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Ghana signs $10b bauxite deal with China

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It is true Africa may not boast the most glowing continental repute of having the best infrastructural wonders out there. Yet this doesn’t mean nations in Africa are that baldy handicapped up to using crude abacus in their central banks. Africa still boasts it fair share of indigenous industry. Those industries Africa already basks in or those it hopes to build. Among the latter is the promising Ghanaian bauxite industry the nation has signed a $10 billion memorandum of understanding (MOU) with China to massively build.

Some three years ago following a pronounced fiscal crisis and crashing commodity prices, economic growth in Ghana stalled. Earlier this year when the incumbent Ghanaian President Akufo-Addo ascended, he elucidated a relief program. This program was slated to restore the Ghanaian economy from the woods back to the path of growth. This he planned to do through giant reforms in the private sector and rural growth. Such presidential ambitions form the basis for this new investment coming from China.

Speaking on the development, Yaw Osafo-Maafo  who is a Senior Minister in Ghana dragged to the ambitions of the President:

“To develop the bauxite project with its railway and converting bauxite into aluminium we will need about $10 billion … we signed an MOU,” Osafo-Maafo announced reporters at a conference in London after he touched down home from China.

“The money will come from the Chinese Development Bank, the implementation of the project will come from other agencies, infrastructure agencies in China, like China Railway,” he said.

Such money from China would be judiciously appropriated to the construction of 1,400 km of an intended 4,000 km railway network. Such project would completely link production sites to bauxite mines even up to procuring a rail link into Burkina Faso.

In course of his China visit, signatures were touched on a separate MOU between the Association of Ghana Industries and China. The aftermath of this mature into a gigantic $2 billion investment in industry as well as in agricultural projects.

Recounting the words of Osafo-Maafo “build a dam in every village and a factory in every district”, he said.

Such giant projects are what we want to be hearing about. Impressive infrastructural leaps that pulls Africa up to par with its continental contemporaries.

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Beauty

Miss Algeria 2019 Is Black, Racist Trolls Are Attacking Her But She Won’t Back Down

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The newly crowned winner of Miss Algeria beauty pageant has hit back at critics who have hurled racial abuse at her because of her skin color.

“I will not back down because of the people who criticised me,” Khadija Ben Hamou told Algerian news site TSA.

Slurs about her dark skin colour, nose and lips have been made on Facebook and Twitter.

ALSO READ: Tunisia Becomes Second African Country And First Arab Nation To Outlaw Racism. Here Is What Will Happen If You Break The Law

Darker-skinned Algerians face discrimination in the North African state.

Ms Ben Hamou, who comes from the southern Adrar region, said that she was proud of her identity and winning the competition.

“I am honoured that I have achieved my dream, and I am honoured by the state of Adrar where I come from,” she said.

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Travel

RwandAir Expands its Flight Destinations to Ethiopia

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RwandAir has announced that it will commence flights to Addis Ababa, the capital city of Ethiopia, in April 2019.

The Rwanda national carrier will operate five weekly direct flights from Kigali to Addis Ababa with a CRJ-900NG aircraft.

ALSO READ: Rwanda Officially Joins Africa50 to Boost Infrastructure

“As an expanding young airline, it is imperative for us to fly to Addis Ababa Bole International airport as it is one of the important hubs in Africa” said RwandAir’s chief executive Yvonne Manzi Makolo.

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African Vibes Magazine’s Billionaires of 2018

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When it comes to African Billionaires, there are some usual suspects that make the list every year. Unfortunately, 2018 closed on a very bumpy note in the equities market and for many billionaires, this among other things resulted in some considerable loses in fortunes and some billionaires dropping off the list altogether.

The list dropped by 7 from 31 African billionaires to 24. A few billionaires still managed to grow their fortunes. Most Notably Nigeria’s Mike Adenugu who grew his fortunate the most with a 3.2 billion increase over his 2017 fortune.

Folorunsho Alakija remained Africa’s richest woman, Mohammed Dewji is still Africa’s youngest billionaire, and South Africa’s Elon Musk maintained the number one spot as the richest African on the list.

African Countries represented on the Billionaire list

By the end of 2018, South Africa had dropped 5 billionaires from the previous year. They closed with 6 billionaires, same as Egypt which dropped 2 billionaires from its 2017 list.

Nigeria maintained its 3 billionaires while last year’s newcomer from Zimbabwe still held his own. The other countries represented are Angola, Algeria, Ethiopia, Sudan, Swaziland and Zimbabwe with their first Billionaire.

African Billionaire Age Distribution

There are 3 billionaires in their forties, 5 in their fifties, 7 in their sixties, 6 in their seventies and 3 in their eighties. Africa’s youngest Billionaire is still Mohammed Dewji from Tanzania at Age 42.

Methodology

The African Billionaires list is a snapshot of wealth taken on January 1, 2018. It is based on the Forbes Real-time billionaire wealth calculator. The calculation is derived from stock prices and exchange rates from around the world used to calculate net worths. Some fortunes change from day to day due to fluctuations in the market.

The list is based on individuals rather than multigenerational families who share large fortunes, though included is wealth belonging to a billionaire’s spouse and children if the current list member is the founder of the fortune. In that case, you’ll see “& family” on the list. Also included are married couples who built fortunes and businesses together. 

It was an interesting year for African billionaires as some fortunes shrunk and others grew. So let’s look at who is left on the list and how they did in spite of the rough year-end.


PictureAfrica RankForbes RankNameNet WorthAgeWealth SourceHometown / Residence
1#35Elon Musk$21.9 B47Tesla MotorsSouth Africa / United States
2#125Aliko Dangote$10.5 B61Self Made, cement, sugar, flourNigeria
3#149Mike Adenuga$8.7B65Telecom, OilNigeria
4#180Nicky Oppenheimer$7.6 B73DiamondsSouth Africa
5#217Patrick Soon-Shiong$6.6 B66PharmaceuticalsSouth Africa / United States
6#240Nassef Sawiris$6 B57Construction, ChemicalsEgypt
7#316Johann Rupert$5.2 B68Luxury goodsSouth Africa
8#413Nathan Kirsh$4.4 B86Retail, Real estateSwaziland
9#519Issad Rebrab$3.8 B75FoodAlgeria
10#572Naguib Sawiris$3.5 B64TelecomEgypt
11#758Haim Saban$2.8 B73TV network, InvestmentsEgypt / United States
12#955Strive Masiyiwa$2.3 B58TelecomZimbabwe
13#958Koos Bekker$2.3 B66Media, InvestmentsSouth Africa
14#964Mohamed Mansour$2.3 B70DiversifiedEgypt
15#1033Isabel dos Santos$2.2 B45InvestmentsAngola
17#1107Aziz Akhannouch$2 B58Petroleum, DiversifiedMorocco
16#1110Patrice Motsepe$2 B56MiningSouth Africa
18#1317Othman Benjelloun$1.7 B86Banking, InsuranceMorocco
19#1387Folorunsho Alakija$1.6 B68OilNigeria
20#1405Mohamed Al Fayed$1.6 B89Retail, InvestmentsEgypt
21#1441Mohammed Dewji$1.5 B43DiversifiedTanzania
22#1463Yasseen Mansour$1.5 B57DiversifiedEgypt
23#1783Mohammed Ibrahim$1.2 B72CommunicationsSudan / United Kingdom
24#1786Youssef Mansour$1.2 B73Self Made, diversifiedEgypt

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