Author: Padili Mikomangwa

Tanzania, one of the fast-growing economies across the African continent ascended to a low-middle income country status (LMIC) in 2020, amid COVID-19 pandemic shocks.   The achievements of the East African nation of more than 59 million people have been recognized across the world, with the World Bank (WB) taking note of the country’s success and throwing more than congrats to the table.  Amid uncertainties brought by the pandemic, threatening the livelihood of communities and the sustenance of investments, the central bank of Tanzania forecast the economy to grow by 5.7 per cent in 2021, fueled by public investment and normalization of global trade and investment.  Under the new administration…

The government amended the Electronic and Postal Communication Act (CAP) last month by imposing a levy of between US$0.0043 (10Tsh) and US$4 on mobile money transactions, depending on the amount sent and withdrawn.

One of the key factors that led to the expansion of mobile money in Africa and Tanzania, in this case, was the increased interoperability, product expansion—which brought financial inclusion to enable nearly everyone with decent income-earning schedules to own a mobile wallet account.

The Central Bank of Tanzania (BOT) published the monthly economic review on June 2, 2021, highlighting key economic performance in the country’s different sectors. Tanzania’s key economic sectors such as exports and imports showed modest performance while inflation remained in tolerable benchmarks. The East African nation is one of the fastest-growing economies in Africa and it has been on a trajectory to enhance its economy, including advancing to a lower mid-income level, amid uncertainties caused by the global pandemic. Read: Report Insight: Central bank shows good prospects on Tanzania economy Various forecasts by different entities including the World Bank (WB)…

Africa is great and can be greater if its potential is harnessed strategically. This comes in many forms including placing enough recipes for Africa’s youngest working-age population to exploit different sectors of the economy.  Numbers paint a rather interesting picture.  Between the year 2015 and 2035, the region’s working-age population will grow by approximately 450 million people, which is about 3 per cent per annum.  Meanwhile, the African Development Bank (AfDB) one of Africa’s vibrant development financiers noted that “youth are Africa’s greatest asset” and could support increased productivity and stronger, more inclusive economic growth across the continent.   Meanwhile, the International Labor Organization (ILO) pointed out…

Is China is fueling Africa’s economy? That could be a question with so many angles to explore – such as – is it worth it for Africa to accept humongous loans from the industrial giant amid her journey to prosperity while opening doors for her nations to invest and heavily mark China’s ingenuity across continent-wide African infrastructure?   China, one of the world’s top economies provides eight types of foreign aid: complete projects, goods and materials, technical cooperation, human resource development cooperation, medical assistance, emergency humanitarian aid, volunteer programs, and debt relief (Brookings).  The World Bank has been ousted by China as the world’s largest bilateral creditor, making China the largest single country creditor on Planet Earth (The African Report, 2021). …

What if I told you the real GDP in Africa which is projected by African Development Bank (AfDB) to grow by 3.4 per cent in 2021, could be not as effective in measuring the actual progress of the youngest continent on the planet?  The Gross Domestic Product (GDP) a measure of economic growth was developed by an American, Simon Kuznets in 1934 in the modern concept; however, its original concept emerged in Europe between 1654 and 1676, which was a gruesome period for Africa, driven into the onset of the trans-Atlantic slave trade which ended in the 19th century.  Several…

Africa’s second top economy, South Africa is yet unhinged with the grilling impacts of the coronavirus, which has already taken more than 58,000 lives and infected more than 1.7 million in the country. “In view of the rising infections, we have therefore decided to move the country to Alert Level 3.This will take effect later this evening once the regulations have been gazetted,” South African President Cyril Ramaphosa said on Tuesday. According to President Ramaphosa speech, different issues related to the adoption of the new alert level were raised and the national leader rallied people to embrace the new precautions…

The central bank of Tanzania released the monthly economic review for May 2021 and it has reviewed different sections of the economy with a keen eye. READ:Tanzania clock’s $3Bn as gold prices soar Inflation In this section of the economy, the report showed that, during April 2021, the headline inflation rate remained low and within the country and regional limits. “Twelve-month headline inflation was 3.3 per cent in April 2021, almost the same as in the preceding month and the corresponding period of 2020,” the report noted. However, on a month-to-month basis, headline inflation stood at 0.5 per cent, which…

Tanzania economy is projected to grow at 5.6 per cent, the central bank of Tanzania (BoT) revealed during its May 28, 2021, Monetary Policy Committee (MPC). As Tanzania ascend towards marking a year since upgraded to a low-middle-income country, it has been taking serious steps to revamp its economy, by reshuffling its investment and trading operations. Unlike 2020 whereas the entire world was battling COVID-19 this year the MPC noted that it was “pleased with good performance of the economy, which is amid global spillover of the adverse impact of the pandemic. Growth is estimated at 4.8 per cent in…

The Household Budget Survey (HBS) report for 2019/2020 was released by the office of the chief government statistician (OCGS) in May painting the poverty reduction agenda on different levels, as the tool collected information pertaining to private households’ economic activities, household income and expenditure, housing characteristics and expenditure. 

The HBS report argued that the 2019/20 HBS helped in evaluating Zanzibar’s performance concerning the United Nations Sustainable Development Goals (SDGs), as well as regional development strategies.  

Zanzibar is the semi-autonomous region of the United Republic of Tanzania, made up of two isles, Pemba

Zanzibar International Tourism Show- The Exchange

and Unguja, inhabited by more than 1.7 million people. The archipelago is dominated by two main economic operations, agriculture and services, particularly the tourism service industry.