The adoption of a new monetary policy in Tanzania signifies a shift towards an interest rate-based framework aimed at maintaining price stability and supporting sustainable economic growth. The Bank of Tanzania (BoT) announced this change, emphasizing its alignment with international best practices and commitment to harmonizing monetary policy frameworks within the East African Community and...
Anticipated developments in Tanzania’s liquefied natural gas (LNG) sector are on the horizon as the government and international investors aim to finalize agreements for an LNG plant next month. Following ongoing negotiations between Tanzania and major global oil companies, Mr. Charles Sangweni, the director general of the Petroleum Upstream Regulatory Authority (PURA), revealed that the...
Over the weekend, 25 households, comprising 172 residents and 213 livestock, bid farewell to Ngorongoro Conservation Area (NCA) in Arusha. The send-off ceremony, held at the NCA offices in Karatu, celebrated their decision to relocate voluntarily to other parts of Simiyu and Arusha Regions. NCA Conservation Commissioner Richard Kiiza, addressing the departing residents, urged them...
President Samia Suluhu’s update on the energy sector in her New Year address highlights the challenges faced and the strategic measures taken to address the persistent issue of power shortages in Tanzania. The acknowledgement of a prolonged history of power rationing sets the context for the government’s decisive action in 2017—the initiation of the Julius...
President Samia Suluhu’s New Year address highlights the significant strides made in the tourism sector, pointing towards a positive trajectory in Tanzania’s global appeal. The statistics presented indicate a substantial increase in tourist arrivals and revenue generated from October last year to October 2023, showcasing the sector’s resilience and the effectiveness of government efforts. The...
President Samia Suluhu’s emphasis on the mining sector in her New Year address underscores its strategic importance in Tanzania’s economic landscape. The 6.43% increase in the value of produced minerals and the 5.8% surge in mineral exports to USD 3.15 billion reflect positive trends in the industry. This growth contributes to the nation’s revenue and...
President Samia Suluhu’s New Year address unveils a robust economic strategy with a primary focus on agriculture. The substantial increase in the agricultural budget from TZS 751 billion to TZS 970 billion signifies a determined effort to fortify the backbone of Tanzania’s economy. The expressed goal of achieving a 10% annual growth rate in the...
President Samia Suluhu, in her New Year speech, provides insights into Tanzania’s economic strategies, particularly in tax collection and the pivotal production sectors. The announcement of a remarkable 8% increase in tax collection, totalling TZS 22.6 trillion for the fiscal year ending June 2023, signifies a positive trend in revenue generation. This growth aligns with...
President Samia Suluhu’s New Year speech provides a comprehensive overview of Tanzania’s economic landscape, focusing on key aspects that underline the government’s efforts in ensuring stability, growth, and fiscal responsibility. In her address, President Samia highlights the implementation of robust fiscal policies aimed at safeguarding the economy. The emphasis on price stability, growth stimulation, and...
In a momentous development, key players in Tanzania’s economy are expressing optimism about the imminent operation of the Julius Nyerere Hydroelectric Power Plant (JNHPP). This project is anticipated to become a catalyst for industrial growth and trade promotion in the region. Deputy Prime Minister and Minister for Energy, Dr. Doto Biteko, recently declared that the...