Author: Aly Ramji

A visiting renowned German scholar has cautioned Tanzania not to  sign an Economic Partnership Agreement (EPA) trade pact with the European Union (EU), saying the deal is rhymed against the country`s aspiration of becoming an industrial economy. Addressing reporters in the capital, Dar es Salaam on 15th April, 2019, Helmut Asche who is Professor of Economics, Politics and African studies at the University of Leipzig said as a country set to build industries and export produce, Tanzania should not sign deals that flood its market with imports. The EPA is an anticipated trade deal between the East African Community (EAC)…

Acacia Mining Plc has registered a 13 per cent fall in gold production for the first quarter of 2019, attributing the decline to lower output at its North Mara and Buzwagi mines. The company`s Interim CEO, Peter Geleta said in a statement accompanying the quarterly report that gold production stood at 104,889 ounces , with ounces sold for the quarter standing at 104,985 ounces and in line with production. Production in the first quarter was affected by unanticipated production issues at North Mara, which produced 66,324 ounces of gold for the quarter, cited as a 14 per cent year-on-year decrease.…

Members of Parliament from eastern African countries are on 15th April, 2019 expected to launch the Eastern Africa Parliamentary Alliance for Food Security and Nutrition (EAPA FSN) – a sub-regional platform aimed at promoting the right to food in eastern Africa through improved legislation. According to a statement issued on 14th April, 2019 by the Food and Agriculture (FAO) of the United Nations, the launch is in line with the first annual meeting in Tanzania in 2019. The platform came after realizing that malnutrition continues to be a major impediment to economic development, whereby it is estimated that 58 million…

In a 2018 report by the World Health Organization (WHO), it was revealed that within Africa, about 15 per cent of all hospital activity and expenditure was a direct result of adverse events, and the costs of treating safety failures amount to trillions of dollars each year. The investments needed to improve patient safety pale in comparison to the costs of harm. Millions of patients across Africa die or are injured every year due to unsafe and poor quality healthcare. A majority of these cases could be avoidable through the implementation of digital health technology, with out-of-hospital care and monitoring…

The Bank of Tanzania (BoT) has said that in February this year the value of export of goods and services increased to Tshs.2.04 trillion ($890 million) from Tshs.1.6 trillion ($698 million) in the preceding month. According to the BoT`s monthly economic review (MER) for March, an increase is owing to good performance recorded in export of goods particularly gold. The review said likewise, the value of exports of goods and services increased to Tshs.19.6 trillion ($8.5 billion) in the year ending February 2019 from Tshs.19.3 trillion ($8.4 billion) in the corresponding period in 2018, owing to good performance recorded from…

Tanzania is one of the eight African countries which are to benefit from the African Development Bank`s (AFDB) new grant projects funded by the Agriculture Fast Track Fund (AFT) in support of agribusiness Small and Medium-sized Enterprises (SMEs). According to a statement issued on 11th March, 2019, the pan African bank is next week expected to launch 17 new grant projects which are to be implemented in eight African countries – Tanzania (4), Ghana (4), Burkina Faso (2), Malawi (2), Mozambique (2), Ethiopia (1), Nigeria (1) and Senegal (1). The AFT fund is managed by the agriculture and agro-industry department…

The Vodacom Tanzania CEO, Hisham Hendi and eight co-accused were on 11th April, 2018 released after pleading guilty to the accusations against them and paying Tshs.6 billion ($2.6 million) fine. On top of the fine paid, the court also confiscated the equipment that was involved in the alleged committed crime. Vodacom Tanzania later on in the day released a press statement stating the company had agreed with the Director of Public Prosecutions (DPP) to amicably resolve the matter. The statement further read that in accordance with international best practice, Vodacom Group and Vodafone Group Plc have retained the highly respected…

The Tanzania Trade Development Authority (TanTrade) said in a statement issued on Wednesday that the country is set to participate in the first China-Africa Economic and Trade Expo to be held in Changsha, the capital of central China’s Hunan province between 18th and 20th June, 2019. The body has also urged the local companies to grab the `golden chance` provided by the trade expo which will focus on trade, investment, finance, agriculture, mining, energy, tourism and infrastructure. Officials will sign bilateral agreements during the exhibition, engage in investment promotions, and establish a “new mechanism” for future economic cooperation. The expo…

The International Monetary Fund (IMF), the international economic advisory body, has cut its forecast for Tanzania’s economic growth for this year and 2020 to four percent, down from previous expectations. Tanzania is forecast for economic growth of 4 percent in 2019 before accelerating modestly to 4.2 percent in 2020 – a drop from an estimated 6.6 percent in 2018. In January last year, the IMF said it expected Tanzania’s economy to grow between six and seven percent over the medium term, provided the country increased capital spending and improved its business environment. However, the organization has drastically cut its outlook…

Taxing cash prize winners in Tanzania`s gaming industry is not only inadvertently hurting its rapid growth, but also restraining and stifling its potential. Innovation and competition have elevated the gaming industry`s offerings and drive more inclusivity among a broader range of audiences, contributing substantially to the economy. In the 2017/2018 fiscal year alone, the industry contributed Tshs.3.4 trillion ($1.4 billion) to the national economy which is an equivalent of over 3 per cent of the Gross Domestic Product (GDP), official data from the Tanzania Gaming Board (TGB) indicates. The Tanzania Sports Betting Association (TSBA) statement issued last week stated that…