Author: Giza Mdoe

Tanzania inflation hits five year high Zanzibar bans export of food commodoties ahead of Holy Month China reopens market, expected to speed global recovery Tanzania’s annual inflation rate has hit its highest point in five years clocking 4.9% in January 2023 and at the close of February the rate was no better. According to the Tanzania Central Bank The Bank of Tanzania (BoT), the prices of food & non-alcoholic beverages went up by 9.9% up from 9.7% in December of last year. The BoT monthly economic update report showed similar increase in prices across all sectors and indicator that the…

The government of Tanzania is looking to make the country cooking oil self-sufficient by 2025, that is in just two years. ASA reports that it has 13 farms covering a total area of 16,588 hectares, but unfortunately, of these, only 12,731 hectares are suitable for farming. The deficit costs the country US$ 250 million every year in palm and other edible oil imports. Tanzania is short of 650,000 metric tons which is over 60 percent of its requirements plugged by imports. Now the country wants investors to close this gap. Speaking recently to farmers in South Tanzania, Prime Minister Kassim…

Australian firm Magnis wins deal to supply Tesla’s graphite Magnis subsidiary to mine under Special Economic Zone license Tesla to import in excess of 17000 tonnes of graphite annually Tesla, the American multinational automotive company and the World’s leader in electric vehicles, is expected to benefit from Tanzania’s graphite through a supplier that has been given mining rights to export 17,500 tonnes of graphite annually as of 2025. Despite the ‘lack of official communication from Tesla’ local media reports that a third party, Magnis Energy Technologies Ltd, has in fact entered into a ” …fixed pricing Binding Offtake Agreement with Tesla,…

U.S.$304.93 million will go to supportive programmes in sustainable rural water and sanitation 300 million US dollars is the International Development Association (IDA) concessional loan Another US$ 25 million is also part of the grant money, but this time from the Global Financing Facility for Women Children, and Adolescents Multi-Donor Trust Fund. Tanzania is to receive U.S.$ 550 million in a concessional loan to improve its Maternal and Child Health programme. The World Bank loan comes along with a side package of U.S.$ 29.93 million in grant money, the government has reported. Finance Minister, Hon. Mwigulu Nchemba issued a statement…

DRC, through its investment portal ANAPI reassures investors Rwanda slams US statement saying it undermines regional peace process EAC Heads of State order immediate cease fire in Rwanda-DRC conflict Rwanda should stop supporting the rebel group and withdraw its soldiers from the DRC, the US State Department has said in an official statement. This US call for Rwanda to ‘cease and desist’ aiding rebel groups and to also recall its troops from the DRC is the latest effort by the international community to intervene in the protracted dispute between the two countries. The US says Rwanda’s alleged aid to rebel…

The change in patterns of trade triggered by these two major events is now forcing the MNCs to go back to the drawing board. MNCs need to reconfigure their trade routes. They have to re-lobby for assured capital and they have to broker new destinations for their goods. With the changing global trade polarities, the MNCs are rethinking China, and eyeing future giants like Africa.  The much acclaimed African Continental Free Trade Area (AfCFTA) that came into being last year may just have saved Africa from a new world trade order. Thanks to the global pandemic and then the Russia-Ukraine…

The DRC is viewed as a most promising member of the regional bloc offering a market of over 96 million people. DRC is also rich in many coveted minerals such as cobalt and Nickel, gold, and diamonds, which has caused a long-standing conflict. The EAC peace forces in the DRC were sent in early last year to restore peace and stability in the region. The East Africa Community (EAC) has been touted as a model for regional economic blocs in Africa but the tension between Rwanda and the bloc’s newest member, DRC, is threatening to derail the region’s social and…

Hollywood movie star Idris Elba meets Tanzania President Samia Suluhu Hassan Idris Elba to set up film studios in Ghana and Tanzania Africa’s Creative Arts industry growing rapidly British actor Idrissa Akuna Elba alias Idris Elba, plans to open a major film studio in Tanzania after holding initial talks with President Samia Suluhu Hassan. Tanzanian’s Director of Presidential Communications, Zuhura Yunus, recently made this announcement during a media briefing session on the outcome of President Hassan’s trip to the 53rd World Economic Forum in Davos, Switzerland. “The president met with Idris Elba and his wife Sabrina, and they are keen…

Tanzania launches Youth Guarantee Scheme and Loan Facility Special scheme to give 11,000 acres to its youth for agriculture Youth empowerment initiative to be overseen by the Agricultural Input Trust Fund Tanzania is giving land to the youth to boost agricultural productivity and create employment.  While speaking at the Africa Food Summit in Dakar, Senegal, Tanzania President Samia Suluhu Hassan announced that the state will give 11,000 acres to it’s youth for agricultural production.  Suluhu explained that the decision is part of the country’s ‘Building a Better Tommorrow’ (BBT) initiative. Through a special programme, the Tanzanian government has announced that…

The increased credit to the private sector is associated with positive growth-focused policies. The data shows that there was robust private credit growth except for the tourism industry which is still coming out of the post-pandemic period.   Overall lending rates dropped slightly from 16.8 percent in August 2021 to 16.1 percent in August last year.  Tanzania is pushing for private sector growth evident in increased credit to the private sector, according to the World Bank. In the most recent World Bank report on Tanzania’s Economic Update, the growth rate of credit to the private sector increased from 3.2 percent in…