Browsing: Tanzania

Five years ahead of schedule Tanzania achieved middle income status. To be exact, the World Bank changed it’s classification from ‘a low-income to a lower-middle-income country.’

East Africa’s sleeping giant is finally awakening. Right in the middle of the global Coronavirus pandemic, Tanzania has provided a rare piece of good news — on 1 July 2020, the country achieved its middle-income vision five years ahead of schedule. – The Africa Report

The World Bank’s news was announced to the country by it’s President John Magufuli bringing even more recognition to the achievements of Tanzania’s fifth administration.

In his twitter handle, the president posted the new country status emphasizing the achievement was accomplished five years ahead of time.

“Today, July 1, 2020, the World Bank announced that Tanzania has become a middle-income country. I congratulate my Tanzanian colleagues for this achievement. This is a big feat that we have accomplished and …

Trouble laden Petra Diamond is planning to sale 75 per cent stake of its Tanzanian diamond business but the government of Tanzania says, no. Rightfully so, because as a stakeholder, the government had every right to be informed prior to any sell attempt and in this case, it was not.

The company currently owns the Williamson mine in partnership with the government of Tanzania and as a share holder, the government has said it was not consulted prior to the sale plans.

This government response comes just a fortnight after the UK based miner announced the decision to sell.

In its initial announcement, local media quoted the company’s Africa Corporate Communications Manager, Ms Cathy Malins admitting that the company was facing heavy losses and has no choice but to sale.

The Communications Manager attributed the losses to effects of Covid-19 saying there is a dire fall in the global market.…

The Tanzania insurance market is still very much untapped and even as the country achieves middle income status, much of the population is still not insured.

Commercial banks in the country have smelt opportunity in the industry and are now circling in. CRDB Bank, a leading bank in Tanzania, recently announced plans to register its own insurance subsidiary firm.

The bank is currently already a broker and enjoying considerable premium back payments which almost double in the span of just 3 years (2016-2019).

In an interview with local media, CRDB’s Broker General Manager, Mr Arthur Mosha said in that short time, their premium levels is up from 44.2bn/- ($19.088 million) from 25bn/- ($10.81 million).

Not surprising, Tanzania’s insurance market grew by 8.6 percent in gross premiums over the course of the last financial year. As of 2018, Tanzania’s insurance industry had 31 insurance companies, 109 insurance brokers and 635 insurance …

The African continent has experienced a bitter reaction from the coronavirus pandemic, whereby as of May 13 almost every nation in the region battled the virus, while—other nations had cases less than 1000, the continent with some of the fast-growing economies could contract by 1.5 per cent and lose $200 b in income, according to International Monetary Fund (IMF) projections.

World Economic Forum brings an interesting perspective to the fold, as it pictures the regional economies in a deterioration hotbed as a result of de-globalization, and underlying factors such as operation shift to digital and debt burdens.

Hence—African Development Bank (AfDB) one of Africa’s vibrant financier has risen and displayed a rather crucial analysis pertaining the fate of the regional economy, the report was released on Tuesday 6 July 2020.

As the rest of the world strives to salvage and bounce back to normalcy, still—there are vital aspects at play …

Tanzania became the first East African nation to reopen its schools, businesses and ports of entry, charting a new path in the management of the Corona Virus.

As of May 18, Tanzania reopened its airspace for international arrivals and the World is responding.

Only three days after it announced its reopening its airspace, local media reported that a chartered airplane landed at the Kilimanjaro International Airport on May 21. The plane had on board four Greek nationals.

Previously, the tourists would have had to go into a 14-day mandatory quarantine but not anymore. Now anyone entering the country only needs to go through a simple temperature check upon arrival. Other measures include having all arriving flights present an Advance Passenger Information System (APIS) so as to allow the Tanzania’s Immigration Department and Airport Authorities to identify high-risk passengers.

All non-APIS compliant flights will now be required to notify their passengers …

There has not been a more demanding time for Africa to adopt modern agriculture methods than now. In the wake of the Covid-19 pandemic, food security in Africa is threatened at all levels and farming activities have nearly been brought to a standstill.

African farmers lost market as borders closed and flights were grounded to curb the spread of Covid-19. As a result the, pandemic severely affected the agriculture value chains from supply of inputs to transporting the end product.

Africa now finds itself more in need of modern farming methods to increase production in a cost effective manner. However, while attempting to increase production, African farmers must also mitigate the effects of climate change by adopting climate smart agriculture.

There is need to use improved seed varieties even in the backdrop of the side effects of using hybrid seeds. Improved seed varieties are more resistant to disease and poor …

U.S. dollar is muscling it up against gold, but the precious metal just wont let up, not with the threat of a second Covid-19 outbreak as new cases emerge.

In Africa, the big gold miners, Tanzania is one of the countries that made some good money out of the increased demand for gold during the height of the Covid-19 global pandemic. However, over the past month, World market prices for gold declined slightly due to decrease in global demand as economies begin to stabilize

Actually, the prices for several selected commodities were lower in the year ended March than in the preceding month with the exception of Arabica coffee,” reports the Bank of Tanzania (BoT) monthly economic review.

As economies start opening up, Tanzania gold export is expected to remain strong however gold futures reported a second loss in a row at the end of June. This slight dip by …

Amid strong demand for automotive vehicles, several domestic and foreign manufacturers are planning to expand their production bases in Tanzania. Government of Tanzania also prioritizes the automotive segment as a key revenue generator and is encouraging flow of FDIs in automotive industry – Tanzania Automotive Market, Size, Share, Outlook and Growth Opportunities 2020-2026 (Report)

Tanzania is one of the most promising and fastest growing automobile markets in the region. Tanzania automobile industry is supported by multiple factors such as labour availability, R&D efforts, geographic advantage and government support.

With positive outlook for economy and greater household purchasing power, the automobile sales in the country are set to witness strong surge in sales.

Meet Mr. Edwin Mac Temba the CEO of Mac Auto Express Garage in Dar es Salaam. He gives The Exchange an exclusive breakdown of how the subsector is performing, how it survived during the corona virus outbreak and …

The Black Lives Matter movement has brought the weight of social unrest upon almost all big economies around the world and in Africa, it has spark the Africa Lives Matter movement.

Protesters in the US, UK, France, Germany, Africa and elsewhere have caused huge economic impact during their protests and brought to light even larger economic inequalities that are bound to cause a major power shift in the years to come.

While the death of George Floyd in the hands of police wrought on the US political convulsion, it is the economic inequalities that have a lasting and profound effect. Issues of housing, education, health and employment have been pushed to the forefront of the national consciousness.

Take for instance the fact that in just one US city, the cream of the pie, the top 1 percent of New York’s elite actually earns well over 40 times more than the …

After slow production during the Covid-19 lock down,  Zimbabwe’s gold sector has had a drastic come back reporting gold revenue is up almost 50 percent at least one of its major mines.

The total revenue recorded for the second quarter of 2020 clocked and impressive to USD23. 6 million, that is almost double (48 percent) the revenue brought in during the same period last year.

Having topped last year’s production by USD15. 9 million, Blanket Gold Mine that is based in the Gwanda region, increased production all through the first quarter this despite glitches caused by the Covid-19 pandemic.

The mine is owned by the Caledonia Mining Corporation and was proud to announce it had produced 14,233 ounces of gold in the second quarter up from the 11,948 produced during the same period last year.

The production level is very impressive given the fact that other miners could not access …