1 00:00:02,480 --> 00:00:07,000 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. 2 00:00:09,080 --> 00:00:13,320 Speaker 2: The cocoa price route continues, leaving African farmers worried. 3 00:00:13,880 --> 00:00:17,759 Speaker 1: This has never ever happened in the history of this country. 4 00:00:18,520 --> 00:00:22,320 Speaker 2: Why are we totrik coco farmers this week? Why while 5 00:00:22,360 --> 00:00:26,080 Speaker 2: weather conditions for coco farming looks good, the falling prices 6 00:00:26,079 --> 00:00:29,920 Speaker 2: could mean less income for farmers and prompt policy adjustments 7 00:00:30,040 --> 00:00:30,960 Speaker 2: by regulators. 8 00:00:31,280 --> 00:00:36,440 Speaker 1: The fumer warfare is on the haunts of every position. 9 00:00:36,840 --> 00:00:40,199 Speaker 2: That's the management teach. On today's podcast, we'll look at 10 00:00:40,200 --> 00:00:42,960 Speaker 2: the state of the coco market and how after years 11 00:00:43,000 --> 00:00:46,280 Speaker 2: of sky high prices, the falling market is causing new 12 00:00:46,320 --> 00:00:53,320 Speaker 2: problems for the world's largest cocoa producing countries. I'm Jennifer's 13 00:00:53,320 --> 00:00:56,760 Speaker 2: Abasaga and this is the Next Africa podcast, bringing you 14 00:00:56,840 --> 00:01:00,160 Speaker 2: one story each week from the continent, driving the future 15 00:01:00,200 --> 00:01:04,040 Speaker 2: of global growth with the context only Bloomberg can provide. 16 00:01:05,120 --> 00:01:08,800 Speaker 2: Joining me today is Bloomberg Soft Commodities reporter Mumbi guitar Mumby. 17 00:01:08,959 --> 00:01:11,080 Speaker 2: Always great to have you back on the podcast. Thanks 18 00:01:11,080 --> 00:01:14,120 Speaker 2: for joining us, so Mumbi. When we have had you 19 00:01:14,200 --> 00:01:16,800 Speaker 2: on the podcast before, we have talked about the sky 20 00:01:16,959 --> 00:01:20,560 Speaker 2: high cocoa prices Fortunately, I've spoken to you since then, 21 00:01:20,600 --> 00:01:23,399 Speaker 2: but here's how we ended that last discussion on the podcast. 22 00:01:23,800 --> 00:01:27,440 Speaker 1: The price is really dictated by both elements, supply and demand. 23 00:01:27,480 --> 00:01:30,480 Speaker 1: So we'll continue to focus on how much production is 24 00:01:30,520 --> 00:01:34,200 Speaker 1: coming out of africost and Ghana and how much chocolate 25 00:01:34,240 --> 00:01:38,080 Speaker 1: companies are able to still continue producing chocolate at these 26 00:01:38,200 --> 00:01:39,560 Speaker 1: really high levels. 27 00:01:40,040 --> 00:01:43,600 Speaker 2: And so now shockingly we're seeing prices going in the 28 00:01:43,640 --> 00:01:48,280 Speaker 2: complete opposite direction. Quite a roller coaster of volatility that 29 00:01:48,680 --> 00:01:51,800 Speaker 2: we've been witnessing with coco. Talk us through what's happened 30 00:01:51,840 --> 00:01:52,880 Speaker 2: from your vantage point. 31 00:01:54,360 --> 00:01:57,200 Speaker 1: You're right, Jen, it's been such a roller cost we've 32 00:01:57,200 --> 00:01:59,960 Speaker 1: pretty much wiped out the rally of twenty twenty five 33 00:02:00,040 --> 00:02:02,280 Speaker 1: and twenty twenty four, and now we are back to 34 00:02:02,320 --> 00:02:05,200 Speaker 1: the levels that we saw in twenty twenty three. I 35 00:02:05,240 --> 00:02:09,040 Speaker 1: guess what they say about higher prices curing higher prices 36 00:02:09,120 --> 00:02:11,520 Speaker 1: is true, because we've seen a lot of demand distraction. 37 00:02:12,000 --> 00:02:14,400 Speaker 1: What happened is that as chocolate t is passed on 38 00:02:14,440 --> 00:02:17,280 Speaker 1: the higher cost consumers that are cutting back on their 39 00:02:17,320 --> 00:02:20,880 Speaker 1: consumption of chocolate. At the same time, the manufacturers also 40 00:02:20,960 --> 00:02:23,640 Speaker 1: cut back on their use of coco because they wanted 41 00:02:23,680 --> 00:02:25,960 Speaker 1: to protect their bottom line. They wanted to protect their 42 00:02:26,000 --> 00:02:29,560 Speaker 1: imagin so they've ended up using less coco in their products. 43 00:02:29,600 --> 00:02:32,760 Speaker 1: I'm sure you've seen your chocolate bards have gotten smaller. 44 00:02:33,160 --> 00:02:36,280 Speaker 1: Other manufacturers have opted to remove the chocolate in their 45 00:02:36,320 --> 00:02:39,600 Speaker 1: branding and now they're just saying it's chocolate tea. All 46 00:02:39,680 --> 00:02:43,160 Speaker 1: this is taking away demand from coco. That's industrial demand 47 00:02:43,400 --> 00:02:47,040 Speaker 1: and consumer demand. And when you have higher prices, to 48 00:02:47,120 --> 00:02:50,680 Speaker 1: bring back demand, you need to have lower prices, and 49 00:02:50,720 --> 00:02:53,320 Speaker 1: that's what's causing the price correction that we are seeing 50 00:02:53,320 --> 00:02:54,400 Speaker 1: in the market right now. 51 00:02:55,160 --> 00:02:58,320 Speaker 2: Yeah, chocolate EA as a description is quite interesting for 52 00:02:58,880 --> 00:03:01,600 Speaker 2: a consumer and also I'm sure for manufacturers to adjust to. 53 00:03:02,000 --> 00:03:05,079 Speaker 2: But if we talk about what's happened with the climate, 54 00:03:05,440 --> 00:03:07,600 Speaker 2: We've spoken to you about a few bad years of 55 00:03:07,639 --> 00:03:11,360 Speaker 2: bad weather, but it seems like growing conditions have actually 56 00:03:11,440 --> 00:03:14,280 Speaker 2: improved this year. Will that be enough to turn the 57 00:03:14,360 --> 00:03:17,280 Speaker 2: tide for farmers and for them to be able to 58 00:03:17,360 --> 00:03:18,600 Speaker 2: capitalize on this moment? 59 00:03:18,840 --> 00:03:21,720 Speaker 1: I mean, it's been a series of bad weather and 60 00:03:21,800 --> 00:03:25,080 Speaker 1: now they are having good weather. That's good in the 61 00:03:25,120 --> 00:03:28,400 Speaker 1: grand scheme of things, that they'll have a much better crop. However, 62 00:03:28,480 --> 00:03:31,280 Speaker 1: when prices are falling this first, it's hard for the 63 00:03:31,360 --> 00:03:35,400 Speaker 1: farmers to capitalize. Production is not expected to recover that much. 64 00:03:35,720 --> 00:03:38,240 Speaker 1: Just because we've had good weather doesn't take away from 65 00:03:38,320 --> 00:03:42,000 Speaker 1: the diseases that are currently ravaging farms in West Africa. 66 00:03:42,080 --> 00:03:44,720 Speaker 1: It doesn't take away from the lack of investments that 67 00:03:44,800 --> 00:03:47,760 Speaker 1: has happened in the last few decades. So there's still 68 00:03:47,800 --> 00:03:51,360 Speaker 1: structural issues that continue to affect farmers. Well. The weather 69 00:03:51,480 --> 00:03:53,920 Speaker 1: is good right now, but some of the aspects that 70 00:03:54,120 --> 00:03:57,680 Speaker 1: are more structural, like diseases and under investments still remain. 71 00:03:58,000 --> 00:04:02,160 Speaker 1: They might collect a decent crop if prices do not recover. 72 00:04:02,280 --> 00:04:05,560 Speaker 1: If prices continue falling, then you don't get as much 73 00:04:05,640 --> 00:04:06,680 Speaker 1: from the crop that you have. 74 00:04:06,840 --> 00:04:10,400 Speaker 2: Is sting, which is probably why we're seeing some of 75 00:04:10,440 --> 00:04:15,880 Speaker 2: the West African producers resulting to new measures to adjust. 76 00:04:16,000 --> 00:04:19,120 Speaker 2: Can you speak to what's been happening in Ghana and 77 00:04:19,160 --> 00:04:22,880 Speaker 2: also top grower Ivory Coast as they adjust to the 78 00:04:22,920 --> 00:04:24,160 Speaker 2: falling cocoa price. 79 00:04:24,040 --> 00:04:26,919 Speaker 1: Now, I Recosts and Ghana really find themselves in a 80 00:04:27,040 --> 00:04:30,479 Speaker 1: very difficult place when the market was rallying. We've spoken 81 00:04:30,560 --> 00:04:34,080 Speaker 1: about this previously. They have a pricing mechanism in which 82 00:04:34,120 --> 00:04:37,320 Speaker 1: they set firm gate prices and those prices are locked 83 00:04:37,320 --> 00:04:40,520 Speaker 1: in for maybe six months or three months now when 84 00:04:40,560 --> 00:04:43,719 Speaker 1: the prices were rallying, they could not immediately help farmers 85 00:04:43,800 --> 00:04:47,200 Speaker 1: capitalize on those prices. Now, just when they had started 86 00:04:47,279 --> 00:04:51,720 Speaker 1: raising firm gate prices, prices on the futures market have collapsed. 87 00:04:52,120 --> 00:04:55,760 Speaker 1: Now ivery coasts and Ghana have farm gate prices that 88 00:04:55,839 --> 00:04:58,880 Speaker 1: are above the market price in the world. How do 89 00:04:58,920 --> 00:05:02,000 Speaker 1: you sustain price is that are well above what other 90 00:05:02,080 --> 00:05:05,120 Speaker 1: regions are being paid for. That's what's put them in 91 00:05:05,120 --> 00:05:08,279 Speaker 1: a really difficult place because exporters are saying, how do 92 00:05:08,360 --> 00:05:11,760 Speaker 1: we buy coco from you at five thousand dollars when 93 00:05:11,800 --> 00:05:15,000 Speaker 1: the market outside is three thousand dollars. It doesn't make 94 00:05:15,040 --> 00:05:18,040 Speaker 1: sense for us. Those margins will really be squeezed. And 95 00:05:18,080 --> 00:05:20,880 Speaker 1: now we've seen coco piling up in every court. We've 96 00:05:20,880 --> 00:05:23,880 Speaker 1: seen coco piling up in Ghana. And that's where now 97 00:05:23,920 --> 00:05:26,760 Speaker 1: the regulators are going back to the drawing board and 98 00:05:26,839 --> 00:05:30,279 Speaker 1: asking themselves difficult questions. Do we need to keep this 99 00:05:30,440 --> 00:05:34,279 Speaker 1: pricing mechanism where we lock in prices months in advance 100 00:05:34,560 --> 00:05:37,880 Speaker 1: without any insight on what happens to the market. They 101 00:05:37,920 --> 00:05:41,960 Speaker 1: did not anticipate this correction in prices. No one anticipated 102 00:05:42,000 --> 00:05:45,479 Speaker 1: that prices would fall this far this first and now 103 00:05:45,480 --> 00:05:48,920 Speaker 1: you need to reconcile what farmers are being paid and 104 00:05:48,960 --> 00:05:52,120 Speaker 1: what the market price is in the world market. 105 00:05:52,720 --> 00:05:55,320 Speaker 2: And Mambi just hold that thought. I want to dig 106 00:05:55,360 --> 00:05:57,320 Speaker 2: into that more. We're going to take a quick break 107 00:05:57,360 --> 00:05:59,800 Speaker 2: and when we come back, we'll look at what the 108 00:06:00,040 --> 00:06:04,120 Speaker 2: long term future for cocoa production could be like, especially 109 00:06:04,160 --> 00:06:06,920 Speaker 2: when it comes to the farmers. As you just brought up. 110 00:06:07,200 --> 00:06:18,240 Speaker 2: We'll be right back. Welcome back. Today we're looking into 111 00:06:18,360 --> 00:06:22,520 Speaker 2: cocoa and how West African production is adapting to cheaper 112 00:06:22,560 --> 00:06:26,559 Speaker 2: market prices. Our soft commodities reporter Mumbi Guitau is still 113 00:06:26,600 --> 00:06:29,360 Speaker 2: with us, so Mumbe. Just before the break, we were 114 00:06:29,400 --> 00:06:33,039 Speaker 2: talking about the adjustments and the shifts that we're seeing 115 00:06:33,080 --> 00:06:36,840 Speaker 2: Ghana and Ivory Coast, talking about considering the volatility in 116 00:06:36,880 --> 00:06:39,320 Speaker 2: the market when we talk about the farm gate price, 117 00:06:39,880 --> 00:06:44,120 Speaker 2: were the farmers ever able to capitalize on some of 118 00:06:44,160 --> 00:06:46,760 Speaker 2: the higher prices when they were at their peak. 119 00:06:47,279 --> 00:06:51,560 Speaker 1: Only regions where the markets are liberalized, like Cameroon, Nigeria, 120 00:06:51,720 --> 00:06:55,880 Speaker 1: Brazil Ecuadora able to capture the high prices. Farmers in 121 00:06:55,960 --> 00:06:59,479 Speaker 1: Ivery Coast in Ghana did not capture those high prices. Yes, 122 00:06:59,520 --> 00:07:02,520 Speaker 1: the regular late has raised prices in the last few 123 00:07:02,560 --> 00:07:05,920 Speaker 1: months and in the last few seasons, but that has 124 00:07:06,000 --> 00:07:10,040 Speaker 1: not completely translated to them capturing the whole rally. At 125 00:07:10,040 --> 00:07:12,680 Speaker 1: some point last year or in twenty twenty four, we 126 00:07:12,800 --> 00:07:17,000 Speaker 1: had prices reached twelve thousand dollars a ton. The highest 127 00:07:17,040 --> 00:07:19,760 Speaker 1: farm gate price that every cost and Ghana have gotten 128 00:07:19,840 --> 00:07:23,360 Speaker 1: to is about five five hundred dollars a ton, So 129 00:07:23,440 --> 00:07:25,640 Speaker 1: there's still a lot that they were not able to 130 00:07:25,680 --> 00:07:28,000 Speaker 1: capture when the market was really high. 131 00:07:27,800 --> 00:07:31,200 Speaker 2: Which is quite unfortunate, especially when you think about some 132 00:07:31,280 --> 00:07:34,160 Speaker 2: of these contracts that were not able to be fulfilled 133 00:07:34,200 --> 00:07:36,840 Speaker 2: for some of the farmers. Potentially that's the reason why 134 00:07:37,400 --> 00:07:40,040 Speaker 2: we're seeing some of the reaction. I mean, how do 135 00:07:40,120 --> 00:07:41,400 Speaker 2: you interpret it, Mumby. 136 00:07:41,640 --> 00:07:44,680 Speaker 1: It's such a lossful farmers in every coast and Ghana. 137 00:07:44,800 --> 00:07:48,080 Speaker 1: They missed out when the prices were rallying, and now 138 00:07:48,120 --> 00:07:51,720 Speaker 1: they're going to even suffer as prices are falling. As 139 00:07:51,760 --> 00:07:55,240 Speaker 1: you've painted the picture in every coast, farmers are sitting 140 00:07:55,280 --> 00:07:58,080 Speaker 1: on cocor that no one wants to buy. And as 141 00:07:58,080 --> 00:08:02,239 Speaker 1: for reasons I explained earlier, wouldn't exporter pay much more 142 00:08:02,680 --> 00:08:06,080 Speaker 1: in a market where you're not guaranteed to be receiving 143 00:08:06,120 --> 00:08:09,600 Speaker 1: as much from your buyers. And I think now farmers 144 00:08:09,640 --> 00:08:13,360 Speaker 1: are looking at a situation where they are stuck. They 145 00:08:13,360 --> 00:08:17,080 Speaker 1: are left in a situation where they don't benefit regardless 146 00:08:17,120 --> 00:08:20,480 Speaker 1: of whichever direction the market moves, whether in their favor 147 00:08:20,600 --> 00:08:23,560 Speaker 1: or against their favor, They're still very stark in a 148 00:08:23,560 --> 00:08:24,320 Speaker 1: bad situation. 149 00:08:25,080 --> 00:08:28,680 Speaker 2: What do you make, Mumbi of what the authorities have 150 00:08:28,760 --> 00:08:31,320 Speaker 2: been saying about the latest prices? 151 00:08:31,920 --> 00:08:35,280 Speaker 1: You really sit and you feel for the authorities because 152 00:08:35,320 --> 00:08:39,079 Speaker 1: they are stuck to a traditional model that worked for 153 00:08:39,120 --> 00:08:42,640 Speaker 1: them when the market was not volatile, when the market 154 00:08:42,720 --> 00:08:45,679 Speaker 1: barely moved fifty dollars a day. Now we have a 155 00:08:45,720 --> 00:08:49,520 Speaker 1: market that's moving five hundred dollars two hundred dollars a day. 156 00:08:49,720 --> 00:08:52,439 Speaker 1: So in a market where the market was more predictable, 157 00:08:52,840 --> 00:08:56,120 Speaker 1: that model makes sense. Now it's becoming harder for them 158 00:08:56,160 --> 00:08:59,920 Speaker 1: to defend this model in such volatile times. When you 159 00:09:00,040 --> 00:09:03,199 Speaker 1: set up price in October only for it to now 160 00:09:03,240 --> 00:09:05,800 Speaker 1: be changed again in March, how do you stand by 161 00:09:05,840 --> 00:09:09,840 Speaker 1: that position when between October and match the futures market 162 00:09:10,040 --> 00:09:12,880 Speaker 1: is moving wild. When we started the season we were 163 00:09:12,880 --> 00:09:16,520 Speaker 1: at seven five hundred. Right now we are just in 164 00:09:16,559 --> 00:09:19,720 Speaker 1: the middle of the season and we are at three thousand. 165 00:09:20,040 --> 00:09:23,319 Speaker 1: Farm gate prices haven't moved an inch during that period, 166 00:09:23,440 --> 00:09:26,199 Speaker 1: apart from Ghana, which recently cut its firm geit price. 167 00:09:26,440 --> 00:09:28,800 Speaker 1: So when I look at the authorities, I just keep 168 00:09:28,880 --> 00:09:32,600 Speaker 1: asking myself, how do you continue to defend a policy 169 00:09:32,679 --> 00:09:35,640 Speaker 1: that is not working for you and for the farmers 170 00:09:35,720 --> 00:09:36,520 Speaker 1: that you're there. 171 00:09:36,360 --> 00:09:40,400 Speaker 2: To protect sure and especially if this is a moment 172 00:09:40,600 --> 00:09:44,080 Speaker 2: that they haven't been faced with before, Right, Mambia, is 173 00:09:44,120 --> 00:09:48,480 Speaker 2: this something once in a generation shift that we're seeing? 174 00:09:48,520 --> 00:09:51,880 Speaker 2: Will this potentially set the precedent for the future our 175 00:09:51,920 --> 00:09:54,920 Speaker 2: soft commodities? As a soft commodity reporter, are you used 176 00:09:54,960 --> 00:09:56,679 Speaker 2: to this type of volatility and the up and down? 177 00:09:56,720 --> 00:09:59,719 Speaker 2: I mean, what do you think this moment maybe symbolizes? 178 00:10:00,120 --> 00:10:03,160 Speaker 2: Considering some of those characterizations you just mentioned. 179 00:10:02,880 --> 00:10:05,400 Speaker 1: I think for being in the market, we are very 180 00:10:05,480 --> 00:10:10,120 Speaker 1: used to saying un chartered territories, unprecedented times. But these 181 00:10:10,160 --> 00:10:12,640 Speaker 1: for most veterans that I have spoken to, people that 182 00:10:12,880 --> 00:10:15,319 Speaker 1: have been in the market for forty years say they 183 00:10:15,320 --> 00:10:18,120 Speaker 1: have never seen anything like this. The volatility in the 184 00:10:18,200 --> 00:10:21,320 Speaker 1: market is like anything they have ever seen, where the 185 00:10:21,360 --> 00:10:26,800 Speaker 1: market is moving wild So This has really introduced traders, regulators, farmers, 186 00:10:27,160 --> 00:10:31,000 Speaker 1: manufacturers into a very new area that they don't have 187 00:10:31,080 --> 00:10:34,679 Speaker 1: experience in. Everyone is just trying to learn as they go, 188 00:10:35,080 --> 00:10:38,240 Speaker 1: and it's hard to say whether this will be the 189 00:10:38,360 --> 00:10:42,280 Speaker 1: market for the foreseeable futures. I think demand is still 190 00:10:42,480 --> 00:10:46,240 Speaker 1: a big question. Does industrial demand come back that these 191 00:10:46,440 --> 00:10:49,680 Speaker 1: prices are falling back? Do consumers come back and buy 192 00:10:49,720 --> 00:10:53,319 Speaker 1: a lot more chocolate? Do regulators change the way they function? 193 00:10:53,520 --> 00:10:57,560 Speaker 1: Ghana has said they will just domestic prices depending on 194 00:10:57,600 --> 00:11:00,120 Speaker 1: what happens in the futures market. Is that going to 195 00:11:00,120 --> 00:11:03,040 Speaker 1: be the way forward. If we start to see these 196 00:11:03,040 --> 00:11:07,079 Speaker 1: structural changes stick, then volatility is going to be the 197 00:11:07,160 --> 00:11:09,120 Speaker 1: name of the game going forward. 198 00:11:09,520 --> 00:11:13,640 Speaker 2: And let's just finish then on demand. Will consumers see 199 00:11:13,640 --> 00:11:16,960 Speaker 2: this in the short term? Will mumbeego to the store 200 00:11:17,120 --> 00:11:19,560 Speaker 2: and start to see falling prices? I mean, when does 201 00:11:19,600 --> 00:11:24,000 Speaker 2: this hit the reality the day to day for people 202 00:11:24,360 --> 00:11:28,160 Speaker 2: and consumers. Who these manufacturers and producers really need to 203 00:11:28,520 --> 00:11:29,360 Speaker 2: turn the tide. 204 00:11:29,760 --> 00:11:32,400 Speaker 1: That's a big question, But at least in the short term, 205 00:11:32,480 --> 00:11:35,720 Speaker 1: it takes time. There's usually between a six months to 206 00:11:35,760 --> 00:11:39,640 Speaker 1: twelve months lag effect, just because prices are falling on 207 00:11:39,679 --> 00:11:43,640 Speaker 1: the terminal market doesn't mean that prices for the consumers 208 00:11:43,840 --> 00:11:46,679 Speaker 1: will fall immediately. We didn't see the same price in 209 00:11:46,760 --> 00:11:51,280 Speaker 1: chocolate prices when futures were rising because right now manufacturers 210 00:11:51,320 --> 00:11:54,400 Speaker 1: are still walking through stock piles that were bought at 211 00:11:54,440 --> 00:11:57,800 Speaker 1: six thousand, seven thousand levels. No, we may not see 212 00:11:57,840 --> 00:12:00,199 Speaker 1: short term relief, but as we go to us the 213 00:12:00,280 --> 00:12:02,920 Speaker 1: end of the year, we might see more promotions, we 214 00:12:03,000 --> 00:12:06,000 Speaker 1: might see a bit more discount. But for now, we've 215 00:12:06,320 --> 00:12:11,360 Speaker 1: just stuck with expensive chocolate until manufacturers start to input 216 00:12:11,480 --> 00:12:13,239 Speaker 1: chipper coco in their supplies. 217 00:12:14,480 --> 00:12:17,600 Speaker 2: Mumby, thanks again, we always love having it on the podcast. 218 00:12:17,600 --> 00:12:22,679 Speaker 2: That's Bloomberg's Soft Commodities reporter Mumbi Katan. Here's some of 219 00:12:22,720 --> 00:12:25,679 Speaker 2: the other stories we've been following across the region this week. 220 00:12:26,400 --> 00:12:29,760 Speaker 2: Kenya's Central Bank still has room to cut its benchmark 221 00:12:29,840 --> 00:12:33,120 Speaker 2: interest rate after lowering it ten times in the past 222 00:12:33,160 --> 00:12:36,240 Speaker 2: one and a half years to help spur economic growth. 223 00:12:36,480 --> 00:12:40,520 Speaker 2: That's according to Governor Kama Fugi. A stable currency, but 224 00:12:40,679 --> 00:12:44,400 Speaker 2: nine oil prices and a forecast of abundant rains will 225 00:12:44,400 --> 00:12:48,080 Speaker 2: help the Central Bank of East Africa's biggest economy maintain 226 00:12:48,240 --> 00:12:53,440 Speaker 2: its accommodative policy and Butswana's inflation will peak at just 227 00:12:53,600 --> 00:12:57,000 Speaker 2: over five percent this year, down from a December forecast 228 00:12:57,080 --> 00:13:01,479 Speaker 2: of six point two percent, due to quote stabilizing exchange 229 00:13:01,559 --> 00:13:05,800 Speaker 2: rate dynamics. That's according to the Bank of Botswana Governor 230 00:13:06,080 --> 00:13:11,000 Speaker 2: the Sego Museki. And you can follow these stories across Bloomberg, 231 00:13:11,040 --> 00:13:13,839 Speaker 2: including the Next African Newsletter, will of course put a 232 00:13:13,880 --> 00:13:19,920 Speaker 2: link to that in the show notes. This program was 233 00:13:19,960 --> 00:13:23,439 Speaker 2: produced by Adrian Bradley and tiba Adebayo. Don't forget to 234 00:13:23,480 --> 00:13:26,920 Speaker 2: follow and review the show wherever you usually get your podcasts, 235 00:13:27,240 --> 00:13:30,480 Speaker 2: But for now I'm Jennifer's Apostaja. Thanks as always for listening.