The central bank of Tanzania (BoT) published its quarterly economic bulletin on Monday 8 February 2021 for the quarter ending December 2020, and it portrays rather satisfactory performance despite the coronavirus (COVID-19) shocks affecting the global economy.

The report pointed that, in the third quarter, the growth was at 4.5 per cent, leading to the average growth rate of 4.7 per cent in the first three quarters of 2020, compared to 7.3 per cent in the corresponding period in 2019 and 6.9 per cent in 2018.

According to the report, the satisfactory growth was rather contributed by various sectors particularly, construction, agriculture, transport and mining and quarrying.

The government of Tanzania did provide strategic measures to cushion the economy from the virus shocks, this included a deliberate decision of ruling out mandatory lockdowns.

Gross Domestic Product

The performance of the economy was driven by rather four sectors, construction, agriculture, transport, …

Tanzania, one of Africa’s fastest-growing economy has taken a deliberate step to increase its 2021/22 financial year budget by 4 per cent to accelerate economic growth.

According to the Tanzanian Legal and Constitutional Affairs minister, Dr Mwigulu Nchemba, standing on behalf of the Finance and Planning Minister in Parliament yesterday, cited the increase to be attributed by several issues including an amplified requirement by the consolidate fund(The Citizen)

“This includes [money required for] repayment of government debt; money required to cater for promotions of public servants and new jobs [in the public service],” he said.

According to information from The Citizen, this increment comes as the East African nation prep for its third five-year development blueprint.

Tanzania—which was categorized by the World Bank, as a low middle-income country on July 2020, will raise its budget from around $14.6 billion allocated in 2020/2021 financial year to around $15.5 billion, which is …

Barrick Gold, the New York Exchange-listed mining company with deep business ties in Africa, has once again ignited strong business prospects in Tanzania’s mines—one of East Africa’s nation endowed with abundant minerals.

Within its statement, provided on Thursday, January 28, 2021, the miner stated that its mines in Tanzania are revived and performing well, this comes after Barrick gold resolved laid disputes raised by the government and ushered new dawn of partnership in the profitable sector.

“The North Mara and Bulyanhulu gold mines both produced near the top end of their production guidance in 2020, their first full year under Barrick’s management. Including Buzwagi, the Tanzanian assets delivered a combined output of 462,472 ounces for the year” the statement read in part.

Road to ignition of business

Barrick—the world second-largest gold miner took over Acacia mining and went through a rather historic path to secure business in Tanzania, after rather …