Browsing: Tanzania

A visiting renowned German scholar has cautioned Tanzania not to  sign an Economic Partnership Agreement (EPA) trade pact with the European Union (EU), saying the deal is rhymed against the country`s aspiration of becoming an industrial economy.

Addressing reporters in the capital, Dar es Salaam on 15^th April, 2019, Helmut Asche who is Professor of Economics, Politics and African studies at the University of Leipzig said as a country set to build industries and export produce, Tanzania should not sign deals that flood its market with imports.

The EPA is an anticipated trade deal between the East African Community (EAC) and the EU which gives EAC products total access to the EU market, with 82.6 per cent of imports from the EU allowed on the EAC market.

Professor Asche warned African countries against signing EPA because the arrangement does not favour their economies. He further said that Tanzania in …

Acacia Mining Plc has registered a 13 per cent fall in gold production for the first quarter of 2019, attributing the decline to lower output at its North Mara and Buzwagi mines.

The company`s Interim CEO, Peter Geleta said in a statement accompanying the quarterly report that gold production stood at 104,889 ounces , with ounces sold for the quarter standing at 104,985 ounces and in line with production.

Production in the first quarter was affected by unanticipated production issues at North Mara, which produced 66,324 ounces of gold for the quarter, cited as a 14 per cent year-on-year decrease.

The lower output was mainly driven by the consequence of a fall of ground in the Gokona underground mine in December, as well as an excavator breakdown in the Nyabirama open pit.

The fall of ground at Gokona prevented access in the quarter to two higher-grade stopes in the east, …

Members of Parliament from eastern African countries are on 15^th April, 2019 expected to launch the Eastern Africa Parliamentary Alliance for Food Security and Nutrition (EAPA FSN) – a sub-regional platform aimed at promoting the right to food in eastern Africa through improved legislation.

According to a statement issued on 14^th April, 2019 by the Food and Agriculture (FAO) of the United Nations, the launch is in line with the first annual meeting in Tanzania in 2019.

The platform came after realizing that malnutrition continues to be a major impediment to economic development, whereby it is estimated that 58 million children under the age of five years are too short for their age (stunted) in Africa.

`Childhood malnutrition is costing the African economy about 11 per cent of Gross Domestic Product (GDP) every year, whereas preventing malnutrition delivers $16 in returns on investment for every $1 spent in …

The Bank of Tanzania (BoT) has said that in February this year the value of export of goods and services increased to Tshs.2.04 trillion ($890 million) from Tshs.1.6 trillion ($698 million) in the preceding month.

According to the BoT`s monthly economic review (MER) for March, an increase is owing to good performance recorded in export of goods particularly gold.

The review said likewise, the value of exports of goods and services increased to Tshs.19.6 trillion ($8.5 billion) in the year ending February 2019 from Tshs.19.3 trillion ($8.4 billion) in the corresponding period in 2018, owing to good performance recorded from non-traditional exports and services receipt.

It added that the value of traditional goods exports increased to 161.9 billion ($70.4 million) in February 2019 from Tshs.88.3 billion ($38.4 million) in January 2019 with cotton and tobacco recording the highest growths.

According to the review, the value of coffee and tea exports …

Tanzania is one of the eight African countries which are to benefit from the African Development Bank`s (AFDB) new grant projects funded by the Agriculture Fast Track Fund (AFT) in support of agribusiness Small and Medium-sized Enterprises (SMEs).

According to a statement issued on 11^th March, 2019, the pan African bank is next week expected to launch 17 new grant projects which are to be implemented in eight African countries – Tanzania (4), Ghana (4), Burkina Faso (2), Malawi (2), Mozambique (2), Ethiopia (1), Nigeria (1) and Senegal (1).

The AFT fund is managed by the agriculture and agro-industry department of the African Development Bank. It supports the development of a strong pipeline of `bankable` agriculture infrastructure projects and assists African agribusiness SMEs in project preparation activities to ease their take-off. The fund is supported by the governments of the USA (through USAID), Denmark (through DANIDA) and Sweden …

The Vodacom Tanzania CEO, Hisham Hendi and eight co-accused were on 11^th April, 2018 released after pleading guilty to the accusations against them and paying Tshs.6 billion ($2.6 million) fine.

On top of the fine paid, the court also confiscated the equipment that was involved in the alleged committed crime.

Vodacom Tanzania later on in the day released a press statement stating the company had agreed with the Director of Public Prosecutions (DPP) to amicably resolve the matter. The statement further read that in accordance with international best practice, Vodacom Group and Vodafone Group Plc have retained the highly respected global law firm, Squire Patton Boggs, to conduct an internal review into the facts underlying the charges brought by the DPP.

Hisham Hendi and six other officials of Vodacom Tanzania were on Wednesday 3^rd April arraigned before court for economic sabotage crimes. Mr. Hendi, an Egyptian was charged …

The Tanzania Trade Development Authority (TanTrade) said in a statement issued on Wednesday that the country is set to participate in the first China-Africa Economic and Trade Expo to be held in Changsha, the capital of central China’s Hunan province between 18^th and 20^th June, 2019.

The body has also urged the local companies to grab the `golden chance` provided by the trade expo which will focus on trade, investment, finance, agriculture, mining, energy, tourism and infrastructure.

Officials will sign bilateral agreements during the exhibition, engage in investment promotions, and establish a “new mechanism” for future economic cooperation.

The expo is part of a slew of promises made by president Xi Jinping during last September’s Forum on China–Africa Cooperation (FOCAC) in Beijing. During his speech to African leaders, President Xi proposed eight initiatives aimed at pursuing a “win-win” strategy giving new impetus to economic, political, and security collaboration. …

The International Monetary Fund (IMF), the international economic advisory body, has cut its forecast for Tanzania’s economic growth for this year and 2020 to four percent, down from previous expectations.

Tanzania is forecast for economic growth of 4 percent in 2019 before accelerating modestly to 4.2 percent in 2020 – a drop from an estimated 6.6 percent in 2018. In January last year, the IMF said it expected Tanzania’s economy to grow between six and seven percent over the medium term, provided the country increased capital spending and improved its business environment. However, the organization has drastically cut its outlook for the country, predicting growth of four percent in 2019 and a minor increase for 2020.

The Fund also predicts Tanzania’s consumer price inflation will reach 3.5 percent this year and rise to 4.5 percent in 2020.

The IMF’s revised forecast contradicts government estimates that predict the economy will grow …

Taxing cash prize winners in Tanzania`s gaming industry is not only inadvertently hurting its rapid growth, but also restraining and stifling its potential.

Innovation and competition have elevated the gaming industry`s offerings and drive more inclusivity among a broader range of audiences, contributing substantially to the economy.

In the 2017/2018 fiscal year alone, the industry contributed Tshs.3.4 trillion ($1.4 billion) to the national economy which is an equivalent of over 3 per cent of the Gross Domestic Product (GDP), official data from the Tanzania Gaming Board (TGB) indicates.

The Tanzania Sports Betting Association (TSBA) statement issued last week stated that taxing cash prize winners is not only hurting the impressive growth, but also restraining the industry`s considerable potential.

The association further stated that despite the industry`s massive contribution, there are concerns over the government`s approach of taxing sports betting which is hurting and inhibiting the industry`s massive potential for growth.…

In a recent statement by the Tanzania Coffee Board (TCB), Tanzania earned Tshs.180 billion ($79 million) from the sale of over 65,000 tonnes of coffee collected in the 2018/2019 crop season.

The board Director General, Primus Kimaryo said 40,940 tonnes of coffee were sold through the TCB Coffee Exchange, with the remaining 24,583 sold through Direct Coffee Export. Robusta dominated the direct export with 19,399 tonnes constituting 78.9 per cent while 5,183 tonnes of Arabica coffee made 21.1 per cent of the consignment.

Mr. Kimaryo said that although coffee production during the 2018/2019 season was 65,000 tonnes, an increase of 30 per cent from the previous year`s 50,000 tonnes, prices in the world market were not favourable to farmers.

He challenged farmers from across the country to put more emphasis on the production of high quality coffee to fetch good prices on the world market in the future seasons.

Outlining …