Tim Staermose, a proponent of African investment, took issue with these data: "Some of these statements by ''The Economist'', based on the evidence I have gathered from primary sources – namely, the statutory financial reports that listed companies in Tanzania are legally obligated to release – are simply not true. Bank lending to companies as far as I can see has not, 'slumped.' The two biggest banks in Tanzania, which between them account for approximately 40% of the banking sector, both reported strong loan growth in 2019. ... As for cement sales being 'almost flat,' again, this is total nonsense. ... In 2019 Twiga sold 6% more cement by volume than it did in 2018. In the first six months of 2020, Twiga already sold 8% more cement than it had done by the same stage in 2019. Again, these numbers are very consistent with an economy that's reported to be growing at around 7% per annum. ... On the 5% fall in beer sales in 2019 ... the published 2019 annual report by Tanzania Breweries Limited (TBL) will tell you there were one-off circumstances that largely drove the decline ... which resulted in sales falling. But TBL's profits actually rose in 2019."