- The escalating tension between Binance and Nigeria
- Kenya’s NCBA Group reports 56 per cent jump in net profit to $162.3 million
- UNEP report sounds the alarm on Africa’s growing food waste crisis
- I&M Bank’s profits rise by 15 percent as the lender intensifies regional expansion
- Telco giant MTN reshaping presence in Africa with key exits
- German firm Karcher opens new $3 million distribution center in Kenya
- Equity Group to pay record $114 million in dividend despite 5 per cent profit dip
- Under President Samia Suluhu Hassan, a new economic dawn emerges in Tanzania
Browsing: Sub-Saharan Africa
Many people have lost their jobs and means of sustenance while industrial production and wholesale-retail sales have plummeted in some sectors.…
So attractive is the sector in Africa that the UK has invested over £50 million into clean energy projects on the continent.…
With climate and environmental shocks continually threatening food supplies and locusts still ravaging crops in East Africa, the situation could get worse unless adequate and timely attention is given to it.…
There has been a rapid uptake of mobile technologies in the region with strong economic growth in the past 2 decades.…
With the evolution from cash to digital currencies, the fintech future for Africa looks bright…
For the socio-economic development of any nation, accessing clean water is utmost.…
Even as share values for US futures on crude oil prices hit rock bottom, spotting a worrisome negative figure (-4.0 USD) there are still several functions that claim the crush of oil prices in the US and around the World will have no effect on stock shares in Tanzania, the numbers are giving a different story. Lets start with the optimistic side.
As US futures for oil price continue to free fall some are of the view that it will have no effect on Tanzania’s sole bourse, the Dar es Salaam Stock Exchange (DSE). Why? Well, simple, most African countries, Tanzania included, are oil importers so, the fall of oil prices will mean positive balance of payments.
In turn, favourable balance of payment means good exchange rates of the shilling for the dollar, again another plus for the shilling. Good exchange rates translates to higher value of the shilling and …
Members of Parliament in Tanzania are urging the government to consider giving tax breaks to businesses in a bid to help them stay afloat.
Alternatively, the government is encouraged, through the Central Bank, to scrap interest on loans so that borrowers do not fall into default.
At the moment, despite the global slowdown, businesses are still operational but they are operating way below their year revenue projections. Already, at the start of the second quarter, the country is facing potentially huge loan defaults by both large corporations as well as small and medium sized companies.
Big businesses are now turning to the government to intervene. While the Central Bank, the Bank of Tanzania (BoT) has already issued a stimulus package for commercial banks, the Tanzania Private Sector Foundation (TPSF) is working on an arrangement to save large borrowers from mega defaults that would in effect ripple throughout the economy.
Commercial …
Rwanda is poised to launch what it refers to as the ‘COVID-19 recovery fund’ that will serve to finance economic recovery efforts post the virus pandemic.
Among the sectors slated to benefit from the recovery fund is the country’s tourism sector. It only makes sense since, the tourism sector is one of the most affected sectors along with the catering and hospitality sectors as well.
In so doing Rwanda, which actually called for an emergency East Africa Community (EAC) Heads of State meeting to deliberate regional response to the coronavirus pandemic, has again set precedent been the first country in the region to set aside recovery funds for the coronavirus aftermath.
The affected businesses across various economic sectors will be afforded access to low interest and even interest free loans. The loans are expected to help the business get back on their feet serving as operating capital.
Of these, it …
The second 20 years Treasury Bond that was auctioned last week by the Central Bank of Tanzania has oversubscribed, again.
The Bank of Tanzania (BoT) was forced to close the trading session as the market gabbled up the high interest rate bond.
The bond had an attractive interest rate of 15.85 percent coupon rate was offered in the 20-year instrument held on Wednesday slightly down compared to 16.21 per cent of the session held in February this year.
The auction was meant to serve as a debt instrument that the government targeted to raise only 117bn/-, local media reported mid week. However, interest for the bond was more than anticipated with the government, through the BoT, racking in a whopping 276.86bn/- that is more than double the targeted amount.
As mentioned this is actually the second 20-year Treasury Bond to be auctioned this year and both had good response, both …