic step towards creating the right atmosphere for filmmakers and other creative talent to spend more time in the nation, and assist directly or indirectly in raising the standard of the craft among local talent while building niche skillsets to aid the sector’s growth in the years to come.



Keeping an eye on the future of Rwandan cinema, in 2022, the Rwanda Film Office commissioned RWF184 million ($170,000) to support the development and production of 33 films/series.



Pioneers of the industry are ecstatic at the prospect of such initiatives as it paves the way for the strengthening the sector.



“The Rwanda Film Office under the RDB will support the ecosystem to grow. The film festivals such as the Mashariki African Film Festival, Rwanda Film Festival, Urusaro International Women Film Festival, the Rwanda International Movie Awards etc are putting the Rwandan film industry on the map,” says Misago. Umuhire is ecstatic: “Everywhere I go and tell people I am from Rwanda they tell me they have eyes on Rwanda. I feel there is no limitation in life as Africans. We can fly to the moon and dance with the stars, and still stay authentic to our true selves!”



Hollywood, here they come

Kwetu Film Institute in Rwanda

Celluloid Reality: The New Wave Of Rwandan Cinema

This writer stepped into the metaverse for a flying taxi ride at the recent Mobile World Congress in Barcelona. And roll, fold, flip – more nifty tech is coming up in the world of mobile phones.



One of the most popular stands at the Mobile World Congress (MWC) Barcelona, Spain, this year was from South Korea’s SK Telecom, with its air taxi ride simulation using virtual reality (VR) headsets. Visitors queued up for hours to get on. As you step into the front seat of the four-seater air taxi mock-up, you wonder: will you be able to last the whole ride; what if you end up with a headache and dizziness from the VR experience?



The ride was three minutes long, but once I was strapped in with a seat belt and VR headset, another passenger’s headset had to be configured at least three times. I felt anxious sitting around indefinitely with a VR headset, not being able to see the real world. “We’re experiencing technical difficulties,” said SK Telecom.



Once the four of us in the taxi were equipped with working VR headsets, our flight from a futuristic Busan took off. It involved our seats physically moving in the direction we flew with a vertical drop towards the end, to landing on a rooftop.



Not unfamiliar to VR, I got off feeling a bit disoriented. Would I test other VR experiences again?



Absolutely.



There’s only one way to follow this journey and see how it improves or if it ever takes off.



Stepping into the metaverse for a flying taxi ride was just one of many innovations on display at MWC Barcelona, which returned to full force since the pandemic.



According to the GSMA (which represents the interests of mobile operators worldwide), over 88,500 people attended from around the world with 56% coming from industries adjacent to the mobile ecosystem. 



Another innovation, 3D-holographic telepresence, which is still a work in progress, was showcased by Telefónica, one of Spain’s biggest telecom operators that combines 5G, fibre and edge computing technologies. 



Chatting to FORBES AFRICA, Telefónica said it generates 3D avatars to use in different environments. “We have 21 cameras equipped in the cabin to generate an avatar, with each one producing two to three gigabytes of information per second, so that’s 40GB-50GB every second.”



Once the 3D avatar is created, it can be teleported in realtime to augmented reality (AR) and VR environments using different scenarios, useful for live streaming or recordings, explained Telefónica 



The company’s combination of various technologies is a means of access for augmented, virtual, mixed or metaverse reality applications in the future.



Despite the metaverse being in the limelight, the nextgeneration of mobile phones were on full display: roll, fold, flip – there was something for everyone.



Oppo showcased its new Find N2, and Find N2 Flip, its first clamshell foldable that will make its way to South Africa this April. The pocketable N2 Flip will go head-to-head with the Samsung Z Flip 4 and Huawei P50 Pocket, expanding on the growing segment. Elvis Zhao, Chief Marketing Officer for Overseas Markets at Oppo, told FORBES AFRICA: “Oppo is confident in the future of foldable phones; we estimate that in 2023, growth rates will be 100%, and better than 2022.” 



Its first folding phone, Find N, released in December 2021 exclusively in China, reportedly sold out within five minutes. “Moving forward, Oppo will offer two form factors, a clamshell and a horizontal folding phone to overseas markets,” said Zhao.



The Find N2 Flip has a unique design choice of a 3.26-inch vertical cover display, making it larger than Samsung’s 1.9-inch offering. It currently supports Oppo-only apps with third party support expected.



The pocketable device features a waterdrop Flexion Hinge that underwent durability tests for 400,000 folds. When opened, the crease is hardly noticeable. It can be used hands-free propped between 45 to 110-degree angles.



The device opens to 6.8-inches and at 191g, is marginally bigger than the Z Flip 4. It is powered by a Mediatek Dimensity 9000+ chip, 8GB of RAM, and a 4300mAh battery, which is the largest on any clamshell currently on the market. It has a 50MP Hasselblad camera and a 32MP selfie-cam that supports hand gestures to take photos and videos.



Oppo also showed prototypes of its Zero-Power Tag, a rival to the Apple AirTag; the Air Glass 2 assisted reality glasses suitable for the hearing impaired; and an OHealth H1 monitor to check your vitals at home. Available on the floor were more foldables like the Xiaomi Mi Mix 2, Honor Magic Vs and Tecno Phantom V Fold, which are not slated for the African market.



And behind a glass box were proof-of-concept rolling screens from Lenovo on a laptop, and its Motorola branded Rizr smartphone. The laptop appears to look its ThinkPad but can transform from 12.7-inches to 15.3-inches at the push of a button. The company said it aims to get between 20,000 to 30,000 rolls from the laptop, which is nowhere near what smartphone folds have been tested against.



Similarly, the Motorola Rizr rolls open from 5-inches to 6.5-inches, and when using certain apps like YouTube in landscape mode, the handset rolls open automatically. Lenovo has not shared further hardware specs for its rollable screens, other than it being in a conceptual stage.



Admittedly, it’s too early to get excited about rolling screens, but on the other hand, foldables have shown promise with each iteration over the years. A space we’re following closely, and if rumors are anything to go by, perhaps we can expect a foldable from Apple in a couple of years.

The Metaverse In Your Pocket: Nifty Tech And Trends That Africa Will See

Is Africa’s tech industry missing out on top female talent?



By Tiana Cline



While African women continue to defy the odds as they assume various political leadership roles, the continent’s tech industry faces a serious gender issue. Despite endless global conversations around diversity within the tech sector, women still face significant barriers and are noticeably underrepresented in many roles, making it difficult for them to enter – and eventually lead – the industry.



According to a global women in leadership study conducted by IBM, gender equity is not a women’s issue, it’s an organizational one. “Women are significantly underrepresented at nearly every level of the workforce,” says Lindsay Kaplan, co-founder and Chief Brand Officer of Chief, a private network of executive women on a mission to change the face of leadership. “If companies prioritize gender diversity across their entire organizations through policies, investments, and a culture that meaningfully supports women, we’ll see a transformative impact — equity for everyone in the workplace and stronger, more resilient businesses.”



The study found that in Kenya, for example, there is even more stagnation in senior professional and non-executive managerial positions. Even though there are some incredible African women in IT like Catherine Muraga, the Managing Director at the Microsoft Africa Development Centre in Nairobi and Kendi Ntwiga, who heads up misrepresentation at Meta, the percentage of women hasn’t budged since the 2019 drop — and at a senior manager, it has even declined somewhat. And while the pandemic continues to have a disproportionate impact on women at work, in Kenya, geopolitical unrest was ranked the number one disruption facing women.



While Kaplan is happy to see slight progress in the representation of women at the C-suite and board level, she maintains that it is imperative that companies do more to fill the pipeline that leads to powerful positions.



One global technology company that is making massive strides in creating a place for women in technology is Cisco and more so, their Vice President for Middle East and Africa, Reem Asaad. Born in Egypt, Asaad moved to the United States at the age of 16 to study computer science.



“I had to leave because there weren’t a lot of accessible universities at the time and I wanted to study computer science. I went to the University of Houston in Texas and that was the beginning,” she says. Now based in Dubai, Asaad’s focus is collaborating with government, customers and partners but creating and developing female leadership is her passion. “Cisco should mimic the communities that it serves. That’s already inclusive and a starting point. We have amazing resources in Africa and we need to invest in female talent,” says Asaad. “Africa is fascinating because we talk about diversity in the region as if it’s something you have to do but our region is diverse by nature.”



Within her role, Asaad is working hard to change the diversity ratio in the Middle East and Africa. She is responsible for 77 countries – some advanced, others emerging – and within those countries, there are over 2,000 languages and six time zones to take into account.



“Cisco operates in 95 countries and 52 of those are in the mid-East and Africa. It’s diversity whether you like it or not, from age groups to colour to ethnic backgrounds. What you learn when you work in this region is how to understand the difference between equity and equality,” she says.



<h3 class="wp-block-heading" id="h-equality-or-equity">EQUALITY OR EQUITY?</h3>



One McKinsey study on women in the workplace found that gender disparity can emerge as early as the first promotion opportunity – women account for 48% of entry-level hires but only 38% of first-level managers.



This ties in Asaad’s view that even though mentoring and coaching can help grow women into leadership positions, being on the ground is what gives her true visibility. “It’s important because if you don’t know the women around you, those women who could be the next leaders, you will miss them,” she says. “With men, you tend to hire someone because they have ‘potential’. With women, historically, it’s different. You always have to prove yourself in that position. This is a narrative we have to change. We need to hire female leaders because you see the potential.”



For Asaad, this is the difference between equity and equality: equality means giving everybody the same opportunity and the same tools and assuming that you will get similar outputs. Equity is the exact opposite. “Equity is giving everybody what they need. It’s about understanding that people have different strengths and weaknesses. For women, there are certain barriers, certain challenges… what if you could help them to bypass these things?” she asks. “Then women in positions of power can be treated on an equal footing to their male counterparts—judged for their actions and output alone.



Post-pandemic, the hybrid world of work has helped to level the playing field for women to take on leadership roles. In Saudi Arabia, for example, the rate of women participating in the IT sector is now higher than Silicon Valley. “You will be amazed at the number of female engineers, the quality, dedication, commitment and retention that you get,” adds Asaad. “One of our first engineers that got CCIE certified is a female leader in Saudi. We have the talent, but we need somebody to recognize that these women are out there and give them the opportunity.”



Digital transformation is a big part of job creation. Despite geopolitical challenges, governments with an appetite for innovation breed talent and new roles like the chief sustainability officer, renewable energy analyst or green engineer require future-forward skills. “In Africa, we have the skillsets. We have the workforce. We have Cisco Networking Academies that can step in where needed and females have a very big part in this transformation,” she says. “My role is to solve for three things: getting women in the door by managing unconscious bias to open access. Once women are in, how can you involve and retain them? And once they have been there, how can we progress them to goals.

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Let’s Tech About It: Why This Industry In Africa Has Gender Issues

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30 Under 30 Tomorrow’s Titans: Heart And Hustle

Recently, there has been a surge of interest in cold plunges. Here are the benefits and latest research on their effectiveness.



By Peter Engelbrecht



You begin the descent.



As your feet and legs go into a rapid shiver, all you can think about is the wave of freezing cold climbing up your stomach.



Finally you are up to your neck in ice. We are of course talking about cold plunges or Ice Baths.



Ice baths have been used for decades by athletes, particularly those involved in endurance sports, as a way to promote recovery and reduce muscle soreness after intense exercise. Recently, there has been a surge of interest in ice baths, not just among elite athletes, but among fitness enthusiasts and the general population as well. Let’s explore the benefits of ice baths and look at the latest research on their effectiveness.



What are Ice baths?



Ice baths, also known as cold water immersion, involve submerging the body in cold water for a set amount of time. The water temperature is typically around 50°F (10°C) or lower, and the duration of the bath can range from a few minutes to 20 minutes or more. Some people also add ice to the water to make it even colder.



Reduces Inflammation



One of the main benefits of ice baths is their ability to reduce inflammation. During intense exercise, the body produces a lot of waste products, including lactic acid, which can build up in the muscles and cause soreness. Cold water immersion helps to constrict blood vessels and reduce blood flow to the affected area, which can help to reduce inflammation and promote healing.



Speeds Up Recovery



Ice baths can also help to speed up recovery after exercise. When you immerse your body in cold water, your blood vessels constrict, which helps to flush out metabolic waste products and reduce inflammation. This, in turn, helps to promote healing and reduce muscle soreness, allowing you to recover more quickly from your workouts.



Enhances Immune Function



Research has also shown that cold water immersion can enhance the immune function. Exposure to cold water can stimulate the production of white blood cells, which are responsible for fighting off infections and diseases. This means that regular ice baths could help to boost your immune system and make you less susceptible to illness.



Improves Mood



In addition to its physical benefits, cold water immersion can also have a positive effect on your mood. When you immerse your body in cold water, your body releases endorphins, which are natural mood enhancers. This can help to reduce stress and improve your overall sense of wellbeing.



Latest Research



While the benefits of ice baths have been known for some time, there is still ongoing research into their effectiveness. Some of the latest research has been done by Andrew D. Huberman, an American neuroscientist and tenured associate professor in the Department of Neurobiology, Psychiatry and Behavioral Sciences at Stanford University School of Medicine, who has made contributions to the fields of brain development, brain plasticity, neural regeneration and repair.



During an interview with the podcaster Joe Rogan, Huberman recalls a study done by the European Journal of Physiology which was the first study of its kind that probed the effects of cold plunges and the neurochemical impacts on the brain. Huberman states: “When you go into the cold for one to two minutes and it is shockingly cold where you have to catch your breath and stabilize your mind, that invokes a dopamine, epinephrine and nor-epinephrine release.”



These three neurotransmitters collectively are referred to as catecholamines. There is a huge spike and dopamine levels that are present in the brain after cold exposure remain for up to four hours later.



Ice Baths vs. Active Recovery



A recent study compared the effects of ice baths to those of active recovery (light exercise) on muscle soreness and recovery in elite athletes. The study found that while both ice baths and active recovery were effective at reducing muscle soreness, active recovery was more effective at promoting recovery and reducing inflammation.



Frequency of Ice Baths



Another study looked at the frequency of ice baths and its effect on recovery in athletes. The study found that while daily ice baths did help to reduce muscle soreness and improve recovery, there was no significant difference between daily ice baths and ice baths taken every other day.



Timing of Ice Baths



Timing may also be an important factor when it comes to the effectiveness of ice baths. A study published in the Journal of Physiology found that taking an ice bath immediately after exercise was less effective at reducing inflammation and promoting recovery than waiting a few hours to take an ice bath.



Duration of Ice Baths



Finally, the duration of the ice bath may also play a role in its effectiveness. A study published in the Scandinavian Journal of Medicine &amp; Science in Sports found that longer and warmer ice baths (20 minutes) were more effective at reducing muscle soreness and promoting recovery than shorter and colder ice baths (two minutes).

Woman enjoying cold baths in a ice hole, Lapland

Cool Fad: Why Ice Baths Are Getting Popular

Very rarely do we receive 30 Under 30 nominations from Lesotho, and even more rarely, finalists from the small landlocked southern African country.



Monaheng is passionate about the energy space and doles out numbers easily.



According to an African Development Bank report, “over 640 million Africans have no access to energy, corresponding to an electricity access rate for African countries at just over 40%, the lowest in the world”.



In West Africa and Central Africa, the situation is dire as only three countries are on track to give every one of their people access to electricity by 2030, reports the World Bank.



“At this slow pace, 263 million people in the region will be left without electricity in ten years,” the report highlights.



Monaheng is trying to ensure that people know about these staggering numbers through Khantša Energy, which tackles the issues of energy access in Lesotho.



He also wants to do so for Africa.



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“I found it very interesting to say ‘how can we use adaptation from a subordinate level to combat some of these issues’ and these are also colonial powers. Because fundamentally what we are speaking about is how do we view Africa and as Africans how can we make a difference in this sector.”



The Lesotho-based Khantša Energy provides mobile solar power to rural communities in Lesotho and has been operating in the districts of Roma, Thaba-Tseka, Qacha and Mokhotlong since 2018.



“Our work was born out of connecting with the villagers and hearing about their everyday stories regarding their dire need for electrification,” Monaheng says.



Khantša spent its initial investment of about $8,000 on two years of research and development, learning about the communities in his country whilst also traveling the world to find appropriate solutions that were affordable and accessible in the “pursuit of equality, dignity, and equal opportunity to achieve a better life for all Basotho”.



“We imagined what the realties on the ground look like, having to structure entire days and orientate activities on the availability of light&#8230; Khantša which means ‘light up’ was a very symbolic name, as we looked to tackle the issue of energy access in Lesotho.”

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#FORBESAFRICA30Under30: Meet COVER STAR Koaile Monaheng: ‘How Do We View Africa and as Africans How Can We Make a Difference in This Sector’

That South Africa has just a single player featuring in Europe’s top five leagues is a telling indictment of the country’s football, which has seemingly been left behind by the rest of the world.



By Nick Said



England, Germany and France had seen a steady stream of South Africans since readmission to international football in 1992, Spain and Italy perhaps less so, but now that flow has dried up to almost nothing. 



Strasbourg forward Lebo Mothiba is the only player in any of Europe’s elite leagues, cutting a lone path for Bafana Bafana at a level all players should aspire to. And he is hardly setting the world alight, with a single start in his team’s first 23 Ligue 1 games this season. Bafana Bafana forward Lyle Foster should win promotion to the Premier League with Burnley at the end of this season, which will at least take that number to two… if Mothiba is retained.



The question, therefore, is why this should be. There are multiple issues at play and perhaps the biggest being the fact that the domestic Premier Soccer League (PSL) now pays on a par with many European leagues, while the reported low standard of the national team means foreign scouts are not looking towards South Africa and there is a lack of desire from players at home to put in the hard yards.



While moves directly from South Africa to English, French and German clubs have been relatively common in the past, they are now a rarity with players needing to prove themselves in ‘lesser leagues’ in Belgium, Netherlands or Sweden first. And with no real cash incentive to do so, there is a reluctance to take the risk when the comforts of home are as well paid.



“In the years leading up to 1996, our domestic league was basically semi-professional. Guys had jobs in the day and then went to training in the evening,” former Bafana Bafana coach Eric Tinkler tells FORBES AFRICA.



“If you wanted to make it as a professional, the only chance you had was to go abroad, and that meant you had to work unbelievably hard.



“That hunger, that desire to go overseas… it is now not the same as it was for our generation. I see it. For many players it is just about the money. And they are well paid in the PSL, so where is their motivation to really push themselves to the next level in their careers?” the current Cape Town City coach says.



“Money comes before performance these days. For us, it was the other way around. We really needed to perform to start earning anything decent from the game and to start making a living from it. That drove a lot of us.”



Tinkler played in Italy, England and Portugal, and understands fully well how competing at that much higher level inevitably improves players, which in turn is beneficial for the national team.



Among the side that played in the victorious 1996 Africa Cup of Nations final, all but one either was playing abroad at the time or would go on to do so. Captain Neil Tovey was the odd man out, likely only because readmission to international football came very late in his career and the ship had sailed. 



But he recognizes that the strength of that team was their leadership and football intelligence built by expanding their boundaries and playing abroad.



“When that [1996] side needed to dig deep, we were very intense in our thought and our process,” he says. “Since then, there have been some very good (Bafana) teams with some very good players. But I think, mentally, we were all like captains on the field.



“We all knew our responsibilities and we didn’t have to look to the (coach on the) bench. When things went a little awry on the pitch, we could take care of it and identify problems a lot quicker than teams can now.”



The rise of West Africa as a key source of players from the continent has also hampered South Africans’ chances.



While it is generally accepted that South Africa players are more technically proficient, they largely lack the physical stature of players from Nigeria, Senegal and Ivory Coast… and that real burning desire to test themselves in Europe. For players from those countries, it is everything to them.



For South Africans, it seems more of a ‘nice to have’. All the while the national team suffers as those countries rise.



“We are definitely not where we should be… or could be,” Tinkler adds. “We do OK until about the age of 13, we can compete on a global level until then. But where other countries start to ramp it up from there, we have not managed to do so. “In fact, we start to go backwards and the growth of many players becomes stunted. I wish I could give you a good reason why, but there are probably multiple factors on and off the pitch.”

AS Saint-Etienne v ESTAC Troyes – Ligue 1 Uber Eats

South African Football: What Has Changed For Players

These coins are designed to protect stablecoin holders from inflation. But they are complicated and it’s not clear whether they will actually work.



Stablecoins are digital tokens created to mirror the value of hard currencies like the U.S. dollar. They are critical for liquidity in the $1.2 trillion crypto market because investors need a steady, predictable place to park cash, in part because bitcoin, which will swing as much as 10% in a single day, has largely failed as a store of value. There are $120 billion in stablecoins outstanding. Unfortunately, their history is anything but stable.



In May 2022, TerraUSD, a stablecoin dreamed up by a Stanford-educated South Korean programmer named Do Kwon, famously collapsed because its value was based on an algorithm that proved to be unreliable in the face of an asset run. More than $45 billion in market value evaporated in a single day setting off a crypto market plunge. After being on the lam for nearly a year, Do Kwon was recently arrested in Montenegro. Then, there is the world’s largest stablecoin issuer Tether, which has $80 billion outstanding, but has long avoided even the most basic disclosures (like where it is located) and has been in trouble with regulators numerous times. On several occasions Tether’s U.S. dollar coin (USDC) has “broken the buck” and dipped below $1.00 in value.



Even the most regulatory compliant and transparent stablecoin, Circle’s USD Coin (USDC), which has $30 billion outstanding, has disappointed investors. When Silicon Valley Bank collapsed on March 10, USDC’s Boston-based issuer Circle admitted to having $3.3 billion on deposit at the bank, mostly uninsured. The price of USDC lost its peg, nosediving to $0.88 cents on March 11.



But stablecoins are still essential for serious players in the digital asset world, and hope springs eternal in crypto, so a new product has hit the market called promising an inflation-adjusted version of stablecoins. Dubbed “flatcoins” these new tokens are designed to to maintain purchasing power parity with a basket of goods by keeping up with inflation.



So far only about $100 million in flatcoins have been minted but with inflation stubbornly stuck at 4.6%, demand for these novel tokens is growing. Already Coinbase is actively looking to seed flatcoins on its new Ethereum Layer 2 blockchain Base.



“We are fascinated by the deep thought we’re seeing in decentralized stablecoin design and are particularly interested in ‘flatcoins’ – stablecoins that track the rate of inflation, enabling users to have stability in purchasing power while also having resiliency from the economic uncertainty caused by the legacy financial system,” wrote Coinbase in a recent post.



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Flatcoins are the brainchild of former Coinbase Chief Technology Officer Balaji Srinivasan and an Iranian born programer Sam Kazemian, who came up with a stablecoin protocol named Frax in 2021, and an inflation tracking index called Frax Price Index (FPI).



“The term flatcoin was basically meant to signify by me and Balaji that it stays flat to a standard of living, &#8221; says Kazemian who notes that his new flatcoin would be partially backed by collateral like USDC, and partially “stabilized” algorithmically.



Here are the basics mechanics of the new inflation-protected stablecoins. The first thing the Frax programmers set out to do is identify a targeted standard of living to track. Kazemian built a feed with a blockchain data provider called Chainlink to publish each month’s CPI from the Federal Reserve’s Bureau of Labor and Statistics (BLS) onto the Ethereum blockchain. With the current 12-month trailing inflation rate at 5%, Frax has a set of smart contracts programmed to automatically conduct algorithmic trading with a goal of profiting enough to match the monthly inflation print sent from Chainlink.



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In theory, this would mean that if a single tether or USDC is still worth $1.00, in a 5% inflation world an FPI would be redeemable for $1.05 of collateral. In order to earn the necessary amounts to cover the inflation premium, Kazemian’s team invests collateral in DeFi lending protocols such as Aave and Convex, which primarily focus on stablecoin markets. These DeFi protocols earn yield for letting borrowers access their tokens. These returns then become available for FPI minters to withdraw. However, FPI is run by a Decentralized Autonomous Organization, which could make changes to its risk parameters in the future.



If this sounds complicated and risky, it is, especially relative to simply owning a stablecoin like USDC and simultaneously hedging with something like a gold ETF or even Treasury Inflation Protected Securities (TIPS), where the U.S. government effectively covers the inflation risk.



Even more complicated is another flatcoin called Nuon. Rather than simply matching the BLS’ inflation reading, it joined up with a sister company called Trustflation to produce real-time inflation data based on a proprietary methodology. For instance, while the BLS inflation has eight main categories: food and beverages, housing, apparel, transportation, medical care, recreation, education and communication, and other goods and services, Trustflation has 12. Additions include clothing/footwear and alcohol/tobacco. The company also weights categories differently than the BLS and pulls in data real-time through service agreements with various providers instead of just relying on monthly updates.



“When we studied inflation we realized that it was calculated by 477 people on a monthly basis in a nebulous fashion,” says Trustflation and Nuon CEO Stefan Rust. “We decided to use a developer approach, take the same metrics, pull it from API&#8217;s, and have it updated in real time.”



While no one would argue that the collection and indexing of official inflation data doesn’t have numerous flaws, including an antiquated monthly production schedule, Trustflation’s Moneyball-esque approach to calculating real time inflation data does not come without drawbacks.



“When inflation is between 1.5%, and 2.5% per annum, it&#8217;s probably a bit of overkill, but when topline inflation is 8% to 9% those numbers may be meaningful on a day-to-day basis,” says Peter C. Earle, an economist at the American Institute for Economic Research. “I think it&#8217;s interesting to capture daily or intraday inflation data, but I also think there&#8217;s a lot of statistical noise.”



That noise could become deafening if the data feeds which determine prices and return targets , known in the crypto world as oracles, become corrupted. Crypto forensics firms report that so called oracle manipulation attacks cost investors $362 million last year. It is not impossible to foresee a scenario where an oracle gets manipulated to force one of these platforms to employ a riskier trading strategy than anticipated.



But data collection is not the only worry flatcoin buyers need to worry about. Behind Nuon’s inflation-protection guarantee is a complicated and potentially risky proposition. When an individual “mints” Nuon, he must deposit ether in its protocol, which then automatically buys the same amount of Nuon on the open market and deposits it in a DeFi protocol such as Uniswap or Pancakeswap. Income generated from this deposit, known as “yield farming,” is added to a user’s collateral position (which is the original ether) essentially as an “insurance.” Thus unlike FPI, nuon positions are overcollateralized &#8211; for instance a user must deposit $1.30 worth of ether to mint $1 of nuon.



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So far both FPI and nuon are having trouble tracking inflation (see charts). According to CoinGecko, FPI is currently priced at $1.08, but in its almost 12 months in existence it has traded as high as $1.18 and as low as $0.92, which would imply that in the last 12 months, inflation has spiked as high as 18% and below 1%. Nuon has dramatically outperformed inflation in its short existence; it only launched in March. Right now it is priced at $1.24, but it has been as high as $1.44.



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Ifflatcoins are meant to be the next evolution of digital “safe money&#8221;, stablecoin’s biggest player’s have yet to sign on. Circle, which issues USDC, has no plans to issue a flatcoin. Circle already has more than $25 billion in short Treasury bills backing its USDC tokens, but it is precluded from buying TIPS, because they are not issued in durations shorter than five years. Tether did not respond to requests for comment.



Flatcoins are so new they do not yet appear in any of the current stablecoin regulation bills circulating around Capitol Hill. The bi-partisan draft introduced in April proposed a ban on new algorithmically derived stablecoins such as TerraUSD/LUNA, where the stablecoin was backed by a sister token. Flatcoins use computer algorithms to derive their valuations, however, in their current incarnation do not fit neatly into the bill’s specific description. Still, any new stablecoins would have to be issued by a licensed entity at the state or federal level, so these products would need a bank backer if they expect to ever go mainstream.



Rust says that there are no restrictions on users in the U.S. from minting Nuon right now. “I guess, they are in a bit of a gray zone [with regards to how flatcoins fall under securities regulation]&#8230;At the moment, all the indications are that stablecoins pegged to the dollar or euro will fall under some regulation.”



Forbes called various legislators and regulators involved with the recently proposed stablecoin legislation to ask about flatcoins but most hadn’t even heard of them yet. Said Representative Brad Sherman (D-CA), a noted crypto critic, “We already have something like that. They’re called TIPS.”



By Steven Ehrlich, Forbes Staff

Mid-section of young Asian woman using smartphone in city at night, against illuminated street lights bokeh, working with Bitcoin technologies, investing or trading Bitcoin on cryptocurrency. Business on the go

Beware Of Flatcoins, Crypto’s Inflation Busting Fad

Kenya is among several African countries that have experienced a decline in the local value of currencies.



By Terryanne Chebet



Kenya has had a tough few months: ballooning debt, an enormous wage bill, and a depreciating shilling exacerbated by global conditions. Now, the government is unable to pay its salaries. An increased import bill, investment portfolio outflows, and servicing of existing foreign debt have also resulted in the reserves falling below the statutory minimum of four months of imports, with the Kenya shilling depreciating to an all-time low of KES130 to the US dollar.



So, how did Kenya get here?&nbsp;



“It was a matter of &#8216;when&#8217; and not &#8216;if&#8217; KES would weaken to reflect its fundamentals. There have been successive external shocks since 2020, but the currency remained relatively stable relative to its peers. In this light, it is not surprising the sharp adjustment we have seen this year and which we see bringing it closer to its fundamental value,” explains Churchill Ogutu, an economist with IC Africa.&nbsp;



Kenya is among several African countries that have experienced a decline in the local value of currencies, with a 25% decline in value since 2020, to a large extent caused by the rising interest rate environment in the United States (US), which has witnessed a very aggressive rate tightening by the US Federal Reserve.&nbsp;



&nbsp;Kenya’s borrowing for the financial year 2022-2023 is also substantially behind target.



“Given the continued uncertainty in the global financial markets, it appears that [the government] will have no choice but to borrow at higher rates from the domestic markets,” adds Sunil Sanger, CEO of Orion Advisory.&nbsp;



Kenya is also looking to offload its parastatals to reduce pressure on funding and to raise capital.



Despite fears that Kenya could default on its external loans, experts say it is unlikely.&nbsp;



Ogutu notes that Kenya’s position may be fragile, but a default seems remote. “With FX reserves at multi-year low levels, it is higher than upcoming short-term external debt servicing costs. Thus, I see a muddling through regarding external debt servicing costs.”



He adds that a default on&nbsp;domestic borrowing seems to be more likely due to its outsized domestic debt servicing costs compared to external debt servicing costs.&nbsp;



The outflow of portfolio investments in equity and bond markets and higher import prices for commodities, particularly petroleum products has seen Kenya’s government importing petroleum products on a deferred payment basis. The government is pursuing the government-to-government oil importation deal with Gulf countries to alleviate pressure on the&nbsp;shilling.&nbsp;



The reduction in oil demand will also help to reduce the depreciation of the shilling though analysts argue that Kenya could have used the opportunity to build reserves and maybe even consider using those to start buying back its 2023 eurobond maturity, an action that could help to calm down the market nerves.



Ogutu argues that is short-term thinking. “At some point in time, the supply and demand in the FX market will still reflect the mandated OMC coming to the market sourcing dollars. Kenya may get a bit of reprieve in the short-term but ultimately, the supply-demand dynamics will come to play.”



Both analysts agree that the revival of the interbank market in the last few weeks is a positive sign and has helped to reduce some of the uncertainty in the exchange rate. However, given the economic environment both locally and internationally, it is difficult to see circumstances under which the Kenya shilling would appreciate from current levels. &nbsp;



However, Ogutu holds that the shilling isn’t out of the woods yet.



“I have the sense that the initial sugar rush in the FX interbank market has ebbed away, and the next FX guidance will be delivered with the imminent changes at the helm of CBK. That said, my base case is a continued further weakness with 140 on sight.”

Author: Forbes Africa

FORBES AFRICA SOCIAL MEDIA