Author: Padili Mikomangwa

Despite the global economic shocks caused by covid-19, in July 2020 the World Bank Group (WB), Tanzania’s development partner categorized Tanzania as a lower middle-income country—which was one of the crucial country milestones achieved over the past year. Tanzania which is currently eyed to be one of the best performers in the region, despite the pandemic shocks, economy forecasters such as Focus Economics anticipated the East African economy to grow by 5.8 per cent. However, the WB latest Tanzania economic update proposed several key issues to be prioritized by Tanzania to keep a tight grip on the economic status and…

The central bank of Tanzania (BoT) released its monthly economic review on Wednesday 10 2021 for February. The economy was painted by the report on a rather satisfactory base reflected in several sectors of the economy such as exports, food prices, money and credit. Inflation In this sector of the economy, the performance was stable, as according to the new published CPI remained within the target range of 3.5 per cent for 2020/21. Further, the twelve-month headline inflation was standing at 3.5 per cent in January 2021 from 3.2 per cent in the previous month and projected to remain low…

Tanzania—East Africa’s host of the most strategic port (Dar es Salaam Port), anticipates garnering more cargo in the next four years, as the Tanzanian Port Authority (TPA) projects the volume of cargo to rise by almost 43 per cent, according to information from The Citizen. The Dar es Salaam port handles about 95 per cent of the country international trade, serving other landlocked countries, Malawi, Zambia, Democratic Republic of Congo, Burundi, Rwanda and Uganda, according to information from the TPA website. In the maritime sector, Tanzania has a rather wider potential for expanding its reach in this pool. Tanzania’s coastline…

The oil and gas industry in Africa is yet another profitable sector that can transform the energy and revenue generation of gas-endowed nations and contribute greatly to their economic development. 

According to the global network firm PriceWaterhouseCoopers (PwC), by the end of 2017, Africa had nearly 487.8 trillion cubic feet (Tcf) of proven gas reserves, comprising 7.1 per cent of global proven reserves. 

The pandemic has shown the globe that more is needed to fortify our systems, as nearly 95 million people have contracted the virus and more than two million people have succumbed to it, while millions face the economic shocks of the virus, particularly those located in developing economies. 

A World Economic Forum (WEF) publication which is part of The Davos Agenda (a virtual global leaders’ meeting on sustaining an inclusive and cohesive future) noted that the pandemic has exposed several threats to the world. 

Africa making huge moves to advance rapidly within the realms of social impact entrepreneurship and innovation. From smart environmental solution based in Dar es Salaam Tanzania to e-learning innovations in Cape Town, South Africa are filled with rather interesting operations that will levitate the region in the coming decades. The continent has rather made some great strides over the past years, having platforms such as The Next African Start-Ups program launched in 2018, connecting entrepreneurs with potential investors, financial institutions and policymakers—catering all necessary items for their growth and introduction of fresh services and technologies that will improve lives of…

Zanzibar, one of the most exotic tourist destinations in East Africa marked 100 days since its newly elected President Hussein Ali Mwinyi assumed positions of power. The archipelago which is the autonomous region of Tanzania has been developing its efforts to enhance economic performance in the island over the past years. According to information from The Citizen, the 100 days old presidency is yet focused on transforming the country economy. The presidency came to helms of power after the Zanzibar Vision 2020-2050 emerged to revitalize the archipelago economy particularly tapping into the sustainable utilization of the Indian ocean resources. President…

Africa’s top economy and oil exporter, Nigeria is battling yet another economic hurdle, as the government disagrees with the International Monetary Fund’s (IMF)recommendations of lowering its currency that’s more than 18 per cent overvalued to ease external imbalances, according to Bloomberg News. According to IMF February 8, 2021, press release, Nigeria has been hit quite hard by the COVID-19 pandemic, following a sharp decrease in oil prices and capital outflows, real GDP is estimated to have contracted by 3.2 per cent I 2020 amidst the pandemic-related lockdown. Bloomberg News reported on February 8, 2021, that, Nigeria’s President Muhammadu Buhari administration…

The central bank of Tanzania (BoT) published its quarterly economic bulletin on Monday 8 February 2021 for the quarter ending December 2020, and it portrays rather satisfactory performance despite the coronavirus (COVID-19) shocks affecting the global economy. The report pointed that, in the third quarter, the growth was at 4.5 per cent, leading to the average growth rate of 4.7 per cent in the first three quarters of 2020, compared to 7.3 per cent in the corresponding period in 2019 and 6.9 per cent in 2018. According to the report, the satisfactory growth was rather contributed by various sectors particularly,…

Tanzania, one of Africa’s fastest-growing economy has taken a deliberate step to increase its 2021/22 financial year budget by 4 per cent to accelerate economic growth. According to the Tanzanian Legal and Constitutional Affairs minister, Dr Mwigulu Nchemba, standing on behalf of the Finance and Planning Minister in Parliament yesterday, cited the increase to be attributed by several issues including an amplified requirement by the consolidate fund(The Citizen) “This includes [money required for] repayment of government debt; money required to cater for promotions of public servants and new jobs [in the public service],” he said. According to information from The…