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...
Tanzania will sign key agreements with oil majors, including Equinor ASA and Shell Plc, next month to pave the way for a planned $40 billion liquefied natural gas export project, according to the nation’s Energy Minister January Makamba. “It’s happening,” January Makamba said in an interview in Sharm el-Sheikh, Egypt, where he is attending the...
East African Community has one of the highest sea freight charges in the world, a development that sends commodity prices up. Members of the private sector are now drafting key recommendations to see member states cutting down on sea freight costs to foster regional economic growth. According to the chief executive officer for the East...
The Energy and Petroleum Regulatory Authority (EPRA) has revealed that it is considering giving a licence to Tanzanian firm Taifa Gas Investment to construct a liquefied petroleum gas (LPG) import and storage terminal in Mombasa. The announcement comes after President William Ruto held bilateral talks with her Tanzanian counterpart Samia Suluhu. EPRA said it would review an...
Moody’s Investor’s Service deals with delivering independent, in-depth and transparent opinions on credit risk through its credit ratings. The company has recently changed its outlook toward Tanzania from stable to positive. The outlook change to positive reflects moody’s view that political risks have lessened under the government’s new approach to promoting economic development with the...
If you’re like many new entrepreneurs, you’re fired up about your business idea and eager to launch your company into the world. But it’s worth stepping back and making sure you avoid some common mistakes that plague many new businesses. Making the right moves, in the beginning, can help you avoid major headaches later on....