Cargo handling at Lake Victoria ports increased to 79,000 tonnes in the first quarter of the current fiscal year, surpassing the target of 77,000 tonnes. This growth can be attributed to increased business activities among East African member states, as stated by Mr Francisco Mwanga, the Lake Victoria Ports’ Operations Officer, during an event welcoming...
The Minister of Health, Ummy Mwalimu, has stated that due to the uniqueness of Universal Health Insurance for All, the Ministry of Health, in collaboration with the Ministry of Finance, has proposed various sources of income to sustain the fund. These sources include a portion of revenue from taxes on carbonated beverages, alcoholic drinks, cosmetic...
Africa, often referred to as the “last frontier” for investment, has been capturing the attention of the global business community as the second-most populous continent and home to numerous emerging economies. Africa’s financial markets are becoming increasingly attractive for investors seeking opportunities beyond traditional markets. Over the years, these markets have exhibited impressive progress, making...
The Monetary Policy Committee (MPC) of the Central Bank has reported that the national income of mainland Tanzania has experienced satisfactory growth rates, reaching 5.4% and 5.2% in the first and second quarters, with an expectation of achieving an estimated growth rate of 5.3% for the year 2023. For Zanzibar, there was a remarkable growth...
According to a United Nations report, Tanzania is projected to be the third fastest-growing economy in Africa in 2023 with a growth rate of 5.6 percent, following Cote d’Ivoire and Rwanda. Cote d’Ivoire, the world’s largest producer of cocoa, is expected to register a growth rate of 6.5 percent due to successful technology-driven transformation and...
The East African region is poised for an intense economic race, as projections suggest that Tanzania may overtake Kenya in terms of economic supremacy in the next 10 years. The International Monetary Fund (IMF) estimates that Tanzania’s economy, currently valued at $85.4 billion (Sh200 trillion), is expected to grow to $136 billion by 2028. In...
The President of the United Republic of Tanzania, Honorable Samia Suluhu Hassan, joined President Hakainde Hichilema of Zambia to lay wreaths at the Tower of Freedom of Zambia. President Samia placed this wreath as a sign of respect and recognition for those who led the struggle for the country’s independence in 1964. After laying a...
The Tanzanian government recently disbursed $30 million (TZS 76.5 billion) to Winshear Gold Corp as part of an out-of-court settlement, resolving an investment dispute with the Canadian company. Winshear had initiated legal action at the International Centre for Settlement of Investment Disputes (ICSID), seeking approximately $100 million in damages resulting from the Tanzanian government’s cancellation...
In a significant development, India and Tanzania have strengthened their historic friendship by establishing a Strategic Partnership. The two nations, Prime Minister Narendra Modi of India and President Samia Suluhu Hassan of Tanzania, commemorated this momentous occasion at the MoU exchange program held at Hyderabad House in Delhi. Prime Minister Narendra Modi’s Remarks: Prime Minister...
In a significant diplomatic move, the President of the United Republic of Tanzania, Her Excellency Samia Suluhu Hassan, is poised to embark on an official visit to India from October 8th to October 11th, 2023. This visit comes in response to an invitation extended by the President of the Republic of India, Her Excellency Droupadi...