- Young African queens reshaping the continent’s global influence
- Energy outlook: access to electricity in Africa still short of SDG7
- Tanzania’s ambitious journey to energy riches
- Nigeria bets big on Fluenta technology to regulate flare gas emissions
- Depreciating shilling worsens Kenya’s debt and economic struggles
- High fuel prices in South Africa to worsen inflation
- M-Mama’s life-saving journey reaches Malawi
- Natural gas: a flame of opportunity for African economies
Author: The Exchange
- We provide economic news and analysis on the investment arena in Africa, with a particular interest in doing business. Our key areas of focus include banking, capital markets, energy, mining, manufacturing and industrial development.
Songas limited has paid the government TZS8.8 billion in dividends as a result of its shareholding in the Tanzanian gas-to-power company.
Songas is a strategic partner with the Government in meeting the growing demand for energy and includes ownership by Tanzanian sector entities, Tanzania Petroleum Development Corporation (TPDC), Tanzania Electric Supply Company Limited (TANESCO) and Tanzania Development Finance Company Limited (TDFL) as well as Globeleq, a leading independent power producer solely focused in Africa.
Songas Chief Financial Officer, Anael Samuel said TANESCO will receive about TZS2.2billion while TPDC will receive an estimated TZS6.6billion, both amounts will be subjected to withholding tax. The amounts are determined by each entity’s shareholding in Songas.
Additionally, the government also benefits from its 32% shareholding in TDFL, which receives about TZS 1.8 billion in dividends and also through the Tanzanian Revenue Authority from the withholding tax on dividends.
Since 2012 the company has paid TZS121.6 …
To cement trade ties, boost investment flows and encourage tourism between Tanzania and China, Standard Bank and the Industrial Commercial Bank of China (ICBC) have launched the I Go Tanzania loyalty program in partnership with Tanzania Tourism Board.
This initiative, part of ICBC’s I Go Global rewards scheme for its card holders in China, was unveiled in Tanzania on 6th August 2019. It will capitalize on the growing appetite among Chinese travelers to visit Tanzania by offering a range of discounts and special offers from merchants across the travel, hospitality and lifestyle sectors, says Standard Bank’s group head of card and emerging payments across Africa in personal and business banking, Lincoln Mali.
“ICBC is the biggest bank in the world, with approximately 139 million credit cards and as many debit card customers,” says Mali, explaining the rationale behind the new loyalty program, which was designed by Standard Bank in partnership …
When Mr. Innocent Rwetabura strode into the interview room, he didn’t have the temperament that would be associated with someone of his stature – holding a top tier position at one of the leading Telecom companies in the country.
To the contrary, Rwetabura was unassumingly gentle. He patiently sat there, readying himself to be bombarded with questions.
Perhaps his extensive experience in the financial and telecom sector at some of the biggest companies in and outside of Tanzania elevated not only his skills as a finance expert, but his overall demeanor.
Rwetabura’s history speaks for itself. He moved to Tigo with vast experience having held various top positions at other companies, some trading in the Telco industry.
According to him, accounting has always been in his blood. Yes, dealing with numbers comes with the package, but his motivation has not always been remuneration and perks that come with the profession, …
By Giza Mdoe
Wide angle AI Triple Camera
You have not experienced the wonders of a smartphone until you experience the Phantom 9.We are not just talking of the usual fingerprint in-display sensors,motion sensing and screen rotating gyroscope, we are going the extra mile and introducing Artificial Intelligence Triple Cameras complete with auto sensors and a wide angle photography capability.
The AI Triple Camera (16MP+2MP+8MP) has one camera in the front for your amazing never to miss selfie moments and two cameras in the rear for even clearer, wider angle pictures.
“With the amazing AI triple camera plus other wonderful features, we are proud to say it was worth the wait. Photography enthusiasts and business professionals will find that is a great addition to their work and entertainment toolbox,” said Stephen HA, the Managing Director of TECNO Mobile.
He was speaking at the global launch of the …
Plasco Limited in Tanzania is the largest manufacturer of plastic pipes for water supply and sanitation in
the country has launched a USD 4million factory expansion using‘Weholite’ technology, the first of its
kind in East and Central Africa used to produce Structured Wall High Density Polyethylene (HDPE) pipes
for Sewerage and Drainage, Manholes and Tanks forstorm water retention and drinking/potable water.
The company aims to provide modern water storage and sanitation solutions to the region through the
use of this new technology that is now available in Tanzania and East Africa as a whole. The factory was
inaugurated in Temeke, Dar es Salaam by the Minister of Industry and Trade, Innocent Bashungwa;
other government official in attendance included the Deputy Permanent Minister of Water, Emmanuel
Speaking during the event, Hon. Bashungwa remarked on the company’s use of innovative technology to
accelerate the progress of the pipe manufacturing industry in…
The Ethiopian Investment Commission (EIC) announced that the country earned $103 million from export generated by industrial parks. The gain is a 40 percent increment compared to last year’s performance recorded at the same period.
According to Abebe Abebayehu, Ethiopia Investment Commissioner, 70 percent of the planned earning from industrial parks during the stated period had been accomplished. He further noted that footwear and other leather products, as well as textile and apparel have been exported to Europe, USA, Asia and other export destinations. Statistics from Food and Agricultural Organisation (FAO) ranks Ethiopia the 5th in the world and number one in Africa with the most cattle inventory.
Mr. Abebe, stating that industrial parks across the country have created employment for over 70,000 workers, said Ethiopia has been able to attract $2.5 billion foreign direct investment in the mentioned nine months.
However, the commissioner said, conflicts in different parts …