Showing Up at Your Dream Job Uninvited (Without Fail Podcast)
Ghana arrives at the Venice Biennale, bringing new narratives with it (Financial Times)
The Most Valuable Company (for Now) Is Having a Nadellaissance (Bloomberg)
South Africa continues to face challenges as bad news continues to emerge from week to week. On Monday, Eskom’s chairman resigned. On Tuesday, Moody’s downgrades the power utility’s credit rating.
The question in my mind is what is the path forward for South Africa. President Zuma, who has played a central role much of these recent issues, will be stepping down as leader of the ANC next year, hopefully. He is then to step down as President in 2019. Who will fill that void?
The ANC is still pretty firmly in Zuma’s control, evinced by the ANC voting not to remove him from the presidency a few weeks ago. Who within the ANC could step up? The party’s Youth League has put its weight behind Nkosazana Dlamini-Zuma, but she is also backed by President Zuma. Who outside the ANC could step up? One of the most high profile political leaders in the country, Helen Zille, just apologized for a problematic tweet about colonialism being good for Africa. I think it’s pretty safe to bet she won’t be getting a ton of votes.
South Africa needs leadership to right the ship over the next several years and it’s not apparent that folks are in position to take on that mantle. Hopefully, someone emerges over these next couple years.
The Inga 3 dam has been under development for what seems like forever, something like 14 or 15 years. The Democratic Republic of Congo just asked two massive companies from China and Spain to work together on a joint bid, and it seems like a pretty strange request. Let’s see what more information comes out about this.
President Nana Akufo-Addo wants parliament to have more oversight of the country’s public finances, which would require constitutional changes. Ghana already has a central audit agency structure. I think a nice addition would be to create an agency similar to the Government Accountability Office, an independent agency that works for Congress and investigates how the government spends public dollars. GAO has already done with staff at Ghana Internal Audit Agency, and I’m sure would be more than happy to help establish a similar organization that works for Ghana’s parliamentary structure.
Jake Bright reports that Cars45 raised a nice Series A round from Frontier Car Group that has backing from some serious names in the venture capital space – Balderton Capital, EchoVC, TPG Growth, and Maryland-based NEA. Seeing that Cars45 raised its round from this one group got me curious. Two of Frontier Car Group’s directors are on the founding team of Cars45. What is more interesting is that the Spring, Texas-registered Frontier Car Group has raised nearly $22M from 28 investors. It doesn’t make a lot of sense to invest a quarter of your fund in one company. Perhaps the group is raising a larger fund? Late last year, the Group filed that it had raised $18M. The $22M size of the fund was filed as an amendment in mid-April. Very interesting. Look out for more here.
According to Africa Capital Digest, Ethos Private Equity has taken a controlling stake in Little Green Beverages, a South African beverage company. This is interesting timing for the close of this deal considering South Africa’s sugar tax is slated for implementation at some point this year. We’ll see what Michael Benjamin, former General Manager at SABMiller, can do to navigate that while improving the company’s products.
Ghana has been trying to figure out what to do about illegal gold mining for quite some time now, but apparently hasn’t made much headway. This Financial Times piece outlines the issue as the Akufo-Addo Administration tries to take a broad stance against illegal mining, while others point the finger directly at Chinese driving of illegal mining. China’s response has been to remind Ghanaian officials of all the money China could pull out of Ghana if it doesn’t get it’s media to be “objective” about its coverage of illegal mining in the country. Illegal mining is going to continue to be a thorn in Ghana’s side with its terrible child labor issues and environmental impact, on top of navigating relations with a world power. Nonetheless, Ghana must keep trying to pull the thorn out.
S2G Ventures closed a $125m fund that will be used to invest in food and agriculture companies that operate at any point. From the looks of the announcement and their website, the firm is focused on investing in US-based startups. Examples of their investments include $8m into a startup that is developing mushrooms that can remove gluten from wheat, and other unwanted components from crops. I hope they are not solely US-focused, so they can take a look at Hello Tractor.
I listened to Ace Harris’ new album four times yesterday. ATLLiberia mashes up afrobeat, more traditional African rhythms, and EDM – it’s solid. Tuma’s Song and Light Your Night set your sights on making a difference in this world. African Star rocks that “proud to be African” vibe. Ife took my mind to my favorite characteristic of South African music – that driving bass drum that gives all the layers space to move. The guitar riff on that track took my mind to when Sango Malamu first visited my dad’s church and I fell in love with African music. Whinin’ It and Drop will make you sweat, as will Yansh, though it’s my least favorite track on the album. I look forward to hearing his next project. While we’re on the music front, check out the visuals for Baloji’s Unite’ and Litre – a strong message against the power wielded by the telecoms and breweries in DRC.
Photo Credit: Adama Jalloh
3. Sometimes, these assurances that we have nothing to worry about when it comes to artificial intelligence feels like my back is being rubbed with the flat side of a freshly sharpened sword. (via Marc Andreessen)
5. The controversy surrounding Justin Gatlin being the fastest person in the world after serving two doping bans frustrates me. He paid his dues, yet people continue to demonize him. (via Track and Field News)
My neck hurts after shaking my head while reading this Economist piece on Ghana’s economic woes. Some highlights:
Elections are coming up next year, so we will probably see more spending. President Mahama has a lot of work on his hands in the lead-up. I imagine he will cite progress made on addressing power issues and the exploding budget, and that he should be re-elected to continue righting the ship.
Elections are a lot of work. Perhaps, the better move would be to not seek re-election, double down and get reforms right over the next 18 months, and hand off an improving situation to his successor.