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Poorest Countries In Africa

Poorest Countries In Africa

Glusea-Poorest Countries In Africa

Africa is considered the poorest continent on Earth. Almost every second person living in the states of sub-Saharan Africa lives below the poverty line.

However, some countries are poorer than others. Read on to discover the top 10 Poorest countries in Africa.

Poorest Countries In Africa

Somalia

Years of conflict and fragility have left Somalia’s economy with a range of challenges, including population growth outstripping economic growth, acute poverty and vulnerability, recurrent external trade and climate shocks.

Weak fiscal space and institutions, active insurgency and an incomplete political settlement have also affected the country’s economic strength.

Central African Republic

The per capita income of the Republic is often listed as being approximately $400 a year, one of the lowest in the world

Central African Republic exports largely locally produced alcoholic beverages, diamonds, ivory, bushmeat, and traditional medicine.

Find Who are the Richest in Africa

Burundi is a landlocked, resource-poor country with an underdeveloped manufacturing sector. Agriculture accounts for over 40% of GDP and employs more than 90% of the population. Burundi’s primary exports are coffee and tea.

Burundi

Most of the Burundian population lives in poverty, especially in rural areas.

 The level of food insecurity is almost twice as high as the average for sub-Saharan African countries, with about 1.77 million people in need of humanitarian assistance in 2019 according to the Humanitarian Response Plan (HRP), which is estimated at $106 million.

Liberia

The economy of Liberia is extremely underdeveloped, largely due to the First Liberian Civil War from 1989–96. Liberia itself is one of the poorest and least developed countries in the world.

Liberia’s business sector is largely controlled by foreigners mainly of Lebanese and Indian descent.

There also are limited numbers of Chinese engaged in agriculture.

The largest timber concession, Oriental Timber Corporation (OTC), is Indonesian owned. 

Read Richest Countries in the world

Poorest Countries In Africa

Niger

Niger is a developing country, which consistently ranks near the bottom in the United Nations’ Human Development Index (HDI); it was ranked 187th of 188 countries for 2015 and 189th out of 189 countries in the 2018 and 2019 reports. 

Many of the non-desert portions of the country are threatened by periodic drought and desertification.

The economy is concentrated around subsistence, with some export agriculture in the more fertile south, and export of raw materials, especially uranium ore.

Niger faces serious challenges to development due to its landlocked position, desert terrain, inefficient agriculture, high fertility rates without birth control, and the resulting overpopulation, the poor educational level and poverty of its people, lack of infrastructure, poor healthcare, and environmental degradation.

Malawi

Malawi is among the world’s least-developed countries. The economy is heavily based in agriculture, with a largely rural population that is growing at a rapid rate.

The Malawian government depends heavily on outside aid to meet development needs, although this need (and the aid offered) has decreased since 2000.

The Malawian government faces challenges in building and expanding the economy, improving education, healthcare, environmental protection, and becoming financially independent amidst widespread unemployment.

Read Richest Countries in Africa

Poorest Countries In Africa

Mozambique

While economic conditions have improved, Mozambique remains on a subdued growth trajectory following the 2015 commodity price shock and 2016 hidden loans crisis.

The devastating impact of tropical cyclones Idai and Kenneth on agricultural production and falling commodity prices, motivates muted growth prospects for 2019.

Real gross domestic product (GDP) growth is estimated to reach 2%, below the average of 3.7% experienced between 2016 and 2018, and the lowest growth recorded since 2000 when Mozambique experienced devastating floods in the south of the country.

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7 reasons why you should choose 1xBet

1xBet

Glusea brings to you reasons you should choose 1xbet

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Who is the First Black Billionaire in Africa?

the first black billionaire in africa

Glusea brings to you the first black billionaire in Africa

Africa is often ranked lowest when it comes to Global wealth index. Forbes Magazine began publication annual billionaires in the world in the year 1986. It took about 22 years before the first black person in Africa appeared on the list.

South African business mogul and founder of African Rainbow mineral, Patrice Motsepe was the first black man in Africa to appear in the list of the Global billionaires list.

Patrice became the first black partner in the law firm Bowman Gilfillan, Bowman is one of the top law firm in the history of South Africa.

Patrice Motsepe Profile

Patrice was born to Kgosi Augustine Motsepe, a chief of the Mmakau branch of the Tswana people, who had previously been a schoolteacher and was later a small businessman as the owner of a Spaza shop which was popular with black mine workers

Mostepe learnt basic business principles in his father’s spaza shop.

He holds a Bachelor of Arts degree at the University of Swaziland and a law degree from the University of the Witwatersrand.

First black billionaire in Africa

the first black billionaire in africa

Career

Motsepe founded Future Mining, which provided contract mining services that included the cleaning of gold dust from inside mine shafts for the Vaal Reefs Gold mine, and implemented a system of worker remuneration that combined a low base salary with a profit-sharing bonus.

In 1997, with gold prices at a low, he purchased marginal gold mines from AngloGold under favourable finance terms. AngloGold sold Motsepe six gold mine shafts for $7,7million allowing him to repay the debt out of the future earnings of the company now known as African Rainbow Minerals.

Read Top 10 Richest People in South Africa

This was repeated in a string of deals and Motsepe set up a firm to begin buying the operating mines that would become the source of his wealth. In 1999 he teamed up with two of his associates to form Greene and Partners Investments.

Patrice’s position in the mining industry was strengthened after the Black Economic Empowerment law was passed. The law mandated a company to have a minimum of 26% black ownership before it can obtain a mining license.

In 2002 when it was listed on the JSE Security Exchange, African Rainbow Minerals joined with Harmony Gold Mining Ltd. and the company’s name changed to ARMgold.

Motsepe is also the founder of African Rainbow Minerals Platinum (Proprietary) Limited and ARM Consortium Limited, which later equally split ownership with Anglo American Platinum Corp Ltd. From 2005, Motsepe was Chairman of Teal Exploration and Mining Incorporated.

Motsepe is also chairman of Ubuntu-Botho Investments, Non-Executive chairman of Harmony Gold Mining Co Ltd. and deputy Chairman of Sanlam Ltd.

Motsepe has been president of South Africa’s Chamber of Commerce and Industry.

First black billionaire in Africa

the first black billionaire in africa

Motsepe created Ubuntu-Botho Investments (UBI) (and in 2019 he owned 55% of it). In 2004 UBI entered into a BEE deal with insurance and financial services company Sanlam.

 The deal ended in 2014 when the debt had been paid and UBI acquired 13.5% of Sanlam but UBI has a 18.1% voting stake in Sanlam as its BEE partner.

UBI then started African Rainbow Capital (ARC), a wholly owned subsidiary of UBI. ARC’s joint chief executive is Johan van Zyl, former executive of Sanlam.

ARC has holdings in more than 40 companies, including TymeBank, industrial group Afrimat, agricultural company BKB, telecommunications company Rain, luxury property estate Val de Vie, and a minority stake in Alexander Forbes, the pension fund administrator.

Recognition

Motsepe won South Africa’s Best Entrepreneur Award in 2002.

 In 2004, he was voted 39th among the South African Broadcasting Corporation’s Great South Africans.

In 2008, he was reported as the 503rd-richest person in the world, according to the Forbes 2019 list of The World’s Billionaires, then ranked as the 962nd-wealthiest person in the world, and the third-wealthiest South African for 2019.

 In 2020, Motsepe was ranked as the 1,307th-wealthiest person in the world by Forbes, with a reported fortune of US$2.1 billion.

Read Top 10 Richest Men in Africa

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Inside LeBron James’ New $36.8 Million Beverly Hills Mansion

Take a look into LeBron James’ New mansion

LeBron James closed on his third home in Los Angeles this week, a 13,000-square-foot mansion in Beverly Hills. He paid $36.75 million, slightly below the original listing price of $39 million. 

The property, built in the 1930s, belonged to the estate of Lee Phillip Bell, who died earlier this year and was best known for co-creating the soap operas The Bold and the Beautiful and The Young and the Restless with her late husband, William.

Read Lebron James Net worth

It was previously owned by other celebrities, including actor Charles Boyer and Howard Hughes, who leased the mansion to his onetime lover Katharine Hepburn.

Take a look into LeBron James’ New mansion

Lebron James Mansion

The home boasts four bedrooms, seven bathrooms and two guesthouses, along with a tennis court and movie theater. It sits on 2.5 acres and has views of both Beverly Hills and the Pacific Ocean. James will likely tear the house down and build a new, larger estate.

Read Top 10 NBA Players

It’s a good time to be a seller in Los Angeles. The median home value is up 7.4% in the past year, according to Zillow. The company predicts an additional 5.9% climb in the coming 12 months.

Below, take a closer look inside the property. At least while it’s still standing.

Take a look into LeBron James’ New mansion

Lebron James Mansion
Lebron James Mansion
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