1 00:00:02,520 --> 00:00:11,440 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. From fifty thousand dollars 2 00:00:11,440 --> 00:00:16,040 Speaker 1: a night villas on private islands to thirty thousand dollars 3 00:00:16,079 --> 00:00:20,280 Speaker 1: safari tracks. Investors are betting big on African tourism. 4 00:00:20,560 --> 00:00:23,400 Speaker 2: They are only select numbers of camp on the African 5 00:00:23,480 --> 00:00:26,160 Speaker 2: continent that are considered to be ultra luxury. 6 00:00:26,400 --> 00:00:30,560 Speaker 1: Welcome to the JW. Marriott Matthamira Lodge. Here in Kenyon. Billionaires, 7 00:00:30,600 --> 00:00:34,800 Speaker 1: tech moguls and Middle Eastern investors are all competing for 8 00:00:34,880 --> 00:00:37,839 Speaker 1: a share of a growing luxury tourism market. It's the 9 00:00:37,880 --> 00:00:41,879 Speaker 1: perfect place for families, for friends, and it's really your 10 00:00:41,920 --> 00:00:46,040 Speaker 1: own private marine reserve and a beautifully designed house. On 11 00:00:46,040 --> 00:00:49,320 Speaker 1: this week's Next Africa Podcast, we'll look at what's behind 12 00:00:49,360 --> 00:00:52,559 Speaker 1: the success of high end tourism in Africa, who are 13 00:00:52,560 --> 00:00:55,640 Speaker 1: the winners, and whether this growth could mean a much 14 00:00:55,720 --> 00:01:02,640 Speaker 1: needed source of revenue across the continent. I'm Jennifer's Abasajob 15 00:01:02,760 --> 00:01:06,000 Speaker 1: and this is the Next Africa Podcast, bringing you one 16 00:01:06,040 --> 00:01:09,319 Speaker 1: story each week from the continent driving the future of 17 00:01:09,360 --> 00:01:14,720 Speaker 1: global growth with the context only Bloomberg can provide. So 18 00:01:14,840 --> 00:01:18,120 Speaker 1: joining me to discuss this today is Bloomberg Reporter Parnisia 19 00:01:18,280 --> 00:01:20,840 Speaker 1: and I do. Prinisha, thanks so much for coming on 20 00:01:20,880 --> 00:01:22,880 Speaker 1: the podcast this week. I think it's your first time. 21 00:01:23,400 --> 00:01:27,800 Speaker 1: So luxury tourism is really what you dug into for 22 00:01:27,920 --> 00:01:30,759 Speaker 1: this priority feature. Seems to be having a moment right 23 00:01:30,800 --> 00:01:34,959 Speaker 1: now across the continent. Talk about maybe why you wanted 24 00:01:35,200 --> 00:01:39,640 Speaker 1: to dig into this and what sorts of holidays are 25 00:01:39,680 --> 00:01:41,880 Speaker 1: we talking about. It doesn't seem like your typical bed 26 00:01:41,880 --> 00:01:43,839 Speaker 1: and breakfast, are they? 27 00:01:45,120 --> 00:01:47,520 Speaker 2: Well, Jen, I think bed and breakfast are perhaps the 28 00:01:47,520 --> 00:01:50,640 Speaker 2: bare minimum that some of these luxury retreats offer. One 29 00:01:50,680 --> 00:01:53,200 Speaker 2: of the reasons I wanted to dig into this topic 30 00:01:53,880 --> 00:01:58,040 Speaker 2: was just increasingly seeing and hearing about hotel developments popping 31 00:01:58,120 --> 00:02:01,920 Speaker 2: up around the continent. And on further investigation, you're right, 32 00:02:02,000 --> 00:02:05,360 Speaker 2: we did find that luxury tourism happens to be booming 33 00:02:05,360 --> 00:02:08,000 Speaker 2: in Africa right now. And let me tell you a 34 00:02:08,040 --> 00:02:10,280 Speaker 2: little bit about the kind of luxury holidays that are 35 00:02:10,320 --> 00:02:13,480 Speaker 2: on offer at this point. There are exclusive stays on 36 00:02:13,600 --> 00:02:17,280 Speaker 2: private islands and protected marine reserves that come complete with 37 00:02:17,360 --> 00:02:20,560 Speaker 2: the use of the Cat's Miran as well as helicopter transfers. 38 00:02:20,880 --> 00:02:24,600 Speaker 2: There are also vineyard stays, spa retreats, and ultra luxury 39 00:02:24,639 --> 00:02:28,919 Speaker 2: safaris and even you know once in a lifetime adventures 40 00:02:28,960 --> 00:02:34,080 Speaker 2: such as guerrilla trekking that offer rare encounters with wildlife. 41 00:02:34,639 --> 00:02:38,240 Speaker 1: What sort of places are we finding these popping up? 42 00:02:38,280 --> 00:02:41,160 Speaker 1: And who are the main investors behind this, because this 43 00:02:41,320 --> 00:02:43,800 Speaker 1: doesn't seem as you were just mentioning there bed and 44 00:02:43,840 --> 00:02:45,799 Speaker 1: breakfast is the bare minimum, So it sounds like there's 45 00:02:45,880 --> 00:02:48,640 Speaker 1: quite a bit of capital that's gone into making these 46 00:02:48,680 --> 00:02:50,079 Speaker 1: as luxurious as possible. 47 00:02:50,360 --> 00:02:53,880 Speaker 2: That's quite true, Jen, So our reporting shows that this 48 00:02:54,040 --> 00:02:57,040 Speaker 2: money is coming from all over the world and developments 49 00:02:57,040 --> 00:03:00,680 Speaker 2: are happening across the vast suites of the continent. South Africa, 50 00:03:00,720 --> 00:03:03,919 Speaker 2: of course, is one of the most mature markets of tourism, 51 00:03:04,320 --> 00:03:07,600 Speaker 2: together with Egypt and Morocco, and those are thriving markets. 52 00:03:07,800 --> 00:03:10,800 Speaker 2: We're also seeing lots of invested interest in East Africa 53 00:03:11,240 --> 00:03:15,079 Speaker 2: and also in West Africa, so it really is everything 54 00:03:15,120 --> 00:03:18,960 Speaker 2: coming together. Our reporting also shows that increasingly some of 55 00:03:18,960 --> 00:03:21,799 Speaker 2: this money is coming from private capital the world's top 56 00:03:21,800 --> 00:03:26,880 Speaker 2: hotel companies, royals and even billionaires. Our story highlighted Jamira Group, 57 00:03:26,919 --> 00:03:29,520 Speaker 2: which is part of the Dubai Rulers business Empire and 58 00:03:29,560 --> 00:03:31,960 Speaker 2: that operates the private Island. We just spoke about it a 59 00:03:31,919 --> 00:03:36,840 Speaker 2: bit earlier. There's also Richard Branson's ultra Luxury Virgin Limited Edition, 60 00:03:37,480 --> 00:03:40,480 Speaker 2: who have more than half of their retreats on this continent. 61 00:03:41,000 --> 00:03:43,680 Speaker 2: We also have some of the top American, European and 62 00:03:43,720 --> 00:03:47,680 Speaker 2: Asian hoteliers such as Hilton, Marriott, Club med and even 63 00:03:47,720 --> 00:03:53,040 Speaker 2: Baniantry expanding on the continent, and many local high network 64 00:03:53,120 --> 00:03:56,880 Speaker 2: individuals are also getting in on the action and increasingly 65 00:03:56,960 --> 00:04:01,720 Speaker 2: partnering with global brands to develop hotel in their home countries. 66 00:04:02,440 --> 00:04:05,600 Speaker 1: Why now, Pernicia, Because as you and I know, these 67 00:04:06,080 --> 00:04:09,240 Speaker 1: places have been around for decades. Why is it that 68 00:04:09,240 --> 00:04:11,760 Speaker 1: some of these names you just mentioned who many people 69 00:04:11,880 --> 00:04:14,480 Speaker 1: are probably quite familiar with. What is the opportunity that 70 00:04:14,520 --> 00:04:15,360 Speaker 1: they're seeing now? 71 00:04:15,680 --> 00:04:19,600 Speaker 2: I think that's twofold gen. So Africa is seen right 72 00:04:19,640 --> 00:04:22,800 Speaker 2: now is one of the last underpenetrated markets for travel 73 00:04:22,839 --> 00:04:25,960 Speaker 2: and tourism in the world. And then you get to 74 00:04:26,400 --> 00:04:30,160 Speaker 2: some of the continent's unique offerings. The nature based offerings 75 00:04:30,160 --> 00:04:35,960 Speaker 2: are drawing investors, especially after the pandemic, because wellness travel, 76 00:04:36,120 --> 00:04:39,599 Speaker 2: eco friendly escapes and bucket list experiences are at the 77 00:04:39,640 --> 00:04:44,840 Speaker 2: top of the list of new generation of post COVID travelers, 78 00:04:44,960 --> 00:04:45,760 Speaker 2: I would say. 79 00:04:47,000 --> 00:04:50,440 Speaker 1: And it could potentially bring in opportunity for some of 80 00:04:50,480 --> 00:04:55,040 Speaker 1: these economies. Is that maybe part of the opportunity that 81 00:04:55,440 --> 00:04:56,919 Speaker 1: you know, some of these investors are seeing. 82 00:04:57,360 --> 00:05:00,680 Speaker 2: Yes, of course, gen Globally, tourism accounts for about ten 83 00:05:00,680 --> 00:05:04,200 Speaker 2: percent of GDP, and in Africa only a fraction of 84 00:05:04,240 --> 00:05:08,640 Speaker 2: that is being realized. So investors are seeing potential there, 85 00:05:08,680 --> 00:05:11,960 Speaker 2: and they're also seeing travel and tourism as a potentially 86 00:05:12,000 --> 00:05:17,400 Speaker 2: important sector and catalyst for job creation, infrastructure development and 87 00:05:17,480 --> 00:05:22,000 Speaker 2: community upliftment around the continent. We've seen in reporting out 88 00:05:22,040 --> 00:05:25,839 Speaker 2: the story some of the retreats centered around unspoiled wilderness 89 00:05:25,839 --> 00:05:30,480 Speaker 2: and wildlife offerings, charged guests, conservation and community levees, and 90 00:05:30,560 --> 00:05:33,800 Speaker 2: part of which goes toward the upkeep of the environment, 91 00:05:34,360 --> 00:05:39,080 Speaker 2: protecting rare wildlife species, as well as community development projects 92 00:05:39,120 --> 00:05:44,080 Speaker 2: such as schools and clinics and education type initiatives. 93 00:05:44,360 --> 00:05:49,280 Speaker 1: What's the reaction, Pernicia from the local communities is it 94 00:05:49,360 --> 00:05:51,920 Speaker 1: actually you know some of these initiatives that you talk about, 95 00:05:52,360 --> 00:05:54,600 Speaker 1: is are they seeing the benefits yet to it? 96 00:05:55,120 --> 00:05:57,640 Speaker 2: In some senses, Jen, Yes, they are seeing the benefits 97 00:05:57,680 --> 00:06:00,440 Speaker 2: of the investments, especially when it comes to job creation 98 00:06:01,080 --> 00:06:04,800 Speaker 2: and training for jobs that would take place in some 99 00:06:04,880 --> 00:06:09,040 Speaker 2: of these ultra luxury hotels and resorts. In reporting out 100 00:06:09,080 --> 00:06:11,960 Speaker 2: the story, we found that at the very top end, 101 00:06:12,680 --> 00:06:16,400 Speaker 2: hotels and resorts employ at least four people per guest, 102 00:06:17,040 --> 00:06:19,480 Speaker 2: and so that just speaks to the amount of jobs 103 00:06:20,120 --> 00:06:22,360 Speaker 2: that the sector could create for the continent. 104 00:06:22,960 --> 00:06:25,640 Speaker 1: And when we think about price point, Parnisha, what you're 105 00:06:25,680 --> 00:06:29,800 Speaker 1: describing ultra luxury, can you quantify that for us, especially 106 00:06:29,880 --> 00:06:34,440 Speaker 1: if we're talking about the correlation to job creation and such. 107 00:06:34,720 --> 00:06:37,200 Speaker 1: How much are some of these guests forking out for 108 00:06:37,279 --> 00:06:38,200 Speaker 1: these experiences. 109 00:06:38,680 --> 00:06:42,560 Speaker 2: It depends on the experiences. There is an ultraluxury retreat 110 00:06:42,680 --> 00:06:46,000 Speaker 2: here in South Africa where guests can fork out as 111 00:06:46,080 --> 00:06:50,480 Speaker 2: much as about thirty thousand dollars per night, and that 112 00:06:50,640 --> 00:06:54,159 Speaker 2: is to be in the biggest wildlife park in the 113 00:06:54,200 --> 00:06:58,600 Speaker 2: country on safari. And then you have the private island 114 00:06:58,640 --> 00:07:02,640 Speaker 2: experience which is about fifty thousand dollars per night. So 115 00:07:02,720 --> 00:07:06,640 Speaker 2: it really does depend on the type of travel they're seeking. 116 00:07:06,920 --> 00:07:10,440 Speaker 1: It seems like, as you were mentioning the most unpenetrated 117 00:07:10,640 --> 00:07:14,760 Speaker 1: market globally. But I wonder from an investment perspective, is 118 00:07:14,800 --> 00:07:19,080 Speaker 1: there any fear that potentially some of these you know, 119 00:07:19,120 --> 00:07:21,960 Speaker 1: to the clientele and the fifty thousand dollars a night, 120 00:07:22,280 --> 00:07:25,200 Speaker 1: is there a fear that potentially this could be short 121 00:07:25,240 --> 00:07:28,520 Speaker 1: lived and all of this investment may vanish as quickly 122 00:07:28,520 --> 00:07:29,640 Speaker 1: as it arrived. 123 00:07:29,920 --> 00:07:33,800 Speaker 2: So, Jen, despite what seems like a sudden hyber activity, 124 00:07:34,240 --> 00:07:37,400 Speaker 2: our reporting shows that developers are taking quite a measured 125 00:07:37,400 --> 00:07:40,840 Speaker 2: approach and many are relying on data for decision making, 126 00:07:40,880 --> 00:07:44,960 Speaker 2: and some are even cautioning against overdevelopment because that would 127 00:07:45,120 --> 00:07:51,120 Speaker 2: destroy natural habitats. Our reporting sites a report by Deloitte 128 00:07:51,400 --> 00:07:55,000 Speaker 2: our Next Generation Travelers and Destinations that shows that Africa 129 00:07:55,040 --> 00:07:58,640 Speaker 2: and the Middle East are expected to have the highest 130 00:07:58,680 --> 00:08:03,200 Speaker 2: annual growth in bound arrivals through twenty twenty four. But 131 00:08:03,280 --> 00:08:08,160 Speaker 2: as you say, there are still some I suppose lingering fears, 132 00:08:08,640 --> 00:08:12,920 Speaker 2: and that is because it's very difficult to project revenue 133 00:08:12,960 --> 00:08:15,800 Speaker 2: for hotel developments across the content because they are so 134 00:08:16,000 --> 00:08:20,280 Speaker 2: seasonal and also cyclical depending on the economy. So that's 135 00:08:20,360 --> 00:08:23,240 Speaker 2: one of the reasons we see banks only partially fund 136 00:08:23,360 --> 00:08:26,720 Speaker 2: some development, and that's also why we're seeing private capital 137 00:08:26,760 --> 00:08:28,920 Speaker 2: increasingly stepping into full that void. 138 00:08:29,440 --> 00:08:31,880 Speaker 1: And stay with us, Prinicia, when we come back we'll 139 00:08:32,000 --> 00:08:34,360 Speaker 1: take a look at what this investment means for the 140 00:08:34,400 --> 00:08:37,680 Speaker 1: rest of the tourism sector across Africa. We'll be right back. 141 00:08:42,120 --> 00:08:45,760 Speaker 1: Welcome back. Today, we're talking about the luxury hotel market 142 00:08:45,840 --> 00:08:49,000 Speaker 1: in Africa, which is seeing a huge growth in investment 143 00:08:49,120 --> 00:08:53,000 Speaker 1: right now, Paranishan I do is still with me so Parnisia. 144 00:08:53,320 --> 00:08:55,800 Speaker 1: As we've been talking about so far, it's been the 145 00:08:55,880 --> 00:08:58,240 Speaker 1: luxury and the high end market that's been getting the 146 00:08:58,280 --> 00:09:02,520 Speaker 1: bulk of the investment reporting. Do you think we'll start 147 00:09:02,520 --> 00:09:07,120 Speaker 1: to maybe see opportunities for the everyday tourists who maybe 148 00:09:07,160 --> 00:09:09,760 Speaker 1: can't fork out fifty thousand dollars? I mean, how is 149 00:09:09,800 --> 00:09:12,800 Speaker 1: this going to create benefits for tourists across the board 150 00:09:12,960 --> 00:09:14,120 Speaker 1: or is it not meant to? 151 00:09:14,679 --> 00:09:17,040 Speaker 2: For now, we're seeing the bulk of investments in the 152 00:09:17,080 --> 00:09:20,920 Speaker 2: ultra luxury and a high end, especially in emerging cities, 153 00:09:21,120 --> 00:09:26,400 Speaker 2: because building often requires starting from absolute scratch. In some 154 00:09:27,120 --> 00:09:30,520 Speaker 2: cities to set up a hotel, hoteliers have to set 155 00:09:30,600 --> 00:09:35,280 Speaker 2: up all the basic back of office systems and services themselves. 156 00:09:35,400 --> 00:09:40,520 Speaker 2: These could include services such as bakeries, laundries, water treatment plants, 157 00:09:40,559 --> 00:09:44,400 Speaker 2: and backup power. So financially it makes more sense to 158 00:09:44,440 --> 00:09:48,080 Speaker 2: target the upper end of the market at this stage, 159 00:09:48,400 --> 00:09:51,319 Speaker 2: but with more and more developments in that end of 160 00:09:51,400 --> 00:09:56,319 Speaker 2: the market, the infrastructure is being built to support hotels 161 00:09:56,360 --> 00:09:59,480 Speaker 2: that would come up further down the line. We also 162 00:09:59,600 --> 00:10:03,360 Speaker 2: are expected to see and increase in developments of budget 163 00:10:03,360 --> 00:10:07,200 Speaker 2: and mid scale hotels throughout the continent. And that's because 164 00:10:07,520 --> 00:10:10,560 Speaker 2: of the rising middle class in Africa that's traveling for 165 00:10:10,600 --> 00:10:14,240 Speaker 2: both business and pleasure, and that they are mostly seeking 166 00:10:14,360 --> 00:10:18,439 Speaker 2: affordable hotels and well run hotels in many parts of 167 00:10:18,480 --> 00:10:22,160 Speaker 2: the continent, and we are seeing local and international brands 168 00:10:23,320 --> 00:10:25,840 Speaker 2: stepping up to meet this demand as well. 169 00:10:26,200 --> 00:10:28,840 Speaker 1: What types of brands are you are we seeing? Is 170 00:10:28,880 --> 00:10:32,280 Speaker 1: it the Marriottes, the health Tends because we have actually, 171 00:10:32,520 --> 00:10:35,240 Speaker 1: you know, from a personal perspective, the more that I've 172 00:10:35,240 --> 00:10:37,600 Speaker 1: traveled across the continent, I have seen some of these 173 00:10:37,640 --> 00:10:42,720 Speaker 1: international brands penetrating economies that they hadn't before. Is that 174 00:10:42,880 --> 00:10:45,200 Speaker 1: sort of what you observed in your reporting. 175 00:10:45,080 --> 00:10:47,680 Speaker 2: That's definitely it. There was a conference in Cape Town 176 00:10:48,120 --> 00:10:51,760 Speaker 2: that I attended last month where I think two hundred 177 00:10:51,800 --> 00:10:56,320 Speaker 2: and forty new hotel developments were announced across from the 178 00:10:56,440 --> 00:11:02,280 Speaker 2: budget all the way to upscale properties and brands like Hilton, Marriott, 179 00:11:02,600 --> 00:11:06,920 Speaker 2: Tui worse some of those that are expanding and Pernicia. 180 00:11:07,120 --> 00:11:09,000 Speaker 1: I know you did. I mean for anybody who hasn't 181 00:11:09,000 --> 00:11:11,280 Speaker 1: been able to read your story, they definitely should. But 182 00:11:11,360 --> 00:11:14,560 Speaker 1: maybe you can illustrate a bit more the types of 183 00:11:14,600 --> 00:11:18,120 Speaker 1: holidays that you found. Fifty thousand dollars a night. I 184 00:11:18,160 --> 00:11:22,000 Speaker 1: can't even picture what that would include, but can you 185 00:11:22,040 --> 00:11:25,240 Speaker 1: give us sort of a sense of what you found, 186 00:11:25,320 --> 00:11:27,640 Speaker 1: because this is on another scale. 187 00:11:27,360 --> 00:11:31,040 Speaker 2: So that fifty thousand dollars a night holiday would be 188 00:11:31,400 --> 00:11:35,040 Speaker 2: on the private island off the coast of Tanzania that 189 00:11:35,200 --> 00:11:38,520 Speaker 2: is set in a protected marine reserve. It comes with 190 00:11:38,559 --> 00:11:43,319 Speaker 2: the use of the cat'smaran and helicopter transfers and all 191 00:11:43,360 --> 00:11:47,880 Speaker 2: the bells and whistles. When it comes to luxury accommodation, importantly, 192 00:11:47,960 --> 00:11:50,000 Speaker 2: that would be fifty thousand dollars a night would be 193 00:11:50,040 --> 00:11:53,120 Speaker 2: the price to rent out the entire island for the 194 00:11:53,160 --> 00:11:54,160 Speaker 2: guest of their family. 195 00:11:54,640 --> 00:11:56,760 Speaker 1: I see, were you able to go to any of 196 00:11:56,800 --> 00:11:57,880 Speaker 1: these in your reporting? 197 00:11:58,640 --> 00:12:04,000 Speaker 2: I wish I did visit one thirteen thousand dollars a 198 00:12:04,080 --> 00:12:07,280 Speaker 2: night a hotel in Cape Town, which was absolutely beautiful. 199 00:12:07,559 --> 00:12:11,119 Speaker 2: It was situated on the heart of the VNA Waterfront 200 00:12:11,160 --> 00:12:14,480 Speaker 2: in Cape Town, which is the oldest working harbor in 201 00:12:14,760 --> 00:12:18,400 Speaker 2: South Africa, set against the backdrop of Table Mountain with 202 00:12:18,559 --> 00:12:21,959 Speaker 2: the harbor in the foreground, and just the architecture was 203 00:12:22,040 --> 00:12:25,560 Speaker 2: quite unique. The hotel was at well be part of 204 00:12:25,559 --> 00:12:28,439 Speaker 2: the hotel that I visited was at the i think 205 00:12:28,480 --> 00:12:33,240 Speaker 2: the top floor, and they had these amazing full length 206 00:12:33,280 --> 00:12:36,079 Speaker 2: windows and you could see out and was absolutely stunning 207 00:12:36,600 --> 00:12:42,679 Speaker 2: beautiful Cape Town Winter's day. And there was also really incredible, 208 00:12:42,840 --> 00:12:46,959 Speaker 2: unique and eclectic artwork throughout the hotel, so it really 209 00:12:47,080 --> 00:12:51,960 Speaker 2: had a personality. And I managed to speak to the 210 00:12:52,000 --> 00:12:55,360 Speaker 2: owner of the hotel during the course of reporting this project, 211 00:12:55,880 --> 00:12:59,080 Speaker 2: and she actually said that she picked out each and 212 00:12:59,120 --> 00:13:03,000 Speaker 2: every item across her hotel portfolios herself. Hopefully next time 213 00:13:03,080 --> 00:13:05,000 Speaker 2: I get to go to the Private Islands. 214 00:13:05,160 --> 00:13:08,679 Speaker 1: It's fascinating and it's a really interesting space, especially when 215 00:13:08,679 --> 00:13:10,960 Speaker 1: you think about some of the economies that you were 216 00:13:10,960 --> 00:13:13,640 Speaker 1: focused in on. Parnisha, thank you so much for joining us, 217 00:13:13,640 --> 00:13:14,480 Speaker 1: really great reporting. 218 00:13:14,760 --> 00:13:15,920 Speaker 2: Thank you very much, Jim. 219 00:13:16,040 --> 00:13:19,560 Speaker 1: And you can read Prinicia's piece on Bloomberg Platforms. Now 220 00:13:19,600 --> 00:13:21,360 Speaker 1: we'll put a link to that in the show notes. 221 00:13:23,679 --> 00:13:25,800 Speaker 1: Here's some of the other stories from the region we've 222 00:13:25,840 --> 00:13:29,640 Speaker 1: been following this week. The partial collapse of a waste 223 00:13:29,679 --> 00:13:32,920 Speaker 1: dam at a Chinese state owned copper mine in Zambia 224 00:13:33,240 --> 00:13:36,760 Speaker 1: may have released thirty times more toxic sludge into the 225 00:13:36,880 --> 00:13:41,680 Speaker 1: environment than previously reported, according to an independent evaluation of 226 00:13:41,720 --> 00:13:47,400 Speaker 1: the disaster, and Bank of Ghana Governor Johnson Asiama urged 227 00:13:47,400 --> 00:13:51,280 Speaker 1: the nation's banks to increase private sector lending to support 228 00:13:51,400 --> 00:13:55,240 Speaker 1: economic growth. The move came as inflationsload to a more 229 00:13:55,280 --> 00:13:57,800 Speaker 1: than three year low of twelve point one percent in 230 00:13:57,880 --> 00:14:02,480 Speaker 1: July from twenty three point eight percent in December. And 231 00:14:02,559 --> 00:14:06,160 Speaker 1: you can follow these stories across Bloomberg platforms now, including 232 00:14:06,200 --> 00:14:08,840 Speaker 1: the Next African Newsletter. We'll put a link to that 233 00:14:08,960 --> 00:14:13,440 Speaker 1: in the show notes. This program was produced by Adrian 234 00:14:13,480 --> 00:14:16,680 Speaker 1: Bradley and tiwa Adebayo. Don't forget to follow and review 235 00:14:16,679 --> 00:14:20,560 Speaker 1: this show wherever you usually get your podcasts. I'm Jennifer's Abisaja. 236 00:14:20,640 --> 00:14:21,960 Speaker 1: Thanks as always for listening.