Author: Padili Mikomangwa

In this context, it is only intelligent and strategic for any country, especially developing economies, to start laying down foundations on how they will work in the coming future.  We take a look at Tanzania. 

The WEF argues that new technologies, demographic shifts, and the impact of COVID-19 on the labour market have been radically transforming how organizations conduct business and the type of skills their human capital needs to support them thrive in this new era of work. 

“Nearly 50 per cent of companies expected that by 2020, automation will lead to some reduction in their full-time workforce, while more than half of all employees will require significant re-skilling and upskilling,” notes WEF. …

Since the advancement of the standard of living, most parts of the world have experienced a relatively rapid population growth than ever before which can be hugely beneficial for economic development if utilized strategically.  

Population growth is rapidly occurring in Africa, with Tanzania now hosting more than 59 million people in its vast, arable and mineral-rich land. This increase puts the East African country, which ascended last year to a low-middle-income status, in a much more advantageous position to move forward or experience a decline. 

The World Bank (WB) – one of Africa’s (and Tanzania’s) close development partner argues that Africa’s population is rising rapidly and will likely double by 2050. 

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“Africa will soon pass one billion people (it may already have) and could reach up to two billion people by 2050. This makes it the fastest-growing continent, and …

The entertainment and media industry has evolved to become one of the most profitable sectors in modern economy. Across continents, entertainment and media (E&M) has levitated talents and shared cultures like no other format since the dawn of time.  

At the same time, media has connected cultures beyond language and physical barriers. Who doesn’t know Diamond Platnumz, Ali Kiba or Zuchu (except for non-Afro pop fans) in East, South and Central Africa, to mention a few? 

From e-papers to virtual reality, modern ways of communication have made information- sharing seamless, and the world has become a village, literally.  

When it comes to entertainment in Africa, Tanzania’s music industry has evolved over the past decade to become one of the most profitable creative performing arts landscapes.  

 International accolades won by Rayvanny, Diamond Platnumz, Ali Kiba, and many more prove how the genre has spilt over multiple locations worldwide, especially high-performing landscapes …

Rwanda has gone a step further and promoted its tourism attractions on the world stage, through sports via its ‘Visit Rwanda’ tagline on England’s Premium League football clubs. 

The EAC core objectives compel the countries to bring collective efforts to promote their industry and share benefits as they come. So far, the EAC treaty (under Article 115) has shown partner states can undertake and develop collective and coordinated approach to the promotion and marketing of quality tourism into and within the community (EAC). 

Hence, the entire concept of coordinating policies in the tourism industry to establish a framework of cooperation is vital, as it will promote the equitable manner of benefit-sharing. …

• President Samia has doubled down on business and investment in Tanzania
• Tanzania has adopted a new tone towards foreign direct investment
• Tanzania is striving to become the best tourism hotspot in Africa

As a lower-middle-income country, Tanzania is putting in a considerable amount of work to build itself towards attaining its industrial revolution objective.  

The industrial driven economy mission and energy inspired by the late President John Magufuli has spilt over to the incumbent presidency – under Samia Suluhu Hassan.  

Over the past six years, Tanzania has taken tremendous steps towards achieving its primary objectives, including upgrading its economic status, which was done swiftly and within time. 

With the entire globe faced with uncertainty propelled by the COVID-19 pandemic, Tanzania has remained relatively stable and accommodative to crucial sectors of the economy, such as banking by improving money supply and credit, information and communication, as well as agriculture. 

Despite inflation …

• More people are becoming poor while few are getting extremely wealthy
• The pandemic has exacerbated the levels of inequality in the world
• South Africa is the most unequal country in Africa 

Around one billion people live on less than one dollar per day, while the wealthiest 10 per cent of the population currently take 52 per cent of the global income and the poorest half just 8 per cent (World Inequality Report, 2022). 

The World Inequality Report brings concise and up-to-date data on various aspects of global inequality. Hence, the report marks inequality as a constant thorn hurting the economies of developing nations, even after three decades of trade and financial globalization. 

In terms of numbers, the report pointed out that during the first wave of the pandemic, global billionaires’ wealth grew by $3.7 trillion, which is equivalent to the total annual spending on public health by all governments in …

• The national debt is still a lingering thorn in the economy.
• Central banks point out monetary policy keeps money supply afloat.
• Current GDP is higher than last year’s 4.0 per cent in the same quarter.

Tanzania’s economy is progressing strongly despite global financial shocks propelled by the pandemic.   

According to the economic bulletin produced by the central Bank of Tanzania (BoT), the economy grew by 4.3 per cent in the quarter ending September 2021 , which is higher than 4.0 per cent in the corresponding quarter in 2020 – mainly driven by agriculture, transport and storage, trade and repair, manufacturing, mining and quarrying, and construction. 

On a comparative basis, Tanzania has stood relatively high compared to the African Development Bank’s optimistic forecast for real GDP growth of 4.1 per cent, contributed by improved performance of the tourism sector and the reopening of trade corridors. 

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• The costs for South Sudan conflicts could reach a staggering range of between $22 billion and $28 billion over the next five years. 
• The cost of war shockingly overpowers the new nation’s 2021/2022 fiscal budget of around $2 billion.
• Poverty is ravaging South Sudan. South Sudanese people lack basic essential services, poor housing, land and property issues limit people returning home in large numbers

Numbers have been a better tool in analysing a very complex scenario, and in this case, South Sudan conflicts put it at a disadvantage economically.  

According to a 2015 Oxfam report, depending on the intensity of the conflict, the costs for South Sudan conflicts could reach a staggering range of between $22 billion and $28 billion over the next five years. 

The cost of war shockingly overpowers the new nation’s 2021/2022 fiscal budget of around $2 billion. These numbers show how wars suck the life out …

However, the DW report argued that just 18 per cent of GCF financing went to projects in the world’s poorest countries, while 65 per cent went to projects in middle-income countries like Mexico or India.  

GCF is an essential partner towards Africa’s climate action. It is one of the most potent multilateral financing mechanisms available for the continent in supporting genuine-time climate action efforts. 

Despite the underlying challenges within climate finance the region faces, it ought to be ready to harness GCF’s potential and become resilient as climate change impacts do not wait.  …

• Africa’s technology adoption is a crucial factor for the smooth adoption of blockchain.
• Africa has some of the most highly ranked global crypto adoption indexes.
• Most African countries have not allowed crypto to be included in economic transactions.

As much as Africa struggles with technological challenges, including the digital divide, still, the second-most populous continent has stood high when it comes to cryptocurrency adoption, bringing the crypto market to $105.6 billion by the year ending June 2021.  

In countries such as Tanzania, Kenya, South Africa, and Nigeria (ranked in the top 20 Global Crypto Adoption Index), fintech has taken a serious step towards serving millions of unbanked citizens. These nations have taken another step—they have been a significant catalyst in promoting cryptocurrency’s growth, thanks to the vast expansion of smartphone use which ultimately leads to accessing blockchain networks. 

According to a September 2021 publication by The African Report, crypto adoption …