Author: Padili Mikomangwa

Zanzibar has been grappling with extremely high energy costs, oftentimes costing 50 percent higher than mainland Tanzania. Zanzibar relies on a 125MW submarine grid line from mainland Tanzania for its growing electricity needs. Rostam Aziz solar investment in Zanzibar is part of his wide focus on big energy investment projects around East Africa. In February, Rostam launched a $130 million cooking gas project in Dongo Kundu, Mombasa, Kenya. With a planned $140 million investment in a solar power project that could see Zanzibar Island achieve electricity independence, Tanzania tycoon Rostam Aziz is coming out as a man with an eye…

Tanzania-based CRDB bank has recognized the potential for growth opportunities in regional economies. CRDB Bank has established a presence in Burundi, Rwanda, Uganda, and DRC, following in the footsteps of Kenya’s Equity and KCB. CRDB Bank’s regional expansion aims to facilitate cross-border trade and enhance financial inclusion. CRDB Bank is evolving into a partner for growth for East Africa’s entrepreneurs by seeking to replicate its success story in Tanzania across the regional markets. The bank has recognized the potential for growth and opportunities in neighboring countries and is strategically expanding its operations in East Africa. In Tanzania, entrepreneurs are tapping…

Hard work pays – at least for strategic tourism markets such as Tanzania, which stands to become one of the world’s top destinations. Tanzania’s tourism industry emerged strong from a slump triggered by the Covid-19 pandemic. Over the past years, a number of top-rated tour firms and sites such as Trip Advisor, Safari Bookings, Visa First, and Craft Travel – have painted Tanzania as one of the most favorable tourist destinations in Africa. Tanzania is now placed in the same league as South Africa, Africa’s most desired destination by tourists belonging to the Luxe Traveller Club. With iconic Mount Kilimanjaro,…

Tanzania’s economic reform program is progressing well in a challenging global economic environment and the authorities remain committed to IMF’s loan plan. Ongoing reforms in the country touch on strengthening the economic recovery, preserving macroeconomic stability, and supporting structural reforms toward sustainable and inclusive growth. Tanzania’s three-year Extended Credit Facility Arrangement for total access of about $1,046.4 million at the time of program approval received the greenlight on July 18, 2022 The International Monetary Fund (IMF) has given Tanzania’s economy a shot in the arm by furnishing the country with $153 million loan, bringing to around $304.7 million, the amount received…

Massive deforestation in Tanzania has left policymakers scrambling for options and they have now set an ambitious target for Tanzania to switch to clean energy kitchens by 2025. A huge challenge, however, remains how to dismantle Tanzania’s $1 million charcoal industry that provides livelihoods to millions of poor citizens from illegal forest loggers in the countryside to small-scale urban traders. Tanzania’s Ministry of Energy data shows at least 33,000 people die every year due to complications associated with the continued use of charcoal, firewood, and other crop residues for cooking. I find Joseph Lucas, a charcoal delivery man in Dar…

More than $33 million was poorly spent by various Tanzania government institutions including through inappropriate allowances to staff, audit shows. Lugalo Hospital, an institution belonging to Tanzania’s military, paid over $14,000 to a supplier for consultation and design without charging withholding tax. Corrupt officials in Tanzania’s Ministry of Health paid over $8 million to Toyota Tanzania and UNICEF for the purchase of motor vehicles that were never delivered. Tanzania could be hurtling towards a fiscal risk as an increasing number of loss-making state-owned enterprises turn into avenues for plunder and embezzlement of public funds by corrupt public servants. The latest…

Five markets account for 56 percent of the continent’s high-net-worth individuals (HNWIs) and 90 percent of its billionaires. Mauritius is expected to experience the highest wealth growth rate at 75 percent over the next decade. South Africa ranks as one of the 20 largest prime residential markets in the world, well ahead of the other countries in Africa When it comes to Africa wealth, only five countries hold more than half of Africa’s wealthiest persons. Despite all the signs pointing to Africa ascending towards the wealth ranks of the world, the scales are uneven.The recent Africa Wealth report by Henley…

The project, launched in 2022, cuts across multiple services offering farmers a cushion to be stable and profitable. The project aims to support over 300,000 farmers in 2023 with the partnership. At least $140 million of loss is faced by Tanzania due to drought annually. Ground-breaking crop insurance has been introduced in Tanzania to cover crop loss and safeguard farmer earnings. The crop insurance was introduced by a fertilizer manufacturing company, Yara Tanzania, in collaboration with Jubilee Insurance. The transformative solution dubbed ‘AfricaConnect’, leverages technology to offer farming solutions as farmers in Africa grapple with the challenges of climate change.…

In the year before Samia’s administration, Tanzania’s FDI closed 2020 at $3.16 billion though the Covid-19 pandemic might have impacted the inflows. Between March 2021 and February 2023, the number of registered funded projects rose from 455 to 575, equivalent to a 26 percent increase. Investment expansion in Tanzania trickled down towards the community during the period under review, and job creation grew from 61,900 to 87,187. Over the past six years, Tanzania investment sector has gone through a somewhat cyclic pattern. Former President John Magufuli’s polices were deemed unfriendly by investors forcing capital to flee to more predictable and…

Tanzania is not only striving to bring out the best movies on a global scale, but it is also collaborating with notable figures in the industry Over the past decade, the Tanzania film industry had a rather dim shadow, associated with sub-standard movies flooding the market and missing out on the global stage. Number of Tanzania films dominating the international streaming platforms—Netflix and Showmax are still low. Bongo Movies or “movie za Kibongo” – coined term to brand and represent Tanzania cinema, is now taking a rather international tone which is revolutionalizing the way cinema lovers consume and engage their…