- Eastern Africa Power Pool to go live by December, countries to auction electricity
- SkyPower, AFC, and DRC join forces for $2.3Bn Green Giant project
- Navigating Africa’s Depths: How SEACOM’s Cable Disruption Affects Global Connectivity
- Dubai’s Real Estate Vision 2040: A Growth Catalyst Highlighted at the International Property Show
- Tanzania’s Mining Act Amendments: Navigating Future Prospects and Challenges
- Food inflation: Zimbabwe, Egypt, and Malawi in top 10 list of hardest-hit nations globally
- Global unity in focus as 7000 delegates gather in Kenya for UNEA-6
- New, integrated initiatives aim to breathe life into plans to address climate and clean air
In just one year, Tanzania’s Prevention and Combating of Corruption Bureau (PCCB) has recovered close to USD 36 million (82.2bn/-) of embezzled public funds.
The funds were misappropriated during the 2018/19 financial year and the amount is actually USD 6million (12.5bn/-) more than what was recovered last year.
That begs the question, were there more cases of embezzlement last year compared to the previous year? The authorities do not make that clear but they credit the recovery to increased efficiency of the bureau which they say is operating at a high efficiency rate of 82 percent.
Evidence to support the increased efficiency includes the increased number of project inspections by almost double the number of inspections that were conducted last year. The number of evaluated projects reached 1,106 up from only 691 that were conducted last year.
A total of 911 case were reviewed including 266 on alleged bribe cases …
The Tanzania Cigarette Company (TCC), the country’s main tobacco producer, is looking to expand its sells to the Democratic Republic of Congo (DRC).
The DRC is already TCC’s largest export destination that has seen the company grow its 2019 gross profit earnings by 56 percent, more than double compared to the previous year.
Nonetheless, the tobacco company enjoyed marginal growth when it came to annual revenue which inched up slightly by 5.2 percent to clock 309.8bn/- up from 294.3bn/- the year before that.
TCC is not the only company eyeing the DRC for business, increasingly, Tanzanian banks are reported to be making venture moves into the DRC. However, until now, it is small businesses that were enjoying the huge market of the central African state.
Many small businesses have been transporting goods to the DRC for years and enjoying lucrative returns. TCC is only the latest of manufacturing titans to …
CRDB Bank, a leading bank in Tanzania, has announced plans to register its own insurance subsidiary firm.
The bank is currently already a broker and enjoying considerable premium back payments which almost double in the span of just 3 years (2016-2019).
In an interview with local media, CRDB’s Broker General Manager, Mr Arthur Mosha said in that short time, their premium levels is up from 44.2bn/- from 25bn/-
Not surprising, Tanzania’s insurance market grew by 8.6 percent in gross premiums over the course of the last financial year. As of 2018, Tanzania’s insurance industry had 31 insurance companies, 109 insurance brokers and 635 insurance agents.
For a country of 56 million people, the sector is hardly sufficiently serviced and there is enormous room for growth.
The bank’s brokage services target mainly their own customers who now represent 70 percent of all their insurance customers. At the moment, the leading products …
Trade between Tanzania and China has been adversely affected by the ongoing global coronavirus pandemic.
The turn for the worst between Sino-Tanzanian trade is only to be expected as movement of both goods and people is restricted the world over.
In a press release that was issued recently by the respective authorities, Tanzania’s Minister of Industries and Trade, Mr Innocent Bashungwa, told local press that trade volumes to and from the two countries has taken a significant blow.
Cargo flow between the two countries is now limited if not completely stopped and the picture is grim across the region. While it is estimated to cost both parties huge sums of money, neither the Tanzanian authorities nor the counterparts from the Chinese embassy have released any specific figures.
The closed borders owing to the coronavirus outbreak, is the direct cause of the dropped trade between the two nations. Until the outbreak, …
China’s influence in Africa has reached historical proportions and the US, coming rather late into the game, is now attempting to ‘change Chinese narrative’ on the continent.
The US is looking to move Africa from training or rather petting the dragon to slaying it, metaphorically speaking.
The new US-Africa policy that was launched in 2018, is designed for this purpose. As a top US diplomat put it, the policy “…will continue to counter China’s influence in Africa in order to slay the dragon.”
The US would have Africa and the World at large know, the continent is now getting “the attention it deserves from senior US officials.”
With the new policy, that is meant to guide bilateral relations with Africa, the US is trying to improve its public diplomacy outreach.
As China continues to assert itself on the continent with ever more development pacts, the US is now trying to …
A Zimbabwean public service officer, the former Chief Executive Officer of the Zimbabwe National Road Administration (Zinara) is allegedly involved in a graft cases that has cost the agency losses in excess of USD40 million.
Mr Frank Chitukutuku, the accused official, is facing a list of economic sabotage cases all surrounding what local media is calling ‘dubious payments’ for supposed public works. The list of irregularities is long, from payments for substandard work to over payment for projects without the agency’s board ever approving.
There are also issues of flouting tender procedures, hand-picking firms, payment for incomplete work and the bias awarding of projects in favour of companies that he has interest in or belonging to individuals in his favour.
Zimbabwe’s Parliamentary Portfolio Committee on Transport and Infrastructural Development deliberated the matter in detail earlier this month and resolved to fire the CEO while legal proceedings are underway.
Among the …
Tanzania is in the processes of constructing mega court buildings that are large enough to house all levels of judicial services from the Primary Court all the way to the Court of Appeal. The actual value of the project has not been made public but due to the size and scope, it is estimated to cost onward of multi-million dollars.
The initiative is undertaken by the Judiciary of Tanzania and the resulting six High Court buildings are christened the Integrated Justice Centres (IJC) of Tanzania. The project is already underway across five regions of the country.
The court buildings will be in all major cities including the country’s administrative capital of Dodoma, the tourist hub of Arusha, the lake city of Mwanza and the fast developing agricultural town of Morogoro where ongoing work on the Standard Gauge Railway (SGR) have seen tremendous growth urban to rural migration in search of …
Based in Ethiopia’s capital of Addis Ababa, Coop Bank is growing by leaps and bounds, with profits up 29 percent in the 2018/19 financial year closing the year with USD 20.4 million under lock and key.
More than profit, the Bank also enjoyed huge growth if it’s total assets which shot up by 40 percent, a sector high for Ethiopia’s banking industry. Likewise, its loans and advances also went up an impressive 56 percent representing more than double its performance in the previous year.
The bank has credited the asset growth to deposit mobilisation which pushed up loans and advances. The bank had yet an impressive growth this time in deposits which increased 40 percent.
Coop Bank mustered its investment in NBE bonds which it increased to more than double (53%) of what it had in the previous financial year. Further still, this immense investment represents 20 percent of its …
In the backdrop of Tanzania’s Central Bank announcing a stimulus package for commercial banks, loans advanced by banks have shot up significantly over the last year and the stimulus package is expected to sustain if not increase lending.
The Central Bank, the Bank of Tanzania (BoT) has this week released its Consolidated Zonal Economic Performance Report which shows lending by commercial banks have increased considerably in the last year.
The report shows that the highest amount of growth in bank loans was parallel to ongoing national infrastructure development works. The highest increase in loans was to companies operating in the central and south eastern zones owing to increased construction projects and to trading activities, respectively.
This would explain reduced lending in the commercial capital of Dar es Salaam. Lending in the bustling port city actually fell 1.6 percent compared to the same period last year. However, despite the percentage decrease, …
Tanzania’s Controller and Auditor General (CAG) has unveiled the country’s Local Government Authorities (LGA) have been involved in the embezzlement of millions of dollars issued to fund nonexistent projects.
Reporting to the country’s President John Magufuli, the CAG’s report indicated that LGA’s across the country have been corruptly siphoning tax payers money for individual gain. The 2018/19 report shows what can only be described as gross mismanagement of public funds.
In the report, Tanzania’s CAG Mr Charles Kichere also reported the gross misuse of funds in excess of USD 342.2 million by the country’s Local Government Authorities (LGA).
Worse still, while the LGAs collected more than USD 46.5 million in the said financial year, only 26.37bn/ was allocated to the rightfully designated development projects while the remaining 17.41bn/- was, according to the CAG report, misused.
Further still, another 10.39bn/- in local revenue that was collected by some 84 Local Government …