Browsing: Tanzania

• African countries lag in terms of clean water and sanitation for all investments.
• The World Bank warns that failure to achieve SDG 6 will affect the achievement of most other goals.
• Tanzania was recognized for achievements of the Water Sector Development Program (WSDP) phase three.

Africa is not on track to achieve Sustainable Development Goal Six (SDG 6), which advocates Clean Water and Sanitation for all, yet its achievement would lead to the realization of multiple Sustainable Development Goals (SDGs).

The assertion was made by the African Development Bank Group, Dr. Akinwumi Adesina who noted that failure to achieve SDG 6 will significantly impact the elimination of poverty (SDG 1), zero hunger (SDG 2), good health and well-being (SDG 3), gender equality (SDG 5), clean energy (SDG 7) and decent work and economic growth (SDG 8) as well.

He said that while there are strong relationships between water security and …

• AMSONS Group granted regulatory go ahead to acquire Bamburi cement.
• The family-owned business has partnered with KCB Investment Bank as its transaction adviser.
• Amson made its initial offer when Bamburi Cement’s shares were trading at Sh45, but the stock has since risen, trading at Sh66 on Thursday afternoon.

Tanzanian business conglomerate AMSONS Group has received regulatory approval from the COMESA Competition Commission for its proposed acquisition of up to 100 per cent of Bamburi Cement.

The move coming at a time that Kenya’s Savannah Clinker Limited has already raised its bid for the acquisition of Bamburi Cement, even though its offer already exceeds Tanzania Amsoms’ competing offer.

In a statement, the COMESA Competition Commission confirmed that the proposed acquisition falls within its ambit and does not pose a competition risk within the common market.

“It is unlikely that the proposed merger will lead to the creation of a dominant position …

• Enza Zaden’s global subsidiaries hit 26 with a new venture in Tanzania.
• The seed company is a welcome boost to Tanzania’s horticulture sector whose exports clocked 175,000 tonnes in 2024 alone.
• Tanzania horticulture is projected to grow at an annual rate of 11 per cent.

Enza Zaden, the Netherlands’ major seed grower, has announced the expansion of its venture in Tanzania, boasting 16,000 square meters of international vegetable breeding grounds and state-of-the-art facilities. The firm’s Chief Executive Officer made the announcement at the launch of Enza Zaden, Tanzania, in the country’s horticulture seat, Arusha City.

“Today, we operate in 26 countries, employing over 3,000 people, of these, at least 1,000 are involved in research projects working to develop new vegetable varieties,” he announced.

Several dignitaries graced the launch event, including Ambassador Wiebe de Boer, envoy of the Kingdom of the Netherlands in Tanzania. The diplomat praised Enza Zaden’s choice to …

• Graphite mining firm Pula Group sues South African billionaire Patrice Motsepe for $195M.
• Motsepe’s ARM mining faces breach of non-complete contract by investing in Australian firm Evolution Energy Minerals near Pula’s graphite project.
• ARM denies all claims, maintaining that they ‘considered’ but did not breach contract.

South African billionaire Patrice Motsepe is facing a $195 million lawsuit in Tanzania following allegations of a breach of contract by his mining companies in the East African country. The high profile case is being heard in Tanzania’s Commercial Court and is one of the biggest suits before the corridors of justice in recent years.

Patrice Motsepe owns a number of mining heavyweights including African Rainbow Minerals (ARM), African Rainbow Capital and ARCH Emerging Markets. He also has shares in Tanzanian mining company Pula Group.

In the roiling legal showdown, Pula Group is accusing billionaire Motsepe of breaching a 2021 non-compete contract by …

• Russia and Tanzania are holding trade talks aiming at revamping commercial ties between the two nations.
• At the moment, Russia projects at doubling trade with Tanzania.
• Russia to use Tanzania as a single port of entry to access the African market.

Russia has pledged to double current trade value with Tanzania as authorities from the two countries met in Dar es Salaam Tanzania. The pledge was made at the first Russian-Tanzanian Intergovernmental Commission on Trade and Economic Cooperation at the start of the week in Tanzania’s commercial port city where the meeting is being held.

Russian Economic Development Minister Maxim Reshetnikov visited the country along with a delegation of Russian businessmen representing more than 50 Russian companies.

“Based on our estimates, trade between our countries could double,” Mr. Reshetnikov said. “We stand ready to help the Tanzanian economy maintain the high pace that has achieved in the energy, agriculture, infrastructure …

• Tanzania cashew nut prices triple.
• The country plans to export processed cashew nuts by 2027.
• Over 1500 acres set for a cashew nut industrial park.

Tanzania is planning to move from the export of raw cashew nuts to processing in-country and export added value exports of the product. Notably, the Tanzania Mercantile Exchange (TMX) has reported that the East African country’s cashew nut prices have more than tripled, growing from several cents per kilogram last harvest to over two dollars this season.

“This is the first time prices have increased to such record high. We welcome this development as the auctions continue,” notes Sharifu Linjenje, a cashew farmer from Newala District in the Mtwara region.

The farmer was one of many others who told local media that should the high price be sustained, then it will make a difference in the farmers’ lives. Market prices of raw cashew nuts have …

• Less than 40% of adult population in Tanzania has bank accounts.
• Central Bank aims to increase integrated financial services access to 80% by 2028.
• Lack of collateral affecting disadvantaged populations from accessing bank credit.

Financial inclusion in Tanzania has increased considerably but with less than 40 per cent of the adult population having an account at financial institution, a pointer that policymakers in the country have a lot of work to do. To this end, the government, through the Bank of Tanzania (BoT), has announced plans to increase integrated financial services access to 80 per cent of the population by 2028.

BoT Deputy Governor, Ms. Sauda Kassim Msemo recently told media that financial services inclusion is crucial for sustainable economic growth of the East African nation. “The government continues to create a conducive investment environment, but we need to grow financial inclusion, especially access to banking,” she said.

She pointed …

• Illicit financial flows causing major losses to Tanzania’s mining industry.
• Experts cite tax avoidance as the leading motive behind Illicit financial flows.
• Tanzania moves to enforce strict laws to curb Illicit financial flows.

Illicit Financial Flows (IFFs) in Tanzania’s mining sector has become rampant despite government efforts to control the sector. Last month, almost 16 kilogrammes of smuggled gold were seized at the Dar es Salaam Port, a pointer to rising crime amid efforts by the East African country to power growth through increased investment in the mining industry.

Illicit financial flows refers to “the cross-border movements of illegally earned, transferred, or utilized financial capital that deprive countries of essential resources, undermining development and the well-being of citizens.”

IFFs are basically the result of investors seeking to earn profits above a given sector’s average. To do this, the unscrupulous businesses avoid taxes and generally view corporate tax and even corporate …

• Lake Victoria biodiversity is been destroyed by overfishing
• Researchers advice set up of common regulations among EAC states
• Due to overfishing, stock of commonest fish is falling drastically

Overfishing is depleting fish in Lake Victoria with all three countries—Kenya, Uganda and Tanzania—that surround the massive fresh water body reporting a steady decline in output. On the Ugandan side, it is reported that fisheries that mushroomed around the lake region are shutting down at an alarming rate.

“More than ten factories around the lake have closed and the remaining 25 are operating below capacity,” reported Jinja, a Uganda based inter-governmental organization.

On the Tanzanian side, the Department of Economics at the University of Dar es Salaam (UDSM) has conducted several studies on the problem and the findings are pretty grim.

“The depletion of stock in Lake Victoria is part of a similar problem occurring globally with fish stocks being depleted. When …

• Tanzania is Africa’s fourth-largest gold producer and ranks 18 in the world.
• The country is ramping up production of the precious metal, targeting over 6 tonnes of gold annually.
• Gold miners and traders asked to allocate no less than 20% of their gold output to Central Bank of Tanzania.

Tanzania’s national gold reserve is growing and recent push geared at speeding up the growth of the country’s reserves signal to better days ahead for the nation’s currency. In the latest move, Tanzania has ordered all gold miners and traders to allocate no less than 20 per cent of their gold output to its central bank.

According to the Central Bank of Tanzania (BoT), this strategy is meant to help the country diversify its foreign reserves. By boosting its gold reserves, Tanzania hopes to offset the depreciation pressure facing the Tanzanian shilling.

According to authorities in the country; “This diversification intends …