Author: Giza Mdoe

Half a decade after 22 African countries signed the Tripartite Free Trade Area (TFTA) agreement, only 8 countries have ratified the treaty. Inked back in June of 2015 in the northern African state of Egypt, the agreement is meant to unify previously existing regional trade bodies the EAC, SADC and Comesa. A noble cause backed by an elaborate list of merits. This latest free trade pact, the TFTA is an engine to foster intra-Africa trade that is seen as a vehicle to widen Africa trade markets within the continent itself. It is also envisioned to attract more investment, catalyze the development…

Binary code is a series of 0’1 and 1’s and thanks to the digital revolution that has since unfolded, these series of 0’s and 1’s and is, in multiple digits, lifting Africa out of poverty. Take Tanzania for instance, a low income East African nation that now has the capacity to increase its annual tax base by a whopping USD 477 million should it better regulate, promote and develop the digital money industry in the country. Other than the financial gains that are all too obvious, using digital transactions allows for increased transparency in government payments and reduced bureaucratic inefficiencies…

Tanzania has set regional precedence by establishing an Atomic Energy Commission and gone ahead to start construction of a state of the art laboratory designed manage use of radioactive materials. In Sub-Sahara Africa, the country is only second to South Africa in this frontier and has already begun the first phase of construction works. Valued at 2.5bn/- the first phase of the lab construction begun last year and is designed to meet global operation and calibration standards in atomic energy and nuclear. It may come as a surprise to you as it did to me to learn of this rather…

The deadly coronavirus has brought the World to a standstill, spread through touch, African financial institutions are now going cashless to beat the virus. The exchange of money, in cash, risky further spread of the virus, an obvious solution is to go cashless, use digital payments only. However is Africa ready? In the face of this global tragedy, Africa’s fast digital penetration seems to have come in the nick of time. Led by the telecom companies, Africa leads the globe in use of mobile transactions. Even in the most remotest corners of the continent, peasant farmers, pastoralists herding cows, all…

In just one year, Tanzania’s Prevention and Combating of Corruption Bureau (PCCB) has recovered close to USD 36 million (82.2bn/-) of embezzled public funds. The funds were misappropriated during the 2018/19 financial year and the amount is actually USD 6million  (12.5bn/-) more than what was recovered last year. That begs the question, were there more cases of embezzlement last year compared to the previous year? The authorities do not make that clear but they credit the recovery to increased efficiency of the bureau which they say is operating at a high efficiency rate of 82 percent. Evidence to support the…

The Tanzania Cigarette Company (TCC), the country’s main tobacco producer, is looking to expand its sells to the Democratic Republic of Congo (DRC). The DRC is already TCC’s largest export destination that has seen the company grow its 2019 gross profit earnings by 56 percent, more than double compared to the previous year. Nonetheless, the tobacco company enjoyed marginal growth when it came to annual revenue which inched up slightly by 5.2 percent to clock 309.8bn/- up from 294.3bn/- the year before that. TCC is not the only company eyeing the DRC for business, increasingly, Tanzanian banks are reported to…

CRDB Bank, a leading bank in Tanzania, has announced plans to register its own insurance subsidiary firm. The bank is currently already a broker and enjoying considerable premium back payments which almost double in the span of just 3 years (2016-2019). In an interview with local media, CRDB’s Broker General Manager, Mr Arthur Mosha said in that short time, their premium levels is up from 44.2bn/- from 25bn/- Not surprising, Tanzania’s insurance market grew by 8.6 percent in gross premiums over the course of the last financial year. As of 2018, Tanzania’s insurance industry had 31 insurance companies, 109 insurance…

Tanzania is looking to be the regional leader in production of sunflowers and with it to become the lead producer of edible oils. To meet this target, Dodoma, the nation’s administrative capital has been selected to grow both sunflower and groundnuts too. A 4.4bn/- investment is slated to kick start the project while at least one refinery plants valued at 1.5bn/- is expected to produce at least 30 tonnes. While the regional production capacity has not been made public, Dodoma and its vicinities already boasts of over 10 small and medium sized plants. Experts say the region has the perfect…

Trade between Tanzania and China has been adversely affected by the ongoing global coronavirus pandemic. The turn for the worst between Sino-Tanzanian trade is only to be expected as movement of both goods and people is restricted the world over. In a press release that was issued recently by the respective authorities, Tanzania’s Minister of Industries and Trade, Mr Innocent Bashungwa, told local press that trade volumes to and from the two countries has taken a significant blow. Cargo flow between the two countries is now limited if not completely stopped and the picture is grim across the region. While…

China’s influence in Africa has reached historical proportions and the US, coming rather late into the game, is now attempting to ‘change Chinese narrative’ on the continent. The US is looking to move Africa from training or rather petting the dragon to slaying it, metaphorically speaking. The new US-Africa policy that was launched in 2018, is designed for this purpose. As a top US diplomat put it, the policy “…will continue to counter China’s influence in Africa in order to slay the dragon.” The US would have Africa and the World at large know, the continent is now getting “the…