The Tanzania Investment Centre (TIC) registered 41 projects worth $339.2 million last month being 128 per cent increase as compared to 18 projects registered in February 2022. Out of 41 projects registered in February 2023, 34 per cent are fully owned by Tanzanians while 42 per cent are fully owned by Foreigners and 24 per...
Tanzania Petroleum Development Corporation (TPDC) has given the go-ahead to 20 companies to build Compressed Natural Gas (CNG) stations as part of a larger initiative to deliver cleaner and more affordable energy. TPDC’s Oil and Gas director Dr. Wellington Hudson disclosed this during a news conference here yesterday. He stated that some companies are entirely...
The number of mobile money transactions rose from 378.3 million In November 2022 to 410.7 million In December 2022 with its value similarly rising to 13.88trn/- from 12.86trn/- recorded in November according to the latest Tanzania Communication Regulatory Authority (TRCA) report. According to the report, Vodacom still commands the larger market share accounting for 39%...
The government is set to start importing fertiliser from Tanzania in July in a bid to enhance agricultural output and decrease the cost of food production, according to Agriculture and Livestock Development Cabinet Secretary Mithika Linturi. During a visit to Itracom, the manufacturer of Fomi fertiliser in Tanzania, the CS noted that by importing fertiliser...
The government yesterday signed a Memorandum of Understanding (MoU) with a United Arab Emirates (UAE) firm for the construction of petroleum receiving and storage infrastructures. The deal was signed by the Ministry of Energy and representatives of the UAE-based Emirates National Oil Company Group (ENOC). The decision aims at making Tanzania a petroleum hub in...
In a bold move towards economic unity, the East Africa Community (EAC) has announced plans to implement a single currency within the next four years, despite the pushback by a technical working group that the deadline should be moved to 2031. He also revealed that the Council of Ministers representing the EAC is expected to...
President William Ruto, while ushering New Year at State House, Mombasa, announced that his government planned to abolish the Higher Education Loans Board (HELB) that has sustained millions of university students for decades. The President remarked that he sought to provide a better alternative to address university students’ challenges. Subsequently, he announced that the government will expunge...
The Bank of Tanzania’s (BoT) latest Monthly Economic Review (MER) for November 2022 has put Tanzania’s stock of external debt – for both the public and private sectors – at $27.482 billion as at the end of October 2022. While the amount symbolises a $140.4 million increase compared to what it was at the end...
Tanzania’s foreign exchange reserves can now cover only 4.2 months of imports, the shortest five-year period. The Bank of Tanzania has attributed this to the economic consequences of the war in Ukraine. Russia’s invasion of Ukraine in February 2022 triggered rising energy costs, surges in commodities prices, and significant damage to the global value chains....
Tanzania’s President Samia has presented $18 billion plan to build renewable power generation in southern Africa at talks in Egypt as leaders from the continent seek to increase climate finance in the region. Under the proposal, a bloc of 12 countries in the region would increase generation by about 8.4 gigawatts from sources such as...