The information, Communication and technology (ICT) sector could create thousands of jobs. Technology experts revealed to the participants at the first annual Job Summit that a change in mindset in embracing ICT will lead to prosperity.
As a keynote speaker, Rapelang Rabana, Founder and Chief Executive Officer, Rekindle Learning, enthralled the audience as she took them on her journey through the male dominated ICT industry. Her conquests in ICT include being a co-founder of Yeigo Communications, an innovative company that developed some of the earliest mobile VoIP application.
But her biggest achievement to date is being the founder of Rekindle Learning, which provides learning and performance support tools. It was such a great feat that it earned her a spot on the cover of Forbes magazine. However Rabana did not only talk about herself at the job summit, she extolled the virtues of ICT and the unlimited opportunities it offered.
“Technology and the internet is a powerful tool for prosperity,” she announced to the already encapsulated participants. Rabana urged the youth not to be heavily dependent on the government, adding that they should not see the government as a “money making scheme.”
Instead they should seek to engage in businesses that offer sustainable growth, businesses that can change lives. She also had sound advice for the government. “Set up the government and get out of the way,” she said this was because the government has a way of limiting people through its bureaucracy and lack of understanding of certain things, particularly the unlimited opportunities ICT offers.
The high flying technological entrepreneur said Botswana should become more open to trading with other countries. In matters of ICT, she called on the government to provide quality broadband and low cost bandwidth. Rabana reminded the audience that the internet knows no borders, “On the internet Botswana is not a landlocked country” therefore it should not limit itself in pursuing ICT excellence.
To show the power of the internet, Rabana confirmed that when they started their first mobile applications, they did not know everything; they had to literally google their way to success. As a parting shot, she persuasively said, “If underdevelopment can be designed, so could prosperity.”
Richard Neill, Director Special and Strategic Projects, Botswana International University of Science and Technology (BIUST), said that “Botswana is in its second phase of transformations, from agriculture to diversified knowledgeable economy.”
He added that in the knowledge economy, Botswana comes fifth in Africa but the country is still struggling in the world rankings. Neill said that knowledge economy is about sustainable development, furthermore it creates quality jobs.
However, knowledge economy requires substantial funding in the fields of “research and innovation” in the ICT sector. Moreover, he said that the benefits and returns of ICT outweigh the costs.
“Every pula invested in IT will pay off in growth and GDP. For example Mauritius created about 10000 jobs in the ICT sector.” Neill said investments in infrastructure are not enough, what is required and needed is proper ICT infrastructure.
Going forward, Neil hopes that the government and private sector would realise that ICT is the core to efficiency. He also said given the highest number of mobile penetration in Botswana, the government and private sector should take advantage of this and improve E-commerce.
Although there are challenges such as skills, competence and managing projects, Neil is hopeful that it’s something that can be solved through a deeply embedded collaboration between the government and private sector.
If there ever was a time for global approach and solutions, the time is now. At least that’s what Monametsi Kalayamotho, Founder and Chief Executive Officer, Moro Group, told the participants at the Job summit. Monametsi, one of Botswana’s successful ICT entrepreneurs, talked about his passion for ICT and seeing youth lead in creating jobs. “I used to be passionate about ICT, and now I’m obsessing about ICT and jobs creation,” he confessed.
It’s not hard to see the fire that burns when Kalayamotho talks about ICT, he is a man on a mission to do right. He has been told to tone it down, but he won’t because he “Sincerely believes we could be creating applications in Botswana.”
It is this sincere belief that has put him on collision course with people who just don’t get it, but it appears Kalayamotho is scoring some victories in convincing them that ICT is the future. Kalayamotho said that we need leaders who believe in themselves and if they don’t, then they should give the opportunity to someone who believes in their ability. Regarding the economic stimulus package, Kalayamotho does not hide his disappointment.
“ICT should have been given priority together with those identified sectors that need to be stimulated. In fact ICT should be the driver, it should be the pillar,” he said, adding that its nothing new since even during budget allocations ICT is not given priority. This is something he really wants to change.
“We need a change in mindset. Do not see ICT as a by product,” he said. Kalayamotho believes the most important thing is the jobs that can be created through ICT. To do these, it will require cutting down on the import bill because some of the things imported could be assembled in Botswana thus creating jobs.
“It doesn’t mean if it’s made in Botswana, it’s going to be different,” he chuckled before explaining that in ICT they adhere to the highest international standards, meaning any product assembled here will meet international certifications.
Kalayamotho gave credit to the government for improving the broadband and fibre infrastructure development as well as rolling it to many areas. Nonetheless he had some wisdom to share concerning the infrastructure. “When you talk infrastructure, you talk applications and content. That’s when people use your infrastructure. What’s the point of having infrastructure when you don’t have content?” he asked. Kalayamotho says this is where the bulk of the ICT jobs will come from.
There are too many applications and content to create, it could be games, educational applications, health applications even language content. He beamed when he talked about the talented youth in the country, although he conceded they will need further training and education so that they could be the best.
“We should appreciate how ICT works. Applications and content is a huge opportunity. I’m talking 3000 jobs in 24 months,” he said, adding that this is because content changes every day. In essence jobs in ICT could be said to be regenerative particularly in content creation, it’s a continuous process of development and enhancement.
Kalayamotho is not naive to the challenges that lie ahead, and he fully understands them. He called on the private sector to be supportive to entrepreneurs. He pleaded with the Human Resource Development Council to come on board by paying for ICT training. Kalayamotho says there a need to continuously build capacity locally. He applauded BOCRA for doing a fine job in ensuring that people get access to connectivity.
In his closing argument, he pleaded with the government and private sector to not be dismissive when ICT businesses require a higher capital injection, because “Sometimes it’s not about number of the jobs that will be created but the scale of impact it would have on people’s lives.” This was met with a thunderous applause from the audience.
Strategic partnership offers inherent benefits of global knowledge, African insights, and local expertise and commitment
Minet Group and Africa Lighthouse Capital today announced that they have received regulatory approval and fulfilled all requirements to acquire Aon’s shareholding in Aon Botswana, and consequently will begin the process to rebrand to Minet Botswana.
Minet Group is a well-known and trusted pan-African risk advisory firm and Aon’s largest Global Network Correspondent and has been rapidly expanding its African footprint since 2017 through the acquisition of operations from global professional services firm Aon in Kenya, Lesotho, Malawi, Mozambique, Namibia, Tanzania, Uganda, and Zambia. Minet has been delivering world class products and services across Africa for over 70 years.
Africa Lighthouse Capital (ALC) is a leading Botswana citizen-owned private equity firm focused on investing in Botswana companies and propelling them into regional champions, with over BWP 500 million in funds under management.
The new entity will be rebranded to Minet and will inherit deeply rooted respect by its clients for their innovative and locally relevant solutions, responsiveness, and efficient processes. Furthermore, it shall have the benefit of consistency in leadership and staffing, with Barnabas Mavuma, previously Managing Director of Aon Botswana, continuing to lead the business as the MD supported by the local management team.
“The addition of Minet Botswana to our growing African network affirms our belief in the great opportunities for growth that Africa offers, driven by rising consumer demand, huge investment in infrastructure and quick adoption of new technology,” says Joe Onsando, CEO at Minet Group.
“This transaction significantly adds to the diversity and skills base of our team and will have a positive impact on the range of products and services we provide. Our Correspondent agreement with Aon gives us access to global expertise and data driven insights and uniquely positions us to deliver risk advisory solutions that reduce volatility, thus driving improved performance for our clients. This is a very exciting time to be Minet in Africa.”
“The significantly increased Botswana citizen shareholding effected by this transaction gives rise to an exciting era of local market focus and growth for Minet Botswana,” says Bame Pule, Founder and CEO of Africa Lighthouse Capital. “We intend to work with Minet Botswana’s local management team to further localise the business in terms of product development, while at the same time investing in local skills development and business development. We look forward to this exciting journey, which will result in a significantly enhanced service offering for Minet Botswana’s clients.”
Consequently, and similar to the other members of the Minet Group, Minet Botswana becomes an Aon Global Network Correspondent, retaining its access to Aon’s resources, technology, and best practises, combined with the benefit of independent, local agility. This transaction furthermore significantly increases local shareholding, enabling operations to become even nimbler and better positioned to unlock new and existing growth opportunities.
Clients of Minet Botswana will experience continuity of product and service delivery standards in the short term. In the near future, they can expect an enhanced offering that combines agility with technology and product innovation, tailormade for their specific needs.
Together, Minet and ALC bring a sound understanding of local market conditions, strong governance, and an established track record in the region. These qualities, combined with Aon’s global capabilities and expertise, will bring clear benefits for clients.
This transaction vastly increases citizen ownership with shareholders who are going to be active in the business. The transfer of equity interests in Botswana to investors with local and regional expertise, presence and commitment will allow the businesses to move quickly in line with market movements, and to introduce products that are tailored to the local market.
“Minet’s commitment and drive to incessantly adapt to changing market conditions, and to innovate to meet the unique insurance demands of the African continent, while maintaining the high standards customers have come to expect – Onsando concludes – will continue to grow and give Minet a powerful competitive edge within the African market”.
French President Emmanuel Macron received 21 Heads of state and government officials from Africa during the recent summit on the Financing of African Economies that focused on Africa to take full advantage of the tectonic shifts in the global economy and the call for a joint effort for financial and vaccination support for the continent.
President Emmanuel Macron stressed that “Most regions of the world are now launching massive post-pandemic recovery plans, using their huge monetary and fiscal instruments. But most African economies suffer the lack of adequate capacities and such instruments to do the same. We cannot afford leaving the African economies behind.
We, the Leaders participating to the Summit, in the presence of international organizations, share the responsibility to act together and fight the great divergence that is happening between countries and within countries.
This requires collective action to build a very substantial financial package, to provide a much-needed economic stimulus as well as the means to invest for a better future. Our ambition is to address immediate financing needs, to strengthen the capacity of African governments to support a strong and sustainable economic recovery and to reinforce the vibrant African private sector, as a long-term growth driver for Africa.”
For her part, International Monetary Fund (IMF) Managing Director Kristalina Georgieva highlighted that “there is urgency to focus on financing Africa. Last year, the pandemic-caused recession shrank the GDP of the Continent by 1.9 percent – the worst performance on record. This year, we project global growth at 6 percent, but only half that 3.2 percent for Africa.” Adding that Africa needs to grow faster than the world at 7 to 10 percent to meet the aspirations of its youthful populations, and become more prosperous and more secure.
Georgieva revealed that the price tag on the shot is estimated to be “$285 billion through 2025. Of this $135 billion is for low-income countries. This is the bare minimum. To do more – to get African nations back on their previous path of catching up with wealthy countries – will cost roughly twice as much. These are large numbers. They may seem out of reach. But to quote Nelson Mandela: impossible until it is done.”
The main areas of interest to achieve this include; first, end the pandemic everywhere, 40 percent of the population of all countries is targeted to get vaccinated by the end of 2021, and at least 60 percent by mid-2022.
Second, bilateral and multilateral developmentfinancing grants and concessional loans ought to go up. Over the last year, the IMF have swiftly ramped their financing for the Continent, including providing 13 timestheir average annual lending to sub-Saharan Africa. And are working to do much more. The IMF has also received support to increase access limits so they can scale up their zero-interest lending capacity through the Poverty Reduction and Growth Trust.
The IMF has also devised exceptional measures. Their membership backs an unprecedented new allocation of Special Drawing Rights (SDR) of $650 billion, by far the largest in their history.Once approved, which is intended to be achieved by the end of August, it will directly and immediately make about $33 billionavailable to African members. It will boost their reserves and liquidity, without adding to their debt burden.
Over the course of the last year, the IMF has built experience in facilitating the on lending of SDRs – thus managing to triple their concessional lending capacity as a result.
The Third being, actions at home. According to Georgieva “a crisis is an opportunity for transformational domestic reforms that increase domestic revenue, improve public services, and strengthen governance. For instance, digitalization can improve tax administration and revenue collection, and the quality of public spending. And with radical transparency, Africa can tap into new sources of finance – such as carbon offsets.
There is ample scope for countries to encourage private investment, including in social and physical infrastructure. New IMF research, published today, highlights that domestic and international investors could provide at least 3 percent of GDP per yearof additional financing by the end of this decade.”
Reforms of international taxation can also support Africa’s growth. For a long time, the IMF has been in favor of minimum corporate tax rates to reduce the race to the bottom and tax avoidance. And they strongly support an international agreement on digital tax, something France has been a leading voice for. It is important to secure fair distribution of tax revenues, so they can contribute to closing Africa’s financial gap.
Georgieva called on to each and every one to step up. Reminding the attendees that from history they are all familiar with what a shock of this magnitude can do if not countered forcefully and effectively.
De Beers’ Group, the world’s number one diamond producer by value, this week attributed the downfall of its sales for the fourth cycle week to the second wave of the Covid-19 variant (B.1.617.2) which was first discovered in India.
Diamond trading conditions have been hit by the Covid-19 crisis in India which is a major cutting and polishing centre for the world’s diamond trade.
The outbreak of the new variant has led to a humanitarian crisis with 280, 284 fatalities of the disease reported.
The London headquartered company said the sales in its fourth cycle fell to $380m (about P4.1 billion) down from $450m (about P4.8 billion) in the third cycle though it was higher than the fifth cycles of last year when the group shifted only $56m (P600 million).
De Beers emphasized that they continued to implement a more flexible approach to rough diamond sales during the fourth sales cycle of 2021, with the Sight event extended beyond its normal week-long duration.
The De Beers group Chief Executive Officer (CEO), Bruce Cleaver said the company continues to see robust demand for diamond jewellery in the key US and China consumer markets.
“However, the scale of the second wave of Covid-19 in India, where the majority of the world’s diamonds are cut and polished, has led to reduced midstream capacity and subsequently lower rough diamond demand, during what is already a seasonally slower time of year for midstream purchases,” said Cleaver.
Meanwhile Botswana health officials have confirmed the new Covid-19 variant in Botswana. The Ministry of Health and Wellness -through a press statement- informed members of the public that the variant (B.1.617), was confirmed in Botswana on 13th May 2021.
According to Christopher Nyanga, spokesperson at the Ministry, this followed a case investigation within Greater Gaborone, involving people of Indian origin who arrived in the country on the 24th April 2021.
Moreover the World Health Organization (WHO) recently announced that the Indian Covid-19 variant was a global concern, with some data suggesting that the variant has “increased transmissibility” compared with other strains.
The India variant (B.1.617.2) – is one of four mutated versions of the coronavirus which has been designated as being “of concern” by transitional public health bodies, with others first being identified in Kent, South Africa and Brazil.
Nevertheless when speaking at Bank of America Global Metals and Mining conference, Anglo American Chief Executive Officer, Mark Cutifani said the company portfolio is increasingly tilted towards future enabling products and those that need to decarbonise energy and transport in order to meet consumers’ needs – from home appliances, electronics and infrastructure, to food and luxury goods.
“We see material opportunity for Anglo American to continue to set itself apart in terms of the performance of our diversified business, further enhanced through sector-leading 25% volume growth over the next four years, led by copper and the platinum group metals,” said Cutifani.
“Most importantly, as the supplier of such critical materials, it is the duty of our industry to ensure that in everything we do, we act responsibly and deliver enduring value for our full breadth of stakeholders, including our planet.”