The World Bank (WB)—one of the world’s largest sources of funding and knowledge for the developing sphere published its Global Economic Prospect report in January 2021.  

The report zoomed in on the prospects of the global economy and Africa, displaying how the region remains pinned by the shocks of COVID-19 unless sound policy changes and strategic investment-enhancing reforms are made.  

On the bright side, the global economy is expected to expand by 4 per cent in 2021—this is dependent on the progression of COVID-19 vaccine provision throughout the year. …

The prosperous future of Africa will be the fruit of both men and women. In fact, at present women have the potential to make Africa great. According to the World Bank, it is the African women entrepreneurs who are leading in the world in terms of business ownership. 

This means African women stand to transform the region’s economy and compete on the world stage.  

Women in Africa are more likely than their male counterparts to engage in entrepreneurship activities. Besides, women in Africa compose nearly 58 per cent of the region’s self-employed population (Ideas4development 2020).  

A 2020 World Bank report, Profiting from Parity, indicated that women entrepreneurs across Sub-Saharan Africa continue to garner lower profits than men (34 per cent less on average). 

Nonetheless, there is more work to be done in enabling women access equal representation within political and economic opportunities which are crucial for sustainable development. 

Despite Rwanda …

Education is the lifeline of development in Africa.  At present, things are changing rapidly within the African education domain. Modern technology is now transforming learning in classrooms in South Africa, Nigeria, Kenya, Tanzania and Rwanda to mention a few. 
African states, just as other nations across the globe, are experiencing economic shocks from the coronavirus (COVID-19), which forced 250 million African children to stay home.  

Across the region, children were out of school for various periods. In Kenya, children remained home for the entire course of 2020 since March, while Tanzania’s school shutdown lasted for three months. …

In 2019, 9 per cent of the GDP in Africa was contributed by mobile technologies and services. This means the mobile industry in Africa is fueling sound growth and social impact necessary for acquiring sustainable economic growth.  

The world is interconnected and it is getting seamlessly interconnected by the hour each day. This means the more you get digitally connected the more knowledgeable, wealthy and creative you become, to say the least. 

This scenario is manifesting itself across developing countries, especially in Sub-Saharan Africa, where ingenious innovations are made in Rwanda, Kenya, Uganda, South Africa and Tanzania, featuring seamless use of online platforms to learn, earn a living and access services. …

Barrick Gold, the New York Exchange-listed mining company with deep business ties in Africa, has once again ignited strong business prospects in Tanzania’s mines—one of East Africa’s nation endowed with abundant minerals.

Within its statement, provided on Thursday, January 28, 2021, the miner stated that its mines in Tanzania are revived and performing well, this comes after Barrick gold resolved laid disputes raised by the government and ushered new dawn of partnership in the profitable sector.

“The North Mara and Bulyanhulu gold mines both produced near the top end of their production guidance in 2020, their first full year under Barrick’s management. Including Buzwagi, the Tanzanian assets delivered a combined output of 462,472 ounces for the year” the statement read in part.

Road to ignition of business

Barrick—the world second-largest gold miner took over Acacia mining and went through a rather historic path to secure business in Tanzania, after rather …

The central bank of Tanzania (BoT) published its January 2021 monthly economic review report, breaking down several performance aspects of various sectors including exports, imports, as well as the national debt.

Inflation

On this section of the economy, the central bank report showed the year-on-year headline inflation remained moderate at 3.2 per cent in December 2020, compared to 3 per cent in the earlier month.

The report argued that the changes occurred due to price-driven onto food and non-food items. On the overall basis, the inflation rate was within the regional benchmarks as well as below the country medium-term target of 5.0 per cent.

“On month-to-month headline inflation increased to 0.8 per cent in December 2020 compared to 0.3 per cent in the previous month and 0.6 per cent recorded in the corresponding period in 2019” the report noted.

However, the bank report highlighted that inflation is projected to remain …

Tanzania central bank last week produced a monthly economic review for December 2020, which depicted rather a range of issues, for instance on revenue performance being broadly in line with the 2020/2021 target.

Inflation

According to the recent report, the annual headline inflation slightly eased to 3.0 per cent in November 2020 from 3.1 per cent in the preceding month. The central bank argues that this was largely attributed to the slowdown in food inflation, stable exchange rate and moderate oil prices in the world market.

Hence, the inflation rate remains within the regional benchmarks and is below the country medium-term target of 5 per cent.

“On a month-to-month basis, headline inflation increased to 0.3 per cent in November 2020 compared to a rate of negative 0.1 per cent in the previous month and 0.5 per cent recorded in the corresponding period in 2019. Inflation is projected to remain in …

Africa’s second-biggest economy, South Africa—will face four days straight of power cuts (from 1200 noon) after the state-owned utility Eskom Holdings reported a malfunction at one of their latest established plants, according to Bloomberg News.

According to different sources in South Africa, the dependable power provider has confirmed a stage 2 power cut which is necessary, to kickstart from Thursday through Sunday.

The overnight calamity has rather brought back South Africa’s toil from the earlier stage 2 shedding on January 06 2021. By then, Eskom had 6672MW on planned maintenance and another 12073MW of capacity unavailable due to unforeseen maintenance.

In 2020, South Africa suffered various power cuts amid their struggle to resuscitate the economy which slipped into a second recession.

This scenario emerges a week after the utility suspended load shedding due to power demand decline. By 8 January the power provider had 6060MW on planned maintenance, while 13206 …

The Kilimanjaro mountain scape, Serengeti fascinating landscape, the Ngorongoro conservation magical experience and the spice island exuberant moments in Zanzibar are just a few joyous tourist experiences, one can acquire in real-time when visiting Tanzania.

Nevertheless, this magnificent reality is a product of hard labour and constant update of policies, laws and modus operandi of the tourism industry in Tanzania.

However, over the past couple of years, the competition has spiced up pretty hard and other players are coming into the fold, naming two: Rwanda with its stunning hills scenery—investing millions of dollars to brand their industry (Visit Rwanda) and Uganda’s game viewing.

To say the least, Tanzania has competitors across the East African Community, and it is great—in the name of developing healthy economic pillars, which are driven by sustainable mechanisms to preserve natural resources and unify our regional economies.

The Tanzanian tourism sector contributes nearly 17.5 per cent …

The Tanzanian central bank (Bank of Tanzania – BoT) published a detailed economic bulletin for the quarter ending September 2020, which showed Zanzibar’s economy taking a nosedive contracting by 2 per cent compared to a growth rate of 5.2 per cent in the corresponding quarter in 2019.

Zanzibar—the semi-autonomous region of Tanzania, is taking various measures to enhance economic and trade liberalization that can pave a smooth way for the private sector to get engaged in the local, regional and international arena.…