Browsing: Tanzania Gold Mining

President Magufuli wins elections - The Exchange

Tanzania reelects Magufuli President

It is five more years for Tanzania’s incumbent president John Pombe Magufuli after he was announced the winner of the 2020 elections last night.

Just a few minutes after the clock ticked 10 PM the Tanzania National Electoral Commission (NEC) Chairman Semistocles Kaijage announced Magufuli’s reelection.

According to NEC, the president-elect racked in 12.5 million votes of the 15 million people that voted (20 million registered to vote).

With the 85 % popularity vote not only does Magufuli take the top office again but his ruling party CCM also takes a historic position after knocking down all of the opposition strong holds.

Two of the top opposition leaders Tundu Lissu and Freeman Mboye all lost their parliament seats along with another outspoken opposition leader Zitto Kabwe.

In fact CCM has taken over 194 seats (this figure maybe higher) in the 393 member parliament,

As a United …

Tanzania’s Central bank, the Bank of Tanzania (BoT) has pledged 500m/-  in soft loans to the country’s artisanal gold miners.

The loans will be extended via the 13-year-old artisanal miners’ empowerment scheme dubbed the Small and Medium Enterprises Credit Guarantee Scheme (SME-CGS).

Under the scheme, the artisanal miners are guaranteed working capital from commercial banks in their respective areas of operation. The way it works is that the central bank guarantees the commercial bank up to 50% of the loan amount that the miner applies for. On the other hand,  the recipient is then responsible to cover the remaining 50%.

This scheme was passed into law by the Act of 2006 which stipulates that when the loan is passed then the responsible financial institutions pays one per cent of the guaranteed loans to the central banks.

To secure these soft loans requires a business plan complete with financial plans detailing …