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- Tanzania is significantly scaling up regional integration through cross-border trade.
- The East African country is also banking on a rebound in the tourism industry with receipts doubling to $2.7 billion in February 2023.
- Overall the number of investments powering Tanzania economy increased by 128 percent by February 2023.
Tanzania is poised to emerge as a premier investment destination not only in East Africa but across the entire continent, driven by its robust economic growth. The recent International Monetary Fund (IMF) report underscores this positive trajectory, indicating that the nation's GDP is expected to grow from the current 5.2 per cent to an impressive 6.1 per cent next year.
Remarkably, Tanzania's economy is resilient, overcoming the challenges posed by the global COVID-19 pandemic that hindered growth in various regions. The World Bank's economic overview for Tanzania reflects a notable GDP growth rate of 4.6 per cent in 2022, with expectations of…
- The Negomano-Roma Road was financed by the African Development Bank.
- President Nyusi finds the road reminiscent of the two nations’ Pan-Africanism aspirations.
- Road will facilitate residents with transportation services for health, education and local economic needs.
Mozambique President Filipe Nyusi has commissioned a critical cross-border link road, Negomano-Roma connection that was financed by the African Development Bank.
The road, which stands to be a key link for intensifying regional integration with Tanzania, stretches from the nation’s northern province. At the moment, the road is facilitating residents with decent transportation services for health, education and local economic needs.
Mozambique-Tanzania Pan-Africanism aspirations
Constructed under 42 months, and with the inclusion of 417 local workers under the framework of promotion and inclusion of local content, President Nyusi finds the road reminiscent of the two nations’ Pan-Africanism aspirations.
“The road is a great gain for the viability and maximization of regional integration. It is …
- 71 LGAs paid $4.3 million (TZS10.08 billion) to various suppliers and clients without demanding receipts.
- About $32.7 million in revenue from rental charges for shops and houses located at the council’s bus stands and markets was not collected.
- Audit has prompted President Samia Suluhu Hassan to dissolve the board of Tanzania Government Flight Agency (TGFA).
An audit in Tanzania has exposed massive corruption and misuse of public finances across Local Government Authorities (LGAs) that led to the loss of billions of shillings, yet another pointer to why the country of nearly 65 million people still ranks high globally on corruption.
Tanzania Controller and Auditor General (CAG) 2021/22 report shows a total of 71 LGAs paid $4.3 million (TZS10.08 billion) to various suppliers and clients without demanding receipts while another 40 authorities wired $725,711 or TZS1.70 billion to beneficiaries without proof of the relevant supporting documents.
A total of $4.7 million …
Politics in Tanzania are now taking a different shape compared to the past five years. Opposition parties in Tanzania, such as CHADEMA and ACT are collaborating with the main leading party CCM to put the nation in the right economic boost trajectory.
Over the past two decades, East Africa has witnessed how political instability has dealt a blow to economic growth. During the 2007/2008 post-election violence in Kenya, the country recorded its worst economic performance. The ripple effects spread to neigbouring countries of Uganda and as far as Rwanda and DRC.
Tanzania had its own political turmoil between 2015 and 2020 where human rights and press freedom were often infringement.
However, Tanzania, which has ambitions of becoming an industry-driven economy, is tuning its economic pro-growth policies in the right way to attract the necessary investors and environment for sustainable development.
This economic vision is now being backed by President Samia
- The move makes Tanzania among the first seven African countries to start making the best of the single African market.
- Tanzania plans to export no less than 10 different products under the AfCFTA deal starting with coffee and marble.
- The AfCFTA Secretary General is confident that the deal will result in higher paying jobs and also sees the deal favouring women who are expected to get the larger portion of wage gains.
The African Continental Free Trade Area (AfCFTA) is at the centre of discussion again as African Heads of State and Government meet in Addis Ababa, Ethiopia for two days to iron out the complexities of the Africa-wide trade zone.
The focus of the summit is on the intra-Africa trade going by the theme; The Year of AfCFTA: ‘Acceleration of the African Continental Free Trade Area Implementation.’
At the 36th ordinary Session of the AU Assembly, President Samia Suluhu …
Moving from one point to another has never been easier and more convenient as transportation or mobility applications have come to play. In Tanzania, where internet penetration stands at around 25 percent, digital mobility services simplify transportation, thanks to Bolt and bber ride-hailing services.
However, this was not always the case, as in early 2022, Uber decided to leave Tanzania. Bolt also limited its operations due to regulatory concerns and the increase in transportation taxes imposed by authorities.
With population expansions in cities such as Dar es Salaam, Arusha, Mwanza, Kilimanjaro, and Dodoma, digital mobility services are again getting attention and usage over time and space.
Tanzania is witnessing the stark rise of locally developed solutions such as Paisha, Twende, and Linkee, which are challenging the status quo established by Uber and Bolt, which are progressively resuming their services.
Tanzania is now executing several energy projects, including the East African Crude Pipe Line Project (EACOP), which brought several international attention fighting its realization.
The widely followed meeting is occurring in the continent for the fifth time and attracting thousands of participants engaging in serious conversations that might lead to the realization of climate targets.
The 27th meeting of parties calls for moving from negotiations (which occurred in COP26) and “planning for implementation” for all these promises and pledges made (United Nations -UN).
As Samia presents the ambitious deal on behalf of a dozen southern African nations – the pressure lies upon the developed economies to jump in and support the common cause.…
The EABC noted that foreign direct investments from the US. to Tanzania stood at US$1.5 billion in 2019, a 5.2 per cent increase from 2018. Tanzania is followed by Kenya – which received US$353 million in the same year – followed by Uganda US$42 million, Rwanda (US$11 million) and Burundi, which managed to attract US$1 million in the same year (2019).
Tanzania has managed to secure the US. as a development partner and as a viable investment in potential sectors such as mining and agriculture. President Samia has worked to give the investment landscape 180 shifts, particularly enhancing the domestic and international confidence in Tanzania’s business climate.
Over the past years, agricultural produce, minerals and textiles have covered most of the goods exported to the US. However, there are other avenues of potential investment in Tanzania, especially in oil and gas, real estate, manufacturing and telecommunications.…
President Suluhu Hassan has welcomed American investors in her bid to “set the tone for creating the safe lending for investors”.
By 2021, Tanzania led in East Africa in the number of FDI attracted from the US to Tanzania, followed by Kenya and Uganda.
Over the past years, there was deterioration in Tanzania’s business and investment sector that marred the nation’s attractiveness.
The latter brought Tanzania to rank 141 out of 190 countries on the 2020 World Bank Ease of Doing Business Report, which the International Trade Administration argued to be the lowest among the nation’s peers.
Hence, President Suluhu Hassan’s administration is addressing the latter. Her government has now substantially improved cross border trading with its neighbouring nations, dealing with unrealistic taxes, unnecessary bureaucracy, delayed refunds and unfriendly administration of taxes.…
While in France, President Samia attended the One Ocean Summit in Brest. The three-day summit discusses ocean safety and actions against the threats to the ocean. Among other things, initiatives launched at the summit aim to protect the marine ecosystem and develop sustainable fisheries.
The initiatives seek to fight pollution particularly from plastics as well as to respond to the impacts of climate change and to advocate for improved governance of oceans.
This State Visit follows last year’s visit to Tanzania by French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, who visited the East African economic hub in October 2021.…