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Author: Giza Mdoe
Giza Mdoe is an experienced journalist with 10 plus years. He's been a Creative Director on various brand awareness campaigns and a former Copy Editor for some of Tanzania's leading newspapers. He's a graduate with a BA in Journalism from the University of San Jose. Contact me at giza.m@mediapix.com
- Russia and Tanzania are holding trade talks aiming at revamping commercial ties between the two nations.
- At the moment, Russia projects at doubling trade with Tanzania.
- Russia to use Tanzania as a single port of entry to access the African market.
Russia has pledged to double current trade value with Tanzania as authorities from the two countries met in Dar es Salaam Tanzania. The pledge was made at the first Russian-Tanzanian Intergovernmental Commission on Trade and Economic Cooperation at the start of the week in Tanzania’s commercial port city where the meeting is being held.
Russian Economic Development Minister Maxim Reshetnikov visited the country along with a delegation of Russian businessmen representing more than 50 Russian companies.
“Based on our estimates, trade between our countries could double,” Mr. Reshetnikov said. “We stand ready to help the Tanzanian economy maintain the high pace that has achieved in the energy, agriculture, infrastructure …
- Tanzania cashew nut prices triple.
- The country plans to export processed cashew nuts by 2027.
- Over 1500 acres set for a cashew nut industrial park.
Tanzania is planning to move from the export of raw cashew nuts to processing in-country and export added value exports of the product. Notably, the Tanzania Mercantile Exchange (TMX) has reported that the East African country’s cashew nut prices have more than tripled, growing from several cents per kilogram last harvest to over two dollars this season.
“This is the first time prices have increased to such record high. We welcome this development as the auctions continue,” notes Sharifu Linjenje, a cashew farmer from Newala District in the Mtwara region.
The farmer was one of many others who told local media that should the high price be sustained, then it will make a difference in the farmers’ lives. Market prices of raw cashew nuts have …
- Less than 40% of adult population in Tanzania has bank accounts.
- Central Bank aims to increase integrated financial services access to 80% by 2028.
- Lack of collateral affecting disadvantaged populations from accessing bank credit.
Financial inclusion in Tanzania has increased considerably but with less than 40 per cent of the adult population having an account at financial institution, a pointer that policymakers in the country have a lot of work to do. To this end, the government, through the Bank of Tanzania (BoT), has announced plans to increase integrated financial services access to 80 per cent of the population by 2028.
BoT Deputy Governor, Ms. Sauda Kassim Msemo recently told media that financial services inclusion is crucial for sustainable economic growth of the East African nation. “The government continues to create a conducive investment environment, but we need to grow financial inclusion, especially access to banking,” she said.
She pointed …
- The AfDB has partnered with payments giant Mastercard and committed $300 million to MADE Alliance in a deal aimed at digitalizing farmers in Africa.
- Over three million farmers in East Africa are projected to benefit from the MADE Alliance project.
- Overall, MADE Alliance will provide digital access for 100 million people over the next decade.
A new initiative dubbed MADE Alliance, has set out to mobilizing resources in an effort to digitize farmers and their operations across Africa as the shift towards digital economy gathers pace.
In a deal being powered by the African Development Bank (AfDB) Group in partnership with digital payments giant, Mastercard, MADE Alliance, will see upto 300,000 farmers across East Africa benefit from the programme.
The project was launched on the sidelines of the 79th session of the United Nations General Assembly in September this year by the president of the AfDB, Dr. Akinwumi A. …
- Illicit financial flows causing major losses to Tanzania’s mining industry.
- Experts cite tax avoidance as the leading motive behind Illicit financial flows.
- Tanzania moves to enforce strict laws to curb Illicit financial flows.
Illicit Financial Flows (IFFs) in Tanzania’s mining sector has become rampant despite government efforts to control the sector. Last month, almost 16 kilogrammes of smuggled gold were seized at the Dar es Salaam Port, a pointer to rising crime amid efforts by the East African country to power growth through increased investment in the mining industry.
Illicit financial flows refers to “the cross-border movements of illegally earned, transferred, or utilized financial capital that deprive countries of essential resources, undermining development and the well-being of citizens.”
IFFs are basically the result of investors seeking to earn profits above a given sector’s average. To do this, the unscrupulous businesses avoid taxes and generally view corporate tax and even corporate …
- Lake Victoria biodiversity is been destroyed by overfishing
- Researchers advice set up of common regulations among EAC states
- Due to overfishing, stock of commonest fish is falling drastically
Overfishing is depleting fish in Lake Victoria with all three countries—Kenya, Uganda and Tanzania—that surround the massive fresh water body reporting a steady decline in output. On the Ugandan side, it is reported that fisheries that mushroomed around the lake region are shutting down at an alarming rate.
“More than ten factories around the lake have closed and the remaining 25 are operating below capacity,” reported Jinja, a Uganda based inter-governmental organization.
On the Tanzanian side, the Department of Economics at the University of Dar es Salaam (UDSM) has conducted several studies on the problem and the findings are pretty grim.
“The depletion of stock in Lake Victoria is part of a similar problem occurring globally with fish stocks being depleted. When …
- Tanzania is Africa’s fourth-largest gold producer and ranks 18 in the world.
- The country is ramping up production of the precious metal, targeting over 6 tonnes of gold annually.
- Gold miners and traders asked to allocate no less than 20% of their gold output to Central Bank of Tanzania.
Tanzania’s national gold reserve is growing and recent push geared at speeding up the growth of the country’s reserves signal to better days ahead for the nation’s currency. In the latest move, Tanzania has ordered all gold miners and traders to allocate no less than 20 per cent of their gold output to its central bank.
According to the Central Bank of Tanzania (BoT), this strategy is meant to help the country diversify its foreign reserves. By boosting its gold reserves, Tanzania hopes to offset the depreciation pressure facing the Tanzanian shilling.
According to authorities in the country; “This diversification intends …
- Rwanda is considering agro-processes to enhance its geothermal resources base.
- Africa’s geothermal investments are projected to reach $35 billion by 2050.
- By 2050, geothermal power capacity in Africa will more than double Europe’s capacity.
Rwanda geothermal energy offers the East African country a way to diversify its sources of electricity and reduce reliance on imported energy. According to official reports, Rwanda is aiming to add 30 megawatts of geothermal power to its electricity grid but it is also considering other uses of the energy resource, owing to the costs related to electricity generation using geothermal resources.
“We are focusing on developing direct heat utilization and continuing exploration for deeper resources to produce electricity in the future,” Eugene Karangwa, Head of Alternative Energies and Geothermal at Rwanda Energy Group (REG), announced recently. He said Rwanda is looking to utilize its geothermal resources directly for heating and drying, and not just electricity …
- Tackling poverty in Africa remains one of the primary goals of policymakers and institutions globally, including the World Bank.
- As the world’s economic powers focus on Africa for a share of its vast resources, the stars could be aligning for Africa to deal a body blow to the ghosts of poverty.
- One of the key cogs of this endeavor, however, is tapping on human capital and technology to drive change at scale, as advised by the UN.
One of the most vexing questions for policymakers internationally is how to make sustainable progress in tackling poverty in Africa. In this endeavor, which often draws in actors from across the globe, one thing remains clear: combating poverty in Africa requires empowering the continent and its people to make the most of its abundant resources.
With vast mineral resources and an increasingly educated and informed leadership and workforce, one wonders: Why is Africa …
- Africa’s urban population is poised to hit almost one billion in 2035.
- This population explosion poses both threats and opportunities.
- Population growth will grow more dynamic and wealthier consumer markets.
The ongoing population explosion in Africa poses both opportunities for economic growth and threats that could dampen the hopes for billions of people. According to the latest surveys, the African continent is expected to record one of the fastest rates of population growth worldwide.
For instance, insights from the Economist Intelligence Unit’s African Cities 2035 report states, “African cities will record rapid urbanization in the next decade, creating a mixed bag of socio-economic opportunities and challenges.”
“Africa has and will continue to have the fastest rate of urbanization of the world’s major regions through 2035. Africa’s urban population will rise from about 650 million in 2023 to almost one billion in 2035,” reads the report in part.
According to …