Tag: economic development

Data, like oil or minerals, is a vital resource. Who owns it is critical, especially as it fuels the Artificial Intelligence (AI) revolution. Sovereign AI goes far beyond countries merely owning their data. It focuses on control. It ensures that AI aligns with national cultural, ethical and legal frameworks. This approach guarantees that AI works for people and not the other way around.

Artificial intelligence (AI) is no longer a distant concept waiting on the horizon. It is here. And it is moving fast. For South Africa, a country facing structural challenges but rich in ingenuity and potential, AI brings both monumental opportunities and real risks. The question is no longer whether we will participate in this new world of AI. The real question is how.

Doing business in Africa is challenging for companies in any industry sector. The continent offers immense opportunities, yet the diversity of demographics and geography demands tailored approaches to management and strategy. Over the past decades, Africa has experienced vast changes.

Conventional wisdom has it that the story of Africa’s digital economy is one of catch-up. But that narrative is giving way to a more dynamic truth: in Sub-Saharan Africa, mobile phones have become the front door to digital life, shaped by mobile content, mobile payments and local innovation.

Modernising Africa’s power grid to manage bi-directional flows is essential for enabling renewable-powered economic growth, following the crippling effects of prolonged periods of load shedding. Even though South Africa has experienced a protracted spell without load shedding, electricity outages persist due to network overloading.

The widespread adoption of digital wallets is transforming the global financial landscape. Africa leads this transformation with rapid growth in usage. A recent Juniper Research study reveals that over two-thirds of the global population will own a digital wallet by 2029. This shift represents a major departure from traditional payment methods. Africa showcases this trend more than any other region.

The Africa’s entertainment and media industry is expected to outpace global growth in the next five years, driven by internet advertising and streaming services.

The South African Revenue Service (SARS) increases customs duties for online retail orders as part of a broader strategy to promote local businesses and address global supply chain imbalances. The clothing and textile industry has faced widescale criticism for controversial environmental, social, and governance (ESG) practices. South African consumers may imagine themselves to be far from the hub of these issues. However, we are all participants in the global supply and demand for fashion.

The first six months of the financial year were highly successful for the Group. Naspers accelerates growth with operations achieving topline growth of 24%. Consolidated e-commerce revenue reached US$3.3 billion during this period. Importantly, e-commerce adjusted EBIT increased fivefold to US$169 million.

As South Africa assumes the presidency of the Global Group of 20 (G20) in December, it faces significant opportunities. The country is set to lead global discussions on sustainable energy and economic development for the Global South. "Just energy transition" and financing solutions for economic growth are the top priorities on South Africa’s G20 agenda. This highlights the need for innovative, resilient, and green technology solutions.