1 00:00:02,480 --> 00:00:07,000 Speaker 1: Bloomberg Audio Studios, podcasts, radio News. 2 00:00:08,640 --> 00:00:12,039 Speaker 2: Zambia has become the first country in Africa to allow 3 00:00:12,240 --> 00:00:15,560 Speaker 2: Chinese mining firms to pay taxes. 4 00:00:15,080 --> 00:00:19,840 Speaker 1: In yuon Zambias aligning its fiscal policies with real trade flows, 5 00:00:20,000 --> 00:00:23,720 Speaker 1: prioritizing officials and cost reduction, and ensuring the four next 6 00:00:23,720 --> 00:00:24,800 Speaker 1: and Precious do. 7 00:00:24,880 --> 00:00:28,720 Speaker 2: Not thretten economic stability. The move comes as Beijing looks 8 00:00:28,760 --> 00:00:31,880 Speaker 2: to boost global use of the yuon using trade to 9 00:00:32,000 --> 00:00:34,000 Speaker 2: curb its dependence on the dollar. 10 00:00:34,159 --> 00:00:37,520 Speaker 3: China always wanted to internationalize the un You know, China 11 00:00:37,600 --> 00:00:39,479 Speaker 3: is the second largest economy in the world. 12 00:00:39,880 --> 00:00:40,640 Speaker 4: It max more sense. 13 00:00:40,680 --> 00:00:44,360 Speaker 2: On this week's Next Africa Podcast, we'll ask why countries 14 00:00:44,400 --> 00:00:47,120 Speaker 2: in Africa are keen to get on board with using 15 00:00:47,120 --> 00:00:50,839 Speaker 2: the yuon, what it means for Chinese influence on the continent, 16 00:00:51,240 --> 00:00:53,720 Speaker 2: and whether de dollarization. 17 00:00:53,560 --> 00:00:54,760 Speaker 4: Is really possible. 18 00:00:58,080 --> 00:01:01,760 Speaker 2: I'm Jennifer's Abasaja and this is the Next Africa Podcast, 19 00:01:02,080 --> 00:01:05,560 Speaker 2: bringing you one story each week from the continent, driving 20 00:01:05,600 --> 00:01:08,880 Speaker 2: the future of global growth with the context only Bloomberg 21 00:01:08,920 --> 00:01:13,400 Speaker 2: can provide. And joining me to discuss this today is 22 00:01:13,400 --> 00:01:17,800 Speaker 2: our Bloomberg reporter Matthew Hill and our Africa economist Ivon Mango. 23 00:01:17,959 --> 00:01:20,839 Speaker 2: Thank you both so much for joining us. Matt, maybe 24 00:01:20,880 --> 00:01:23,399 Speaker 2: we start with you and let's just start in Zambia, 25 00:01:23,480 --> 00:01:26,560 Speaker 2: because that is the big story. What's actually going to 26 00:01:26,680 --> 00:01:29,720 Speaker 2: change if in fact we do see this new deal 27 00:01:29,840 --> 00:01:33,520 Speaker 2: going through and more taxes being paid in you on 28 00:01:33,640 --> 00:01:34,520 Speaker 2: across the continent. 29 00:01:35,680 --> 00:01:40,120 Speaker 1: The easiest way to understand it is to look at 30 00:01:40,160 --> 00:01:44,440 Speaker 1: the mechanics, and it all starts with copper. Zambia's Africa's 31 00:01:44,640 --> 00:01:50,080 Speaker 1: second biggest copper producer, China buys most of the world's copper, 32 00:01:51,040 --> 00:01:55,360 Speaker 1: and China is also by far Zambia's biggest bilatteral creditor. 33 00:01:56,080 --> 00:02:00,240 Speaker 1: So basically what this does is it allows China, these 34 00:02:00,280 --> 00:02:05,640 Speaker 1: mining companies operating in Zambia and producing copper, to then 35 00:02:05,720 --> 00:02:10,280 Speaker 1: sell that copper for renminbi or un in China and 36 00:02:10,320 --> 00:02:15,320 Speaker 1: then take that currency and use it to then pay 37 00:02:15,440 --> 00:02:20,240 Speaker 1: royalties and taxes in Zambia in un which the Zambian 38 00:02:20,320 --> 00:02:24,720 Speaker 1: government can then add to its foreign exchange reserves and 39 00:02:24,760 --> 00:02:29,280 Speaker 1: then use that same currency to then service its debt 40 00:02:29,760 --> 00:02:36,000 Speaker 1: to China. So it essentially creates a loop and cuts 41 00:02:36,000 --> 00:02:40,560 Speaker 1: out the Dollar as a middleman. It also allows the 42 00:02:40,720 --> 00:02:46,000 Speaker 1: Zambian government to diversify its foreign exchange reserves in the 43 00:02:46,080 --> 00:02:51,400 Speaker 1: hope that it will also then reduce local demand for 44 00:02:51,480 --> 00:02:54,400 Speaker 1: the dollar in Zambia. And this is all happening in 45 00:02:54,440 --> 00:02:59,679 Speaker 1: parallel to a government initiative inside the country to the 46 00:03:00,040 --> 00:03:04,240 Speaker 1: polarized the economy and reduce its dependence on the green back. 47 00:03:04,840 --> 00:03:07,760 Speaker 2: And we know that's not something that the US President 48 00:03:07,880 --> 00:03:11,119 Speaker 2: at least would want to hear, But Matthew, it's been 49 00:03:11,200 --> 00:03:14,040 Speaker 2: increasing in discussion. As you were mentioning, it's getting more 50 00:03:14,080 --> 00:03:16,360 Speaker 2: and more eyeballs when we think about some of the 51 00:03:16,400 --> 00:03:19,520 Speaker 2: other countries across the continent that are maybe looking to 52 00:03:19,600 --> 00:03:22,200 Speaker 2: this model or even already are making use of the 53 00:03:22,280 --> 00:03:25,480 Speaker 2: yuon What are some of the instances that you think 54 00:03:25,639 --> 00:03:27,640 Speaker 2: are worth pointing out. 55 00:03:28,000 --> 00:03:32,359 Speaker 1: Just in recent months, we've seen Kenya converting its dollar 56 00:03:32,400 --> 00:03:37,440 Speaker 1: loans to China into ren minbi, Ethiopia told us that 57 00:03:37,480 --> 00:03:40,600 Speaker 1: it's in talks to do the same, and also last 58 00:03:40,640 --> 00:03:47,080 Speaker 1: year the African Export Import Bank sold its debut Panda bond, 59 00:03:47,160 --> 00:03:51,400 Speaker 1: which is a bond denominated in ren minbi or un 60 00:03:51,920 --> 00:03:56,600 Speaker 1: Zambia is also looking at doing a currency swap with China, 61 00:03:57,280 --> 00:04:01,280 Speaker 1: joining other African nations that have done the same, and 62 00:04:01,920 --> 00:04:06,160 Speaker 1: also just recently there was an interesting study that came 63 00:04:06,200 --> 00:04:12,960 Speaker 1: out from Boston University that found that China is increasingly 64 00:04:13,080 --> 00:04:19,320 Speaker 1: looking at employing R and B denominated loans, especially in Africa. 65 00:04:19,880 --> 00:04:24,240 Speaker 1: We're in Kenya again, for example, all of the infrastructure 66 00:04:24,279 --> 00:04:29,039 Speaker 1: loans that it's signed in twenty twenty four which China 67 00:04:29,080 --> 00:04:34,360 Speaker 1: were denominated in ren minbi, and of course that contrasts 68 00:04:34,440 --> 00:04:40,159 Speaker 1: with the US dollar denominated borrowing that dominated China's leaning 69 00:04:40,200 --> 00:04:42,560 Speaker 1: to Kenya in the twenty tens. 70 00:04:42,880 --> 00:04:45,680 Speaker 2: So let's stick on that here, because when we look 71 00:04:45,839 --> 00:04:50,000 Speaker 2: at the reserves and the reserve currency, Von, I think 72 00:04:50,040 --> 00:04:52,720 Speaker 2: it's still safe to say that the dollar is the 73 00:04:52,760 --> 00:04:56,600 Speaker 2: reserve currency of the world. But when we look at 74 00:04:56,640 --> 00:05:00,719 Speaker 2: the African reserves that are fixated in the dollar versus 75 00:05:00,760 --> 00:05:04,560 Speaker 2: the you on what has your analysis been able to 76 00:05:04,640 --> 00:05:05,599 Speaker 2: tell you, Yvon. 77 00:05:06,000 --> 00:05:08,719 Speaker 3: In terms of the share of Chinese currency in African 78 00:05:08,720 --> 00:05:12,440 Speaker 3: countries reserves, that's still relatively modest. We're talking about five 79 00:05:12,440 --> 00:05:16,400 Speaker 3: percent below. So a country like Kenya, for instance, may 80 00:05:16,440 --> 00:05:20,440 Speaker 3: have up to five percent of its reserves in Chinese currency, 81 00:05:20,800 --> 00:05:23,440 Speaker 3: but in most countries it's much less than that. 82 00:05:23,880 --> 00:05:26,880 Speaker 4: There is talk of increasing. 83 00:05:26,440 --> 00:05:30,320 Speaker 3: That share for several countries, countries like Rwanda, Nigeria, and 84 00:05:30,360 --> 00:05:34,799 Speaker 3: Botswana have mentioned that there's also countries that have science 85 00:05:34,839 --> 00:05:38,640 Speaker 3: swap agreements with China in order to increase the liquidity 86 00:05:38,880 --> 00:05:43,640 Speaker 3: of Chinese yuan or remembi in their reserve banks. And 87 00:05:43,960 --> 00:05:48,520 Speaker 3: this is all a shift towards trying to diversify away 88 00:05:48,600 --> 00:05:52,120 Speaker 3: from the United States dollar. Part of the reason for that, 89 00:05:52,160 --> 00:05:54,920 Speaker 3: of course, is that you're seeing African countries do a 90 00:05:54,960 --> 00:05:59,160 Speaker 3: lot more trade with China. This makes sense for countries 91 00:05:59,200 --> 00:06:03,400 Speaker 3: that are in supporting as much as they're exporting with China. 92 00:06:03,600 --> 00:06:07,920 Speaker 3: But if you are importing from China, what you want 93 00:06:08,000 --> 00:06:11,960 Speaker 3: to do is have an equivalent amount of merchandise such 94 00:06:12,000 --> 00:06:15,720 Speaker 3: as selling to China in order to make those reserves 95 00:06:15,800 --> 00:06:16,920 Speaker 3: make sense to you. 96 00:06:17,400 --> 00:06:20,719 Speaker 4: Convertibility is also an issue. You want to hold a. 97 00:06:20,760 --> 00:06:23,640 Speaker 3: Currency that you think is easily acceptable to. 98 00:06:23,760 --> 00:06:26,560 Speaker 4: Your trade partners, and in an environment where a lot of. 99 00:06:26,520 --> 00:06:29,760 Speaker 3: The payment systems, a lot of invoicing is still in 100 00:06:30,400 --> 00:06:33,760 Speaker 3: US dollars, you find that most countries will default to 101 00:06:33,880 --> 00:06:37,040 Speaker 3: the United States dollar because of convertibility issues. 102 00:06:37,320 --> 00:06:39,880 Speaker 2: Does it make sense then, why we are seeing China 103 00:06:39,960 --> 00:06:41,920 Speaker 2: continue to push to make use of that You want 104 00:06:42,080 --> 00:06:45,119 Speaker 2: more and more palatable internationally. 105 00:06:45,880 --> 00:06:48,160 Speaker 3: Yes, I think a big trigger for that was, of 106 00:06:48,200 --> 00:06:52,400 Speaker 3: course Russia's invasion of Ukraine, when many saw what was 107 00:06:52,440 --> 00:06:56,560 Speaker 3: now termed as dollar weaponization through the sanctions, and that 108 00:06:56,720 --> 00:07:00,560 Speaker 3: had raised many eyebrows parting the global self and led 109 00:07:00,600 --> 00:07:04,559 Speaker 3: to this discourse we're hearing of the dollarization because many 110 00:07:04,560 --> 00:07:09,600 Speaker 3: fought vulnerable to the huge exposure to the US monetary system, 111 00:07:09,840 --> 00:07:12,920 Speaker 3: US monket policy, the fact that the payment infrastructure as 112 00:07:12,920 --> 00:07:17,400 Speaker 3: it stands today is essentially the architecture of the US. 113 00:07:17,440 --> 00:07:19,080 Speaker 4: It's controlled by the US. 114 00:07:19,560 --> 00:07:23,440 Speaker 3: So China would like to see that you wantn't internationalized, 115 00:07:23,520 --> 00:07:27,160 Speaker 3: particularly because they dominate global trade, so it makes sense 116 00:07:27,600 --> 00:07:30,680 Speaker 3: for them to see more of its trade partners use 117 00:07:30,760 --> 00:07:33,080 Speaker 3: their currencies, particularly on the trade front. 118 00:07:33,400 --> 00:07:37,480 Speaker 2: Right, especially as there are more and more trade deals 119 00:07:37,480 --> 00:07:40,080 Speaker 2: that are happening with a number of African countries. 120 00:07:40,560 --> 00:07:41,280 Speaker 4: Hold that thought. 121 00:07:41,320 --> 00:07:42,960 Speaker 2: I want you able to stick with us. We're going 122 00:07:42,960 --> 00:07:45,480 Speaker 2: to take a quick break and when we come back, 123 00:07:45,560 --> 00:07:49,600 Speaker 2: we'll talk about why African countries are seeing some of 124 00:07:49,680 --> 00:07:53,240 Speaker 2: the benefits of these deals and if, of course, there 125 00:07:53,320 --> 00:08:04,880 Speaker 2: could be any risks, we'll be right back. Welcome back. Today, 126 00:08:05,080 --> 00:08:08,320 Speaker 2: we are talking about China's efforts to boost the use 127 00:08:08,360 --> 00:08:12,160 Speaker 2: of the Yuan across Africa. Matthew Hill and Evon Mango 128 00:08:12,320 --> 00:08:15,760 Speaker 2: are still with me. Matt, what is in it for 129 00:08:15,840 --> 00:08:20,000 Speaker 2: these African countries? You speak to a number of officials 130 00:08:20,040 --> 00:08:22,280 Speaker 2: on a day to day basis about these processes. 131 00:08:22,720 --> 00:08:24,040 Speaker 4: What is it that they're telling you? 132 00:08:24,640 --> 00:08:27,360 Speaker 1: Yeah, Jen, that's a great question. I mean, just building 133 00:08:27,360 --> 00:08:31,000 Speaker 1: on from what Yvonne was saying. We know that China 134 00:08:31,040 --> 00:08:35,520 Speaker 1: Africa trade has been expanding quite rapidly and last year 135 00:08:35,559 --> 00:08:38,720 Speaker 1: actually reached a new record of just below two hundred 136 00:08:38,720 --> 00:08:42,560 Speaker 1: and fifty billion dollars, So it's massive. Looking at what's 137 00:08:42,600 --> 00:08:46,920 Speaker 1: in it for African countries increasing their use of the 138 00:08:47,480 --> 00:08:50,480 Speaker 1: un If you look at Zambia, for example, the deal 139 00:08:50,640 --> 00:08:55,840 Speaker 1: provides cost savings to both sides because basically they are 140 00:08:55,960 --> 00:09:00,959 Speaker 1: avoiding costly transaction fees from not having to convert to 141 00:09:01,160 --> 00:09:04,720 Speaker 1: dollars and back and dollars in back. When you're talking 142 00:09:04,720 --> 00:09:08,079 Speaker 1: about such massive volumes, the numbers aren't small. It also 143 00:09:08,280 --> 00:09:13,800 Speaker 1: diversifies currency risks for African countries where the dollar has 144 00:09:13,840 --> 00:09:17,760 Speaker 1: played like such a massively dominant role. And also the 145 00:09:17,840 --> 00:09:22,000 Speaker 1: Zambian government says that it can help to reduce local 146 00:09:22,040 --> 00:09:26,720 Speaker 1: demand and dependents on the dollar and we've seen in 147 00:09:26,920 --> 00:09:30,679 Speaker 1: past years instances where there have been very severe dollar 148 00:09:30,720 --> 00:09:35,679 Speaker 1: shortages in African countries. In Kenya's case and perhaps Ethiopia too, 149 00:09:36,480 --> 00:09:40,240 Speaker 1: it does come with cost savings on interest rates. When 150 00:09:40,360 --> 00:09:46,800 Speaker 1: Kenya converted their dollar denominated debt to China into yuan 151 00:09:46,960 --> 00:09:50,440 Speaker 1: last year, they said that it would come with significantly 152 00:09:51,360 --> 00:09:57,400 Speaker 1: lower interest rates. And also just building on what Yvonne 153 00:09:57,520 --> 00:10:01,880 Speaker 1: was saying about the global financial art chitecture and risks 154 00:10:02,600 --> 00:10:07,199 Speaker 1: of sanctions if the dollar is weaponized. China's recognized those risks, 155 00:10:07,240 --> 00:10:10,840 Speaker 1: and I think some African countries too are quite keen 156 00:10:11,040 --> 00:10:13,240 Speaker 1: to have perhaps a plan B. 157 00:10:13,960 --> 00:10:17,120 Speaker 2: Yeah, Ivon, maybe you jump in here on that. Where 158 00:10:17,120 --> 00:10:20,600 Speaker 2: do you see Washington's role in all of this? Do 159 00:10:20,640 --> 00:10:26,360 Speaker 2: you potentially see retaliation, especially considering you know, there's quite 160 00:10:26,400 --> 00:10:30,000 Speaker 2: a lot of talk about FED independence this year, potentially 161 00:10:30,080 --> 00:10:32,960 Speaker 2: who the next FED chair will be. How do you 162 00:10:33,080 --> 00:10:36,880 Speaker 2: factor what we're seeing in the US into this discussion. 163 00:10:37,080 --> 00:10:39,600 Speaker 4: I think we'll certainly resistance. We've already seen it. 164 00:10:39,800 --> 00:10:43,800 Speaker 3: We've seen Donald Trump respond to Bricks when Bricks talked 165 00:10:43,800 --> 00:10:46,840 Speaker 3: about the dollarising. So I don't think you're going to 166 00:10:46,840 --> 00:10:49,480 Speaker 3: see them lie down and take it. Likely there will 167 00:10:49,520 --> 00:10:50,360 Speaker 3: be resistance to it. 168 00:10:50,559 --> 00:10:54,160 Speaker 4: That's it. I don't think China intend to replace the dollar. 169 00:10:54,360 --> 00:10:57,280 Speaker 3: I just think they want the use of the U 170 00:10:57,280 --> 00:11:01,720 Speaker 3: want to reflect China's role in global trade, which I 171 00:11:01,720 --> 00:11:05,560 Speaker 3: think does make sense. China's role in global trade has 172 00:11:05,720 --> 00:11:09,840 Speaker 3: just increased massively over the past two to three decades, 173 00:11:10,160 --> 00:11:12,680 Speaker 3: and in Africa's case, if we look at their share 174 00:11:12,920 --> 00:11:15,840 Speaker 3: of the one in the reserves and in African countries, 175 00:11:16,160 --> 00:11:20,280 Speaker 3: it doesn't reflect that huge increase in terms of trade. 176 00:11:20,320 --> 00:11:22,400 Speaker 3: And we'll talk about trade, who haven't even talked about 177 00:11:22,679 --> 00:11:26,080 Speaker 3: the share of debts or loans that are coming from China, 178 00:11:26,160 --> 00:11:29,080 Speaker 3: as the share of total international financing that's been coming 179 00:11:29,120 --> 00:11:34,079 Speaker 3: to Africa essentially replaced or exceeded what's coming from international 180 00:11:34,120 --> 00:11:38,360 Speaker 3: financial institutions. So I think what countries does want, both 181 00:11:38,400 --> 00:11:41,120 Speaker 3: in China's front but also the rest of the global cells, 182 00:11:41,360 --> 00:11:45,920 Speaker 3: is for the trade and also their financial transactions to 183 00:11:45,960 --> 00:11:50,880 Speaker 3: reflect the countries that are transacting globally. That said, though, 184 00:11:51,280 --> 00:11:54,880 Speaker 3: I think the challenge for China, particularly on the capital 185 00:11:55,160 --> 00:11:56,840 Speaker 3: in terms of its capital counts, is that it's sort 186 00:11:56,880 --> 00:12:01,720 Speaker 3: of fully liberalized. There's still capital restriction that inhibits that 187 00:12:02,080 --> 00:12:06,079 Speaker 3: full convertibility, which kind of also at this stage doesn't 188 00:12:06,400 --> 00:12:12,040 Speaker 3: want because it poses risks to domestic financial system. So 189 00:12:12,960 --> 00:12:16,320 Speaker 3: as it stands today, the United States dollar still plays 190 00:12:16,320 --> 00:12:19,240 Speaker 3: a significant role and will play that role for many 191 00:12:19,360 --> 00:12:22,880 Speaker 3: years to come. However, there is room for the yuan, 192 00:12:23,160 --> 00:12:24,160 Speaker 3: particularly in Africa. 193 00:12:24,400 --> 00:12:28,360 Speaker 2: Matt, maybe we just end on what Yvonne was just 194 00:12:28,400 --> 00:12:31,240 Speaker 2: bringing up, which is about debt and some of these 195 00:12:31,280 --> 00:12:35,360 Speaker 2: deals between African countries and China, which brings me to 196 00:12:35,480 --> 00:12:39,080 Speaker 2: China's Belt and Road Initiative. You've dug into some of 197 00:12:39,120 --> 00:12:41,840 Speaker 2: the data that we've just gotten for twenty twenty five. 198 00:12:42,240 --> 00:12:44,640 Speaker 2: What was the skill like last year and potentially what 199 00:12:44,679 --> 00:12:47,920 Speaker 2: does it tell us about what that means for the 200 00:12:47,960 --> 00:12:50,040 Speaker 2: future of these relationships. 201 00:12:50,400 --> 00:12:55,240 Speaker 1: Griffith University in Brisbane just released a report saying that 202 00:12:55,480 --> 00:13:00,199 Speaker 1: in twenty twenty five there was the highest Bulb and 203 00:13:00,280 --> 00:13:05,160 Speaker 1: Road Initiative engagement globally for any year. So it reached 204 00:13:05,200 --> 00:13:09,000 Speaker 1: a record with one hundred and twenty eight billion dollars 205 00:13:09,040 --> 00:13:13,960 Speaker 1: in construction contracts and then another eighty five billion dollars 206 00:13:13,960 --> 00:13:20,079 Speaker 1: in investments. And more interestingly perhaps is that Africa topped 207 00:13:20,120 --> 00:13:26,160 Speaker 1: the ranks of BRI engagement. So there really is heightening 208 00:13:26,440 --> 00:13:30,520 Speaker 1: engagement between African countries and China, and if you look 209 00:13:30,520 --> 00:13:35,079 Speaker 1: at the broader global context of the tariff wars and 210 00:13:36,160 --> 00:13:42,280 Speaker 1: everything that's happened under the second Trump administration, there's definitely 211 00:13:42,360 --> 00:13:46,680 Speaker 1: a big push from China to diversify its trade and 212 00:13:47,320 --> 00:13:51,839 Speaker 1: Africa is offering a great opportunity for it to do so, 213 00:13:51,880 --> 00:13:55,200 Speaker 1: and we're seeing them rarely making a big push into 214 00:13:55,240 --> 00:13:58,040 Speaker 1: the continent, not only from a trade point of view, 215 00:13:58,120 --> 00:14:01,640 Speaker 1: but also from Matt Andavon. 216 00:14:01,800 --> 00:14:04,200 Speaker 2: Thank you both again so much for joining us and 217 00:14:04,240 --> 00:14:07,720 Speaker 2: helping us make sense of the story this week, and 218 00:14:07,760 --> 00:14:10,480 Speaker 2: you can read all of our coverage on China in 219 00:14:10,520 --> 00:14:16,240 Speaker 2: Africa across Bloomberg platforms. Now here's some of the other 220 00:14:16,360 --> 00:14:20,800 Speaker 2: stories we've been following across the region this week. Uganda's 221 00:14:20,800 --> 00:14:23,680 Speaker 2: main opposition party said one of its top officials had 222 00:14:23,720 --> 00:14:27,520 Speaker 2: been arrested by security operatives, the third to be detained 223 00:14:27,560 --> 00:14:32,960 Speaker 2: since last week's election that handed President Yuri seventy seventh term. 224 00:14:33,440 --> 00:14:37,600 Speaker 2: And members of Senegal's national football team will be paid 225 00:14:37,760 --> 00:14:41,640 Speaker 2: bonuses and given plots of land. After the triumph in 226 00:14:41,680 --> 00:14:45,680 Speaker 2: the Africa Cup of Nations tournament, Senegal's team, known as 227 00:14:45,720 --> 00:14:48,840 Speaker 2: the Lions of Taranga, sealed a dramatic one to zero 228 00:14:48,960 --> 00:14:52,120 Speaker 2: victory over host nation Morocco in the final of the 229 00:14:52,160 --> 00:14:56,000 Speaker 2: Africa Cup of Nations at the weekend. You can follow 230 00:14:56,040 --> 00:15:00,320 Speaker 2: these stories across Bloomberg, including the Next Africa Newsletter. Will 231 00:15:00,360 --> 00:15:05,600 Speaker 2: put a link to that in the show notes. This 232 00:15:05,640 --> 00:15:09,360 Speaker 2: program was produced by Adrian Bradley and tiwa Adebayo. Don't 233 00:15:09,360 --> 00:15:12,520 Speaker 2: forget to follow and review this show wherever you usually 234 00:15:12,560 --> 00:15:16,760 Speaker 2: get your podcasts. I'm Jennifer Zambisaja. Thanks as always for listening.