News Archive

News Archive 1

Previous page


Aga Khan University to invest $1bn in East Africa
The Aga Khan University has announced a $1 billion (Sh1.8 trillion) investment in education in East Africa. At the same time, the Aga Khan – the spiritual leader of Shia Ismaili Muslims – said Africa must move rapidly to establish and reinforce a healthy civil society to help improve quality of life.The investment, to be released, will see new campuses and graduate schools in the region, with $700 million coming to Tanzania. Speaking at the university’s graduation ceremony in Dar es Salaam, the Aga Khan said both the developed and the developing worlds need quality civil society organisations to manage the future. Vibrant and ethical civil society organisations are critical if the quality of human life across the world is to be improved, he added.Read more
TBL Shares Continue to Shine At DSE
THE Dar es Salaam Stock Exchange (DSE) started on a strong footing after posting a turnover of 15.13bn/-, thanks to the TBL pre-arranged deal.According to the DSE market report, the TBL counter on a prearranged board had 973,084 shares traded at 14,500 per share in one deal, thus registering a turnover of 14,11bn/-.Foreign investors dominated the buying and selling of shares by 93.32 per cent and 93.20 per cent respectively. Local investors' participation in the buying and selling show was 6.68 per cent and 6.80 per cent respectively.The session held witnessed the TBL counter again on pre-arranged board and managed to trade 1,606,246 shares at 14,500 per share. Read more
TBT: Tea board says it cannot bypass Mombasa regional tea auction
Unlike Uganda which has considered bypassing the regional tea auction in Mombasa to boost its export earnings through a more efficient direct-sale arrangement, Tanzania has said it will continue selling to the market while focusing on quality improvement. In an exclusive interview with The Guardian in Dar es Salaam, Tea Board of Tanzania’s (TBT) Director General, Mathias Assenga, said that Tanzania will still participate in the Mombasa Auction despite its prices being low compared to Kenya and Rwanda.Assenga added: “We are not considering to sell our tea through direct market. We stick to Mombasa Tea Auction as our common market even though our tea prices are down compared with Kenya and Rwanda. We will however, continue improving the quality of our crop so as to raise profits.”He also said that in many parts of the world, tea is sold at auction markets; therefore Tanzania will continue selling at auction markets especially Mombasa Auction which is near to the country.Read more
EAC ministers directed to expedite harmonisation of regional roaming charges
The East African Community’s council of Ministers has been directed to expedite implementation of the framework for harmonised EAC roaming charges, including the removal of surcharges for international telecommunications traffic originating and terminating within EAC.EAC Heads of State made the directives in Kenya’s capital Nairobi during the just-conclude 16th ordinary summit.In their communiqué, EAC leaders directed the council of ministers to study the modalities for promotion of motor vehicle assembly in the region and to reduce the importation of used motor vehicles from outside the community and report to the 17th summit. The summit also directed the council of ministers to study the modalities for the promotion of the textile and leather industries in the region and stopping the importation of used clothes, shoes and other leather products from outside the region and report to the 17th summit.Read more
ICO: Second global buyer of coffee to boost Tanzania bean production by 50 pct
Mondelez International Inc., the maker of Oreo cookies and Ritz crackers, is seeking to boost African coffee output 50 percent as part of a US$200m global programme aimed at benefitting 24,000 farmers of the bean in five African countries including Tanzania.The firm, which says it’s the world’s second-biggest coffee company by sales, buys the bean from African nations including Ethiopia, Tanzania, Rwanda, Burundi and Kenya, according to Weening. The continent has at least 21 coffee-producing countries, accounting for 11 percent  global output, according to data from the International Coffee Organisation.The project, called Coffee Made Happy, began this month in Africa with assistance for 24,000 Ethiopian small-holder farms, the company said. Read more
Tanzania’s exports to India increase by 70pc
Dar es Salaam. Tanzania’s exports to India increased by about 70 per cent  as the two countries amplify efforts to boost their bilateral trade relations, it was revealed.Tanzania exported goods worth $1.3 billion (Sh2 trillion) to the world’s tenth-largest economy – by nominal gross domestic product from $752.2 (Sh1.2 trillion) exported, the Indian High Commissioner said in Dar es Salaam.“This is the first time that Tanzania’s exports have shown an impressive growth,” Mr Debnath Shaw as he addressed a high level business delegation from Federation of Gujarat Industries, Vodadara and Gurarat.The growth, according to the Indian diplomat, stems from efforts such as organising seminars, exhibitions and business visits between governments and members of the private sector from the two countries.Read more
BOT: Zanzibar current account deficit narrows
Zanzibar's current account deficit narrowed to 72.8 million US dollars, compared with 82 million US dollars in the corresponding period, thanks to the increase in cloves export earnings and receipts from tourism.According to the Bank of Tanzania (BoT) monthly economic review shows that the value of exports of goods and services rose to 297.2 million US dollars compared with 179.5 million US dollars of the previous period.Goods exports increased to 95.5 million US dollars from 60.2 million US dollars, on account of increase in both cloves exports volume and the corresponding export prices.Specifically, cloves exports increased to 53 million US dollars from 43 million US dollars. In terms of share of goods exports, cloves continued to dominate, accounting for 55.5 percent.Read more
Tanzania’s Kikwete takes over EAC chairmanship
Kikwete took over the chairmanship during the 16th East Africa Community Summit in Nairobi. Speaking after taking over, Kikwete said there is need to eliminate non-tariff barriers to intra-community trade with about 24 of them still unresolved.He said the non-tariff barriers deny the EAC opportunity to unlock the immense promise of integration and starves businesses of innumerable opportunities.“Intra-EAC non-tariff barriers translate to impediments to our region’s competitiveness as a global investment destination denying us uncountable golden opportunities,” he added.He said that Tanzania is committed to stay on the course of regional integration.“EAC intra-trade has significantly grown and there is need to increase these investments, we need to support the small and medium enterprises to drive the growth,” he said. Read more 
BoT: Zanzibar records 33.4 pct foreign funding in 2014
The government of Zanzibar has recorded a 33.4 percent as foreign funding during the year ending December 2014, the Bank of Tanzania (BoT) has said in its January monthly economic review. According to the review, the balance which is 66.6 percent was from government revenue.The review showed that Zanzibar’s current account recorded a deficit of USD72.8m during the year ending December 2014 compared with a deficit of USD82.0m, in the corresponding period in 2013.Government expenditure was 29.3bn/-, out of which 27.3bn/- or 93.3 percent of the total expenditure was recurrent expenditure and the balance was for development projects. Read more
Tigo defends tariff increase
Dar es Salaam. Tigo Tanzania announced a $120 million (Sh221 billion) expansion plan.The amount incorporates a 20 per cent increase from last year’s $100 million and is expected to improve service provision countrywide.The company’s interim general manager, Ms Cecile Tiano, said the mobile network operator plans to establish 843 new sites that would provide 3G internet services as the firm seeks to connect Tanzania to the global economy.“Expanding both 2G and 3G remain critical to us in order to increase access to our products and services but we are also looking at new technologies. We will also look at new technologies like 4G technology as we expand to rural areas,” she said.Mobile operators have been announcing increased investment plans after steeply raising prices of internet bundles. Read more
FNB unveils home loans with an eye on 3m units
The First National Bank (FNB) Tanzania yesterday unveiled four packages of home loans as it seeks to make an impact in a market that faces a deficit of three million housing units.FNB’s home completion, home equity loan, home switch loan and loan for buying a completed house seeks to help Tanzanians who crave for long term financing so they can own their dream houses.Demand for modern houses in Tanzania is growing at a rate of 200,000 units annually.“Our aim is to become competitive in the market so as to attract and retain customers…with this product, we will offer solutions to individuals seeking long term finances for construction, purchasing and renovation of houses,” the bank’s head of Products and Digital, Silvest Arumasi said in the city. Read more
PSPF fund promised Sh517 billion in state debt repayment
THE government plans to reimburse the PSPF Pension Fund over 517bn/-, being total accumulation of loans accrued. The Prime Minister, Mr Mizengo Pinda, has said.Opening the fourth PSPF stakeholders' annual meeting, Mr Pinda said that recent treasury reports show that the government has already paid 160bn/- to PSPF and efforts were underway to clear the remaining amount.According to the prime minister, the government has already enhanced strong plans to issue short and long-term treasury bonds as an effective way of paying back the loan, which was used to build various institutions, including the University of Dodoma (UDOM)."The government expects to give some of its assets to PSPF. We are also planning to increase public workers' contributions up to 25 per cent, being the employee's monthly salary contribution," added the premier.In the PSPF plan a worker shall contribute five per cent while employers will contribute twenty per cent." Read more
SBL: Brewer cautions govt On excise duty hikes
A local brewer has cautioned the government against regular hiking of excise duty on beer and spirits, calling for industrial friendly fiscal policies.Serengeti Breweries Limited (SBL) Director of Corporate Relations, Mr Evans Mlelwa, said regular increase of excise duty on beer and spirits undermine growth of the industries and the economy in general.Mr Mlelwa said this at a news conference during a familiarisation tour of police officers at the firm's plant in Dar es Salaam on Thursday. The members of the Police Force were led by Deputy Commissioner of Police, Mr Adrian Magayane.Explaining further, Mr Mlelwa said regular increase in excise duty ultimately affects end users who cover for all of the manufacturers production costs and taxes."Just after the increase of excise duty, producers tend to raise prices of their products and this has a very serious impact on sales," he said. Read more
Stanbic upbeat on growing oil, gas industry
Oil and gas industry is increasingly attracting the attention of many international investors on Tanzania, a senior bank official says.Head of Oil and Gas at Standard Bank, Mr Oscar Kang'oro said while presenting a paper at a meeting for the industry in Dar es Salaam.Tanzania boasts of estimated recoverable natural gas resources of 53.2 trillion cubic feet (tcf) following recent major discoveries offshore south of the country.The meeting, which was aimed at discussing the future of the industry, attracted local and international business leaders, government officials and oil and gas experts.Mr Kang'oro said in a paper that the growing oil and gas industry has become an essential part of the growth of the Tanzanian economy as it is attracting continued, and growing international interest.Read more
EWURA introduces model contracts for energy Sector
The Energy and Water Utilities Regulatory Authority (EWURA) has drafted a model agreement to guide all investments in the energy sector.Addressing journalists, the Director General of EWURA, Mr Felix Ngamlagosi, said the model agreement seeks to create standard contracts for all investors in the energy sector."As a country, we ought to have these indicative agreements since many investors come up with their own contracts and this makes negotiations very length."When negotiations take long, the costs of the projects increase and a lot of time is wasted. Tanesco has faced a number of challenges when dealing with contracts drafted by investors," the EWURA boss explained.He noted further that many investors, particularly from foreign countries, come with their own intents and thus the need for indicative agreement to regulate the sector.Read more
BoT Pushes for Interest Rate Targeting to Manage Economy
Tanzanias shift from reserve money to interest rate targeting policy in managing economic challenges including money supply and inflation is still far away, according the central bank officials.Bank of Tanzania (BoT) officials say the move would involve formulation of various models, a process that needs some time and skills to perfect. BoT Director of Economic Research and Policy, Dr Joseph Masawe, told the 'Daily News' that the bank was currently in the process of building human capacity to handle the portfolio."The challenge ahead is to elevate our markets to understand the new method of correcting money in circulation using (central bank) interest rate."It is also a long journey before we perfect the whole affair, It will take some time, but the bottom line is to adopt a workable policy smoothly," Dr Masawe said, adding that the progress is, however, satisfactory.Read more
CRDB: Shilling remains struggling against Dollar
The shilling opened  slightly stronger after trading at the levels of 1800/1840 and is expected to trade range-bound in the coming days supported by some inflows from the corporate sector.The local currency has been gradually weakening against the dollar in the recent months due to contracted dollar inflows from export and tourism sectors.According to CRDB financial market highlights, the shilling opened at the levels of 1800/1840 to the dollar and closed at 1804/1844."Though we anticipate that the shilling might strengthen as we approach inflows from the corporate sector," stated the report. Read more
BoT: Traditional exports record 10.8 pct decline 
The bank of Tanzania (BoT) has said traditional exports declined by 10.8 percent to USD791.7m, driven by the decrease in both export volume and prices.According to the BoT economic review issued, coffee and cotton decreased in both volume and prices, while tea recorded price decline.It said the fall in export prices of traditional exports was consistent with the general price movements in the world market.However, tobacco, cashew nut and cloves exports improved relative to the preceding year. The value of sisal exported remained almost unchanged.The value of non-traditional exports was USD3,946.1m compared with USD3,703.3m in the correspondingA significant increase was recorded in export value of manufactured goods, which increased by 33.8 percent to USD1,434.3m, with a notable increase recorded in edible oil, textile apparels, plastic goods, fertilisers  and paper products. Read more
NBC: Tanzania banks adapt digital platforms
After the launch of the deposit ATMs services by the National Bank of Commerce (NBC) and Barclays Bank, some analysts and bankers have hailed it as a positive move in the financial sector.Speaking to the East African Business in Dar es Salaam, the University of Dar es Salaam (UDSM), Senior Lecturer, Economics, Dr Haji Semboja said that the financial sector is now gearing to cope with changing environment in the financial system around the world."For sure we were behind in the new technological system in depositing and withdrawing money at the Automated Teller Machines (ATMs) so as to reduce unnecessary queue at the counter," he said. Barclays Bank (Tanzania) made its mark as the most digital savvy bank in Tanzania following the launching of the deposit ATMs that enables their customers to deposit money. Read more
CBT: Tanzania earns U.S. $256 million from cashew-nut exports
Tanzania's Cashewnut Board (CBT) has said over 149,742 tons of raw cashew nuts worth $225. 59 million have been exported for the 2014/15 agricultural season.CBT's Director General, Mfaume Juma told East African Business  in Dar es Salaam, this is part of 195,000 tons collected by farmers in their primary associations through the warehouse receipt system.Juma said the 28% increase that have been exported  compared to 117,012.7 tons that was transported last season was due to the success that has come as a result of good cooperation among the partners.He said despite having the port of Mtwara, but we are being forced to use Dar es Salaam because Mtwara port lacks anchoring space.He said ships carrying gas pipelines and Dangote Cement occupied much of the space at the port of Mtwara. Read more
Exposed: Wealthiest Africans named in HSBC Swiss Leaks
The leaked files reveal the wealthiest clients, from businesspersons and entertainers – who will have made their wealth legitimately - to politicians.Computer files with more than 100,000 names, nationalities, account information and detailed notes between the Swiss arm of Europe’s biggest bank HSBC and its clients are out in the open.So far, they have revealed how the vast majority of clients linked to African countries do not hold the nationality of their associated country.But that was just the start. When looking at the amounts banked by a single client, the results were staggering. Eritrea – ranked 182nd out of 187 countries United Nations Human Development Index (HDI) report – topped the list, with a single client banking a whopping $695.2-million.Other African countries with clients that featured in the Swiss Leaks’s top 10 list, but also in Africa’s HDI bottom 10, are Chad and the Democratic Republic of Congo. Read more
Bloomberg picks Tanzania beneficiary in USD125m ptoject to cut back road carnage
Tanzania, four other countries and ten cities have been selected to receive technical support to the tune of USD125m to review and strengthen road safety legislation under Bloomberg Philanthropies commitment.With a new commitment of USD125m, the programme will work at both the national level to strengthen road safety legislation and the city level to implement proven road safety interventions, a report made available to The Guardian has said.It did not mention the specific transport and travel areas or urban areas that are going to benefit from the initiative.Besides Tanzania, other countries which will benefit from the reduction of fatalities and injuries from road traffic crashes are China, India, Philippines and Thailand, while the cities pecked are Accra (Ghana) Addis Ababa (Ethiopia), Bandung (Indonesia), Bangkok (Thailand), Bogota ( Colombia), Fortaleza (Brazil), Ho Chi Minh (Vietnam), Mumbai (India), Sao Paulo (Brazil) and Shanghai (China). Read more
CRDB bank dominates trade at DSE
THE Dar es Salaam Stock Exchange (DSE) continued its losing streak amidst less investors' participation as banks, finance and investment sector were most active, contributing 62 per cent.According to Zan Securities Limited  Wrap-Ups, CRDB dominated the bourse in terms of turnover and number of shares that changed hands  under review.The total turnover decreased by 95 percent to 1.69bn/- from 37.02bn/- whereas the total volume of shares decreased to 1.77 million from 5.27 million, which is equivalent to 66 per cent.TOL lead the list of top gainers after recording an increase of 20/- per share or 3.45 percent followed by TCC by 360/- per share or 2.16 percent.SIMBA, SWALA and CRDB were on the list of top losers which registered a decline of 690/-, 50/- and 5/- respectively. Consequently, the key benchmark indices were in different direction.Read more
NMB Mulls Conducting Deals in Chinese Currency
The National Microfinance Bank (NMB) says it is looking into possibility of conducting some of its transactions using Chinese currency - Renminbi (RMB).The bank move comes in the wake of increased trade between China and Tanzania, that has given rise to higher demand for Renminbi (yuan) in the country's money market.NMB acting Chief Executive Officer, Mr Tom Borghols, said the bank was considering trading in the yuan to simplify transactions that involves currencies of both countries. "We are looking at dealing with RMB - to tap Chinese traders as well," Mr Borghols said.The acting CEO said currently NMB is looking at how to 'get close to the business" of dealing with RMB as well. At the moment the bank is dealing with almost all major currencies, such as US dollar, UK pound and Euro.Read more
Enterprises to boost Eastern African trade
Helsinki. Enterprises working in the honey, mango and spice sectors in Eastern Africa are set to expand and become more competitive through a new project that targets sector-led growth in the region.The ‘Promoting Intraregional Trade in Eastern Africa’ project, implemented by the International Trade Centre (ITC) and funded by the government of Finland, focuses on increasing exports from Kenya, Tanzania and Zambia.Representatives of the three countries as well as ITC and the Finnish Foreign Ministry, who together make up the project steering committee, met in Helsinki  to discuss progress over the past year as well as work planned.Read more
EAC needs a regional standards body
There is no doubt that weight and measures play an integral part among the necessities of life for all citizens in our region but this needs to be clearly communicated and understood.Whereas, I find it vital to underscore the contributions made by each Standards Bureau in all the East African Community partner states towards facilitation of trade, quality control and enhancing productivity, I find the formation and commissioning of a regional standards bureau that is well facilitated and clearly mandated as a far better approach to address the loopholes we are experiencing in quality control in our imports and exports as a region.This could go a long way in addressing the flooding of fake and low quality goods currently distributed across the region. Read more
EAC: Enterprises to boost Eastern African trade
Helsinki. Enterprises working in the honey, mango and spice sectors in Eastern Africa are set to expand and become more competitive through a new project that targets sector-led growth in the region.The ‘Promoting Intraregional Trade in Eastern Africa’ project, implemented by the International Trade Centre (ITC) and funded by the government of Finland, focuses on increasing exports from Kenya, Tanzania and Zambia.Representatives of the three countries as well as ITC and the Finnish Foreign Ministry, who together make up the project steering committee, met in Helsinki to discuss progress over the past year as well as work planned. Read more
TANEXA: Entrepreneurs asked to go globally
In a move to ensure that local entrepreneurs develop their businesses and have wider-market-recognition for their products, the Tanzania Export Association (TANEXA) has asked for the need to ensure they are connected to the world market. TANEXA Chairman, Peter Lanya made the remarks in Dar es Salaam during a training workshop organized by the Small Industries Development Organisation (SIDO) in collaboration with the Canadian High Commission with the aim of tackling the access to Canadian markets for Tanzania entrepreneurs’.Lanya advised entrepreneurs to be creative and ready to use the available opportunities that could allow them to focus their investments on products such as cashew nuts, sisal and tea which have wider markets in Canada.“Opportunities are plenty, we need to change our mindset and be focused to ensure that we dominate the Canadian market in order to expand our businesses,” Lanya said.According to the embassy, TFO Canada, a Canadian entity with expertise in trade for developing countries, will facilitate Tanzania smaller exporters’ access to Canadian marketplace and enable them to share Canadian trade expertise. Read more
Expert touts Land Bank for foreign investment
Authorities should put in place a land bank to allow foreigners who want to invest in real estate acquire land easily to boost the domestic market. Lamudi Tanzania Managing Director, Mr Mustafa Suleiman, said putting in place a land bank for foreign investment will also help increase foreign direct investment to speed up economic growth."There is a requirement that land owners -- both local and foreign -- invest on their property through farming or construction of buildings which means that land ownership goes hand in hand with economic development," Mr Suleiman said.He pointed out that he strongly support allowing foreigners to acquire land for investment as long as locals also benefit from such investment through partnership.Read more
NMB to Replace Debit Cards With Mastercard
The National Microfinance Bank (NMB), the country's largest bank, will soon launch a chip based payment card to replace stripe ones in its bid to introduce debit MasterCard.The MasterCard will be introduced after the largest bank complied with EMV standards to enhance safety and security for the users -- at automated teller machines (ATMs) and Point of Sales (PoS).NMB's acting Chief Executive Officer Mr Tom Borghols told journalists that the move was part of the bank's efforts to use of Europay, MasterCard and Visa (EMV) technology to put off and manage fraud in the payments ecosystem.Read more
TAREA: State to Reverse VAT On Renewable Energy Technologies
The government has in principle agreed to reverse its decision to remove all Value Added Tax (VAT) exemptions on renewable energy technologies thanks to lobbying and advocacy by members of the Tanzania Renewable Energy Associations (TAREA).Speaking at a workshop towards universal access in Tanzania stakeholder consultation, the TAREA Executive Secretary, Mr Matthew Matimbwi, said that when the government announced that renewable technologies like solar and wind would be taxed, it was a huge disincentive.The parliament session that, we have been engaging the authorities and they have now agreed to reverse their decisions, this is a clear indication of the value renewable energy is currently being given," he said. Read more
NBOS: Fall in oil prices pushes inflation down
Tanzania’s annual headline inflation decreased to 4 per cent from 4.8 per cent recorded  pushed by a decrease of oil prices.The National Bureau of Statistics announced  that the decrease of the inflation rate explains that the speed of price increase has further decreased as compared to the speed of prices increase recorded, Mr Ephraim Kwesigabo, director of population, census and social statistics at the National Bureau of Statistics said that energy cost and food prices were the main drivers of the trend. Read more
BoT intervenes to stem Africa's second-worst currency drop
The Tanzanian shilling, Africa’s second-worst performer, gained against the dollar after the Bank of Tanzania (BoT) intervened by selling dollars to support the decelerating currency.Interviewed traders said traders said besides the central bank’s intervention, demand from oil importers also eased.The shilling, East Africa’s second-biggest economy currency, gained as much as 1.4 percent before trading 0.3 percent stronger at 1,834.25 per dollar  in Dar es Salaam, the country’s commercial capital.That ended losses and pared its decline to 3.4 percent, the most among 24 African currencies tracked by Bloomberg after Nigeria’s naira. Read more
TBS Destroys Substandard Juice
Tanzania Bureau of Standards (TBS) destroyed seven tonnes of U-fresh juice worth 10m/- on grounds that it is substandard.Speaking shortly after the destruction of the drinks in Dar es Salaam, TBS Public Relations Officer, Ms Rhoida Andusamile, said the products produced by U-Fresh Food Limited have been withdrawn from the market.TBS closed indefinitely a Tegetabased fruit juice factory over production of substandard products. Ms Andusamile said the company had been directed to withdraw the products from the market and dispose them off.A standards regulatory body will make a follow up of the implementation of the directive."We have told them to be consistent in their standards and TBS will keep making thorough and prompt inspection to ensure what have been certified is what is in the market in terms of standards," said Ms Andusamile. Read more
NMB Posts Sh156 Billion Record Profit
The National Microfinance Bank (NMB) announced that it made 155.78bn/- profit from its operations, registering an increase of 16 per cent compared to the preceeding season.The bank made 133.906bn/- profit. Despite the remarkable profit, its loan portfolio  is almost 10 per cent of the country's budget. NMB is listed on the Dar es Salaam Stock Exchange (DSE).The firm's earning per share rose by 30 per cent to 312/-. The bank's share price appreciated by 20 per cent to close  trading at 4,200/-.The bank, according to financial statement released, attributed the profit increase to net interest income that generated 378.34bn/-  compared 329.79bn/-.The net interest income was the results on amplifying lending portfolio after dishing out loans at the tune of 2.008tri/- Read more
Swiss firm, UK varsity team up to enhance EAC trade in service talks
Cuts International, Geneva and the University of Sussex’s CARIS in the UK are undertaking a series of interventions in East Africa member countries to improve institutional mechanisms, collection and use of services statistics, as well as understanding of issues in services competitiveness. Julien Grollier, Assistant Programme Officer at CUTS International speaking from Geneva said their centre will organise a workshop under the theme: “Support to Enhance Development of Trade in Services Negotiations” initiative. The workshop is expected to be held in the East African Community (EAC) this spring so as to improve institutional mechanisms of member states.Grollier also said that the entry into force of such preferences, by itself, will however not be enough for poorest countries like EA member states to develop their service sectors and take advantage of trade in them. Read more
BOT: Industrial exports rise significantly
Industrial exports rose significantly, narrowing the country's current account deficit in a trend attributed to reliable power supply to manufacturers.The Bank of Tanzania (BoT) said in its Monetary Policy Report (MPS) that exports by manufacturers rose to contribute positively to the current account.The sector's exports increased by almost 14 per cent, while gold dwindled by 26.4 per cent. Industrial exports rake in 615.6 million US dollars, while gold earned 504 million US dollars.Traditional exports nosedived by 11.7 per cent to 388.1 million US dollars and non-tradition slid by 1.8 per cent to reach 1.643 million US dollars.Confederation of Tanzania Industries (CTI), Director of Policy and Advocacy, Mr Hussein Kamote, told 'Daily News' that the availability of relatively stable electricity was the reason behind good exports."Stable power availability dominated the good period  plus GDP (Gross Domestic Products) growth poises as the reason behind," Mr Kamote said.Read more
DSE: Dar Bourse Posts Dramatic Rise
The turnover at the Dar es Salaam Stock Exchange (DSE) jumped to 83.32bn/-, which is about 800 per cent up compared to 9.25bn/- of the previous market.According to Zan Securities Limited  Wrap-ups 99 per cent of the contributions came from the pre-arranged deals of the TBL and TCC.During the period under review, ten local listed companies recorded price movements and the top gainers were SIMBA, DCB and NMB by 13 per cent, 7.22 per cent and 5.65 per cent respectively.TATEPA, SWALA and TBL were on the list of top losers by 7.69 per cent, 7.14 per cent and 2.96 per cent respectively while top gainers for cross listed companies were KA, NMG and EABL.The key benchmark indices including the Tanzania Share Index (TSI) and the All Share Index (DSEI) were in different directions.The TSI capped at 4,927.23 points closed high by 0.85 percent compared with 4,885.94 points posted , while DSEI closed at 2,671.89 points low by 1.03 percent compared with 2,699.61 points recorded.Read more
TRA: Dar Keen to reduce non-tariff barriers to trade
The government has embarked on a project to develop three One Stop Inspection Stations (OSISs) to reduce non-tariff barriers to trade which inhibit intra-trade in the East African region.The three stations will be set up at Vigwaza in Coast Region, Manyoni in Singida Region and Nyakanazi in Kagera Region, where all regulatory authorities involved in vehicle inspection along the Central Corridor will conduct their inspections jointly at one location.According to a statement by TradeMark East Africa which supports the project, the three locations have been carefully selected to capture the largest amount of transit traffic.The stations will combine in one location activities of the Tanzanian National Roads Agency (TANROADS), which controls the weighbridges, the police force, which checks the condition of vehicles and the Tanzanian Revenue Authority (TRA), which carries out customs checks. Read more
DMEM: Gold mine pays Sh405 billion to govt in revenue
The government received some 405bn/- from Bulyanhulu Gold Mine in the form royalties and taxes, Parliament was told.Deputy Minister for Energy and Minerals, Mr Charles Mwijage, said the gold mine was greatly contributing to the country's development.He made the remarks when responding to a question raised by Mr Hussein Nassor Amar (Nyang'wale), who wanted to know how the government and the residents living near the mine were benefiting from the company's activities in the area.The minister said Bulyanhulu Gold Mine, which is a subsidiary of Barrick, now called Acacia, spent a lot of funds on community development activities.He noted that, available information indicated that the company spent about 7bn/- on community development."The company is playing a great role in ensuring that a number of community development projects are implemented. It spends a lot on school, water and hospital projects," the deputy minister noted.Read more
TRA: Govt admits it’s broke as development projects stall
The government has admitted that it has been operating on a shoestring budget .Parliamentary committee reports and MPs have confirmed that many development projects have stalled due to a shortage of funds.Finance minister Saada Mkuya said that the government has largely been depending on Tanzania Revenue Authority (TRA) collections to run its affairs.However, averaging Sh800 billion, the collections are only enough to meet first charges account which involves salaries and servicing national debt, leaving other expenditures in limbo.Numerous reports tabled by parliamentary committees indicate only one thing – the government has failed to finance development activities. Read more
BOT: Oil price fall ‘good for economy’
The recent fall of oil prices in the world market has sent a positive note to Tanzania’s balance of payments with the country’s  account narrowing by 11 per cent.Oil accounts for 34 per cent of the country’s imports, the largest share of all imported goods.The value of Tanzania’s oil imports dropped from $4.57 billion to $3.67 billion, according to the Bank of Tanzania economic review.The deficit in the  account measures a country’s trade in which the value of goods and services it imports exceeds the value of goods and services it exports. The narrowing of the deficit was influenced by increased export value as well as declining of the value of imports.Read more
TAHA: Horticulture exports rise to $450m
Horticulture exports from Tanzania hit a record $450 million, up from $374 million and $380m.Most of the produce being flowers, cuttings, beans, peas and berries and others were exported to the Netherlands, Belgium, France,, United Kingdom, Canada, Austria and Kenya.“Less than 10 per cent is exported to the neighbouring countries including Comoro, Malawi, Mozambique and South Africa,” said Mr Anthony Chamanga, policy and advocacy manager with the Tanzania Horticultural Association (Taha)He told The Citizen that there was a high demand for French beans and avocados from Tanzania in overseas markets because they have been found to meet the safety and other requirements.“We have built confidence for the importers after they found our products to be safe and of high quality because of application of modern agronomic methods,” he said.Read more
BOT: Tanzania's current account deficit narrows 11 pct
Tanzania's  account deficit narrowed 11 percent despite a sharp fall in gold exports as declining crude oil prices curbed the import bill, its central bank said. The gap narrowed to $4.755 billion from $5.342 billion in the same period, the Bank of Tanzania said in its economic report. "Meanwhile, transfers inflows declined substantially, albeit with limited impact on the overall current account balance," the central bank said in the report. Transfers comprise aid and loans. Tanzania is one of Africa's biggest per-capita aid recipients. A group of international donors said  they will only pay outstanding pledges of budget support worth nearly $500 million to the aid-reliant nation if the government took appropriate action against graft allegations in the energy sector. Transfers fell to $513.1 million, a 35.1 percent drop from $790.5 million. The bank said overall balance of payments swung into a deficit of $259.9 million from a surplus of $538.4 million. Earnings from tourism, the main foreign exchange source, rose to $1.93 billion from $1.85 billion previously due to more visitor arrivals. Imports of goods and services were $13.347 billion, a 6.1 percent decline, helped by falling global oil prices and lower machinery imports. Read more
SIDO:  Poor packaging deprives export earnings
Industrial marketing specialists have said Tanzanians are wasting half of their food products due to lack of packaging technologies and facilities, reducing the value of agricultural exports in the world market. 
A research conducted by the Small Industries Development Organization (SIDO) has revealed that over 50 percent of the packaging carried out by the Small and Medium Enterpreneurs (SMEs) in the country does not match the international standard, hence lowering the internal market value of the products and throwing them away from the world market. SIDO’s Director of Training and Extension Services Pius Wenga said the research has revealed that the developing countries waste 20-50 percent of their food products due to poor or lack of packaging materials, while Europeans lose hardly 3 percent of their food products due to proper packaging, handling,   transportation, containment and storage of their food products.”We encourage farmers, small traders and exporters to focus on packaging because we want them to upgrade their products to match both the competitive local and international market” he said. Read more
TBS passes 93 more standards for national use
The Tanzania Bureau of Standards (TBS) board of directors has approved 93 compulsory standards that would later on be declared as national by Industry and Trade minister.According to the bureau, the approval was done late following various technical meetings which discussed the standards.Approved standards will be published in the government gazette late next month and any interested persons might lodge any objection in writing before they are officially recognised.“By virtue of Standards Act No. 2 of 2009 Section 20 Sub-Section 2, the bureau calls upon all interested persons to lodge any objection by writing  from the date of publication of the notice,” reads part of the statement.However, the bureau warns dishonest manufacturers producing goods under compulsory standards without its approval to stop the habit or face punitive action. TBS issued a statement to the effect that some unfaithful manufactures have developed the culture of producing goods without the organisation’s approval. Read more
Exim bank introduces Fida EMV debit card for safe and more secure transactions  
In an effort to make banking services more secured and convenient to its customers, Exim Bank Tanzania has introduced Faida EMV Debit Card to replace the existing Magnetic Stripe Faida Debit Card.Faida EMV Debit Card provides enhanced security through an embedded chip that processes the customer’s data with unparallel security and hence making it virtually impossible to copy or tamper. This will enable the bank’s customers to make their daily business transactions in a safe and secured manner.Speaking during the press conference in Dar es Salaam, Exim Bank Head of Treasury, Mr. George Shumbusho, said the new card provides an enhanced security through embedded chip and additional PIN verification. Read more
BADEA: : Tanzania lists projects for Sh1.4tr funding plan
Tanzania has submitted projects worth more than Sh1.4 trillion to the Arab Bank for Economic Development in Africa (Badea) for possible funding.The projects are contained in a document titled ‘The Gulf Cooperation Council (GCC) Investment Promotion Forum in Tanzania, that was presented at a meeting involving government officials and members of the private sector from East Africa’s second largest economy and from member states of the GCC. The GCC is a regional intergovernmental political and economic union consisting of all Arab states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.The projects range from agriculture, education, manufacturing, real estate, tourism, fianance and mining.Mining alone commends more than Sh1 trillion, with great share coming from Umoja Gold Venture ($655 million) whose specifications could not be immediately established.Read more
PAP: Aid Freeze Over Energy Controversy a Blow to Economy
As foreign donors drag their feet on injecting badly needed cash into the government's coffers, local analysts are increasingly worried that this will affect implementation of key development projects that require donor funding.Donors - including the United Kingdom, Germany and the World Bank - are withholding 449 million out of 558 million dollars pledged for the budget, pending a satisfactory outcome to investigations over corruption in the energy sector.Senior government officials have been accused by the Parliament of authorising controversial payments of 122 million dollars to Pan Africa Power Solutions Tanzania Limited (PAP), which claims to have bought a 70 percent share of the Independent Power Tanzania Limited (IPTL) - a private energy company contracted by the government to produce electricity.The government's inability to wipe out corruption in the energy sector is setting a bad precedent because the country is poised to prosper economically in the wake of massive discoveries of natural gas resources.Read more
EAC seeks $1m bailout to plug budget shortfall
The East African Community (EAC) will seek the approval of $1,121,107 as a supplementary budget for  the East African Legislative Assembly (Eala) when the regional Parliament reconvenes here.Eala Spokesperson Bobi Odiko said the money would take care of a shortfall in the implementation of various community projects and programmes. “The EAC Supplementary Budget is one of the top key issues on the agenda during the plenary,” he told the Citizen.The process to secure the funds will start during the meeting of Eala’s General Purpose Committee with the EAC secretary general and ministers responsible for the Community from the five partner states. Read more
TBS beginners to fight border counterfeiters
The country’s quality monitoring body, the Tanzania Bureau of Standards (TBS) will employ at least 200 young people for deployment at airport and border check points this year in efforts to regain its control over the influx of counterfeit commodities into the country.TBS has acknowledged it had lost control over the flourishing market of counterfeit commodities especially in Dar es Salaam.TBS spokesperson Rhoida Andusamile has described check points including Tunduma on Tanzania-Zambia border, Kasumulu which borders Malawi, Sirari and Namanga both bordering Kenya and the three airports namely Julius Nyerere International Airport in Dar es Salaam, Kilimanjaro International Airport and Arusha Airport as being extremely porous in allowing the passage of substandard commodities. Read more
TCB: Coffee prices up but local farmers may not benefit
The Tanzania Coffee Board (TCB) has said the price of the produce in the world market has increased tremendously, but some Tanzanian farmers have not benefited from the rise due to various reasons including abandoning the crop.Speaking to reporters here yesterday, the TCB Director General Adolph Kumburu said the price of coffee at the world market has been increasing due to drought experienced in Brazil which is the largest exporter of the crop. He said between 2014/15 Tanzania has targeted to harvest 61,000 tonnes of coffee, but up to the moment a total of only 38,138 tonnes have been collected. Read more
Dar Stock Exchange Regains Pace
The Dar es Salaam Stock Exchange (DSE) equity market recorded notable returns and high business activity with TBL contributing more than 89 per cent of total turnover.According to Zan Securities Limited Wrap-ups, market breadth was positive with turnover of 7.16bn/- equivalent to 78.72 per cent increase compared to 4bn/-.Majority of market performance indicators were in positive territory, with the exception of Banks, Finance and Investment as as well Commercial services related shares that ended in red.However, trading volume was running about 13.80 per cent below volume. Six counters recorded price appreciation in local listed companies.Three top gainers were, SWALA, TOL and DCB for 6.42 per cent, 4.45 per cent and 4.86 per cent respectively.The main indices rallied sharply during the close as sentiments stayed positive. Read more
MAFSC: Bulk Sugar Importation Scheme Delayed
Bulk sugar procurement earmarked for domestic sugar, will not start soon as it was announced earlier because the country has enough stocks of the product.The Minister for Agriculture, Food Security and Cooperatives, Engineer Christopher Chiza, told the 'Daily News' that a technical committee, comprising experts from the ministry and key stakeholders from the sugar sub sector had advised him there was enough stocks of the product for domestic use."For the time being we will not import sugar. I have been advised there is enough amount in stock.The technical committee has advised us not to import sugar until they assess the situation," he said in a telephone interview.According to the minister, the technical committee would make assessment of the situation later this month. The Minister said further that bulk procurement would apply for domestic sugar only as it was found to be difficult to implement the system for industrial sugar due to time and quantity factors affecting the consumers. Read more
BOT: Zanzibar revenue collection below target by 11.3 per cent
Zanzibar government failed to meet the target of collecting revenue by 11.3 per cent, according to the Economic Review issued by the Bank of Tanzania (BoT).Revenue collections during amounted to Sh29.0 billion with tax revenue amounting to Sh27.0 billion which was also 11.8 percent below the target.The BoT report also shows that  Zanzibar budgetary operations recorded an overall deficit of Sh1.7 billion which was financed by external resources.“Total resources during the period under review amounted to Sh33.3 billion, out of which 87.1 per cent was from domestic revenue and the balance from grants. Total expenditure during the month amounted to Sh36.7 billion,” the report reads in part. Read more
President Jakaya Kikwete: Tanzania’s exports rise by 2pc
Tanzania’s exports went up by 2.4 per cent to reach $8.539 billion, President Jakaya Kikwete said.That was the case despite a fall in prices of the country’s major export products Tanzania exported goods and services worth $8.332 billion, thanks to increased production which offset the impact of decreasing global prices of major exports on the value of East Africa’s second largest economy. “The economy is doing quite well…the macroeconomic fundamentals are doing well,” President Kikwete told members of the diplomatic community in Dar es Salaam.The gross domestic product (GDP) — the monetary value of all the finished goods and services produced within a country’s borders in a specific time period — which expanded by 32 per cent to reach Sh69.8 trillion after the December rebasing, was expected to grow by 7.4 per cent. Read more
Jubilee insurance company designs a new products powered by Vodacom M-Pesa 
Jubilee Insurance Company has embarked in a move that will enable millions of Tanzanians to get affordable health insurance. The health insurance product known as bimaAfya, powered by Vodacom M-Pesa will provide individuals and family premium cover at a low price range while giving the users access to over 150 quality service hospitals. “It will cater for in-patient and out-patient and maternity on cashless basis. bimaAFYA is designed to cater for  monthly, tri-monthly, quarterly and yearly packs at affordable premium prices, to enable the average Tanzanian to pick an affordable pack that falls within his or her  income,” Jubilee Insurance Company said. Read more 
The National Bureau Statistics (NBS): Inflation drops by one percent 
Dar es Salaam: Tanzanians paid one percent less for goods and services in late 2014, after the inflation rate decreased from 5.8 percent to 4.8 percent in December.The National Bureau Statistics (NBS) Director of Population, Census and Social Statistics, Ephraim Kwesigabo said inflation rate slowed down because of high crops production.He said the products and services inflation rate in the last year itself has decreased to a huge number when compared to 2013. He added that indices increased from 144.07 up to 150.92 in the former year 2013. Read more 
Nakumatt to open 14 new supermarkets regionally 
Nakumatt Holdings plans to open 14 new branches in the next two years as part of a plan to become a billion dollar retail giant, a senior director says.The firm also plans to step up efforts to scale up its regional market share. According to Regional Strategy and Operations Director Thiagarajan Ramamurthy, the retailer is embarking on a programme to grow gross revenues to over $1 billion in the medium term.“We are looking for wholesome growth and will not be deterred by new entrants into the local market,” Mr Ramamurthy said.In the year ended February 2013, Nakumatt’s total sales hit a record KShs 56.5 billion, nearly twice the KSh29.5 billion posted just two years earlier. Much of this growth was aided by rapid geographical expansion. Read more
Bright Prospects for DSE 
THE Dar es Salaam Stock Exchange (DSE) equities concluded on a high note with indices extending northward.According to Zan Securities Limited market wrap-ups, on annual basis the total turnover increased by 57 per cent to 396.78bn/- but the total volume of shares declined to 241,393,868 from 672,349.SIMBA counter led gainers adding 2,480 equivalent to 123 per cent to close at 4,500/-.The TCC also continued its uptick, climbing by 8,140 equivalent to 95 per cent to close the year at 16,740/-. Other seven counters on gainers list were, Swissport, TOL, TBL, CRDB, TWIGA, DCB and NMB increased by 87, 77, 76,54,50,47 and 30 per cent respectively. Read more
'Market for Tanzanian maize in Kenya closed after government reduces prices'
The market for maize from Tanzania in Kenya almost looks closed after unscrupulous businesspersons chipped in to purchase the grain before they hoarded it and the government in the latter country stepped in to slash the price by 27 percent.As a result, food security experts warn that the mishandling of maize prices by the government over low prices will discourage production and lead to food insecurity in the country.James Linganga, an agricultural expert at the West Pokot county government, warned that the county will encounter food insecurity with poor funding and lack of incentives to farmers that enable them to stick to the grain production."There is discontent among farmers that the price is below the cost of production and the trend will sabotage food production," Linganga told Xinhua. Read more
Diamond Trust Bank (DTB) has donated medical facilities to Amana
Diamond Trust Bank (DTB) has donated medical facilities to Amana Regional Referral Hospital worth Tshs 10 million. Some of the items donated included stretchers, dressing drums and mattress forms.According to DTB Manager Morocco Branch in Dar es Salaam Waziri Kindamba, sharing with the public part of the gains is also an important way of supporting the government in the efforts to provide reliable and high quality health services with an ultimate goal of saving more lives from preventable diseases. Read more
Real GDP growth expected to pick up across the region, led by Tanzania 
Real GDP growth is this year expected to pick up across the region, led by Tanzania with 7.2 percent growth, followed by Rwanda, Uganda and Kenya at 6.7 percent, 6.3 percent and 6.2 percent respectively. Burundi will register least growth at 4.8 percent, according to the International Monetary Fund. However, the overall performance of the region will to a great extent continue to depend on what happens in Kenya, which analysts see as the anchor of the region given its economic dominance propelled by a diversified economy with a vibrant private sector. Red more 
CNBT: Tanzania earns Sh1bn from cashew export in one day
Dar es Salaam. Tanzania has earned $638,067.85 (Sh1.08 billion) from raw cashew nut export in one day, data have established.The data from the India-based Seair Exim Solutions Information for Business show Tanzania exported 526.26 tonnes of the raw cashew nuts to India.The Indian ports which had received cashew nut cargo from the sailed ships from Tanzania include Vizac Sea, Mangalore and Cochin Sea.The director general of Cashew nut Board of Tanzania, Mr Mfaume Juma, said the amount of shipped cargo to India is part of more than 170, 000 metric tonnes of raw cashew nut shipped to India .“We have shipped huge cargo of cashew nuts. We are now closing the season. Right now there are still farmers selling cashew nuts in various auction markets,” said Mr Juma. Read more
Economic partnership agreement to hasten development among EAC states
An Economic Partnership Agreement (EPA) signed between the East African Community (EAC) and 28 European countries will hasten development for over 500 million people in the region.Tanzania's Ambassador to Belgium and the European Union (EU) Diodorus Kamala has said that the EPA pact concludes lengthy negotiations. Kenya started implementing the protocol.Mr Kamala said resolutions reached in the Cotonou Agreement will continue to be in force, while other areas include political dialogue, economic and development cooperation."The EPA negotiations focus on cementing regional integration and to hasten development among member countries and ultimately rid poverty among low-income countries, including Tanzania. A special fund known as EPA Fund has been established to compensate countries which will incur losses. Read more
TBs Declares 'Sea Salt' Unfit for Consumption
The Tanzania Bureau of Standards (TBS) has closed down the Sea Salt Limited Company for producing sub-standard salt, which is widely consumed in the country, especially in urban areas.Announcing the closure of the company located at Saadani area in Bagamoyo, TBS Quality Assurance Officer Deusdedith Paschal said the salt, commonly used in urban households, was proved to lack essential ingredients.Mr Paschal told reporters that the salt, known as 'Sea Salt', which is being sold between 250/- and 300/- in most retail shops, lacked iodine while it came in the form of insolvable particles."The amount of iodine needed is between 30mg and 60mg but the amount of iodine found in 'Sea Salt' is 14.6, which is not recommended as it may pose more health hazards to consumers, including causing goitre," he cautioned. Read more
TWCC: Women's chamber of commerce to begin training South Sudan, Somali SMEs 
The Tanzania Women Chamber of Commerce (TWCC) will begin to international trade and cross border training to small scale entrepreneurs in South Sudan and Somalia so as to make them meet marketing skills required in the East African region.Without mentioning speciafically when the training is going to start, the Director of TWCC, Anna Matinde told The Guardian that the chamber is in the process of working out the modalities to implement the said programme.“TWCC will provide the said training in those countries because the entrepreneurs have asked us to help them to cope with the marketing requirements in Tanzania before they begin exporting goods to East Africa region.They told us that they need support from TWCC because the chamber has made a big progress in supporting entrepreneurs across the country and as developing leaders they need more support so that they could make changes within their countries in taping into foreign markets. Read more
TRA: Port E-Cargo Tracking to Boost Collection
Tanzania Ports Authority (TPA) Director of Information Communication Technology, Phares Magesa.Engagement of stakeholders in introducing electronic cargo tracking note (ECTN) system as ordered by Surface and Marine Transport Regulatory Authority (SUMATRA) will start.Tanzania Ports Authority (TPA) Director of Information Communication Technology, Mr Phares Magesa said in Dar es Salaam that ECTN will help boost the authority and Tanzania Revenue Authority's customs duty collection."ECTN will ensure that we get precise information on imports and exports from authorities at the port of departure," said Mr Magesa and revealed that, both TPA and TRA rely on importers and exporters submitted documents which are often questionable. Read more
Agri- Hub: Farmers access global markets online
Arusha-based online platform is giving local farmers access to lucrative global markets by connecting them to foreign buyers of commodities.The platform, AgriProFocus also offers farmers with face to face consultation through trade fairs, business to business meetings and other similar forums. Agri- Hub Tanzania Assistant, Ms Katarina Mungure said so far, over 5,400 farmers have accessed their offline services."We reach out to all organised farmers that work with our member organisations and all other farmers that are interested in our events and online platform," said Ms Mungure who pointed out that more farmers are unable to connect through internet.Ms Mungure pointed out that Agri-Hub Tanzania which has its origins in AgriProFocus of Netherlands promotes farmer entrepreneurship through networking services that provide easy access to agri-business contacts and resources. Read more
BOT: Strong U.S. dollar weighs on shilling
The performance of the shilling against major international currencies was caused by the impact of the US dollar on the global economy, the Bank of Tanzania (BoT) has said.The BoT's Director of Economic Policy and Research, Dr Joseph Masawe, told the 'Business Standard' that the trajectory of the shilling was a function of demand and supply in the market, strong US dollar and investor's perception about the economic performance of Tanzania.He said the strength of the dollar against other currencies has made the shilling to be seen struggling. "Surges in demand and supply of US dollars, coupled with investors' perceptions about the performance of Tanzania and the US economy will cause short term variations from the medium term trajectory from time-to-time, Dr Masawe said in an email communication."For instance, The perception that the US economy is becoming stronger has led to substantial strengthening of the US dollar against other currencies across the world.Read more
TRA descends on taxpayers evading EFDs
The Tanzania Revenue Authority (TRA) in Mwanza Region has crackdown on businesspersons who have promised to procure and use electronic Fiscal Devices (EFDs) in their operations but they are yet to do so.In an exclusive interview with this paper here, the regional Taxpayer’s Education Officer, Lutufyo Mtafya, said the tax agency has been waging a campaign to hunt businesspersons who are entitled to use such devices, but have not procured the same for their businesses.The Guardian had wanted to know the situation on the ground regarding the use of EFDs, particularly after some businessperson boycotted the use of the devices on a number of reasons some few months ago.“Despite the strikes organised by business owners against the use of the devices, we have been offering education to them. Besides, we have gone to the extent of identifying those who are against the use of EFDs and have taken some to court so that they purchase and use the devices,” Mtafya said on behalf of Jeremiah Lusana, the Mwanza TRA regional manager. Read more
CMSA: Govt in process of drawing up Bill on commodity exchange market
A law to establish an exchange market for commodities is in the pipeline.The aim is to help farmers to sell their produce with much ease.The Capital Markets and Securities Authority (CMSA) is finalising the process of establishing the Tanzania Commodity Exchange Market (TCX).CMSA principal public relations officer Charles Shirima, has told The Citizen that the process to amend the CMSA law so as to accommodate TCX is going on.The draft document on the Bill for amending the CMSA law is ready and will be tabled in Parliament.“Under the commodity market, most agricultural products will access local and international markets, leading to increases in agricultural earnings to farmers and subsequent investments in the processing industries for value addition,” he said. Read more
Mkombozi share price up 50pc on first day of trading at bourse
Shareholders of  Mkombozi Commercial Bank (MCB) - who bought stakes during the initial public offering (IPO) - may have put on broad smiles as the commercial entity’s share price rose by 50 per cent during the first day of trading. A share of the bank was sold at Sh1,000 during the IPO but there were bids of up to Sh1,500 just after listing.“Despite the fact that our IPO was subscribed by 75 per cent, we believe that the bank’s shares will do better in the market,” said board chairman Masha Mshomba. Mkombozi was looking for Sh5 billion, but received Sh3.7 billion to finance its expansion programme and improve its capital. Read more
TRA eyes better relations with taxpayers to boost collections
Tanzania Revenue Authority (TRA) is planning to check the way it delivers services with a view to improving relations with taxpayers and ultimately increase revenue collections .The tax collection agency is now looking for a consultancy service on culture programme that aims at improving tax administration and increased revenue collection, TRA said in a statement.The project is under a tax modernization programme funded by the UK Department of International Development (DFID).“TRA is introducing a comprehensive culture programme for the first time. Realization of the intended objectives shall have organization wide impact in improving relations with tax payers and in collecting revenue in a cost effective way,” reads part of TRA statement. Read more
Chinese investors ink pacts to turn Mwanza into Africa's Shanghai
A Team of Chinese investors and the authorities in Mwanza, Tanzania's second largest city after Dar es Salaam, have signed memorandum of understanding for investments in eight major areas. The areas include tourism and agriculture, authorities said.Halifa Hida, Mwanza city director, said among the major investments the city signed with the Chinese investors were construction of satellite cities in Luchelele and Igoma suburbs in a bid to improve wildlife and cultural tourist attractions on Saanane Island and the Serengeti National Park."The Chinese investors who visited the city were impressed by abundant investment opportunities found in the region," said Hida.He said that the Chinese investors will cooperate with their local counterparts through the Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) in implementing various projects in tourism, business and agricultural sectors.Read more
DSE: Dar Bourse trading edges down
Dar es sa laam Stock Exchange (DSE) recorded a total turnover of 1.09bn/- from 443,764 shares traded in 57 deals compared to session which recorded a turnover of 2.85bn/- from 265,161 shares traded in 42 deals.According to the exchange daily market report, CRDB counter had 357,410 shares traded at weighted average price of 430/- per share in 26 deals.The session saw the CRDB counter transacting 9,975 shares at weighted average price of 435/- per share in 4 deals.The NMB counter had 18,332 shares traded at weighted average price of 3,500/- per share in seven deals. But in the preceding market, the counter had had 44,570 shares traded at weighted average price of 3,500/- per share in 14 deals.TBL counter had 65,205 shares traded at weighted average price of 13,000/- per share in eight deals. in a pre-arranged board, TBL counter had 95,000 shares traded at 13,000/- per share in one deal.Read more
TMEA: Logistics Firm to Boost Dar Port Efficiency
Trade Mark East Africa (TMEA) has come up in support for the big result now (BRN) to increase Dar es Salaam Port efficiency. TMEA has set aside over 60 million US dollars (102bn/-) to increase efficiency that would see, among other things, reduction by almost half from nine to four days of container dwelling time. TMEA Tanzania Country Director, Dr Josaphat Kweka, said they were working hand in hand with the government to raise competitiveness at Dar port under BRN."We have taken some key points under BRN to increase Dar port competitiveness and working on them," Dr Kweka said during the launch of logistic innovation for trade (LIFT) fund.The country representative said the idea was to support the government initiative on increasing efficiency under BRN. Read more
NMB e-market report: Treasury bills yield rate coup
Yield rate of treasury bills (TBs) across three tenures shot up, the situation that made demand for short term borrowing to rise and lead to over subscription.According to the NMB e-market report, the TBs auctioned was slightly oversubscribed by over 31bn/- with an upward movement of weighted average rate for each tenor.The Bank of Tanzania (BoT) auction summary shows however that despite hiking yield rates for the  tenure to 13.64 per cent compared to 12.76 per cent of the session, it failed to capture investors' appetite, ending up into under subscription.The government sold bids worth 8.88bn/- for offer, down from 32bn/- that was sought to be raised before. Similarly, only nine bids emerged successful out of 18 received.But yield rates hiked and lured investors' attention ending up in an overly subscription. The rates increased to 15.48 per cent and 16.59 per cent respectively compared to 14.97 per cent and 15.87 per cent of the market. Read more
TCB: Tanzania receives between $90 million and $100 million from cotton sales.
This is despite hurdles that have been facing the sector. Tanzania Cotton Board (TCB) said, among the serious challenges are prices for fuzzy seeds and poor seed germination.Cotton is a commercial crop that is grown in 15 regions spread across two zones which are Western which includes Mwanza, Shinyanga, Simiyu, Geita, Tabora, Mara, Kigoma, Singida and Kagera, while the Eastern zone has Morogoro, Iringa, Coast, Tanga, Kilimanjaro and Manyara.TCB's acting Director General, Gabriel Mwalo told East African Business Week, "The outcry on the price and poor seed germination are the issues of concern this season particularly for the fuzzy seeds."He said the reasons behind poor germination is the continued habit of some farmers and cotton buying agents of adding foreign materials like water, chemicals and other extraneous materials into seed cotton before sales. Read more
FCC: Tanzania competition law faces challenges
The government has admitted that a good number of traders in the country are aware of the laws and regulations regarding fair competition and the protection of consumers, but there are a number of challenges that need be addressed.One of the challenges that is an impediment towards the implementation of Fare Competition Act among others is that Section 14 of the law is silent in regard to employment, conditions of employment, standards of employment that are laid down by Tanzania Bureau of Standards (TBS) and other institutions. Shadrack Nkelebe, an official from Fair Competition Commission (FCC) said that fair competition in the industry has come a long way; citing an example that the founders of this legislation were Canada, the US and that all member states of the Southern Africa Development Community (SADC) either have FCC law or the law to protect consumers. Read more
NBS: New estimates reveal 28 percent growth
Minister for Finance Ms Saada Mkuya, launched a new revised and rebased national accounts estimates of the base to replace the national accounts.Following the rebase, the Gross Domestic Product (GDP) has grown by 27.8 per cent. Speaking during the launch of the new estimates at Karimjee Hall in Dar es Salaam, Ms Mkuya said the revision of the national accounts estimates has mainly been done since the benchmark which was being used in calculating the national GDP is outdated and does not reflect the structural changes that have occurred in the economy."The new estimates have also been done to integrate changes that have taken place, especially in the patterns of production, consumption and investment in the economy," she noted."The new estimates were done under the coordination of the National Bureau of Statistics (NBS) in collaboration with government institutions, private institutions and development partners, including World Bank (WB) and International Monetary Fund (IMF)," she said.Read more
TAHA: Tanzania farmers wary of pending VAT changes
Farmers and others agriculture stakeholders are worried about the kind of impact the Value Added Tax (VAT) Bill will have on inputs and commodities.
A cross section have also expressed loud concerns about the proposed Local Government Taxation Bill.In a statement, the Arusha-based Tanzania Horticultural Association (TAHA) Chief Executive Officer, Jacqueline Mkindi; the Kilombero Plantation Limited CEO, Carter Coleman, and Agriculture Non-State Actors Forum (ANSAF) Executive Director, Audax Rukonge said if approved the sector will suffer.Mkindi said the VAT Bill had several negative aspects when it is presented to the Parliament and before stakeholders had a chance to contribute suggestions."Without our intervention it could have bring serious negative implications on agriculture sector since most of the agriculture inputs were not part of the exemption list on the Bill," Mkindi said. Read more
ASIDE: Entrepreneurs want another, bigger Sido industrial estate built for Dar
The Association of Sido Dar es Salaam Industrial Estate Entrepreneurs (ASIDE) has asked the regional government to stake another area for them that would house graduate entrepreneurs from the incubator programme run by the organisation.This was said at the weekend by the association’s General Secretary Jamhuri Ojijo during a ceremony to bid farewell to Sido Dar es Salaam regional manager Hamuel Meena. Ojijo said at the moment, the number of entrepreneurs who graduate under the incubator programme has been increasing yet the space to accommodate them is not enough.“We are all situated in this area, we ask the government to build another industrial estate that would be used by the newly trained entrepreneurs,” he said.He also requested the government to direct financial institutions to provide them with affordable interest loans with incentive local package.Ojijo said in a move to market their products at local market, the association is planning to conduct trade exhibition.“This would provide a chance for ordinary people to visit the exhibitions and entrepreneurs to sell their products hence improve livelihood,” he added. Read more
 
Sh2bn is the start-up capital for community banks: BoT
The Bank of Tanzania (BoT) has insisted that the start-up core capital for a community bank will strictly be Sh2billion and that banks which could not adhere to the procedure would be in trouble.“With Sh2 billion, you are more likely to invest and make profit,” said a senior official of the central bank, Ms Medelina Kiwayo, when speaking to shareholders Meru Community Bank (MeCoB).She said, the BoT was concerned that some community banks like MeCoB had not met even the requirement of Sh250 million, urging them to come up with strategies and action plans which would raise their capital base to suit the new rule. While start-up capital for establishing a community bank has been raised from Sh250 million to Sh2 billion, the required amount to set up a commercial bank will be Sh 15 billion  from the  Sh5 billion.Read more
Airports to boost investment in technology to cope with growth
Africa’s airports continue to battle capacity and technological constraints despite robust economic growth.The continent has posted growth rates well above the world average, positioning it for boom ahead, but with a few exceptions, airport managers have been slow to plan for future growth.According to experts at the edition of the Modern Airports Africa Conference in Entebbe, the continent must invest in new airport infrastructure, for it to cope with the expansion in air travel that is likely to materialise.“African growth may be delayed but it cannot be stopped and air traffic is projected to double. Airports need to prepare now for the coming growth,” said Alexander Herring, the managing director of Safegate Germany and chairman of the conference. Read more
EAC leaders want one network area adopted 
Regional leaders of Uganda, Kenya and Rwanda have called for the speedy implementation of the One Network Area to have the cost of calling around the region drop and effected.The directive, once effected, means mobile phone users roaming will be charged less.The leaders, Yoweri Museveni of Uganda, Paul Kagame of Rwanda and Uhuru Kenyatta of Kenya, while meeting last week for the Northern Corridor Integration Projects Summit in the Kenyan capital, Nairobi, directed the respective ministers of Finance and ICT to resolve all outstanding issues holding back the system.“The Summit directed the ministers to operationalise the One Network Area for SMS, Data and Mobile Financial Services and implement the framework developed by the cluster to fast-track various projects,” the communiqué of agenda read in part.One Area Network mandates member countries to exempt regional calls from surcharges applied by member states on international incoming calls and scrap any additional charges to subscribers on account of roaming within the region.Read more
Residents demand 20 per cent return from fishing on shoreline
Residents of Ihumilo Village in Nkome Ward have demanded a return of 20 per cent of revenue Geita municipality collects from fishing activities conducted in the village’s shoreline.The residents said the municipal council collects revenue from fishermen, fish traders and auctions, but has never returned to the village the 20 per cent of the revenue it collects there. They said they want the 20 per cent of Sh15 million estimated revenue to help in development projects as the village lagged far behind in development.“We have only one school in the village whose buildings are dilapidated. Some pupils are forced to study under tree shades due to a shortage of desks,” said Simon Malole. The residents also requested the municipality to construct a dispensary as residents were forced to sail 6 kilometres away to seek medical services. (Jackline Masinde). Read more
Surf networks to find markets, Iringa DC advises local farmers
Farmers and entrepreneurs have been advised to watch media programs related to agriculture and other economic activities to access farm inputs information and obtain market knowledge for their products.
Speaking at the launch of StarTimes, (a Technology company that pioneers in digital television solution in China and Africa) in Iringa, Iringa District Commissioner, Dr Leticia Warioba said digital technology need to focus on promoting the economic activities of the majority public by coming up with programmes that will benefit the public especially farmers.Dr Warioba said the increase in demand of the digital technology services in the region is crucial in lifting the majority people out from poverty.“Entrepreneurs should use this opportunity of digital technology to enable them know the right places for investments, look for markets to enable them sell their agricultural produce and also know their trading partners” she said.The opening of the new digital service in the region makes StarTimes company to have a total of 15 branches countrywide as it expect to launch more shops in others regions.“Everyone understands the importance of watching television; it is not a luxurious thing as interpreted by many. Through various programs, the public can get access to economical, developmental, scientific and technological information that could be crucial for development” she said. Read more
DSE: Speculation hits Dar Bourse
The Dar es Salaam Stock Exchange (DSE) has experienced a bearish mode, thanks to holidays and shrinking speculation.The market experienced a bullish run soon after the central bank open up the capital account that allowed foreigner investors to participate on the market.The move saw almost all stocks registering historical high prices, which stock brokers explained as a mismatch between companies' performance and price ratio.Thus equities bull-run was short lived. The prices started to plummet at the disgrace of speculator investors who reaped considerably.Orbit Securities General Manager Mr Juventus Simon said the bull-run was not backed up with actual company performance but by a rush to buy stocks before outsides come and vise versa. Read more
I&M Bank, tech firm in e-payment agreement
I & M Bank and Smart Banking Solutions (SBS) have signed a deal that will see the former issuing the latter’s prepaid cards to its clients. SBS’ B-Pesa cards will enable the bank’s clients to make transactions at all B-Pesa-branded merchants and automated teller machines (ATMs), according to a member of the board of directors for I & M Bank, Mr Michael Shirima. He said the move will simplify the duty of the police force in that it will now only be required to protect the society instead of hunting for people who would wish to accumulate money through illegal means including through banditry. SBS Managing Director Mr Sean Merali said, once fully adopted, B-Pesa card will help to reduce circulation of cash in the Tanzanian market and transform the country into a cash-less society. Read more
B-Pesa diversifies coverage
BPESA Tanzania will see its services and operating territory expanding after entering into agreement with I&M Bank through use of certified Chip and PIN card.The BPESA's Managing Director, Mr Sean Merali, said at a news conference in Dar es Salaam that the BPESA EMV certified Chip and PIN card will not only expand its services but further reduce cash dependence and enhance financial inclusion.Also according to Mr Merali, the new partnerships were required with other East African banks in the ever-changing market, especially since customers demand for versatile products and new technologies is at an all time high.The partnership between the two companies means that a customer can easily load their BPESA card at any I&M bank branches across the country."We are in the final stages of launching BPESA cards with Stanbic Bank and DTB Bank with both banks having already received approval from Bank of Tanzania (BoT)," he said. Read more
TradeMark launches innovation fund
TradeMark East Africa (TMEA) has set aside a total of $15 million (about Sh25.5 billion) that will be awarded to investors in the transport sector who may come up with projects that will reduce transportation costs across the region.The money has been set aside under TMEA’s Logistics Innovation for Trade (LFT) Fund project.Winning proposals will receive grant funds ranging from $250,000 (about Sh425 million) and $750,000 (Sh1.27 billion), according to the fund manager, Isaac Njoroge.“LIFT aims at harnessing the strengths of the private sector, which includes the abilities to innovate and develop products that can transform the lives of people throughout the East African region,” he said.The fund is open to businesses and individuals throughout the world that are operating or will operate in the EAC. Read more
BBLA: Initiative seeks to award best board directors in banking and insurance
Outstanding members of boards of directors for banks and insurance firms will now be awarded in a move that seeks to celebrate excellence in the group of people that are entrusted with responsibilities of making decisions on behalf of shareholders.The inaugural Best Board Leadership Award (BBLA) for the banking and insurance sectors is set to be held in Dar es Salaam.The event, to be held for the first time in Tanzania, is organized under the auspices of the Tanzania Bankers Association (TBA) and Association of Tanzania Insurers (Ati). The BBLA Coordinator, Ms Neema Gerald, believes the awards will give an insight of how a best board can help an organization to flourish and achieve best performance in the area of its specialization.Read more
Tanzania's growth rate likely to fall - BMI experts
Tanzania’s economy is likely to experience a fall in real growth rate from the 7 percent to 6.9 per cent, experts have warned.This is associated with the IPTL power scandal troubling the government, which has led to the withholding of funds by international donors including the EU and US.In its report, Business Monitor International (BMI) notes: “Tanzania's economy will see real growth of 6.9 per cent and 7.3 percent. Our forecast has been revised down in the wake of the power scandal troubling the country's government.”The report also points out that corruption allegations in Tanzania’s energy sector area pose a major threat to the country’s power capacity expansion plans and risks undermining investor confidence. “The Tegeta Escrow scandal, which has led to calls for the resignation of the Prime Minister, underscores our view that Tanzania's business environment will remain a major obstacle to power sector expansion and liberalisation plans, in what is fundamentally an attractive market,” reads part of the report. Read more
PAC: Diligence must in public service
After a very hot debate on the Tegeta escrow account in the National Assembly in Dodoma, Members of Parliament reached a compromised situation and drew up parliamentary resolutions that were then forwarded to President Jakaya Kikwete for implementation. Among the eight resolutions, one recommends to the president to remove from office Attorney General Frederick Werema, the Minister for Energy and Minerals, Prof Sospeter Muhongo, and his permanent secretary Eliakim Maswi for failing to exercise due diligence in dealing with the Tegeta escrow account.What is this due diligence that seemed to cost dearly these big shots in Kikwete’s government? From the context of this saga, which was highly noted by members of the Parliamentary Public Accounts Committee (PAC) under the chairmanship of Kigoma North MP Zitto Kabwe, it means not only that someone does their job well, but also doing it with reasonable care. Thus, due diligence means an obligation to do work reasonably well, something PAC convinced the Parliament that the above named civil servants lacked it when were dealing with the Tegeta escrow account. Read more
Serengeti unveils Tusker in new bottles
Serengeti Brewers Limited (SBL) has launched a Tusker beer in small non-returnable bottles of 330mil to appeal to boozers who prefer small packages.The SBL Marketing Manager, Mr Ephraim Mafuru, said in Dar es Salaam  that the business environment required them to think more aggressively to move along with new trends and be able to satisfy the needs of customers."The new product comes in the backdrop of the unveiled Tusker's 'Fanya Kweli' campaign and the aim of campaign is to inspire Tanzanians to take part in creating a future that they can be proud of through action while appreciating and learning from successful people," he said.He said as part of the campaign they were bringing a new member to Tusker family which is Tusker lager 4.2 per cent ABV Medium beer in small pack of 330mil."Customers can now enjoy the easy to carry Tusker beer in different occasions including home and beach parties. It is now available in the market at the price of 2,300/-," said Mr Mafuru. Read more
Kaymu Platform: Online shopping becoming popular in Tanzania
University students can now acquire knowledge on e-commerce and how to open virtual shops and boost their sales thanks to an initiative from a local online shopping platform, Kaymu. According to a statement made available to the 'Daily News,' the initiative dubbed 'Kaym University' comprises six sessions which cover the basics of Kaymu, account and shop management, order processing, payment methods, logistics and social media strategy as well as receiving in-depth information about the subjects covered.The participants also have the opportunity to ask any questions they might have about the platform during these visits. "We're seeing more and more people who want to take advantage of the Kaymu platform, but many of them have no experience in running an online shop.Online shopping is less established in Africa and Asia than in many other parts of the world, so we set up these visits as a way of ensuring that all our buyers and sellers can access the tools and knowledge they need to succeed," said Kaymu Tanzania's Head of Marketing, Mr Angaza Nkurlu. Read more
HOO,Mr Eugen Massawe:  Exim goes deeper in digital 
In its efforts to escalate its suite of mobile services, Exim Bank Tanzania has launched an application designed for smart phones. The application is currently available for Android, Windows, Black Berry and IOS Operating Systems. Exim Bank Group Head of Operations, Mr Eugen Massawe, said in a statement that the mobile app offers secure banking experience and functionality.These, he said, include the ability to view transactions and customers can get account statements which can be generated between any dates."Exim Bank Customers will now have access to their accounts and easily track any transaction made through Exim Smart App."Our mobile app has the most simplified account dashboard highlights key balance information at log-in and the design optimises interactions expected of a smart app, such as drop down menus, tap-friendly links and animated interactions," said Mr Massawe. Read more
DSE market capitalisation rises
Dar es Salaam Stock Exchange total market capitalisation to Gross Domestic Product (GDP) economic rebase grew by 43 per cent from levels of 30 per cent.The Dar es Salaam Stock Exchange (DSE) Chief Executive Officer, Mr Moremi Marwa, said in an interview with the 'Daily News' in Dar es Salaam that, "This means the DSE shareholders new wealth creation grew to 22.7tri/- from 16.5tri/-."He added, "Our domestic and total market capitalisation, for example, grew by 66 per cent and 40 per cent respectively that some global news media places on the top list on this category."He said market capitalisation is one of the indicators that measure how the stock market performs within the economy. It measures how the stock market contributes to the economic growth and in wealth generation to investors in listed companies. Read more
NMB: shilling firms On rising local demand
Despite the growing demand for US dollars from manufacturing and oil sectors, the shilling has continued to gain ground against the greenback ending of high volatility.As the holidays are approaching, there are expectations for many people spending the local currency on shopping and travel expenses, the situation that pushes up demand for the shilling.According to the National Microfinance Bank (NMB) e-market report, the shilling extended gains against the greenback to close  on a strong footing as it marked one of the biggest advances.After experiencing hard times, the local currency once again gained some stability to close at 1,696/1,751. Read more
TRA Impounds Smuggled Contraband Sugar
Tanzania Revenue Authority (TRA) has confiscated 1,158 bags of contraband sugar, as a crackdown against smuggling of the product intensifies.The TRA Director of Taxpayer Services and Education, Richard Kayombo told reporters in Dar es Salaam that the bags of the contraband sugar were intercepted in Bagamoyo, Mlingotini, Mbweni and Kunduchi areas in Dar es Salaam and Coast Region. The culprits were arrested and their goods confiscated, said TRA director of taxpayers services and education. He said that some interceptions have been possible through joint patrols with other law enforcement organs.The tax watchdog body admits that smuggling of sugar and other imports is a critical problem, perpetuated by a syndicate of dishonest traders and public officers, thus denying government revenues amounting to billions of shillings.Read more
PWC: Numerous taxes threaten businesses in Africa: CEOs
Poor infrastructure and numerous taxes are threatening businesses in Africa, chief executives of companies have said.Other problems are the shortage of skilled manpower, government activities and regulatory issues, funding, corruption, volatile energy costs and supply chain disruptions.The concerns have been revealed in the “Africa Oil and Gas CEOs Survey: Findings and Discussion”.Players in gas and oil value chain discussed such issues here during the PwC African oil and gas leadership conference. The conference was themed “Driving sustainability and growth in Africa’s Oil and Gas Industry”.Presenting the findings, PwC Africa Oil and Gas leader Ayi Akpata said 79 per cent of Africa’s energy CEOs were worried about the availability of key skills. Read more
TIB Support for Local Enterprises Highly Commendable
The National Economic Empowerment Council (NEEC) and Tanzania Investment Bank (TIB)  inked a historic and patriotic deal that aims at promoting enterprises in the country, including those to be operated by young graduates.This is indeed a big plus to NEEC which was established to facilitate and coordinate activities pertaining to economic empowerment.Under the deal that will involve concessionary loans and credit guarantees to borrowers, TIB will be administering the fund to be set up for the purpose of promoting interests of young graduates and Small and Medium Enterprises (SMEs).The TIB, NEEC has come at the right time since the country is at present facing the ever growing unemployment crisis among the youth, especially school leavers at all levels. Read more
DPSMCST: Govt to intensify war on counterfeits
The government is drawing up more strategies to curb the influx of fake and sub-standard mobile phone handsets and other gadgets in the country.Deputy Permanent Secretary in the Ministry of Communication, Science and Technology, Mr John Mngodo, said this during the launch of Huawei Ascend Mate 7, in Dar es Salaam."The government through the Tanzania Bureau of Standards (TBS) and Fair Competition Commission (FCC) are working on strategies to fight the influx of fake cyber products in the market," he said.He said the ministry and other authorities would ensure all key players including investors and businessmen adhere to the standard requirements and protect the health of consumers and the economy at large.Mr Mngodo added that the government is aware that there were some manufacturers outside the country vending products that were not genuine in Tanzania and other parts of East Africa.He congratulated Huawei Technologies Company Ltd for coming with new and modern Smartphone in the market due to the fact that it will fuel competition. Read more
CFTC: Malawi and Tanzania sign trade pact
Malawi, through the Competition and Fair Trading Commission (CFTC) has signed a Memorandum of Understanding (MoU) with the Fair Competition Commission (FCC) of Tanzania to help strengthen international cooperation in the enforcement of competition and consumer protection laws between the two countries.CFTC commissioner Dr. Gerard Chigona said that the agreement will enable the two countries to work together in technical cooperation activities related to competition and consumer law enforcement and policy"Our two organizations undertake to keep each other informed of significant developments in competition and consumer policy, education and enforcement in their respective jurisdiction," said Chigona during the ceremony which was held in Dar es Salaam.He added that the pact will see the two countries share information that will contribute towards the effective application of competition and consumer protection laws in the respective countries. Read more
How corporate boards should enhance organisations
Question.What do you see as the major development in the functioning of corporate boards?
Answer. Frankly, a seat on the board was viewedas a reward to high-flying retirees for past service. But the times have changed, and the day of a board comprising exclusively of directors with no industry expertise is over. There's a growing sense among corporate governance professionals that corporate boards should be leaner, energetic, and more expert oriented. Along with that they have to be able to commit the time and make the effort to discharge their duties. Shareholders are also relying on Non-Executive Directors (NEDS), or outside directors, to represent their interests and bring value to their companies by exercising their honest business judgment and providing different perspectives and insights.Q. How do you view the role and responsibility of the chairman of the board of directors?A. I think a first-rate board chairman should bring out the very best in the talent that's in the boardroom. He or she should also be able to set the appropriate tone around the boardroom necessary for open, honest, respectful, and productive interactions. However, detecting and managing changes in the tone of the board can be difficult for the chairman. Read more
EA will enjoy cheaper cross-board calling rates 
East African countries will enjoy cheaper cross-border calling rates following the removal of tariffs by the three countries.This means that mobile phone subscribers in Kenya, Uganda and Rwanda on roaming will be charged less, while calling friends and family across the three East African countries. The decision was reached at the just concluded Summit for the Northern Infrastructure Project held in Nairobi, which was attended by Presidents Uhuru Kenyatta, Yoweri Museveni and Paul Kagame. Read more
Airtel Tanzania launches home wi-fi with bundle share 
Airtel Tanzania has launched Internet service 'Home WiFi with bundle share,' that allows users in the country to set-up their own and personalized services and connect up to 32 smart devices."Families in Tanzania will not have to buy or recharge separate internet bundles for each device like tablets, mobile, modem, laptop and TVs. We believe that more and more families in Tanzania will use this exceptional offering from Airtel and will also keep inspiring us to lead the Internet Innovation for Tanzania," said senior Airtel official, Gaurav Dhingra. According to the company, for out of home usage the users can also add up to four family members on same account and provide seamless 3.75G Mobile Internet access, across Tanzania. Read more
CRB: Experts explain why saccos shun credit reference bureaus
A Senior microfinance specialist has outlined reasons for the microfinance industry’s delay to join newly established credit reference bureau (CRB). Presenting a paper titled: The role of Credit Reference Bureau for Microfinance institutions (MFIs) Operations during the official launch of SELF Microfinance Fund (SELFMF) in Dar es Salaam, the Senior Manager at Credit Info Tanzania Mohammed Kapufi said although MFIs dominate most businesses, almost half of them have not joined CRB contrary to commercial banks.Records show that almost 48 out of 54 commercial banks, which is equal to 88 percent, have joined bureau services as compared to 19 out of 40 MFIs, equivalent to 47 percent.Explaining, he said three out of ten community banks have joined the CRB services and almost zero savings and Credit Cooperative Societies (Saccos) have joined the services. Read more
Creditinfo: Poor IT Support Dogs Microfinance Operations
Inadequate Information and Technology (IT) infrastructure in the microfinance industry is one of the challenges facing the Credit Reference Bureau (CRB) services in Tanzania.Senior Manager, operation and customer support at Creditinfo Tanzania, Mr Mohamed Kapufi, said at the presentation on the role of CRB for microfinance institutions' (MFI) operations during the official transformation of the Small Entrepreneurs Loan Facility (SELF) into SELF Microfinance."Most of microfinance firms lack automated system for collecting and storing credit information," he said, adding that in most microfinance institutions data is still kept on papers on the shelves, making it difficult to share the information with CRB. To avert the situation, he said, CRB should establish MFI credit data bank to be shared within the industry to provide easy access and exchange of data. He said the Credit Info Tanzania plans to upload shared MFIs credit databank to be used for CRB services.Read more
PAPU calls for establishment of physical address system and post codes in Africa
The Pan African Postal Union (Papu) called on African countries to expedite the process of setting up physical address system and post codes in major cities and towns because of their significance to regional socio-economic development.Younouss Djibrine, secretary general of the Pan African Postal Union made the call in Arusha when speaking at the validation workshop of a report on addressing and post code in Africa. The gathering involved different experts from Africa and all over the world.He said many people in African nations still live in areas without proper addresses, the situation that thwarts development endeavours in the region. Djibrine implored the need for African people to get involved in the project because of its significance. Read more
DPSMOF: Govt to enact new law to govern microfinance institutions - Treasury
The government has started to enact a new law that would govern the rapidly growing micro finance institutions (MFIs), the Deputy Permanent Secretary in the Ministry of Finance, Dorothy Mwanyika has said.Speaking in Dar es Salaam at the launch of SELF Microfinance Fund (SELF MF), she said, the government wants to see that the subsector provides more services, hence change the people’s livelihood.“We are in the process of enacting a law that would provide close supervision to all microfinance institutions in the country so as to make them operate under a conducive environment,” she said.She also said the government is planning to establish an independent microfinance coordination unit within the ministry.According to her, the unit will deal with all the microfinance institutions which are not managed by the Bank of Tanzania (BoT). Read more
MEM: Ministry Upbeat Over 29 Key Power Projects
The Ministry of Energy and Minerals is upbeat about implementation of 29 key projects identified under the Big Results Now initiative.The projects being overseen by the Ministerial Delivery Bureau are at various stages of implementation and are expected to be completed.They include seven projects each in power generation and transmission, 14 power distribution projects and the natural gas pipeline from Mtwara and Lindi to Dar es Salaam.A statement from the Ministry  mentioned seven power generation projects being undertaken as the 150,240, 300 and 300 Megawatts Kinyerezi I, II, III and IV projects in Dar es Salaam as well as the 50 MW Singida Geo Wind Phase I and 210 MW Kilwa Energy Phase 1. Read more
Cargo Handling At JNIA Set to Improve
Cargo handling at aiports requires proper strategies to avoid loss of luggage. (File photo) As part of the process of improving service delivery at Julius Nyerere International Airport (JNIA), Swissport Tanzania Plc is constructing a state-of-the art cargo facility expected to be completed.The logistic concept of the design of this facility has taken into consideration the various local environments and operational practices as well as international air cargo handling standards.The facility will have import cargo storage area of about 8,000 square meters with dedicated storage areas for special cargo such as Dangerous Goods, Vulnerable Shipments, etc.About 6.3 million US Dollars has been earmarked for investments in ground support equipment and construction of the new Freight Terminal at JNIA, according to Swissport Chief Executive Officer, Mr Gaudence Temu. Read more
VimoSEWA Cooperative: SETU-Africa - Lifting women out of Poverty, towards self reliance
The launch of SETU-Africa in Dar es Salaam, provides African women with the opportunity for empowerment and self reliance.In a bid to help boost the number of informal workers in the country, women have been called upon to join forces and form a national movement, of self-employed women, to help them solve problems they face in the sector.The Director of SEWA Social Security Programmes, who is also the Chairperson of the VimoSEWA Cooperative, Ms Mirai Chatterjee, made the call, during a workshop, to launch SETU-Africa programme, organized in collaboration with the Conservation, Hotels, Domestic and Consultancy Workers Union (CHODAWU).SETU-Africa that is derived from SETU India, a not for profit organisation aimed at empowering women, envisages creating a link between women workers of the five African countries: South Africa, Ethiopia, Tanzania, Ghana and Senegal and India. Read more
EIB: Local banks to get Sh8.7 billion loan from EU
Three local banks are part of several financial institutions which will benefit from 5m euros (over 8.7bn/-) technical support credit from European Investment Bank (EIB) aimed at promoting viable banking practices.In a statement, EIB named CRDB Bank Plc, NMB Bank Plc and Bank of Africa Tanzania as among beneficiaries of the loan which also covers other banks in Kenya, Rwanda and Uganda which have benefited from its financial support before."The European Investment Bank, Europe's long-term lending institution, launched a new multifaceted Technical Assistance programme aiming to improve bank management and promote viable banking practices amongst a number of partner institution across East Africa," the EIB statement read in part.The release further noted that the partner institutions, which include East African Development Bank, commercial banks and microfinance institutions - are benefiting from credit lines extended by EIB across Kenya, Uganda, Tanzania and Rwanda targeting SMEs and micro-enterprises. Read more
CEOrt advises govt to embark on more robust job creation initiatives
The CEO Roundtable Tanzania (CEOrt) has reiterated its commitment to continue working in cooperation with the government with a view to end impediments in four major areas of the country’s economic development.Chairman of the Roundtable Ali Mufuruki made the observation in Dar es Salaam when addressing fellow members at a gala dinner event organised by the business lobby.This is an event which brings together members of the CEO roundtable who meet to deliberate the successes and how to overcome impediments and other failures.Citing creation of meaningful jobs for Tanzanians, he said, studies from the World Bank show that this is among the core issues. World Bank statistics show that almost one million young people face employment crisis as they join the labour market in Tanzania.He said with the rising statistics, the CEOrt needs to create an enabling environment to tackle the problem on an even bigger scale bearing in mind the fact that, young people are very creative even when they lack education and formal skills. Read more
WB advises private sector to empower youth with tech skills
The private sector has been told to empower youth with technological skills that will make them tap business opportunities, and prevent them from engaging in social ills such as alcohol and drug abuse.  The call was made by Senior Operations Officer of the International Finance Corporation - World Bank (IFC-World Bank), Zahia Lolila, during a joint discussion between women entrepreneurs from South Sudan Chamber of Women Entrepreneurs, Somalia Women Chamber of Commerce and TWCC. She said the private sector needs to play a role in enabling youth to acquire technological skills in order to better compete with youth in other East African countries.“The private sector has to make sure that Tanzanian youth are not left behind because empowering them with skills would help bring about development and peace in the country,” she said.She went on to say: “Many young men and women across the country have lost hope for the future therefore we need to support them.” Read more
TIB: SMEs to benefit from new credit guarantee scheme
The TIB Development Bank and the National Economic Empowerment Council (NEEC) inked a deal that seeks to see the two government-owned institutions collaborating in the endeavour to nurture enterprise growth. NEEC was established primarily for the purpose of facilitating the designing, planning, supervising, monitoring as well as evaluation and coordination of all activities pertaining to economic empowerment of Tanzanians.It is therefore extending concessionary loans and providing credit guarantees to borrowers in Tanzania Mainland, among other issues. And in the deal, TIB will be administering NEEC’s Credit Guarantee Scheme under the National Economic Empowerment Fund. Read more
DSE: Turnover At Dar Bourse Plunges
The Dar es Salaam Stock Exchange (DSE) began on a wrong footing as its total turnover went down to 369.82m/- from 715.03m/- posted.The DSE market report for showed a 369.82m/- turnover was recorded from 115,455 shares traded in 54 deals compared to 172,824 shares changed hands in 66 deals. Total market capitalisation was 22,818.70 billion (USD 13,203.28 million), according to the report.Turnover from shares bought by foreign investors reached 123.85m/- which is equivalent to 33.49 per cent of the total share turnover.Top movers, according to the report, were CRDB Bank which floated 68,240 shares traded at weighted average price of 475/- per share in 25 deals, NMB which had 25,000 shares traded at weighted average price of 3,740/- per share in eight deals, and TCC which had floated 11,860 shares traded at weighted average price of 16,500/- per share in three deals.Read more
TRA: Tax exemptions seen as loss factor
Public awareness on the cost of tax exemptions in the country is on the rise, according to Tanzania Revenue Authority (TRA) Commissioner General Rished Bade.Tax incentives deprive the country about three per cent of Gross Domestic Product in tax revenues amid calls for major tax policy reforms to address the losses.Mr Bade, in his presentation to the just ended tax conference in Dar es Salaam, said several studies undertaken in Tanzania's revenue losses have produced mixed results.He said that Least Developed Countries have little to show in exchange for the incentives they have offered. He however noted that still, despite suffering sizable revenue losses, such countries have maintained generous tax incentive schemes.Mauritius has undergone a significant turnaround in reforming its tax incentives regime -- 3.23 of GDP. He noted that investors have confirmed that while incentives were not an important factor in their decisions to invest, they would ask for them anyway because incentives improved their bottom lines.Read more
Kibaran resources takes Tanzanian Graphite to Berlin
Kibaran Resources has brought its suite of world class graphite assets in Tanzania to a graphite and graphene conference in Berlin, where executive director, Andrew Spinks, will be presenting.The Mahenge Project includes the flagship Epanko deposit that hosts an Inferred and Indicated Resource of 22.7 million tons at 9.8% total graphitic content for 2.223 million tons of contained graphite.Besides advanced metallurgy and ongoing Environmental and Social Impact studies, a Scoping Study had previously identified NPV of $213 million with significant value upside.At Merelani, the company has identified three significant exploration targets.It has also signed a Memorandum of Understanding to consolidate the Merelani graphite province which includes the historic graphite mine.Kibaran has also signed a letter of intent to supply Thyssenkrupp with 20,000 ton per annum of graphite and a binding 10,000tpa off-take agreement with a major European graphite trader.Read more



BOT: Treasury bills yield rates seen Up
Three tenors of the short term borrowing auctioned recorded significant yield rates rise but failed to capture investors into treasury bills.With exception of the yields for offer that declined slightly to 5.22 per cent from 5.32 per cent, the tenors jumped high to 12.76 per cent, 14.97 per cent and 15.97 per cent respectively.Yield rates for the three tenors in the previous auction were 12.42 per cent, 14.09 per cent and 14.90 per cent respectively.The Bank of Tanzania (BoT) sold and accepted the successful bids worth 100.5m/- only for the  offer against 3bn/- offered to the market for bidding.Only one bid was received and emerged successful. Despite yield rate hike, the 91 days offer attracted bids worth 6.15bn/- only out of 32bn/- offered to the market for trading.The government retained the total amount tendered. A total 19 bids were received and succeeded. For the 182 days tenor, a total of 29.19bn/- was sold and retained as successful bids by the government, although it sought to raise 45bn/-. Read more
NBS: Inflation declines to 5.8pc, says bureau
The inflation rate fell to 5.8 per cent from 5.9 per cent.The National Bureau of Statistics (NBS) director of Population Census and Social Statistics, Mr Ephraim Kwesigabo, said the major reason was a decrease in food and non-alcoholic inflation.“Annual inflation rate for food consumed at home and away from home decreased to 6.9 per cent from seven. In addition, the index change for non-food products decreased to 4.5 per cent from 4.6 per cent,” he said.He also said an annual rate of inflation, which excludes food and energy, fell to three per cent from 3.2 per cent. NBS showed that annual headline inflation rate decreased to 5.9 per cent from 6.6 per cent as food prices went down. Read more
NBAA: Firms awarded for drawing up good financial reports
 Tanga Cement Public Limited Company, CRDB Bank and Tanzania Revenue Authority (TRA) are among the institutions whose financial statements are prepared in line with internationally-recognised standards.This creates the much-needed trust when these institutions want to conduct business with local and international investors. TRA emerged as a government agency with the best well-audited financial statements – basing on its financial records, according to the National Board of Accounts and Auditors (NBAA).
The awards are presented annually by the board to various public and private institutions and companies which have consistently maintained the required financial records. Read more
MOT: New course to help Tanzania produce freight forwarders for EA region
Tanzania is geared to start producing internationally professional freight forwarders for the East African market after the introduction of the first East and Central Africa Fiata Diploma in international freight forwarding in its freight colleges.The course is validated by International Federation of Freight Forwarders Association (Fiata) and is recognized in all countries worldwide.Transport minister Dr Harisson Mwakyembe speaking at the launch of the course in Dar es Salaam said it will help upgrade technical skills and standards of freight forwarding industry in the region.“Technology has changed everything, as the fraternity you have to diversify efforts to enhance customers’ confidence … At this time, the need for education and training cannot be underestimated,” he said during the short ceremony organised by the Tanzania Freight Forwarders Association (TFFA) and sponsored by Ecobank Tanzania Limited.Read more
Mastercard, NMB announces partnership to roll out 1.5 million mastercard payment cards in Tanzania
 
MasterCard and National Microfinance Bank (NMB), Tanzania’s largest bank, has announced an issuance agreement to roll out 1.5 million MasterCard payment cards that will assist in reducing cash dependence and increase financial inclusion through the provision of electronic payments.“NMB Bank is committed to providing innovative solutions and banking services to individuals as well as small and medium sized businesses,” said Mark Weissing, National Microfinance Bank Chief Executive Officer. “We are pleased to work together with MasterCard, whose global payments technology and expertise will provide relevant payment products for our growing customer base.” “At NMB, we believe that it is important to anticipate our customers’ needs and wants, and reward them for their loyalty. We are thrilled to be the first bank in Tanzania to introduce this revolutionary rewards program that gives our affluent customers access to a wide range of priceless privileges,” said Weissing. Read more
ACACIA promises to restore harmony around it's north mara gold mine. 

Acacia, one of the major gold producers in the country has promised to restore harmony around its North Mara Gold Mine. It has pledged to restore harmony with all communities around its mine sites and cleanse a tarnished image created by the former owner.“I have witnessed many problems in my career with the company. But we have decided to open a new chapter after changing the name and leadership of the company,” The firm’s chief executive officer, Brack Godwin, said during the official inauguration of the new name.He said restoring peace with the communities around all its three mines would be its priority. Read more

 
Tax Appeals Board Restrains TRA On IPTL Shares Transfer
The Tax Revenue Appeals Board has temporarily restrained the Commissioner General of the Tanzania Revenue Authority (TRA) from withdrawing Capital Gain Certificates for transfer of shares in the Independent Power Tanzania Limited (IPTL) Company.Secretary to the Board Respicius Mwijage ordered that the 'the status quo' in respect of the matter should be maintained after considering brief submissions presented by Advocate Kay Mwesiga Felician for IPTL and Pan Africa Power Solutions Tanzania Limited (PAP)."It is apparent that the immediate intervention of this board is required. Therefore, the status quo be maintained; that the intended withdraw of the Capital Gain Certificate issued by (TRA) as per letter, and addressed the Registrar of Companies be stayed," he ruled. Read more
MFIC: Govt set to reopen embassy in Angola to boost business, economic relations
The government plans to reopen closed down embassy in Luanda, Angola, a move that will strengthen business and economic links as well as consolidate the friendly diplomatic relations between the two countries.This was revealed by Foreign Affairs and International Co-operation minister Bernard Membe at an occasion to mark the 39th anniversary of the independence of Angola.  “We intend to reopen the embassy there because we have seen how Angola’s economy has been growing at a reasonably high speed and the people’s wellbeing is improving after the more than two decades civil war,” he said.“We are still waiting for the response from Angolan government to hand over the building that is now used by Angolan citizens,” he said. Tanzania closed down a number of its embassies including that in Luanda, Angola, due to financial constraints. Read more
WWF: Nature management by villagers earns Tanzania $5 million
The World Wide Fund for Nature (WWF) has said Tanzania earned USD5m as a result of involving villagers in the management of nature in areas located around its reserves. Speaking in Morogoro, the WWF social services coordinator, Tanzania Chapter, Prof Hussein Sosovela, said it is therefore advisable for the government to involve the people in the conservation activities instead of doing the job itself.He said research has shown that most of the community reserves have been doing a better job because people were involved; hence the acts of poaching were minimal compared to reserves managed by the government.He said the said money was availed because of the great awareness of community in conservation activities provided by various organisation including WWF.“Despite the various challenges including poaching and poor management of the reserves, we have tried to educate people on the role of conservation for their development,” he added. Read more
New pact aims at improving services: NMB
The NMB Bank and Maxcom Tanzania signed a partnership agreement that will see the bank utilising the latter’s network popularly known as Max Malipo as agents.The agreement also means that NMB will also be available throughout all of Maxcom agents, according to a statement availed to The Citizen.“NMB customers will be able to conduct cash deposits and withdrawals, transfer money and utility bill payments…they will also be able to check mini-bank statements, transfer funds, pay for prepaid services, conduct balance enquiries as well as pay for goods and services through Max Malipo’s 10,000 agents countrywide,” the statement reads. NMB chief executive Mark Wiessing said the agreement puts the bank even more closer to its clients.He said the introduction of the service means that more people would access financial services close to them. Read more
Govt engages WB in drawing up plan on Islamic banking
The government has engaged the World Bank to provide consultancy in preparing a regulatory framework for operations of Islamic banking.The deputy governor of the Bank of Tanzania (administration and internal controls), Mr Juma Reli, told a seminar of stakeholders on Islamic banking that the World Bank was designing the framework to regulate such operations. “There are no regulations to monitor operations of Islamic banking. We are preparing the regulatory framework which will be ready within a short period of time. The World Bank has been engaged for that purpose.”He clarified that there were two options for that work: one being review of the Banking and Financial Institutions Act and the other one is to draft a bill on a new law to govern Islamic banking. Read more
Real Insurance Ties Knots With Kenyan Firm
REAL Insurance Company Tanzania is officially now part of Britam, a diversified financial services group in Kenya. This follows the successful completion of the acquisition process of Real Insurance Group by Britam in Kenya.REAL Insurance has been merged with Britam's existing general insurance division to create a stronger general insurance business that enjoys significant economies of scale as well as a stronger financial, technological and human capital base.Following the acquisition, Britam now has the largest geographical presence of any other insurer in the region, and has increased its market share to rank number two in the East African market on gross premium basis.The integration and merger process of the two businesses has been going on following the requisite approval from Kenya's regulator (Capital Markets Authority) and carried out by an integration team drawn from Britam and REAL, assisted in the exercise by international management McKinsey and Company as well as other consultants. Read more
CAPR Ms Rosalynn Mworia: Vodacom launches digital payment scheme
M-PESA, Vodacom Tanzania's flagship launched an online payment service through the web based platform of Vinjari which will allow local traders registered under Vinjari.co.tz to accept online payment for the purchase of services.The service allows travellers to book and pay for hotels, tour package and flights, Vodacom said in a statement issued in Dar es Salaam."Vinjari.co.tz platform has over 300 hotels and partners around the country and we only serve the travel industry under its portfolio.This launch is strategically in line with M-pesa online payments positioning and gearing up for the Festive 'Travel and shopping' season," Vodacom Tanzania's Head of Corporate Affairs & Public Relations, Ms Rosalynn Mworia, said at the launch of the service."The ability to conduct financial transaction using a mobile phone is now a vital part of life for millions of Tanzanians.Read more
PWC: Tanzania’s tax rates are among the highest in East Africa.
The situation that puts the country at a disadvantageous position in terms of revenue payment, a new report says.A report on Paying Taxes conducted by Pricewaterhouse Coopers (PwC) — a multinational professional services network — indicates that Tanzania’s total tax rates stand at 43.3 per cent.This is higher than Rwanda’s 33.5 per cent as well as 36.5 and 38.1 per cent for Uganda and Kenya respectively. Total taxes rate is the total amount of taxes payable by business (except for labour taxes) after accounting for deductions and exemptions as per cent of profit.In terms of number of payments, Tanzania has 49, Kenya has 30, Uganda has 31, Burundi has 25 and Rwanda has 17.While commending the changes in the pipeline that will help to make tax compliance easier, PwC’s David Tarimo notes in the report that Tanzania charges some of the taxes that are not applicable in other EAC member states. Read more
SUA: Youth need land allocating, loan lending body to employ themselves, says SUA don
Tanzania can easily make advancements in agriculture and livestock production once the government invests in youth by creating an organ that would allocate land and arrange for them to get loans from financial institutions, a senior lecturer at the Sokoine University of Agriculture (SUA) has said.Presenting paper at a workshop which discussed various challenges in employment and agriculture, Prof Damian Gabagambi said more efforts were needed to save the youths.The one-day workshop was organised by the Tanzania Agricultural Economics and Agribusiness Students Association (Tagresa) and attended by entrepreneurs, businessmen and lecturers from various higher learning institutions.Speaking, Prof Gabagambi said if youths who graduate from various colleges and universities decide to engage into agricultural and entrepreneurship activities they would help the government to fight the unemployment challenges hence improve their livelihood. Read more
JUMIA: Positive economic progress increases online retail deals
Thanks to the steady rising number of Internet users and the expanding smartphone penetration, the number of online retail platforms are on the rise in the country. JUMIA, an online retailer in Africa has announced its expansion to Tanzania following its recent successful launches in Cameroon and Uganda, a statement has said."Tanzanians will love our service and we are committed to deliver our products with the highest standards at any time.Now, everyone in Tanzania can just order with a few clicks online and our products will be delivered directly to the customer's doorstep," JUMIA Managing Director, Ms Christina Hawley said.An increasing Internet penetration rate, the rapid spread and accessibility of mobile technology, and recent improvements to ecommerce payments and delivery infrastructures on the continent have all been linked to the online retail boost. Read more
Exim bank's pre tax profit up by 9 percent
Exim Bank Group Pre Tax profit grew by 9 percent to Tshs 5.4 billion as per published results. “We are pleased to report good results,” said Issa Hamisi, Exim Bank acting Chief Finance Officer. “Strong top-line revenue growth reflects the success of the Bank’s highly diversified income streams. We continue to improve upon operational efficiency to optimize our customers’ satisfaction. Our Bank is continuing to move in the right direction. We are making progress towards fulfilling our ambitions. Our Q3 results show that we have continued with an excellent performance,” he added.Net interest income, grew by 19 percent to Tshs 14.2 billion. The improvement was driven by an efficient balance sheet Management. The Loan book recorded a growth by 12 percent from the same period to Tshs 583 billion. Read more
Zanzibar records an overall deficit of 5.4bn/- in its budgetary operations, says BoT
The  budgetary operations of the revolutionary government  of Zanzibar  has recorded an overall deficit of 5.4bn/- which was financed by external sources, the  Bank of Tanzania (BoT) has said in its economic review.According to review, the total resources amounted to 34.6bn/- , out of which 91.9 percent was domestic revenue and the balance was grants.Total expenditure was 41.2bn/- , revenue collection was 31.8bn/-, below the target by 3.7 percent. Tax revenue amounted to 29.8bn/- and was 3.6 percent below the target.In terms of contribution to total revenue, VAT and excise duties on local goods accounted for the largest share, followed by tax on imports. During the review, total expenditure by the Government was 41.2bn/- Recurrent expenditure amounted to 30 .8bn/-, and was 4.9 percent below the estimate.The review said development expenditure was 10.4bn/- , out of which foreign funding accounted for 52.9 percent. Read more
Airtel introduces lowest international call tariff
Bharti Airtel announced the launch of an offer that will allow its customers across Tanzania to make international calls at the most competitive rates. The new offer makes Airtel Tanzania one of the most affordable and quality service providers in the country.Airtel Tanzania managing irector Sunil Colaso said: “After the successful launch of Airtel Yatosha, we are once again introducing affordable communication services that will connect Tanzania to the world at the most competitive rates. For as lowest as 3,000 shillings, Airtel customers will be able to call India 24 hours 7 days a week. The new international calling offer will provide our customers with 25 minutes bundle at a fixed price.” Read more
TPSF: Group to ease acquisition of building permits
Solutions to problems facing people to obtain construction permits on time got momentum after the establishment of a private sector-led Working Group on Construction Permits.The initiative undertaken by Tanzania Private Sector Foundation (TPSF) seeks to make it easier for both local, foreign investors and individuals to get construction permits when in need to undertake various projects in the country.TPSF executive director Godfrey Simbeye said during the formation of the team in Dar es Salaam that the Working Group also seeks to implement and support the Government Roadmap on Improvement of the Investment Climate in Tanzania which is an expansive programme encompassing business related regulatory regime reforms across the country.“Construction permits are among areas that should be dealt with if the country want to prosper,” he said, adding that the private sector has a big role in that process.Mr Simbeye said that the Working Group will thoroughly seek ways to improve issuing of construction permits in Tanzania and present recommendations to the government.Read more
SMEs to benefit from lending drive: StanChart
Dar es Salaam. Standard Chartered Bank Tanzania has commenced a campaign to empower small and medium-sized entrepreneurs (SMEs) to promote the country’s economy.The campaign, which will see the Bank’s SME customers enjoying reduced rates to key transactions within the SME sector.In a press release issued by the Bank, the bank’s Head of the SME segment, Amin Merchant, said customers will benefit from reduced charges on telegraphic transfers, popularly known as TTs, as well as a fifty per cent reduction on payroll services.He also added that another significant feature of the campaign is that the Bank’s customers will not be charged maintenance fees for the duration of the campaign. ‘This exciting campaign is part of Standard Chartered Banks Global digitisation agenda’. Said Mr Merchant in the press release.Mr Merchant explained that Straight2Bank and digitisation is the future of banking. Read more
AIM: Dar traders advised to learn to manage risk
Small and Medium Entreprises (SMEs) have been advised to invest in profitable businesses only after undertaking a detailed evaluation of risks and available profit opportunities.The UK-based expert, said SMEs in the country should be cautious in decision-making to ensure areas of investment leads to prosperity.“Bring to the market companies that gives you profit…You are supposed to make quality judgment in areas of investment of your preferences,” he said.Mr Brickless said AIM has raised over $100 billion for companies in the UK since its inception listing about 3,382 companies, 589 of which are international saying the country was on the right track, having registered commendable business achievements through SMEs.According to him, prosperity of most SMEs is limited due inadequate funding, adding that AIM was expected to help bridge the existing funding gap and enable local businessperson to prosper. Read more
ABG changes it's 
corporate
 name to Accacia Pls  
African Barrick Gold plc (ABG) has announced that it has changed its corporate name to Acacia Mining plc. This change is part of a larger rebranding effort to reflect its new business approach and strategy. The rebranding to Acacia Mining plc comes after the Company’s shareholders voted in favor of the move.The tree on which the new name is based is seen as an iconic part of the African landscape and highlights that its sole focus is on Africa. In addition, the company has maintained the African globe in its logo to emphasize its commitment to the continent. The ABG Maendeleo Fund will also be known as the Acacia Maendeleo Fund.Read more
Airtel, UBA launch new mobile financial services
Bharti Airtel is partnering with United Bank for Africa (UBA) to provide mobile-based financial services in Tanzania and across African continent through Airtel Money. Under the Memorandum of Understanding (MOU) that was signed over the weekend, both companies will expand the range of innovative financial services to their customers in the 12 countries, where they are both present within Africa which include Nigeria, Ghana, Burkina Faso, Sierra Leone, Gabon, Kenya, Uganda, Tanzania, Chad and Zambia, Congo Brazzaville and Congo DRC. Read more
Stanbic back in black in Tanzania
Stanbic Bank’s operations in Tanzania have returned to profit following a tough year in which it was hit by rising bad debt after venturing into higher-risk market segments.The bank is now poised to cash in on the opportunities offered by the discovery of extensive natural gas reserves, the infrastructure boom and growth in telecommunications in the country, CEO Ken Cockerill said.Tanzania’s banking sector is expected to show strong growth in the next few years, according to an Ern st & Young report on the East African banking sector. Banking assets grew twice as fast as gross domestic product (GDP) in Tanzania , according to EY. Read more
TBS Conformity Assessment Process Feasible
Tanzania Bureau of Standards (TBS) conformity assessment process on export and import procedures has proved feasible based on international agreements on international trade and the Standards Act.The procedures are divided into two areas which are pre-shipment verification of conformity to standards (PVoC) or Destination Inspection (DI) and product certification.TBS Director of Quality Management, Eng. Tumaini Mtitu, says PVoC is a conformity assessment process used to verify that imported products are in conformity with requirements of applicable standards before shipment to a destination country.She says three contractors, namely Bureau Veritas of France, Intertek of United Kingdom and SGS of Switzerland implement the programme abroad on behalf of TBS, under a contract secured under a rigorous tendering process. Read more
KPMG: Businesses optimistic about the future of EA integration
Businesses in Kenya and Tanzania are optimistic that the Eat African Integration (EAC) will have a positive impact on their enterprises.Presenting a KPMG report on Top 100 Mid-Sized Companies Research Solutions Africa managing director Jasper Grosskurth, said that more than 90 per cent of the 200 surveyed companies are confident that the integration offers a good future for business growth.Nine out of every ten surveyed companies in Tanzania strongly support the integration while in Kenya the confidence is much higher.The survey also reveals that employment level has increased significantly among Small and Medium-sized companies.SMEs, according to Mr Grosskurth, recorded more than 30 per cent in employment making it a big contributor to the country’s economic development.“Mid-sized companies are more bullish about their businesses, they believe their businesses will grow significantly and do better than the economy,” said Mr Grosskurth. Read more
Coca cola: Merger forms Africa’s biggest bottler
Three beverage firms across 12 countries in Southern and Eastern Africa  inked a deal that seeks to merge their operations and create a formidable bottling operation that should boast of pro forma annual revenues of $2.9 billion.The Coca-Cola Company, SABMiller plc and Gutsche Family Investments (GFI) owns a controlling stake in Coca-Cola Sabco) have agreed to combine the bottling operations of their non-alcoholic ready-to-drink beverages businesses in the country that account for approximately 40 per cent of all Coca-Cola beverage volumes in Africa.The new bottler, Coca-Cola Beverages Africa, will serve 12 high-growth countries – including in Tanzania - accounting for approximately 40 per cent of all Coca-Cola beverage volumes in Africa.A statement made available to The Citizen shows that the merger will create an outfit of over 30 bottling plants and over 14,000 employees. Read more
Tigo Pesa returns U.S $1.8 million to customers 
Tigo has announced the first of its regular quarterly payments worth TZshs 3 billion (US $ 1.8 million) to Tigo Pesa users.The payment comes after the company paid another profit of TZshs 14.25 billion (US $ 8.64 million) accumulated in the Tigo Pesa Trust Account to become the first mobile money service in the world to pay profit to its users. Tigo Pesa has a subscriber base of 3.6 million customers.Diego Gutierrez, GM, Tigo said: "This second round of profit disbursement shows the company's continued commitment to benefit and improve the lives of Tanzanians. The payment goes to all Tigo Pesa users including super agents, retail agents and individual users of the service." Read more
SCB: Shilling woes continue, outlook gloomy
There is no reprieve for the shilling yet as it continued with its downward trend against the US dollars due to increased demand for the greenback exacerbated by its meagre inflows.The shilling lost ground against all major currencies, a trend that was observed. The Bank of Tanzania (BoT) indicative foreign exchange market rates showed the US dollar was sold at 1717.61 and bought 1734.79.The NMB Bank quoted the shilling at 1676/1803, compared with 1674/1801 and 1672/1799.It traded on the same level with the US dollar. According to Standard Chartered Bank daily market commentary, the shilling closed as inflows were just sufficient to cover demand in the market. Read more
NBS touts open data system to enhance transparency in govt
The National Bureau of Statistics (NBS) Director of Population and Social Statistics, Mr Ephraim Kwesigabo, has said that availability of an open data system in the country was important in increasing government transparency and involvement of the people in the execution of government activities.Addressing a press conference in Dar es Salaam, Mr Kwesigabo said any country with an open data system which is free for use, reuse and distribution to every citizen helped in increasing accountability and transparency, which were essential pillars in running a government.He said in recognizing the importance of an open data system each Africa country celebrated Statistical Day with the aim of honouring the role of statistics in bringing social-economic development of the continent. Read more
Amana bank to open seven new branches in various regions
Amana Bank has announced plans to open seven new branches in various regions as Tanzania’s first fully-Sharia compliant financial entity seeks to cement its presence in the country.“Our plan is to go to Morogoro, Mtwara, Iringa, Mbeya as well as Pemba and Unguja. The target is to cover the whole country in future. Under our strategic plan, the number of bank branches would increase to 13 from the six,” Amana Bank Managing Director, Idris Rashidi said.Four of its current branches are in Dar es Salaam while Mwanza and Arusha have one each. Amana Bank has increased its customers’ deposits to Tshs 96 billion and issued loans totaling Tshs 67 billion. “We hope to expand our products to cover housing loans as well as supporting small-scale agriculture,” he said.The plan is to reach a breakeven point and start making profits. Read more
PAC: Billions lost in unpaid taxes
The transfer of monies from the Tegeta escrow account from the Bank of Tanzania (BoT) to Pan African Power Solutions (PAP) subjected the state to revenue losses through failure to pay taxes and document forgery.The Public Accounts Committee (PAC) report tabled in Parliament on the Tegeta escrow account scandal noted that the entire process from the transfer of money from Bank of Tanzania (BoT), to Pan African Power Solutions (PAP) and, VIP Engineering and Marketing Ltd and some leaders was characterized by corruption and money laundering.Tabling the report, the Committee's Chairman Mr Zitto Kabwe, said the committee also found legal loopholes in the transfer of shares of Mechmar to Piper Link and subsequently from Piper Links to PAP."The loopholes we found make the entire process lack legal legitimacy," he said, adding, more, even if this process had had legal legitimacy, it should have followed tax laws of the country." Read more
Richland Resources: Tanzanite Production Hit By Illegal Mining
Tanzanite output fell, as it continued to be hurt by illegal mining, the investing company, Richland Resources has said. Tanzanite is a rare blue, violet gemstone still found only in the Mererani Hills in northern Tanzania. The company which operates in Tanzania through its wholly owned subsidiary, Tanzanite One Mining Ltd, said illegal mining of the gemstone had reduced the quality and value of its production and forced the company to try and optimise a smaller working area. Richland said tanzanite production totalled 622,551 carats, down from 810,347 carats.It said it achieved an average grade of 110 carats per tonne, which it said is slightly more than the 108 carats per tonne it achieved."The quality of the tanzanite produced remained low due to the continuing lack of available high-quality production areas accessible for mining by Tanzanite One Mining as a direct result of continued illegal mining activities, or the damaged caused by the illegal mining in the Block C licence area," the company said. Read more
DMTIT: Cement output set to double soon
Tanzania expects to double its cement production as new factories come on-stream to satisfy growing demand from the construction sector, Deputy Minister for Industry and Trade, Janet Mbene has said.She said in Parliament that annual cement production will rise to 6 million tonnes as seven new factories start operations.Cement consumption is viewed as a barometer for construction activity, which is one of the main drivers of economic growth in the country.Tanzania's cement output rose 18.9 per cent to slightly above 3 million tonnes on the back of higher demand. Mbene said the rise in output would mean Tanzania would produce a surplus to be exported.Cement makers operating in the country include Tanzania Portland Cement, which is 69.3 per cent owned by a subsidiary of Germany's Heidelberg Cement AG ; Tanga Cement, 62.5 per cent owned by Afrisam Mauritius Investment Holdings Limited; and Mbeya Cement, 62.76 per cent owned by France's Lafarge SA.Read more
BOT: Commercial Lenders Shun Agricultural Sector
AGgriculture remains less attractive sector for commercial lenders, the Bank of Tanzania (BoT) economic review shows.The agriculture sector is regarded as unsafe by most commercial banks to lend. But any little investment to the agriculture sector would bring huge impact because it employs around 70 per cent of the population.The BoT report shows that the share of credit to agriculture slightly decreased to 8.9 per cent from 9.2 per cent recorded and 10.8 per cent.But the annual growth of the bank's credit to agriculture was 0.7 per cent, down from 2 per cent and 1.3 per cent in the corresponding period.As many farmers fail to access finance, output and quality of produce remain low and they end up selling unprocessed agroproducts, thus earning low prices.Losses too, are sometimes high especially for perishable crops as they may not be stored for a long time in their raw form, due to absence of storage facilities that could have been procured through loan accessed from commercial banks. Read more
Amana Bank: Sharia-compliant bank aims higher
Amana Bank will open seven new branches in various regions  as Tanzania’s first fully-Sharia compliant financial entity seeks to cement its presence in the country.Managing director Idris Rashidi said in the city that under its strategic plan, the number of bank branches would increase to 13 from the six.Four of its branches are in Dar es Salaam while Mwanza and Arusha have one each.“Our plan is to go to Morogoro, Mtwara, Iringa, Mbeya as well as Pemba and Unguja. The target is to cover the whole country in future,” he said in Dar es Salaam at a press conference that sought to highlight what the bank has achieved out of operations. Amana Bank has increased its customers’ deposits to Sh96 billion and issued loans totalling Sh67 billion. “We hope to expand our products to cover housing loans as well as supporting small-scale agriculture,” he said. Read more
BoT reduces banks' reserve ratios
The Bank of Tanzania (BoT) intends to cut down the statutory minimum reserve that local commercial banks deposit with the central bank to allow the financial institutions extend more grants to peasants.The Central Bank Governor, Professor Benno Ndulu, said here that the reserve requirement (or cash reserve ratio) that commercial banks in the country will be depositing at BoT will be reduced from 10 per cent down to 8 per cent."We figure that with extra 2 per cent at their disposal, all commercial banks in the country will be in better position to issue more and better loan packages to local farmers," Prof Ndulu stated during the official closing of the 17th Conference of Financial Institutions (COFI) at the Arusha International Conference Centre (AICC).One of the Bank of Tanzania (BoT) regulations sets the minimum fraction of 10 per cent of customer deposits and notes that each commercial bank must hold as reserves (rather than lend out). Read more

DSE: Dar Bourse Regains Bull Run
Equity markets traded at Dar es Salaam Stock Exchange (DSE) was relatively high, with activity in ten equities resulting in a turnover of 6.34bn/- compared to 2.54bn/- posted.According to Zan Securities Limited Market Wrap ups, the trading volume was running about 65 percent below volume.The Industrial and Allied Sector was the most traded, with Tanga Cement Ltd (SIMBA) emerging as the most traded equity, contributing more than 88 per cent of total turnover. Four counters recorded a price appreciation in local listed companies.Three top gainers were TOL, SIMBA and DCB for 10 percent, 8.22 percent and 4.76 percent respectively. On the other hand, SWALA, TBL and CRDB were on the list of top losers by 200/-, 510/- and 10/- respectively. Read more
RBOs: Regional Business Barriers - Unlocking Economic Potential in Southern Africa
The RBOs and their members were first involved to determine the major obstacles they faced in doing business regionally; while the next objective was to try to involve these businesses in advocacy processes which had the ultimate effect of eliminating, or at least reducing business obstacles in the SADC region. Through this collection of case studies, GIZ GmbH and SAIIA aim to provide concrete examples of constraints to doing business in the region, as well as potential solutions.The overall objective of the research is to reduce these business constraints by facilitating a dialogue in the SADC region on how to remove these barriers. This will allow the private sector to take advantage of the opportunities that offered by regional integration.The case considering Access to and Cost of Finance in Agriculture saw the involvement of several development finance institutions and international cooperating partners.This ground-breaking public-private sector dialogue used the opportunity to bring together two business sectors, agricultural traders and financial services providers, to bring to closer alignment differing perspectives on financing for agriculture in Malawi - although there were lessons for most SADC countries. Read more
'Lumbesa' denying Iringa, Njombe farmers 14bn/-, says TCCIA
Farmers in Iringa and Njombe regions lose at least 14bn/- through the use of sub standard scales in measuring goods. This was said by Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) Lucas Mwakabungu at a regional stakeholders’ meeting which convened to discuss the Weights and Measures Act. Mwakabungu said TCCIA has been conducting meetings in different phases under the sponsorship of Best-AC and have been making serious follow ups on the law, eventually deciding to have it amended so as to check traders who use fake scales. Read more 
Royal Philips: Two Dutch firms due to produce energy-efficient stoves for rural Tanzania
Two Dutch organizations -- Royal Philips and the SNV Netherlands Development Organisation have partnered to improve access to clean cooking solutions in Africa by introducing efficient household stoves to rural communities in the continent and Tanzania in particular. The partnership aims to improve the health, well-being and income of rural populations while having a direct positive impact on the environment and will include research, community education and access to financing for adopting clean cooking technologies. Read more 
MOFAIC: Tanzania and China friendship promotion association re-launched
The Tanzania, China friendship promotion society, which is an NGO and a non-political association was re-launched in Dar es Salaam. Speaking during the launching ceremony, Foreign Affairs and International Cooperation minister Bernard Membe requested members from China to convince their government to bring one of their airlines to Tanzania.“Your newly re-launched friendship needs to be cemented by aircraft transportation directly from China to Dar es Salaam,” he said, adding that there are many Tanzanian businesspeople doing business in Guangzho, China. Read more 
BMTL: New safe deposit tech to curb burglaries in baking institutions
Using the latest technology security features in safe deposit box could help banks, saving institutions and credit unions prevent or slow down burglary.This was unveiled by the Business Machines Tanzania Limited (BMTL) Accounts Manager Zackaria Kinyula in an event to update their customers on the existing safety deposit equipment.“The most likely causes of financial crimes are weak or inadequate financial crime controls, and the diversity of products which are not matched with robust controls mechanisms,” he said, adding that BMTL has always worked closely with financial institutions to ensure maximum safety of the deposits.According to a  report by Deloitte, the rates of bribery and other forms of kickbacks, as well as fraudulent insurance claims, cybercrime and cash theft were high in the country compared with the rest of the East African Community members, excluding Kenya.Across the region, perpetration of financial crimes commonly involves a combination of internal and external parties through collusion, which has perpetually proven to be effective at compromising internal controls. Read more
BoT: Rural financial markets characterised by decreasing availability of finances
The state of rural financial markets in Tanzania is characterised by low and decreasing availability of financing for both agricultural and non-agricultural activities.This was said by the Bank of Tanzania (BoT) Deputy Governor, Juma Reli, when inaugurating rural and microfinance conference, which was opened at the BoT conference hall in Dar es Salaam.“Accelerating rural and agricultural financial inclusion in Tanzania: Where are we,” he said He told the participants in the conference, organised by Tanzania Association of Microfinance Institutions (TAMFI) in collaboration with Marketing Infrastructure, Value Addition and Rural Finance Support Programme (MIVARF), that Tanzania’s rural areas are characterised by a paucity of viable financial institutions.“Our rural areas are characterised by a paucity of viable financial institutions and by lack of variety, breadth and range of financial services available .… There is also very limited access to long-term financing needed for agriculture, land and other rural enterprises,” he noted. Read more
MFAIC: Tanzania and China friendship promotion association re-launched
The Tanzania, China friendship promotion society, which is an NGO and a non-political association was re-launched in Dar es Salaam.Speaking during the launching ceremony, Foreign Affairs and International Cooperation minister Bernard Membe requested members from China to convince their government to bring one of their airlines to Tanzania.“Your newly re-launched friendship needs to be cemented by aircraft transportation directly from China to Dar es Salaam,” he said, adding that there are many Tanzanian businesspeople doing business in Guangzho, China. Membe further said that Tanzania being a vital hub of landlocked African countries: “We have observed that there are many businesspeople from countries like Congo DR, Zambia and Zimbabwe who travel to Guangzho, China through Dar. So having a direct Chinese airline flying from China to Dar would be a huge promotion for these two countries,” he urged. Read more
MOLFD: Boost dairy industry with affordable loans, minister tells banks
Livestock and Fisheries Development minister Titus Kamani has called upon financial institutions to help the sector with loans that can help turnaround pastoralists’ incomes.Dr Kamani made in the remarks in Dar es Salaam when he received representatives from Covenant Bank.Covenant Bank delivered 83 dairy cows worth a total of Sh208 million to Somangira Livestock Keeping Group of Dar es Salaam’s Kigamboni area.And Dr Kamani hailed the bank saying any move to support dairy farming would uplift livelihoods of at least 40 per cent of Tanzania’s population who depend on the sector. “This is the kind of financial support that has been lacking in the country. I am certain it will go a long way into supporting small scale farmers, most of whom are those that have never accessed loans before,” he said.   Pastoralists account for at least 40 per cent of Tanzania’s population.Read more
CBA: Bank pledges Sh150bn loans
The Commercial Bank of Africa (CBA) will lend Sh150 billion more to its customers as the financial entity wants to meet the growing demand for loans across a spectrum of clients.The bank plans to issue loans amounting to Sh250 billion but its chief executive officer, Julius Mcharo, said in the city, it will lend a total of Sh400 billion, bringing a ray of hope in a country where access to finance is a major obstacle to growth of enterprises.“The allocation targets corporate, individual and Small and Medium Enterprises (SMEs),” Mr Mcharo told clients who are served by the bank’s Kariakoo branch.To source the money, CBA will undertake various strategies aimed at increasing its customer deposit portfolio. It will also acquire loans from its own sources to boost its capacity for issuance of such loans. Read more
CMFMEM: Gemstone dealers in Tanzania are under the spotlight.
This overall effect of these huge differences is that Tanzania is denied a big portion of its fair share of the Tanzanite gemstone.The revelation alleges that the routes being used by the unscrupulous dealers is Kenya (Nairobi) and India (Mumbai and Jaipur) while originating from Arusha. The rare gemstone is mined in Mirerani hills in Tanzania.Eng. Paul Masanja, Commissioner for Minerals in the Ministry of Energy and Minerals, said Kenya imports Tanzanite valued at 100 million US dollars while India documents annual imports of the blue gemstone worth 300 million US dollars.The minerals commissioner was speaking at the ongoing Arusha Gem Fair  which has attracted over hundred participants from around the world, among them 61 exhibitors and 69 firms.Official export figures for Tanzanite in Tanzania ropes in 38 million US dollars per annum. Read more
MOEM: Tanga gemstone miners reap profit from Arusha exhibition
Small scale gemstone miners in Tanga Region who operate along Umba River have commended efforts by the Ministry of Energy and Minerals to organise an international exhibition on gemstones in Arusha which many of them took part. The exhibitions which were conducted at Mount Meru Hotel commenced and included gemstone miners in the basin famous for the production of various gemstones including ruby, sapphire, tourmarine, garnet, zircon and others.The Head of Umba Gems Miners group, Quresh Delaware, said that apart from the direct benefits accruing from gemstone production the group also gained a lot from the event whereby it met with international buyers of the products.“To us the occasion was like a dream and we ask gemstone miners from other parts of the country to also take part in such educative exhibitions,” he said.He said their group was impressed with the arrangement put in place by the ministry for them to sell their products openly during the exhibitions which made them realise reasonable profit as the government realised its royalties and revenue from export permits. Read more
TFC outlines procedures of buying shares for new Coop bank
The Tanzania Federation of Cooperatives (TFC) executive secretary Willigis O. Mbogoro has outlined procedures that would be followed by members and businesses to purchase shares for the establishment of the Cooperatives Bank.Speaking to The Guardian, he said, the shares will be brought at all NMB bank branches. One share will be valued at 1000/-, he said, adding that individual members will be required to purchase at least 10 shares (10,000/). On the other hand, cooperative societies will be required to buy not less than 5,000 shares (whose value is 5m/-).As for cooperative unions, they will be required to buy not less than 20,000 shares whose value will be 20m/-, he said.He said the money accrued from the purchase of shares would be used to open up new bank branches in every zone.” Read more
BoT: Expand financial services to fight poverty
Tanzania’s living in rural areas lack access to financial services for both agricultural and non-agricultural activities, a situation that depresses the rate of growth in the areas where over 75 per cent of the population lives.The Bank of Tanzania Deputy Governor Juma Reli said in the city that the weak rural financial markets have created traps which reproduce poverty over time.“This then distorts the income distribution in rural areas…. There is also very limited access to long-term financing needed for agriculture, land and other rural enterprises,” he told participants to a conference on ways of accelerating rural agricultural financial inclusion in Tanzania. Read more
Arusha traders count losses after night fire razes stalls
Fire gutted artworks valued at billions of shillings at Maasai Market which is situated at the Chama Cha Mapinduzi district headquarters in Arusha.The market accommodated about 200 stalls laden with cultural commodities ranging from clothes to shoes and carvings.Attempts by owners of the stalls to save some of their commodities proved futile following hooligans disappearing in darkness with goods they had saved.One of the owners of the stalls, Mr Bariki Ngowo, lamented that he had just secured a commercial bank loan he spent on buying the cultural goods ahead of Christmas only to see them reduced to ashes.The secretary of the market, Mr Mussa Kalulu, narrated that they had closed their stalls and went home, but shortly thereafter he received a call informing him of the inferno.
“Much as the market was not connected to electricity, we’re surprised what could have caused the fire. But some eyewitnesses said it started behind the market,” he said. Read more
MOIT: Call for Increased Investment in Industries
Investing in proper technology and creativity in the manufacturing sector value chain could bring about fundamental change towards economic growth, the Minster of Industry and Trade, Dr Abdallah Kigoda, said at the climax of Africa Industrialisation Day."The resources deployed for enhancing technological use in value addition in most African countries and creativity that plays crucial role for the products to sustain stiff market competitions remain unimpressive," he told entrepreneurs at the Sabasaba Grounds along Kilwa Road in Dar es Salaam.The commemoration of the 25th Africa Industrialisation Day was preceded by special exhibitions by small and medium entrepreneurs at the Sabasaba Grounds showcasing range of locally produced goods.Dr Kigoda said, the country was almost at the same level of industrialisation with most Asian countries but after making a serious investments, the industry sector value to the economy has shot to over 80 per cent compared to an average of 10 per cent in Tanzania.Read more
TCCIA: India, Tanzania trade imbalance worrisome
The private sector should champion efforts to bridge huge trade deficit between Tanzania and India and change the current trend of exporting raw crops which is not helping local manufacturing base to grow, a local business leader has appealed.The President of the Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA), Mr Peter Chisawilo, said in Dar es Salaam that trade between Tanzania and India showed impressive growth, but it was in favour of the Asian powerhouse and not helping much the local manufacturing sector."We were amused when we were told India is the largest exporter of tanzanite," Mr Chisawilo told members of local and Indian business community at a seminar on business and investment opportunities in India.Tanzanite is mined in Tanzania but a huge amount from small scale miners is exported in raw form for processing in India and Kenya. The Asian country is the largest exporter of the gemstones followed by Kenya and Tanzania. Read more
MOF: Ministry directs TRA to work on hitches in customs clearance system
The Ministry of Finance has directed the Commissioner General of Tanzania Revenue Authority (TRA) to work on all challenges facing the new custom clearance system introduced at the Dar es Salaam Port, the Parliament was told.This was said by the Deputy Minister for Finance, Mr Adam Malima, when responding to a supplementary question by Murtaza Mangungu, Kilwa North Legislator (CCM).The Member of Parliament said there have been various concerns from business people regarding the efficiency of the new system which is known as Tanzania Custom Integrated System (TANCIS).He noted that some business people had raised concern that when they approach the authority in following up their business engagements, TRA officials say that the system is down or not working properly hence led to unnecessary costs and is cumbersome to businessmen, why don't you work on it, he said.Responding, Deputy Minister Malima, said: The Commissioner General of TRA in collaboration with port authorities will work on the challenges to improve efficiency. He said the Tanzania Custom Integrated System has replaced the old system dubbed ASYCUDA++. Read more
TIB: Tanzania shilling strengthens
The shilling is seen stronger on expected hard currency inflows from companies converting dollars to pay salaries and taxes in the local currency.Commercial banks in Tanzania quoted the shilling unchanged at 1,730/1,740 to the dollar. TIB Development Bank dealer, Theopistar Mnale, said other than those inflows, "the central bank had been intervening by selling dollars to the market to try to prevent the local currency from further depreciation."Market participants expected the shilling to trade in the 1,720-1,730 range.The Bank of Tanzania said it had traded $29.75 million on the interbank foreign exchange market this week. Read more
EIU: Tanzania leads Africa in financial inclusion
Tanzania is the first country in Sub-Saharan Africa and ninth globally for demonstrating most conducive environments for financial inclusion, according to the new Global Microscope by The Economist Intelligence Unit.The new study released shows the country has been outstanding in the region in financial inclusion and the regulatory framework has noted to be the most prudent.It reveals that in Tanzania the regulatory framework for financial inclusion has become increasingly forward looking and it recognises the Governor of the Bank of Tanzania (BoT), Prof Benno Ndulu as its strong proponent.According to the study, the country is ahead of others in financial services deepening as a wide range of institutions including banks, non-bank financial institutions (NBFIs), businesses and non-governmental organisations (NGOs) reach out to traditionally underserved populations through non-traditional channels to expand financial offerings.Read more
DMOF: More people use mobile money transfer services, bunge told
A study conducted by FinScope Institution has shown a significant increase in use of mobile phones to send and receive money, the government noted.Deputy Minister for Finance Mr Mwigulu Nchemba said the study conducted by FinScope Institute shows that, money transaction using mobile phones in Tanzania Mainland was 43.5 per cent compared to 6.7 per cent, an increase of 37 per cent.Mr Nchemba said the study showed the in the Isles there was a 19.3 per cent increase to 25.5 per cent from 6.2 per.Mr Nchemba said comparison between towns and villages, the study showed that there was an increase from 6.1 per cent to 38.7 per cent in rural parts of the country and from 8.2 per cent to 61.4 in towns. Read more
BOT: Pension funds increase confidence over long-term government securities
Investors’ appetite for long-term government securities was high, resulting in a 19.8 percent oversubscription of the Treasury bonds (T-bonds).The T-bond was oversubscribed by Tshs 11.87 billion on the back of increased competition among pension funds.BOT Domestic Market Assistant Manager, Felix Ngosha said that the oversubscription was a result of increased confidence from pension funds.“The oversubscription is largely contributed by investors’ appetite for long-term, risk-free investments characterized by better yields,” said Mr. Ngosha. According to Mr.  Ngosha, more than 75 percent of the participants in the T-bond auction were from pension funds. “Institutions like NSSF, Unit Trust and LAPF participated in the Treasury bond.”He also said the recently observed decreasing speed of inflation warranted further investment on the government papers among companies. That also signified improving liquidity in the economy. Read more
DMOF: Govt revokes sugar importers' licences
The government has revoked licences of sugar importers who do not pay taxes, the National Assembly was told. The move is being coupled with efforts to curb those who import the commodity through unofficial routes.This was said in Parliament by the Deputy Minister for Finance, Mr Mwigulu Nchemba when responding to a question from Konde Member of Parliament, Khatib Said Haji who wanted to know who was giving licences to importers who were not paying taxes. The MP had said that such moves would strangle efficiency of local factories.He said that one of the areas making the government miss revenues is the importation of sugar by traders who don't pay taxes. He also wanted to know what steps were being taken by the government to curb illegal importation of sugar. Read more
MEAC: Dar es Salaam. Africa will launch its largest free trade area (FTA).
Encompassing member states of the East African Community (EAC), Common Market for Eastern and Southern Africa (Comesa) and Southern African Development Community (Sadc), the FTA will create a market of over 800 million people in 26 countries from Cape Town to Cairo.The ministry of East African Cooperation said here that the EAC, Comesa, Sadc FTA would be signed by the heads of state from the 26 countries during their summit in Egypt.The FTA is seen as a solution to the problem of overlapping memberships among the 26 countries.The EAC which is already a common market, has four member states in Comesa and one member — Tanzania— is in Sadc. Five of the Sadc partner states are members of the Southern African Customs Union. Ten countries in the region are already members of customs unions. Read more
PSMEAC: Tanzania's trade share in EAC increases
Tanzania's share of intra-regional trade in East African Community region has increased from 15 per cent to 26 per cent grossing over 1.5 billion US dollars, the government has said.The Permanent Secretary at Ministry of East African Cooperation, Joyce Mapunjo, told reporters in Dar es Salaam that the country's trade volume was only second to Kenya in the EAC region.Ms Mapunjo who was speaking to journalist on the forthcoming 16th EAC Summit due to be held in Kenyan capital, Nairobi, pointed out that the country's exports include manufactured goods."We are exporting steel bars, cooking oil, cement and textiles," she pointed out while stressing that EAC intraregional trade has increased from 317 million US dollars to over 1.5 billion US dollars. Read more
TBL Posts Half-Year Sh149.24 Billion Operating Profit
Tanzania Breweries Limited (TBL) registered  operating profit of 149.24bn/- for the period, which the firm's Managing Director, Mr Roberto Jarrin, described as "satisfactory despite challenging market conditions."In a published statement, Mr Jarrin noted that the performance reflected a rise of 17 per cent compared to the firm's performance. TBL is a subsidiary of SABMiller, one of the world's largest brewers with interests in over 60 countries across six continents. TBL is listed on the Dar es Salaam Stock Exchange (DSE) and its shares were trading at 15,500/-. SABMiller is listed on the London and Johannesburg stock exchanges. Read more
ISID: Industrialisation to Transform Africa
As Tanzania joins the rest in the continent to mark Africa Industrialisation Day, agriculture has been singled out as essential to Africa's long-term and sustainable economic growth and a solution to some of the continent's most pressing challenges, such as youth employment and climate change.Africa industrialisation day is an annual event celebrated to showcase relevant actions and success stories that promote Africa's industrial development.The event will take place under the theme "Inclusive and sustainable industrial development (ISID): Agro-industrial development for food security."Also, African Union was designated as the year of Agriculture and Food Security, while the UN General Assembly has declared as the International Year of Family Farming. Read more
BOT: Investors’ appetite for securities up
Investors’ appetite for long-term government securities, resulting in a 19.8 per cent oversubscription of the Treasury bonds (T-bonds).The T-bond was oversubscribed by Sh11.87 billion on the back of increased competition among pension funds.The Bank of Tanzania (BoT) offered Sh60 billion to be returned but investors’ bids were worth Sh71.9 billion.The bank, however, accepted bids worth Sh66.64 billion, 11 per cent more than what it offered.Thirty-two bids were received but only 29 were accepted. BoT domestic market assistant manager Felix Ngosha told The Citizen that the oversubscription was a result of increased confidence from pension funds. Read more
PSMOIT: Govt to launch commodity exchange market in 2016
In a move to reduce transaction costs and access to crops market information, the government has said it will officially open the commodity exchange market. In a phone interview, the Permanent Secretary Ministry of Industry and Trade Uledi Musa told The Guardian that the minister cabinet had approved it. According to the permanent secretary, the market will be centered at LAPF building, Makumbusho in Dar es Salaam.He said the ongoing Parliament session taking place in Dodoma will review the bill and finally enact a law that will establish it.The Permanent Secretary further said the consultants within the ministry are also on the final stages to list out crops that will be given priority in the market besides food crops,” he said.  He, however, noted that initially, the market consultants had listed only cash crops bought using warehouse receipts adding that other crops would follow later. Read more
KBR: Cross-border credit information sharing underway
Plans are underway for commercial banks within the EAC to start sharing credit information on borrowers. Part of the ongoing exercise, according to the Kenyan banking regulator, is to harmonize the legal and regulatory frameworks with the intention of ensuring that the planned cross-border credit information sharing system comes to fruition. It is believed that the adoption of cross-border information sharing on borrowers as part of regional integration would help control the high levels of non-performing loans (NPLs) that have become a source of concern to many regional lenders.The cross-border credit information sharing has been on the agenda of the Regional Conference on Credit Information Sharing for three years, but its implementation was held back by the differing principles governing the operation of credit reference bureaus (CRBs) in the member states. Read more
Mr. Eugen Masawe: Exim bank opens new branch in Dar es salam
Exim Bank Tanzania has continued to widen its reach to customers in Tanzania by opening its new Extension Counter located at Lumumba Street in Dar es Salaam, a move that aims at providing outstanding services and convenience to the bank’s customers.The Ushirika extension counter adds up to Exim Bank’s branch networks which continue to spread across the country.Speaking during a brief inauguration ceremony in Dar es Salaam, Head of Operation Mr. Eugen Masawe said that the new branch will open up another avenue for Exim bank to offer its unmatched banking services to its ever-growing population of customers. Read more
MIT: Tanzania’s producers face serious woes, says ministry
Tanzania may be among top producers of cashew nuts and rice in Africa yet the volume produced and processed is inadequate to meet the increasing demand at the international market, the ministry of Industry and Trade.The ministry’s permanent secretary, Mr Uledi Musa, told a news briefing on the marking of Africa Industrialisation Day (Aid) in Dar es Salaam: “ We got a market in the Middle East to supply 75 containers of cashew nuts. When we approached the biggest cashew nut processing factories in Tanzania, they said they could supply only two containers.”
He said even the two containers had not been supplied to date.Similarly, when rice farmers complained that their excess stocks were rotting, the ministry approached the US Embassy in Tanzania, which was ready to help farmers sell their rice to the World Food Programme. Read more
MFAIC: Tanzania invites oil, gas investors from Angola
The government has invited oil and gas investors from Angola in a bid to promote business links between two countries and consolidate the bond of friendship between the two nations.The invite was extended by Minister for Foreign Affairs and International Co-operation, Bernard Membe during the occasion to mark the 39th anniversary of the independence of Angola that was held in the city .“I take this opportunity to invite more Angola investors, especially in oil and gas sector and I also urge responsible institutions for the promotion of trade from both countries to undertake appropriate measures in an attempt to boost economic growth of our two countries,” he said According to Membe, Tanzania will continue working closely with the Government of Angola in cementing and enhancing closer ties for mutual benefit of our nations and their people. Read more
Burundi President Pierre Nkurunzinza: New push for efficiency at border points clearance
Burundi President Pierre Nkurunzinza has urged increased efficiency by customs and immigration authorities at border posts to boost regional trade, expressing concern over time-wasting and cumbersome procedures.President Nkurunzinza made the remarks at the laying of the foundation stone for construction of One Stop Border Point (OSBP) facilities at Kobero in Muyinga Province that is set to cut on delays in transit cargo clearance at the border with Tanzania.The $6.4 million facilities constructed under financial and technical support of TradeMark East Africa (TMEA) is aimed at reducing time spent for cargo and passenger clearance at the border posts of Kobero and Kabanga on the Tanzania's side by combining activities of border control agencies of the two countries at one point. Read more
THC(UK): Dar seeks stronger UK ties
Tanzania will strive to attract more and more investments from the United Kingdom (UK) as a way of strengthening existing diplomatic relations between the two countries.Tanzania’s High Commissioner to the UK, Mr Peter Kalaghe, told The Citizen in Dar es Salaam that in implementing Tanzania’s foreign policy, he always strives to market Tanzania as the best destination for UK investors in Africa.“I was therefore impressed that Tanzania was selected one of five priority African countries that the UK has decided to build special relations with in four key sectors, including Oil and Gas,” he said.The intensification of exchanges of trade and commercial missions from Tanzania and UK, he said, highlights increased cooperation in areas of trade and investment. Read more
Tanzania's ambassador to Belgium: Developed countries should show enthusiasm in development
Tanzania's ambassador to Belgium, Luxembourg and European Union, Dr Diodorus Buberwa Kamala has asked developed countries which are yet to meet the UN target of allocating 0.7 per cent of their Gross National Product to Overseas Development Assistance to do so.He was speaking at the European Union Parliament during a presentation at the Africa Social Welfare Policy Summit in Brussels. In his presentation on 'Social Policy and Diplomacy: Any Relationship', he told delegates that international agreements which reduce government capacity to deliver social needs must always be accompanied by compensatory mechanism."It is imperative for developed countries to show their enthusiasm to fulfil their commitments on emission cuts or to provide finance and technology to developing countries to mitigate and adapt to climate change impacts," he said. Read more
UK varsity, IAA confer post-graduate degrees on 126 business students
The Institute of Accountancy Arusha (IAA) in partnership with Coventry University based in the UK, have awarded 126 Master’s degrees to students pursuing Business Administration in Information Technology and Management, Logistics Management as well as Masters of Science in Finance and Investment.Speaking before the awards ceremony in Arusha, Coventry University Pro-Vice Councilor Ian Dunn said the degrees conferred on the students are internationally recognised and valued.Dunn noted: “With a qualification from Coventry University, you will enter the global job market easily. I am confident that our reputation will be enhanced by each of you through your business interactions.Coventry University is a global, enterprising institution, internationally known for its innovative and creative approach in education and research.“Our university is one of the few varsities worldwide that really understand how to interface with business and is number one in UK working with Small and Medium sized enterprises. Therefore, the graduates should be rest assured that they are destined for a bright future.The don urged graduates to help overcome the challenges facing the world today by putting the theory into practice. Read more
VCUD: Sharpen your skills, graduates told
Vice-Chancellor, University of Dar es Salaam, Prof Rwekaza Mukandala has said that lack of employment opportunities in the country is because graduates want to work in urban areas thus abandoning rural areas.Prof Mukandala made the revelation in Dar es Salaam during the second phase of the 44th graduation ceremony held at Mlimani City Conference Hall. He said that urban settings have less employment opportunities than rural areas.It is estimated unemployment stands at 14.3 per cent among women and 12.3 among men. Lack of employment countrywide stands at 7.1 per cent.Prof Mukandala advised the graduates to use the skills and knowledge that they acquired at the university for the development of the country and world economic development.He called on graduates to sharpen their skills considering the challenges associated with globalization and the tight competition in the employment market.Read more
Samsung electronics launches the Samsung Galaxy Note 4 in Tanzania
Following months of anticipation Samsung Electronics Tanzania has officially introduced a new addition to its Note family series. The event which took place at the Terrace in Slipway marks the official launch and availability of the Samsung Galaxy Note 4 in the Tanzanian market.As the most anticipated smartphone of the year the Samsung Galaxy Note 4 is set to take the Tanzanian market by storm. The phone is an advancement of its predecessors and came to conceptualization through user feedbacks. The device itself is testament to the development and technological prowess of the modern mind. Amongst its many features comes an improved S pen functionality that redefines the art of note taking. With the new Samsung Galaxy Note 4 this feature has been enhanced to make writing feel more real. It comes with increased sensitivity such as brush effect features that emulates the experience of writing on paper. User friendly air commands functions allows the user to create content easily. The photo note feature allows the user to take pictures of notes from a surface and convert them into an S Note. Read more
 NMB Bank Q3 Profit Reach Sh37.5 Billion
The National Microfinance Bank (NMB) has posted net profit of 37.52bn/-, up from 33bn/- registered in the corresponding, thanks to the increased lending to the customers.According to the NMB Bank financial report published in Dar es Salaam, the amount issued as loans, advances and overdrafts increased to 1.95tri/- compared to 1.89tri/-.Net interest income reached 94.8bn/-  under review compared to 82.9bn/-. Cumulatively, net interest income jumped to 282.8bn/- compared to 237.2bn/- of the corresponding period.Apart from lending, which is the core business of banking, NMB Bank also registered remarkable successes in foreign currency dealings and translation as well as fees and commission. Read more
Tanzanian shilling to face more pressure 
The Tanzanian shilling is expected to face more pressure, undermined by a shortage of dollars after donors withheld financial aid to the country over corruption allegations in the energy sector.Commercial banks in East Africa's second-biggest economy quoted the shilling at 1,730/1,740 to the dollar, weaker than 1,705/1,715."There is a dryness of dollars in the market ... caused by the decision of donors to delay the release of general budget support to Tanzania and demand from the oil sector," said Hakim Sheikh, a trader at Commercial Bank of Africa, Tanzania.The central bank said it had traded $25.55 million on the interbank foreign exchange market. Read more
Repoa: How to create awareness on EA integration
As the East African integration process continues, a new study has established new ways that can enable Tanzanians increase awareness about the integration process. Tanzania has been perceived as a stumbling block in the East African Community (EAC) integration process but experts now say that social interaction with citizens of other partner countries will help spread awareness on the importance of the integration among Tanzanians.A policy Research for Development (Repoa) Afro Barometer report has established that Tanzanians living closer to the country’s borders with other EAC partner countries will likely say they believe integration will improve their lives. On the contrary, Tanzanians who reside far from these places will have a negative perception of the EAC integration agenda. Read more
Emirates offers free tourist visa to Dubai for Tanzanian customers
Emirates, a global connector of people and places, is offering Tanzanian customers a free UAE visa when booking a ticket to Dubai.The offer, is available across First Class, Business Class and Economy Class.“As Emirates, we always aim to offer our customers value for money. With this offer, customers who book with us for travel to Dubai from Dar es Salaam within the specified period, will get a free UAE visa and save on that cost. In addition, they will experience Emirates famous and award-winning products and services on route to visit one of the world’s most iconic cities,” Emirates Country Manager for Tanzania Khalid Al Zarouni said.Dubai, known as a city of contrasts – from futuristic architecture to vibrant traditional culture and diversity, it’s a place that offers an exciting and diverse travel experience. Read more
MOF: There are no plans by the government to reinstate value added tax (VAT) on solar 
panels which are an important source of green energy especially in rural areas.Assistant Commissioner of Budget at Ministry of Finance, Mr Emmanuel Tutuba, told a national climate change conference held in Dar es Salaam that the decision to waive VAT on solar panels still stands." REA are using solar panels to power some rural areas hence there are no immediate plans to reinstate VAT because reasons for the waiver still exist," Mr Tutuba said while responding to delegates questions regarding reports that VAT will be reintroduced. He said the VAT Bill will likely be tabled in parliament this week for debating by lawmakers."I can assure you that solar panels are not on the list of items to be charged VAT," Mr Tutuba pointed out. He further said the government is committed to funds projects which address issues relating to climate change especially by encouraging investment in green energy sources such as wind, solar, hydro and geothermal. Read more
MEM: 'Gas to Propel Tanzania to Middle Income Economy'
Energy and Minerals Minister, Prof Sospeter Muhongo, is optimistic that Tanzania will generate between 10,000MW and 15,000MW of power to enable the country attain a middle-income economy."At present, electricity consumption stands at just 100 units per person compared to 12,000 units in the United States and 4,400 units in South Africa. We aim to increase the rate to 3,000 units," Prof Muhongo told the National Assembly.The minister made the remarks while responding to issues raises by members of Parliament who were debating the Development Plan which was finally endorsed by the august House.For Tanzania to attain a middle- income economy it would require reliable power, he noted, stressing that the government had made positive progress in the implementation of power generation and distribution projects countrywide. Read more
DMFEA: Sh10 billion-dollar mega projects listed for big financiers
The government, through the Big Results Now (BRN) initiative, has showcased specific large projects worth over 10 billion US dollars to large-scale financial institutions for potential consorting through equity or favourable debt considerations.The mega projects presented during the BRN Investor Conference held in Dar es Salaam  were picked from the transport, energy, agriculture and real estate sectors.The conference, christened BRN Investor Roadshow, formed an important platform in raising capital required for the selected projects under the BRN and has attracted about 100 senior officials both local and foreign representing large scale financial institutions.A Deputy Minister for Finance and Economic Affairs, Mr Adam Malima, said the government has opened the doors for the private sector to invest in the selected projects under the Public Private Partnership (PPP) arrangements. Read more
CEO Ewing Marion Kauffman Foundation: Global Entrepreneurship to foster innovation, creativity set 
In a continued effort to empower young and upcoming entrepreneurs in Tanzania, the Global Entrepreneurship in Tanzania team will host yet, another GEW in a roll, the third edition of Global Entrepreneurship (GEW) activities, under the theme ‘Innovation and Creativity at the Market place’.The event is considered to be the largest celebration of innovators and job creators, where start-ups are motivated and encouraged to drive economic growth and for the best expansion of human welfare.The global initiative, launched by former UK Prime Minister Gordon Brown and Carl Schramm, the president and CEO of the Ewing Marion Kauffman Foundation. “With an increasing rise in unemployment rates in Tanzania, embracing and promoting entrepreneurship is what will raise the country to that next level of being an economic giant. Read more
DC: TZ growers earn record price in cashew production history
Cashew nut growers selling their produce under the Warehouse Receipt System have significantly benefited from high prices for their produce.Reports say a kilogramme of cashew nuts is currently selling at Sh2,000, which is the highest price in the country’s history.The crop sold at between Sh800 and 1,000 per kilogramme.The relatively good price has also been attributed to the Ebola outbreak in west African countries which are Tanzania’s main competitors in the production of the crop. Speaking with The Citizen , Mtwara District commissioner Wilman Ndile, said West African producers lost customers due to the prevalence of the deadly Ebola disease. Read more
TRA hails new customs integrated system as big success
The Tanzania Customs Integrated System (TANCIS), has simplified the process of clearing import and export goods through port, airport and border posts in the country Presenting a paper to delegates attending the Shipping Industry Consultative Forum in Dar es Salaam, Tanzania Revenue Authority Senior Customs Officer, Mr Felix Tinkasimile said the new customs clearing system was simpler and more transparent.He said the TANCIS reduced the time to clear cargo by providing one platform where all stakeholders involved in the importation and exportation of goods could exchange necessary information.Importers and exporters were now able to submit all the necessary documentation through the platform and agencies involved in the goods clearing process then process them and issue the necessary permits and clearances. "Clearing agents no longer have to move from one office to another in the effort to get their documents cleared. Read more
MAFSC: TIB lends over Sh39 billion to large and small-scale farmers
Over 39bn/- has been loaned to large and small-scale farmers by the TIB Development Bank, according to Deputy Minister for Agriculture, Food Security and Cooperatives, Godfrey Zambi. Responding to a basic question by Arumeru East MP Joshua Nassari (Chadema), the deputy minister said of the total amount 19.4bn/- and 19.7bn/- were dished out to large-scale and smallholder farmers, respectively.To ensure smallholder farmers in rural area accessed the loans, Mr Zambi said TIB extended credit through community banks, farmers' associations, in addition to savings and credit cooperative societies (SACCOs)."TIB Development Bank also works with companies to offer technical support to farmers' association on business plan preparation and project management in order to support farmers in rural areas," he stated. Read more
Are Comesa, EAC, SADC realistic in plotting Africa's free trade area?
East African Community and European Union comprehensive trade deal under Economic Partnership Agreement was initiated.This development was reached following intense lobbying and pressure from Kenya, the EAC most advanced economy and the only non least developed country in the bloc.Nairobi was desperate to have the EPA agreement initiated because its horticultural producers were facing a new tax regime in Brussels for the EAC's failure to kick start the free trade pact which will see heavily subsidized European producers export into the EAC or rather Kenya and by implication the EAC bloc, tax free.In a statement, the EU said that under the proposed EPA trade pact, exemptions are also included and cover mostly agricultural products which remain sheltered from EU competition and to allow time for domestic preparations. The EAC will liberalise progressively to 82.6 per cent of its imports after the pact enters into force. Read more
GNU: Agriculture Vs tourism as backbone of Zanzibar's economic growth
Like in many countries across the world, agriculture has been backbone of Zanzibar's economy. Although it is small scale farming, agriculture has been basic occupation for majority people with over 70 per cent of population relying on agriculture and fishing for its livelihood.The main farm production has been cloves, spices and fruits. Farmers take care of entire process of agriculture like sowing seeds, weeding, harvesting crops, and watering, while government helps to provide inputs including required knowledge, tilling of the land by tractors, provision of seedlings, fertilisers, and better prices after harvest.Under the motto 'Mapinduzi ya Kilimo (revolution in farming)' introduced after the formation of Dr Ali Mohamed Shein's Government of National Unity (GNU) it has been taking several steps to improve agriculture, including providing education to farmers on how to increase productivity. Read more
TS: Govt borrowing cost soars as Treasury bills oversubscribed
Treasury bills have been oversubscribed and the borrowing costs for the government have been soaring.The total weighted average yield for Treasury bills increased to 13.84 per cent from 13.4 per cent the  auction of the short-term government papers.On the other hand, the increased borrowing cost translates into improved return to investors.The government offered Sh135 billion for sale and a total of 217 bids worth Sh218.091 billion were submitted for tendering.“The liquidity in the money market was good enough to cause the 61.5 per cent oversubscription in the Treasury bill auction. We expect to see a good turnout in the Treasury bond auction,” said the Tanzania Securities in its commentary. Read more
PH: EAC single tourist visa good for economies, say hotel owners
Tourism stakeholders hope the envisaged single tourist visa for the East African Community (EAC) will increase the contribution of the sector to economies of member states.They said  at the Hospitality Roundtable in Tanzania that it was wrong to oppose the EAC single visa for tourists visiting the region.Peacock Hotels managing director Damas Mfugale urged local tourism stakeholders to support such a move because it was set to open up more opportunities for Tanzania to improve the sector, which faced a number of problems such as the shortage of requisite human resource.He listed other problems whose solutions could be found by adopting the single tourist visa as inadequate hotels of international standards, the shortage of investments to tap unexploited tourism avenues, poor skills to operate hotels and low tourism marketing techniques. Read more
NBS: Tanzania records 5.9% decline in inflation rate
Inflation further decreased to 5.9 percent from 6.6 percent as recorded, according to National Bureau of Statistics (NBS).The decrease is highly attributed to the reduction of prices of commodities, Director of Population Census and Social Statistics with NBS, Mr. Ephraim Kwesigabo said.Mr. Kwesigabo explained that the inflation rate for food consumed at home and away from home decreased to 7.0 percent  from 8.3 percent as recorded."Food and non alcoholic beverages inflation rate decreased to 7.1 percent from 8.5 percent as recorded,” he said. Read more
East African economies are not creating enough jobs: MDG report
East African economies are not creating enough jobs or making life significantly better for the region’s youth, according to the newly launched Millennium Development Goals Report (MDG). This is one of reasons why rapid economic growth in the region has not substantially reduced poverty, states the report. The report shows that although an increasing number of youth are entering the labor market in Africa, the available job opportunities are too scarce.Africa has one of the highest youth unemployment rates in the world, with 27.2 percent of young people without work, up from 26.6 percent. Of all those unemployed, 60 percent are young people; youth unemployment rates are double those of adult unemployment in most African countries, the report notes.“Youth, who should be the powerhouse of productivity, are mostly left out of the growth process. This not only increases the dependency ratio, but also weakens the capacity of the middle class to transform economic growth. For instance, on average, 72 percent of the youth population in Africa live on less than $2 per day,” the report notes. “The incidence of poverty among young people in Nigeria, Ethiopia, Uganda, Zambia and Burundi is over 80 percent.” Read more
Ugandan energy minister, Irene Muloni: Tanzania to help develop Uganda's planned 60,000 Bbarrel-a-day oil refinery
If all goes well Tanzania will helping develop Uganda’s planned 60,000 barrel-a-day oil refinery that’s already enticed three other countries in the region.According to Ugandan Energy Minister, Irene Muloni, Tanzania has asked for more information about the plant. Kenya, Rwanda and Burundi also have expressed interest.“Each of the countries will be offered eight percent and any country that will not take some or all of its shares, Uganda will take more,” she said.London-based Tullow Oil Plc (TLW), China’s Cnooc Ltd., and France’s Total SA are jointly developing landlocked Uganda’s crude reserves of 3.5 billion barrels in the Albertine Graben geological feature near the border with the Democratic Republic of Congo. Output from the fields may start, according to government estimates.The government may name a winner to build the refinery, Muloni said. It plans to offer a 60 percent interest in the refinery to a lead investor and retain a 40 percent stake, part of which would be sold to interested countries, she said.Uganda plans to initially build a 30,000 barrels refinery with production, she said. Its capacity will be doubled at a cost of about $4 billion, the minister said. Read more
AfDB injects USD 2.6m for EAC central corridor infrustructure
The African Development Bank (ADB) is to avail USD2, 68,215 to the East African Community to finance feasibility studies and design of the rehabilitation of selected road Sections of the central Corridor in Tanzania, Rwanda and Burundi.Pan African Development Bank’s Resident Representative, Tanzania’s Country Office, Tonia Kandiero, revealed this here when the bank and the EAC signed a Letter of Agreement, under the NEPAD-Infrastructure Project Preparation Facility. Kandiero initiated the Letter of Agreement on behalf of the Bank, while the Secretary General of the East African Community, Amb. Dr Richard Sezibera endorsed on behalf of the East African Community at the EAC Headquarters in Arusha, Tanzania. Read more
 ▪ 
Protecting wildlife is the backbone of economic development, says UN
Protecting natural resources is the backbone of socio-economic development in any country, tourism stakeholders have said. Commenting on the importance of wildlife and natural resources management at the regional summit in Arusha over the weekend, UN Resident Coordinator in Tanzania, Alvaro Rodriguez said that poaching poses serious threat to the country’s tourism. Rodriguez also said the illegal practise should be tackled at national and regional levels. “The United Nations stands ready to increase its support to national, regional and international efforts in addressing wildlife crimes. In our responses, we must continue to utilise key international instruments we already have to tackle this issue,” he said.“More cooperation is needed between source, transit and consumer countries. We need more support to social and economic development activities including livelihood diversification, community based natural resource management and decentralised resource management to bring value, aesthetic and financial, of wild flora and fauna to communities and provide a disincentive for illegal trade,” he said. Read more
PAC: We’re facing threats over IPTL, says Zitto
Dar es Salaam. Members of Parliament’s Public Accounts Committee (PAC) claim they are being intimidated by powerful politicians with vested interest in the Tegeta escrow account saga.According to a statement released by PAC chairman Zitto Kabwe, the hate messages aimed at mudslinging and preventing the committee from tabling a report by the Controller and Auditor General on the controversy are being circulated among MPs and the general public through social media.The committee’s report scheduled for tabling at the end of this month is poised to shed light on what transpired in the withdrawal of $122 million (Sh207 billion) from the Tegeta escrow account to purportedly pay for the sale of IPTL to a private company.Even though the content of the report has not been made public, insiders say the investigation is likely to send shock waves within the corridors of power owing to the positions of those implicated in the controversial deal. Read more
MTNR: Tanzania will not impose new taxes on tourism sector in the next two years
Following the impacts of Ebola to the travel industry, Natural Resources and Tourism Minister Lazaro Nyalandu said the government will not impose new taxes on the tourism sector.The East African country is developing a contingency plan to restore confidence in the tourism sector due to the threat of Ebola.Key industry players say tourist arrivals in Tanzania have dropped by 25 percent, despite the country being almost 5,600km away from the Ebola-stricken countries of West Africa.The Tanzania Association of Tour Operators (Tato) said travel inquiries from overseas also fell by 50 percent since the outbreak of Ebola in West Africa, compelling them to start working on contingency plan to save the industry.“Tanzania and East African region are probably safer than Europe and the US because of low human traffic between East Africa and West Africa. But in case of outbreak, we are ready to ensure safety for our guests,” Mr. Nyalandu said. Read more
MAFSC: Stakeholders come up with plan to curb sugar shortage
Tanzania sugar industry stakeholders have submitted resolutions to the government on best mechanisms to curb sugar shortage in the country while protecting the domestic sugar industry. According to a statement issued, the resolutions were submitted during a stakeholder meeting held in Morogoro chaired by the Minister of Agriculture, Food Security and Cooperatives, Engineer Christopher Chiza. The resolutions were finally reached following a process initiated by Eng Chiza  to complete after a series of meetings and reports."The agreement is made that traders will continue to import industrial sugar for industrial use but in difference from that will be closely monitored to make sure no refined sugar designated for industrial use is illegally ending up on the market for direct consumption as is the case," Ambassador Ami Mpungwe, Kilombero Sugar Company Ltd (KSCL) board chairman, said. Read more
BOT: Why currencies are losing ground
The global appreciation of the United States dollar--fuelled by exceptionally rapid growth in the world’s largest economy amid challenges in the Euro Zone--is sending shock waves across East Africa, holding the region’s currencies captive, The Citizen has learnt.The Kenyan, Ugandan and Tanzanian shillings have continuously depreciated against the vehicle currency, turning East Africans into mere spectators as the world enjoys massive reductions in oil prices. “The US dollar has strengthened against all major currencies, largely because the US economy has shown exceptional rapid growth while Europe is struggling,” Bank of Tanzania (BoT) Governor Benno Ndulu told The Citizen. BoT is monitoring the developments in exchange rates closely and will take appropriate measures at the right time.Read more
DPSPMO: Govt ‘installing computerised revenue system’
The government - through the Prime Minister’s Office, Regional Administration and Local Government (PMO-RALG) – is installing a computerised revenue collection system at some urban centres, The Citizen has learnt.The move seeks to improve the flow of income in Local Government Authorities (LGAs) – starting with those that have been reached by the Tanzania Strategic Cities Project (TSCP).TSCP seeks to improve infrastructure in urban areas in Tanzania.The World Bank, through the International Development Association (Ida) and Denmark through the Danish International Development Agency (Danida) are funding the project to a total tune of $231.5 million (about Sh382 billion).In a speech made during the opening of the 7th TSCP technical review meeting in Mwanza and The Citizen obtained its copy in Dar es Salaam, the deputy permanent secretary in the Prime Minister’s Office, Regional Administration and Local Government (PMO-RALG), Mr Zuberi Samataba, said to make the project sustainable, computerised systems will be used to help LGA collect enough funds to for maintenance of infrastructure. Read more
ADIL: EAC urged to establish strong climate policies for sustainable food security
East African Community partner states have been urged to put in place strong policies that encourage climate adaptation practices aimed at improving food security and resilience. This would include altering farm management practices and adopting new varieties such as crops and animal breeds more appropriate to future climate conditions. It would also mean having policies to discourage certain kinds of heavily emitting agriculture to reduce risks and slow down land-use changes.The remarks were made by Action Development and Regional Integration (ADIL) President, Godfroid Manirankunda in an exclusive interview held on the sidelines of the Third Regional Meeting of the PACT EAC Project in Bujumbura, Burundi.The conference was organised by CUTS International. Manirakunda said the economy of East African countries depends largely on agriculture hence the need to introduce policies that emphasise better farming methods that can help mitigate climate change or crop resilience. Read more
Minister Wasira: State Eyes Faster Economic Growth
The government has presented in the National Assembly proposals for implementation in the development plan that seeks, among others, to boost economic growth to 7.8 per cent from the current 7.0 per cent.Presenting the plan, the Minister of State in the President's Office (Relations and Coordination), Mr Stephen Wasira, said the government was determined to maintain inflation rate at a single digit.Implementation for the development plan that was introduced ."Completion of this programme  sets the stage for preparation of another plan span. The government will continue attracting investments from the private sector, particularly in the agriculture sector to create more jobs," the minister said.It also envisages increasing revenue collections from 18.4 per cent of the Gross Domestic Product (GDP) to 19.1 and 19.8, respectively.Minister Wasira mentioned areas of priority during the implementation as agriculture, railways, ports, energy, roads, air transport, water and sewerage as well as information and communication technology (ICT). Read more
Equity: Bank, revenue authority ink deal on tax collection
Equity Bank and Tanzania Revenue Authority (TRA) have inked a deal that enables taxpayers to remit their taxes through the financial institution’s network.The new tax settlement avenue will be available for all TRA clients including non- Equity Bank account holders.Customs and Excise taxes such as: Import Duty, Excise Duty, Pay As You Earn (PAYE) and VAT on importation will be conveniently paid via Equity Bank.Equity Bank’s robust core banking system has been integrated to that of TRA’s Revenue Gateway System (RGS) to accept Common Cash Receipting System (CCRS) payment of taxes at all nine Equity Bank branches.Speaking during a joint media conference, Equity Bank Tanzania managing director Joseph Iha said plans were also underway to extend the convenience to all Equity Bank’s 330 Agents countrywide, e-banking and mobile platforms in the coming months. Read more
SCB: Shilling steady, as dollar demand drops
The shilling remained steady in the wake of declining dollar demand, while inflows matched outflows in the market. The easing of the downfall of the shilling sustained high demand from oil marketing companies on the back of meagre inflows, that buoyed the greenback and weakened the local currency to see it go beyond the 1,700/- levels.According to Standard Chartered Bank daily market commentary, the TZS/USD traded relatively flat with inflows matching outflows in the market. "We expected the shilling to make some gains against the dollar on the back of the declining dollar demand and the pair was expected to trade with minimum volatility in the market," stated the bank report.The report stated further that the shilling gained some ground to close at slightly low levels. The gains were contributed to spill-over activities as there were no any other significant inflows of dollars into the market. Read more
Vice-President, Dr Mohamed Gharib Bilal: Venture Capital Set to Boost Investment
Vice-President, Dr Mohamed Gharib Bilal, opens the international Conference on Venture Capital and Private Equity in Dar es Salaam. (Photo by Mohamed Mambo)The government is committed to support growth of venture capital and private equity investment financing to enable Tanzanians own large scale investments, the Vice- President, Dr Mohamed Gharib Bilal, has said.He said in Dar es Salaam that the government was welcoming initiatives to develop venture capital and private equity, noting that the new alternative source of investment financing has the potential of turning Tanzania into an economic power house."The efforts to develop the private equity and venture capital as an alternative source of finance to our companies in Tanzania is warmly welcomed and unconditionally supported by the government," Dr Bilal said at the opening of Venture Capital and Private Equity Financing.He said with plenty of investment opportunities and stable political and macroeconomic performance, the growth of venture capital and private equity would help Tanzania become an economic powerhouse in Africa. Read more
TWCC: 80 SMEs, govt officials to discuss cross-border business challenges
Over 80 businesswomen operating Small and Medium Entrepreneurs (SMEs) will meet with government officials to discuss the challenges facing their businesses and ways to overcome them. This was revealed by the Tanzania Women Chamber of Commerce (TWCC) chief executive officer, Susan Mtui.The meeting will be held in Horohoro, Tanga Region, according to Mtui. “We highly encourage SMEs and businesspersons to attend the meeting because many government officials from across the region will be there to listen to their problems, identify what they need to help them so as operate their business smoothly,” she said.The meeting has been organised by Small Industries Development Organisations (Sido, TWCC with support from UN Women in Tanzania).Besides, it will bring together officials from Chamber of Commerce, Industry and Agriculture (TCCIA), Tanzania Revenue Authority (TRA), police force, districts councils, immigration, plant inspections and cross border regulation agents.Read more
IMF supports Comesa to boost competition in regional market
The International Monetary Fund (IMF) said it will assist the 19-member Common Market for Eastern and Southern Africa (Comesa) to implement market competition guidelines.IMF Competition Policy Sub-Saharan Africa Coordinator Tania Begato told a media briefing in Nairobi that the rules will prevent mergers of firms operating in the bloc that will negatively affect consumers."The objective is to protect consumers from being exploited by dominant firms through higher prices and reduced choices," Begato said during the launch of the Comesa Merger Assessment Guidelines.The guidelines will form a key component of the Comesa region's merger control system and play a vital role in promoting competition."We will assist Comesa to create a transparent and predictable regulatory framework for firms seeking to engage in a merger," she said.The IMF official said mergers and acquisitions are an essential part of healthy markets. Read more
TSBDG: Bulk Sugar Procurement Starts Soon
A proposed bulk procurement of sugar will now commence, Sugar Board of Tanzania Director General, Henry Semwanza has  said.Mr Semwanza said the process to establish a company that will manage the sugar BPS is underway after a stakeholders conference was held in Morogoro. "The process is going on well and probably we will be able to start using BPS," said Semwanza amidst reports that local sugar producers are struggling to sell their products because of an influx of smuggled sugar. Semwanza pointed out that the BPS did not start as earlier scheduled because of necessary consultations with stakeholders in the industry. Read more
PM: Parliament in crisis over $122m escrow account
The $122 million (Sh207 billion) Tegeta escrow account saga rocked Parliament yesterday as legislators from both the opposition and the ruling party demanded a parliamentary probe.The move came after the government failed to submit its report on the matter. Prime Minister Mizengo Pinda promised  that he would submit two reports on the investigation of the escrow billions carried out by the Prevention and Combating of Corruption Bureau (PCCB) and the Controller and Auditor General (CAG). Read more
BOT: Central Bank, partners to train 30 bankers on Tanzania housing finance next month
The Bank of Tanzania (BoT) in collaboration with several partners has organised a five day training camp for banking institutions to review the Tanzania housing finance Housing Finance Project (HFP).A statement issued by the Bank said the training, will be for 30 participants and will be conducted by M/s Enclude of Washington DC and M/s Tanzania Real Estate Settlement and Title Assurance (TRESTA) of Tanzania.“They will focus on standardisation and international best practices for residential mortgage lending,” explains the press release. Read more. 
IMF supports Comesa to boost competition in regional market
The International Monetary Fund (IMF) said it will assist the 19-member Common Market for Eastern and Southern Africa (Comesa) to implement market competition guidelines.IMF Competition Policy Sub-Saharan Africa Coordinator Tania Begato told a media briefing in Nairobi that the rules will prevent mergers of firms operating in the bloc that will negatively affect consumers."The objective is to protect consumers from being exploited by dominant firms through higher prices and reduced choices," Begato said during the launch of the Comesa Merger Assessment Guidelines. Read more.
DSEPPM: Value of Tanzanian companies trading on the Dar bourse rises
New data indicates that the value of Tanzanian companies trading on the Dar es Salaam Stock Exchange has risen by $4.5 billion. Domestic market capitalization and indices have more than doubled, DSE Programs and Projects Manager Magabe Maasa said. Domestic companies’ value grew by $1.7 billion, up from $1.3 billion.“The domestic market capitalization increased from $3.4 billion to $ 4.5 billion,” he said.He said the 13 listed companies on the DSE, among them Tanzania Breweries Ltd (TBL), Tanzania Cigarette Company (TCC), National Microfinance Bank (NMB), Twiga Cement, Swissport and CRDB, have been doing well.The banking sector has contributed 30 percent of the total turnover and 89 percent of the market activity recorded. Read more
CBERD, Mr Suleiman Missango: Interbank rates fall to 11pc as liquidity improves in market
The overall interbank rate was 23.76 per cent less  as banks’ liquidity improves.The rate reached an average of 10.97 per cent from 14.39 per cent, the Bank of Tanzania’s economic review new report says.Banks borrow money and lend to each other through the interbank rates when they seek to manage liquidity as well as to satisfy other financial regulatory requirements, including having the required reserve levels.The interbank rates are among factors that determine interest rates on the credit market as commercial banks use them and those of the Treasury bills for benchmarking. The central bank economist from the research department, Mr Suleiman Missango, told The Citizen that the decline in the rates signals high liquidity in the market. Read more
Tanesco: Private sector does not see lucrative openings in energy subsector
The rapidly expanding economy in Tanzania is driving up energy consumption widening further the gap between energy supply and demand.Due to supply constraints, power generation has been unreliable and so expensive that it inhibits development of the manufacturing sector, one of the key drivers of growth.The largest consumption of energy in the country, approximately 93 per cent, is comprised of biomass energy resources, namely fuel from wood and charcoal, both of which come from natural forests and plantations.Imported petroleum and electricity, account for about 8 percent and 1.2 percent, respectively.Coal, solar and wind account for less than one percent of energy used. According to power utility firm, Tanesco, hydro power generation contributed 57 per cent of total power generation and Gas and Thermal generation contributed the remaining amount.Read more
BOT: Gold exports fall 
Tanzania Gold exports, the country's second-biggest foreign exchange earner, declined 5.7 percent to $1.687 billion."Gold ... continued to decline consecutively, following a fall in gold prices in the global market, coupled with a decline in export volumes," said the central bank.Tanzania, which has a population of around 45 million, is Africa's fourth-largest gold producer after South Africa, Ghana and Mali.The value of "traditional" exports edged higher by 1.9 percent to $834 million , due to an increase in both export volumes and prices of tobacco, cloves and sisal.The Bank of Tanzania said in its latest monthly economic report that the country’s current account deficit widened 7.6 percent, weighed down by a rise in imports and because the country received less aid and fewer loans.The deficit widened to $4.791 billion from $4.451 billion during the same period last year. Read more
President Jakaya Kikwete: Vietnam- based telecom operators to invest $1 billion in Tanzania
Viettel, a Vietnam-based telecoms operator plans to invest $1 billion in a new third-generation (3G) mobile phone network in Tanzania."Viettel will invest $1 billion in telecoms and other services in Tanzania, hence making Tanzania the second country after Peru to receive its state-of-the-art telecoms technology," the Tanzanian President's office said in a statement. Viettel chairman Manh Nguyen Hung made the investment pledge when Tanzanian President Jakaya Kikwete visited the company's headquarters in Vietnam, the president's office said.The company will offer low-cost smartphones and provide free internet services to schools, hospitals and offices, the president's office added.Tanzania announced that it had granted a mobile phone network to Viettel, which is expected to launch its mobile services.The mobile telecoms sector in East Africa's second-biggest economy has grown rapidly over the past decade, driven by demand for 3G mobile services. There are about 29 million mobile subscribers, representing market penetration of 64 percent, according to the country's telecoms regulator.Read more
MOLHSD: Govt promises to help NHC lower prices of houses
The government is working on solutions to various challenges facing the housing sector to increase its contribution to the economy.The pledge was made in Tanga by the Permanent Secretary in the ministry of Lands, Housing and Settlements Development, Mr Alphayo Kidata, when he opened the NHC General Workers Council in Tanga. Mr Kidata, who was mentioned earlier by NHC director general, Nehemiah Mchechu, as having contributed to the corporation’s development, listed the challenges as the high cost of building materials and availability of affordable housing loans that would enable many people to own the houses being built by the corporation.He said the government was in the process of improving the Housing Policy and various legislations to enable the sector to increase its contribution to the national income. Read more
OLX’s Head of sub-Saharan Africa: OLX enters Tanzania market with new Facebook venture
OLX, one of the world’s leading online classified platforms, announced its foray into the Tanzanian market with Facebook’s Internet.org app. Mr Thomas Platenga, OLX’s Head of sub-Saharan Africa, expressed his joy at the company finally being able to embark on this venture with a plan to officially launch OLX Tanzania, according to a statement circulated by the company.“OLX has seen tremendous success in the countries in which we are present. In Kenya, we have achieved 98 per cent brand awareness, meaning almost everybody knows OLX and can tell you what it is about. This is the kind of response we hope and now we will get from Tanzania,” says Mr Platenga in a statement.
According to statistics prepared by the company only an estimated 4.4 per cent of the Tanzanian population has access to the Internet, with Facebook being one of the most accessed services. Read more
TABD: Agriculture bank for launch
Preparations have been finalized for the launching of Tanzania Agricultural Development Bank (TADB), a banker disclosed.The management and the board of the new financial institution are already in place as is the earmarked premises along the Samora Avenue in Dar es Salaam.Egata Makanja, a senior officer responsible for project finance with the TIB Development Bank told a meeting of agricultural experts here that the bank will finally take off after many years of preparations.“TADB will support the agricultural projects through accessing farmers to credits and inputs for agriculture,” he said without specifying when exactly it will start operations.The decision to establish a new development financing institution dedicated to financing agriculture was made by the government. Read more
IMF cautions govt over spending, Pinda reacts
The International Monetary Fund (IMF) has raised the alarm over the inability of the government to control its appetite for spending above its means, warning that the trend could distabilise Tanzania’s monetary policy.An IMF mission report released noted that the government, faced with tax shortfalls and aid freeze by donors, has resorted to heavy borrowing through the central bank and this may impact negatively on the market.According to IMF, the government needs to urgently re-align its spending priorities with what it can afford. “Front-loading of domestically-financed capital expenditure   was facilitated by the Bank of Tanzania (BoT) through conversion of liquidity paper into financing paper but this complicated monetary policy implementation,” it said. The mission said the upcoming Budget review with the state would be used to align expenditure allocations with available resources. Read more
 
TBS: Govt pledges more support to certified local manufacturers
The government has vowed to continue collaborating with local manufacturers who have certified their products with relevant authorities in order to improve economy and livelihood of Tanzanians.This pledge was made in Dar es Salaam by Permanent Secretary in the ministry of Industry and Trade, Uledi Musa when opening the first World Standards Day symposium and exhibitions.The exhibition which is organised by the Tanzania Bureau of Standards (TBS) has attracted over 30 exhibitors will reach its climax.The theme for World Standard Day is ‘Standards put businesses on equal level.’In a speech which was read on his behalf by Odilo Majengo, who is the Director of Marketing in the same ministry , Musa urged manufacturers to certify the standards of their products with TBS to enable them secure market in the country and abroad. Read more
 
AHP: Beekeepers push for honey value chain development
Beekepers in the country have appealed to the government to invest in the honey value addition industry if the sector is to develop sustainably. Speaking to this paper in an interview, Fred Kasyanjo, from the association of honey producers in Tabora Region said increased value chain addition will translate into more jobs and income both for the beekeepers and the government alike.“The government must invest in this sub-sector, more production plants means more jobs for our people,” he said. Kasyanjo pointed out that other than the direct economic benefits to be gained from investment in bee products value chains, there are also numerous environment benefits to be reaped.“Bees help pollinate flora and this is vital for the wellbeing of our environment especially in the face of ongoing global warming,” he explained.Read more
 
MOIT: Minister Wants Promotion of Local Products
Tanzanians have been challenged to cherish locally made products by purchasing them in large quantities which will lead to their promotion.The Minister for Industry and Trade, Dr Abdallah Kigoda, also advised district councils in the country to allocate special zones especially in border areas for the people to have conducive places to promote and sell their products.Dr Kigoda made the comments in a speech read on his behalf by Rukwa Regional Commissioner, Ms Stella Manyanya after launching Small Industry Development Organisation's (SIDO) day, where small and medium entrepreneurs from nearly all regions exhibited their products.The event was held at Nelson Mandela grounds in Sumbawanga municipality yesterday. "The central government will liaise with district councils to ensure that special zones are located in border areas in efforts to see Tanzanians have conducive economic places to promote and sell their products," he added.He also stressed that SIDO exhibitions would offer opportunities to the public to witness local products and they will be able to purchase the products in large quantities at affordable prices. Read more
                                                                 ▪
TRA upbeat on electronic revenue collection
Tanzania Revenue Authority (TRA) has expressed satisfaction on the introduced electronic system, saying it has simplified and boosted efficiency in collection of tax. TRA Finance Director, Mr Saleh Mshoro, said this in Dar es Salaam during a workshop on Revenue Gateway System to chief accountants representing various ministries."The introduction of electronic tax payment has simplified tax payment processes and eliminated human interventions that have been causing losses due to theft and delays," he said, adding that the system has helped the government to know the amount of revenues collected.He said the workshop to chief accountants was of paramount importance because it aims at imparting skills on how to use electronic tax payment system that has simplified revenue collection. Read more
Utilise DSE opportunities, firms told
Firms participating in the top 100 mid sized companies' survey have been urged to explore opportunities of raising low cost capital from the Enterprises Growth Market (EGM). The EGM segment on the Dar es Salaam Stock Exchange (DSE) is designed to accommodate startup, small and medium sized enterprises to access and raise capital from equity markets.The DSE Finance and Research Manager, Mr Ibrahim Mshoro, said  at a press briefing on the progress of mid sized companies' registration for the prestigious awards. DSE is the sponsor of the awards alongside Bank M and KPMG."The segment is the opportunity for the midsized companies that have been participating in the awards, but could not meet the requirements of the Main Investment Market Segment (MIMS) of the DSE to raise the required capital," he said.Bank M Deputy Chief Executive Officer, Ms Jacquiline Woiso said, "Bank M one of the main sponsors of the event recognises the invaluable role played by the midsized companies in promoting growth of the economy." Read more
MOTI: PS calls for high quality goods
Small-scale manufacturers have been urged to produce products that meet standards for both domestic industries and economy growth.The call was made in Dar es salaam by the Acting Permanent Secretary in the Ministry of Trade and Industry, Mr Odilo Majengo, when officiating at the exhibition organized by Tanzania Bureau of Standards (TBS) at Karimjee grounds to mark World Standards Day which is celebrated.He said in order for small manufacturers to meet the needs of both domestic and international markets they must make sure that their products meet standards as contrary to that it will lead to the collapse of domestic industries and a high influx of imported goods.He thus urged TBS to work closely with small manufacturers in order to boost the growth of domestic industries by making sure that all the goods that are produced meet the required standards so that they can be accepted at both domestic and international markets.He said that production of substandard products by domestic industries has a great impact not only in stifling domestic industries but also has impact on the environment and on consumers generally. Read more
BOT: Gold Continues to Dominate Exports
Gold continued to bolster Tanzania's exports although its dominance in the nontraditional exports is declining for the two consecutive years due to a fall in global prices and output.According to the Bank of Tanzania's (BoT)  economic review, gold continued to dominate nontraditional exports by holding a share of 41.5 per cent of the value of non-traditional exports which amounted to 4,069.9 million US dollars.It's accounted for about 48 per cent of 3,753.7 million US dollars recorded as the value of non-traditional exports in the corresponding period.Tanzania has become one of the fastest-emerging gold producers in Africa and is now the continent's fourth - largest gold-producing country after South Africa, Ghana and Mali.The country has introduced investment-friendly changes in legislation and mining laws to stimulate interests from investors and boost investments that have so far boosted economic growth making the country among the fastest growing economies in the region. Read more
MOEAC: President Kikwete to grace inauguration of clearing and forwarding association 
President Jakaya Kikwete will officiate inauguration of the Federation of East African Freight Forwarders Associations (FEAFFA) a clearing and forwarding subsector meant to curb infringement of professional ethics in the EAC region.In a statement issued by the Ministry of East African Cooperation, the launch is scheduled to be held in Dar es Salaam and will bring together Ministers of East Africa partner states responsible for EAC cooperation, Finance, Trade, Transport and Infrastructure, Commissioner Generals and Commissioners of Customs of East Africa Revenue Authorities. Other participants include industry regulators, port authorities, transit corridor authorities’ industry leaders across the region among others. FEAFFA’s Executive Director John Mathenge is expected to improve the quality of service provision and that tomorrow’s event is marks a grand shift of the freight forwarding industry from the negative past image that has for very long bedeviled the sector.Read more
BOT: Treasury bills oversubscribed as demand surges
Yields on the short-term borrowing inched up across all maturities when the Bank of Tanzania (BoT) sold 148.2bn/- of treasury bills overshooting the original 135bn/- target.However, apart from the over subscription to 165.8bn/-, the bank took 148.2bn/- above the amount sought to be raised before to implement monetary statement by the bank.From the summary of the auction, yield rate for the longest, tenures, inched up to 13.96 per cent from 13.37 per cent.It fetched 78.06bn/- out of 55bn/- originally sought to be raised and the government ended up taking 75.11bn/-. Similarly, yield bills rose to 13.39 per cent from 13.13 per cent offered.A total of 55.88bn/- was sold at the auction against 45bn/- sought to be mobilised. The weighted average yield on the treasury bills increased to 11.30 per cent from 9.87 per cent of the previous sale. Total bids amounted to 16.36bn/- was sold against 32bn/- offered at the auction.Read more
Kikwete touts Dar's potential to Vietnam investors
Favourable business legislation, peace and stability as well as a sizeable population and fast growing middle class are some of the key attributes that make Tanzania a premier investment destination.Addressing the Vietnamese business community, President Jakaya Kikwete spelt other advantages of investing in Tanzania as the country's geographical position, which sees it sharing borders with eight countries, hence guaranteeing potential investors ready market."Tanzania is an ideal investment destination for everybody," said Mr Kikwete here when opening the Tanzania and Vietnam Business Forum.He said through Tanzania's arrangements under the Southern African Development Community and the East African Development Community memberships, Vietnamese investors would be able to reach more than 400 million people. Read more
NBS: National Statistical Data Require Proper Control
National Bureau of Statistics (NBS) has warned individuals who use and give out statistical data on various things without being sure of them.When presenting the national census result to development partners, NBS Director General Albina Chuwa, said that currently they have no powers to coordinate statistical activities in the country.Dr Chuwa said that the new Statistical Act which will be tabled for the second time in the coming Parliamentary session will give NBS autonomy powers to control how data are given out."Various people have been giving out statistics from their own findings, something which often causes dissimilarity and confuse our development partners," she elaborated.She further said that implementation of Tanzania Statistical Master Plan Bulletin (TSMP) will also improve statistical infrastructure and harmonisation of statistics. Read more
BOT: Credit Growth Slumps 
Credit extended to major economic activities slowed down, a trend that adversely affected growth of key sectors.Agriculture accounted for only 2 per cent of the extended credit compared to 12.4 per cent and 4.6 per cent received in the corresponding period. Agriculture contributes around 25 per cent to the Gross Domestic Product (GDP) and employs over 70 per cent of the population.According to the Bank of Tanzania (BoT) monthly economic review, activities  shows that credit extended to building and construction declined by 26.6 per cent from 41.8 per cent and 30.2 per cent.Credit to transport and communication declined to 27.2 per cent compared to 36.3 per, but in annual basis it increased from 18.2 per cent. Read more
BG GROUP: Investors wait for govt approval on LNG plant site
Multinational oil and gas companies operating in Tanzania are waiting for a government approval on their proposal for a suitable location for a liquefied natural gas (LNG) plant.According to the BG Group's External Communications Manager, Mark Todd, BG Group and Statoil had sent to the government a joint proposal on the suitable site for the plant. " ... the Tanzania government requested BG Group and Statoil to provide a joint proposal identifying and evaluating potential sites for an onshore LNG export facility.We have submitted that proposals are awaiting feedback," he said in an e-mail to the 'Daily News.' He, however, declined to give more details about their proposal.Tanzania is set to become a major hydrocarbon exporter after discovery of massive natural gas reserves estimated to reach at least 50.5 trillion cubic feet.Read more
BOT: Central Bank, partners to train 30 bankers on Tanzania housing finance 
The Bank of Tanzania (BoT) in collaboration with several partners has organised a training camp for banking institutions to review the Tanzania housing finance Housing Finance Project (HFP).A statement issued by the Bank said the training, will be for 30 participants and will be conducted by M/s Enclude of Washington DC and M/s Tanzania Real Estate Settlement and Title Assurance (TRESTA) of Tanzania.“They will focus on standardisation and international best practices for residential mortgage lending,” explains the press release.According to the statement, the training is to enlighten and sensitise participants on the aspects related to the Tanzania Housing Finance Project (HFP) and best practices for residential mortgage lending.According to the statement, the training is beneficial to bank officials including management, credit (mortgage) and debt recovery departments, legal department and risk management personnel, sales personnel and branch Managers. Read more
TRA pushes for more tax clubs in secondary schools
Ahead of the upcoming Taxpayers’ day,  secondary schools countrywide are encouraged to establish more tax clubs.Authorities say tax clubs will help ensure tax knowledge is disseminated to students in a bid to raise a generation of complaint tax payers.Tanzania Revenue Authority’s (TRA) Director of Education and Taxpayer Services, Richard Kayombo said there is need for secondary schools to open more tax clubs in order to enhance tax awareness among students. “I have asked secondary school teachers for their support to establish tax clubs at their schools that will contribute to increased knowledge of tax benefits to the nation,” he said. Read more
KASHWASA: Ministry seeks private sector investments in water projects
The government is seeking private sector support to expand investments in the water sector in line with implementation of the second phase of the Water Sector Development Programme (WSDPII).Speaking on behalf of the minister for Water, the managing director of Kahama Shinyanga Water Supply and Sanitation Authority (KASHWASA) Eng Clement Kivegalo, said that private sector investment was needed to ensure the goals of the National Strategy for Growth and Reduction of Poverty (NSGRP/MKUKUTA) on water are attained.Eng KIvegalo was reading the speech of the minister, Prof Jumanne Maghembe, when he officially opened a one-day Glass Reinforced Pipes (GRP) Technology Seminar Organised by Pipes Industries Co Ltd.According to the minister, the government was moving Under Millennium Development Goals (MDGs) and Mkukuta with the expectation that universal access to drinking water should be 65 percent in rural and 75 percent in urban areas. Read more
MLFD:  Second largest meat producer consumes only quarter of health experts' recommendations
Tanzania is the second largest cattle producer in Africa and while little of the meat is exported, domestic consumption remains low, only a quarter of the amount recommended by health and food experts internationally. The Food and Agriculture Organisation (FAO) recommends at least 50 kilogrammes of meat per year per person but on average, Tanzanians consume a mere 12 kilogrammes of meat per year.Speaking to this paper in an interview at the  Food Safety Week and Exhibitions in Dar es Salaam, Rodgers Shengoto, livestock officer in the Ministry of Livestock and Fisheries said the first challenge, is lack of awareness on the importance of meat in the development of human bodies. “Meat has various proteins that help with the growth and development of the human body…it is important that people consume more for their health development,” he advised.Read more
US official’s Dar visit focuses on economic growth
The US Treasury Secretary Jacob Lew starts a tour of Tanzania to discuss various issues with government and business officials.Mr Lew who is arriving from Cairo will hold meetings with senior government officials and business leaders to discuss the state of the global economy and policies as well as promote regional growth and investment, including President Obama’s Power Africa initiative, the embassy said in a statement. Power Africa is a US Presidential initiative announced designed to increase access to electricity in sub-Saharan Africa. The power initiative which has started in six African countries including Tanzania supports energy sector through transaction assistance for priority generation projects, technical advice to release the constraints to private sector investment, and capacity building for key institutions. Read more
BOT to insert electronic system to enable banks to clear cheques within hours
Bank of Tanzania (BOT) has announced plans to introduce Cheque Truncation System (CTS) that will enable commercial banks to clear cheques within hours. By next year, all commercial banks operating in the country will be submitting cheque lists at the central bank twice a day and pay their clients within hours,” BOT’s Senior Legal Counsel in the Directorate of National Payment System, George Sije said. The current system allows two days for special clearance but for normal cheques it takes up to seven days to be cleared. Read more
Tanzania seeks Omani investment in agriculture and minerals
Tanzania hopes its deep historical ties with the Sultanate will encourage Omani companies to invest in agriculture and mineral resources in the East African country. During her visit to Oman, the Speaker of the National Assembly of Tanzania, Anne Makinda, told the Times of Oman that her country was keen to promote opportunities for business between the two countries and asked local companies to consider tapping into her country's rich resources."Tanzania has abundant agricultural products, including a wide variety of crops. It is a very fertile country. We are also keen to promote investments in the livestock and I am sure Omani business people will find these two areas very profitable," said Anne Makinda. Read more 
BOT: Central Bank Keen On Low Inflation
Keeping low and stable inflation rate is the major focus in implementing the monetary policy, the Bank of Tanzania (BoT) Deputy Governor, Administration and Internal Controls, Mr Juma Reli has said."We want to avoid fluctuations of the inflation rate and BoT has successfully managed to make it stable," he told a seminar in Bagamoyo, Coast Region.Tanzania inflation rate has remained at an average of 6 per cent, which is also below the Gross Domestic Product (GDP) growth rate of 7 per cent.Also, Mr Reli said BoT was committed to ensuring the country attain sound monetary policy. The BoT has put in place regulatory framework not for controls but to ensure inflation is low and stable, a necessary aspect for attracting Foreign Direct Investments into the country.According to analysts, maintaining low and stable inflation is crucial in paving the economic growth and political stabilisation of a country.Therefore maintaining it at an acceptable level is critical. Also, the attainment of low inflation will depend not only on coordination of monetary and fiscal policies, but also deliberate policies that will address supply side challenges. Read more
MAFSC: Ministry urges SACCOS to improve leadership, management structures
Good leadership and management structures are vital for the development of Cooperative Societies and youth SACCOS groups if they are to qualify for loans.Speaking to press during his tour of the Fair Deal Auto (Pvt) Limited in Dar es Salaam, Deputy Minister for Agriculture, Food Security and Cooperatives Godfrey Zambi said for companies and financial institutions to gain trust in a SACCOS, management and leadership must be concrete and well organised.Fair Deal Auto (Pvt) Limited offers loans to Cooperative Societies and youth SACCOS groups in form of tricycles (Bajaj) and Motorcycles (Pikipiki) and in his comment Zambi said the tricycles and motorcycles are production tools. “They provide employment for the youth and that way support government efforts to reduce unemployment,” he said. Read more
TPSF: Bank lauded for quality services
IPP Executive Chairman Dr Reginald Mengi has praised First National Bank (FNB) for what he described as their consistent, personalised services and dedicated staff.Addressing attendants at the launch of First National Bank (FNB)-Premier Banking Suite in Dar es Salaam, Dr Mengi who is also Chairman of the Tanzania Private Sector Foundation (TPSF) said close relationship between banks and their clients builds customer trust and convenience in bank transactions.“You started your operations and you have consistently grown…this growth within such a short time is remarkably and admirable,” Dr Mengi remarked.“Customers are not interested in the number of years of operation, rather they are interested in the security of their money in the bank. FNB innovations and effective security measures applied in online banking builds customers’ trust,” he said. Read more
EAC: 18 new standards to be harmonised in Arusha
Heads of bureaus of standards from Kenya, Rwanda, Uganda, Burundi and Tanzania are meeting in Arusha for their regular committee meeting in which a total of 18 new standards are expected to be harmonised across the East African region.The Managing Director of the Kenya Bureau of Standards (KEBS) and Chairman of East African Standards Committee, Mr Charles Ongwae, stated here that the EAC member states will be harmonising 18 new standards as well as adopting 15 international ones to make the region more competitive when it comes to intra-region and international trading activities.The Director of Standards at the Trademark East Africa, Mr Jose Maciel, said the TMEA has assisted the East African Community in the harmonization of 16 new standards.Speaking during the ongoing 18th EA Standards Committee Meeting, Mr Ongwae explained that, so far; the five East African countries have managed to blend a total of 1,200 standards being accepted across their borders.The move has been described as helpful in facilitating trade, reducing costs of operation and speeding movement of goods within the bloc. Read more
MAFSC: Govt calls for increased investment in livestock, fisheries
Up to 130 children die every day due malnutrition related cases in Tanzania and the government is urging the private sector and other stakeholders to invest in livestock and fisheries both as major economic fronts as well as vital nutritional fortification for the country.Speaking during the World Food Day in Mpanda District, Katavi Region, in a speech read on his behalf by Katavi Regional commissioner, Dr. Rajab Rutengwe, Minister for Agriculture, Food Security and Cooperatives, Eng. Christopher Chiza pledged government support to investors in the said sectors.He also pointed out that poor nutrition greatly affects children’s mental development, school performance and causes inefficiency at adult life.Speaking at the same occasion, the Food and Agriculture Organisation of the United Nations (FAO) representative to Tanzania, Diana Tempelman said FAO will continue supporting family farming to enhance agricultural productivity and ensure food security in the country. Read more
MOF: Eurobond Plans delayed 
Tanzania plans to issue its first Eurobond to fund infrastructure projects after several years of delay in securing credit rating, Finance Minister Saada Salum said.Ms Salum did not say how much the bond would be worth, but the country had in the past said it planned to raise up to $1 billion, but this was delayed as it sought a credit rating."The process has been delayed in the past because this is a new thing for us and we want to proceed with caution. The amount of the Eurobond will be determined by the assessment of the credit raters," the minister told Reuters.Tanzania's plans of the Eurobond has been a long-drawn out affair. The process started but was postponed in the wake of global financial crisis.The process were restarted and it was expected the country would issue the eurobond. The government appointed Citibank Group of the UK through the Bank of Tanzania as a transaction adviser. Read more
Precision air's IOSA registration certicate renewed.
       
Precision Air Services PLC, the Tanzanian locally owned airline has renewed its International Air Transport Association’s Operational Safety Audit (IOSA) registration, according to the information released by the company’s corporate communication office. The airline was first added to the IOSA Registry, after an audit conducted. Precision Air Services has renewed the IOSA registration after undergoing an extensive safety audit which is usually conducted every two years. The IOSA program is an internationally recognized and accepted evaluation system designed to assess the operational management and control systems of an airline and it is mandatory for membership of International Air Transport Association (IATA). Read more
FNB opens premier premier banking 
 
Businesses and Customers for First National Bank can now enjoy unrivalled Premier Banking Services, which will be provided at the Premier Banking Suite at Peninsula Branch. Through the Centre, premier customers will be provided with a dedicated Relationship Manager and Customer Service Consultants, access to tailored investment offering, wealth management among other services.“We are excited to open our Premier Banking Suite that will provide tailored banking and investment solutions to our customers. We believe customers are not similar and our centre will seek to provide customized solutions as embodied in our philosophy ‘how can we help you?’” Dave Aitken CEO First National Bank said during the launch. Read more
Tanzania minerals corp aquires 75% and 90% interest in the Igurubi and Msasa gold projects
 
Tanzania Minerals Corp has acquired from Twigg Gold Ltd. 75% and 90% interest in the Igurubi and Msasa gold projects, respectively."We are extremely pleased with the completion of this acquisition. Igurubi and Msasa are both advanced stage exploration projects that perfectly align with our corporate strategy to explore for and develop gold assets in Tanzania. Their addition is a welcome enhancement to the Company's existing considerable exploration portfolio in Tanzania,” Robert Dzisiak, President and CEO of Tanzania Minerals Corp. said.The Igurubi Project is located on the northern margin of the Nzega greenstone belt of the Lake Victoria Goldfields of northern Tanzania, whereas Msasa Project occurs on a discontinuous portion of the western extension of the Ushirombo Greenstone Belt of the Lake Victoria Goldfields of northern Tanzania, Igurubi and Msasa are highly prospective for shear-zone hosted gold mineralization as proven by the recent exploration, including the highly encouraging drilling results. Read more
Depreciation to taper as shilling stabilises - BoT
Reassuring stakeholders that depreciation of the Tanzanian Shilling is expected to taper by December this year, a senior central bank official has warned against investing monies in dollars and instead advised the public to favour government securities.Speaking to this paper in Dar es Salaam, Bank of Tanzania (BoT) Associate Director, Directorate of Financial Markets Paul Maganga explained that, persons who invest their money in dollars or keep it at home, forego approximately 13 per cent in interest otherwise earned through government securities like treasury bills or bonds. Maganga also warned local private institutions committing payments in dollars that they too are not safe and tend to lose 30/- for each counted dollar. Read more
TBS due to have mining standards ready before July
With announced formation of new technical committees, operations and quality standards to govern the mining sector will be in place at the end of the financial year 2014/15, Tanzania Bureau of Standards (TBS) has pledged. The announcement comes in the wake of stakeholders growing concerns over the delayed establishment of sought standards.Speaking to this paper, the bureau’s Head of Building and Construction Section Eng Johanes Maganga conceded that the standards were scheduled to be completed this year but were not.“We started some initiatives on new mining standards last year, but the exercise was halted down after changes of the technical committees,” he explained.“Now that we have new technical committees, preparation of the new standards on mining will be carried effectively and some of them will be ready,” he reassured stakeholders. Read more
EAC to increase free import duty by 80% under new EPA
To access the lucrative European Union (EU) markets, the East African Community (EAC) has joined at least two other African regions in agreeing to increase duty-free imports from Europe to 80 per cent.The deal was entered by EAC negotiators who finalised the new comprehensive Economic Partnership Agreement (EPA) between the two blocs, the European Union has confirmed.In a press release issued, the European Commission said the agreement will provide legal certainty for businesses and open a long-term perspective for free and unlimited access to the EU market for products from Burundi, Kenya, Rwanda, Tanzania and Uganda."The East African Community region stands out for its dynamism and ambition to develop as an integrated region,” said EU Commissioner for Trade Karel De Gucht.“The comprehensive partnership agreement we have just reached is the best way in which we can support EAC's aspirations," he added noting that the EU has concluded at least two other development-oriented partnerships with other African regions. Read more
BOT: No EAC investor bought securities: bank
No investor from the East African countries has started buying government securities since the regulator lifted curbs on them, the Bank of Tanzania (BoT) announced.Mr Paul Maganga, associate director for domestic markets at the central bank, said the regional investors might be studying the country’s requirement and procedures before entering the market.“We believe that members of the EAC will come to participate in our government securities because we offer competitive interest rates compared with those of other EA members. We hope that they are delaying because they are currently working on the BoT procedures to meet the participation requirements,” he told a media workshop here.The level of interest rates in the Treasury bills in Kenya is estimated to be at 8 per cent while those of Tanzania are about 13 per cent, he said.Read more
IMF Gives Nod to Dar's Plans to Revise GDP Data
The International Monetary Fund has given a nod to Tanzania's plans to rebase the economy saying is necessary to reflect structural changes that have occurred in the economy.International Monetary Fund (IMF) Director for African Department, Antoinette Monsio Sayeh told Business Standard that so many structural changes have taken place since the last time Tanzania had recalculated her national accounts."It is important for countries to rebase their economies to reflect various sectors in the GDPs," said Ms Sayeh who was visiting the country to launch Regional Economic Outlook for SSA.She noted that countries such as Nigeria and Kenya which have recently rebased, have seen their GDP increase because rapidly growing service sector has been included."Most of these countries including Tanzania, I think, rebased ," Sayeh noted saying economic rebasing is supposed to be done.Both Nigeria and Kenya have rebased which has shown the important role which telecommunications and film industries especially in Nigeria are playing to boost GDP.Read more
MCST: Cyber-Related Fraud Costs Country Sh10 Billion
The Permanent Secretary in the Ministry of Communications, Science and Technology, Prof Patrick Makungu. Tanzania has reportedly lost six million US dollars (over 10bn/-) so far through cyber-related fraud crimes, that involve mostly card skimming and Automated Teller Machine (ATM) thefts.Speaking at the fourth International Commission on Science and Technology for Sustainable Development in the South (COMSATS) conference in Dar es Salaam, the Permanent Secretary (PS) in the Ministry of Communications, Science and Technology, Prof Patrick Makungu, said the government was working tirelessly to check the crime."As of now, there are over 300 cyber crime cases being investigated, some of which are about to be benched in courts of law," he said.Read more
Dar bourse’s weekly turnover increases by 63 per cent
Activity also increased sigificantly as shares traded rose by 38.05 per cent to 8,899,449 compared with the 6,446,929 shares. Zan Securities CEO Rafael Masumbuko attributed the good performance to increased interest coming from foreign investors who can now buy unlimited volumes of shares.According to  a Zan Securities analysis, the most active counters for local listed companies were TCC, CRDB, Swissport, Twiga and NMB.“Four out of seven cross-listed companies recorded a positive price movement at the close of the week; these are JHL, EABL, ABG and KA. Other three cross-listed companies recorded a negative price movement under review. They were USL, NMG and KCB,” says the report. Indices continued with their upward trajectory .Read more
Seti Sanga: High share prices, procedures slow sale of cross-listed firms on DSE
High share prices and cumbersome procedures are slowing down purchase of cross listed companies at the Dar es Salaam Stock Exchange (DSE) warn financial analysts.Speaking to this paper financial analyst Seti Sanga said price of foreign company shares in the DSE are considerably high and would be buyers are deterred.“The stock is expensive… it has reached up to 13,000/-per share for some companies and now nobody is buying,” he said. Sanga went on to list other factors that are discouraging buyers to include prolonged procedures and lack of adequate information on the foreign companies. "When an investor wants to purchase a share from a cross listed company they first have to contact a local broker who then has to get an order from a foreign broker (where the company has been listed)” Sanga explained.“This is a long back and forth procedure which in my view, many investors are not ready to go through with," he said.The financial analyst said a key solution would be for cross listed companies on the bourse to improve their communication strategies to ensure potential investors are well informed of the companies and their market performance. Read more
Airtel Tanzania subscribers continue to enjoy 4 pc offer on Luku purchases
Dar es Salaam. Airtel customers across the country have continued to enjoy an offer of 4 per cent upon the purchase of Luku through Airtel Money Service.Launched, the offer has attracted thousands of customers, thus increasing Airtel Money transactions on Luku purchase, according to a company report released.Speaking about the offer, Airtel Public Relations Manager Mr Jackson Mmbando, that their customers had responded well to their LUKU bonus offer issued. “We are grateful to see tremendously growth. We would like to inform Tanzanians and customers that the offer is still on all customer need to do is to dial *150*60# and proceed with their purchase,” says Mr Mmbando. Read more
Barrick to pay more in service levy
Three district councils will now share about Sh3.5 billion in service levy paid by Africa Barrick Gold, it has emerged.The giant mining company pays nearly Sh1 billion annually to Tarime, Kahama and Bulyanhulu district councils. Each of the local authorities currently receive $200,000.The new development was revealed by the minister for Energy and Minerals, Prof Sospeter Muhongo, in an email communication. The minister said ABG will now pay a service levy of 0.3 per cent of its annual turnover to every district where it runs a gold mine.Reached for comment, Prof Muhongo declined questions from The Citizen to elaborate the new development that comes hot on the heels of another agreement, with Geita Gold Mine to start paying 4 per cent royalty to the government from the 3 per cent. Read more
TPCC: Giant cement company urges training in block production to ensure quality
Public safety is undermined by low standard building bricks saturating the market to meet the country’s booming construction industry and experts are advising the government and stakeholders to invest in quality and standards training for brick makers.Speaking at the close of the annual block makers’ seminar  in Dar es Salaam, Danford Semwenda, the Business Development Manager of East Africa’s lead cement producer, Tanzania Portland Cement Co Ltd (TPCC) warned that poor quality bricks weaken the integrity of final structures and that way place the public at risk.“Besides block quality and standards set by government authorities, there is need to increase and monitor training for brick makers,” he advised. Semwenda said the quality of the end product and value for money on the part of buyers lies in the hands of block makers and so it is vital that this group receives the needed quality and standards training.The Business Development Manager said as leading cement producers in the region, TPCC is keen to ensure the final product, the bricks, meet the required standards. Read more
MITM: Crown Paints Enters Local Market
Tanzanians should brace themselves for high quality standardized products thanks to the emergence of internationally recognized companies as predictions of the economy doubling increase.Speaking at the launching of Crown Paints in the country, the Minister for Industry, Trade and Marketing, Dr Abdallah Kigoda, said that the government was happy to associate with a company like Crown that has a heritage of quality and has even attained a super brands status."The government will continue giving its full support to companies coming to invest in the country with a manufacturing ambition. We are thrilled to learn that Crown has prospects of starting a plant in the country because this is an assurance of job creation and widening of our manufacturing portfolio," he said.Dr Kigoda said that with the population soon to hit the 50 million mark in a couple of years, this means that as a market, there will be increased opportunities both domestically and internationally.Read more
MOF: Govt losing billions in revenue from natural resources 
The management of natural resource sectors such as forests, wildlife and fisheries has been suffering from weaknesses.According to Finnish Ambassador to Tanzania, Ms Sinikka Antila, a number of studies and reports showed that the government was losing at least 90 per cent of forest revenue through illegal logging."This is a governance and economic issue that requires attention. It is encouraging that Tanzania is mapping possibilities as part of the Extractive Industries Transparency Initiative (EITI) to add forest resources within its scope," said Ms Sinikka. She noted that the increasing demand for food, especially bioenergy, contributed to the clearing of forests and land acquisitions. One per cent of the cultivated land was used for producing biofuels while the percentage had grown to three and was expected to climb to 36.She made the remarks in Dar es Salaam at a Joint Natural Resources Sector Review meeting which attracted various stakeholders, including heads and representatives from Development Partner Group on Environment (DPGE), the private sector and NGOs. Read more
MOF: Finland supports finance management reform bid
The Government has received 4.8 million Euros, equivalent to 10.1bn/-, from the government of Finland to finance Phase Four of the Public Finance Management Reform Programme (PFMRP IV).The grant agreement was signed in Dar es Salaam by the Acting Permanent Secretary in the Ministry of Finance, Ms Dorothy Mwanyika and Ambassador Sinikka Antila of the government of Republic of Finland.Speaking shortly after the signing ceremony, Ms Mwanyika said that the government has been implementing the PFMRP with the objective of enhancing the public finance, transparency as well as accountability."The PFMRP is being implemented in line with other ongoing reform programmes in the Public sector and we have completed the three phases," said Ms Mwanyika adding that the fourth phase is being implemented.She noted that achievements realized during implementation of phase one to three of the programme includes increasing revenue collection, improved capacity in handling public finance management and maintaining the country's Gross Domestic Product (GDP) at six to seven per cent. Read more
RAS: Large seeds investor eyes Butiama farm
Mara Region is expecting a large investor to invest heavily on production of millet and rice seeds, thanks to efforts being made by the regional leaders to attract investors.Officials here say the company, Afriseeds Limited, is ready to start producing rice and millet seeds at Bugwema irrigation farm in Butiama District. Already talks between the investor and Mara officials have reached advanced stages and they may sign an agreement."The company is ready to invest and they want to be largest producer of millet and rice seeds in East Africa," Mara Regional Administrative Secretary (RAS), Mr Benedict Ole Kuyan told the 'Daily News'.The investor is also expected to create several hundreds of jobs in the region.The Mara Regional Consultative Committee (RCC), approved the investment. RCC is the highly ranking decision making organ at the regional level.Mr Ole Kuyan underscored the need of avoiding red tape that may delay the project. "Rice and millet seeds is also a big need for our region and the project will also ben- efit our own famers," he said.Read more
EWURA: 'Transparency is driving force in oil tenders'
WHY has kerosene disappeared from filling stations? Could it be anything to do with fuel adulteration? Are oil marketing companies positive about bulk fuel procurement? Staff Writer Marycelina Masha interviewed Energy and Water Utility Regulatory Authority ( EWURA) Manager for Communications & Public Relations, Titus Kaguo who answers these and other questions on the role of the authority.Excerpt:QUESTION: Where does EWURA's obligation to check for fuel quality and regulate prices begin and where does it end?ANSWER: EWURA's mandate to regulate petroleum products starts when a sea vessel carrying oil has anchored on the waters of Tanzania. At this point, our regulation focuses on the quality of the products.If it happens that the products do not conform to quality standards, the ship will not be allowed to offload the products. From offloading, monitoring then extends to storage facilities and petrol stations. Read more
Tanzania lags behind in adult financial inclusion
The government and private sector have been urged to make sure that the number of adults who access formal financial services is increased in order to speed up economic development.Speaking to this paper in an interview, a financial analyst, Hezron Mkanga, said at the moment only 17 percent of adults have access to financial services which is not healthy for economic growth."I urge the private sector and the government to devise means that would see the percentage go up," he said.He noted that Tanzania is one of the African countries with the lowest number of adults who have access to financial services.However, Mkanga said Tanzania acknowledges financial inclusion, which formally encompasses all sections of the citizenry, as one of the key drivers of economic growth leading to reduced economic vulnerability for individuals and households, poverty alleviation, and improved quality of life for all people.Read more
 
TRIT to produce 1m tea plant clones, sustain crop quality, productivity
The Tea Research Institute of Tanzania (TRIT) will produce about 1 million tea plants so as to uphold the quality of the recently improved clones which were released by the institute through the support of European Union (EU) .Speaking to The Guardian recently in Dar es Salaam, TRIT Executive Director, Dr Emmanuel Simbua, said the one million tea plants will be generated from a tea nursery rooting centre that is located at the Ngwazi Tea Research Station.Dr Simbua also said the aim of conducting a tea nursery rooting centre is to maintain the quality of the clones so as to ensure farmers are planting the researched tea clones. “Tea Research Institute of Tanzania has good strategies to ensure that all tea growing districts are getting the newly improved clones. That’s why we have prepared the tea nursery rooting centre to generate enough tea plants for our farmers,” he said.Read more
 
Firms can buy Internet services from us: TTCL
Two companies have partnered to provide Internet services to their providers in Tanzania.Such providers have been buying Internet services from outside Tanzania, making accessibility difficult and expensive. However, in a deal between the Tanzania Telecommunications Company Limited (TTCL) and Telecom Italy Sparkle such a situation will change. TTCL chief marketing and sales officer Peter Ngota told The Citizen that the state-owned company in partnership with Telecom Italy Sparkle had launched a large-capacity IP Point of Presence a Tier 1 ( IP-PoP) in Tanzania.It is the first in East Africa and second on the continent, he said. The IP-PoP will enhance Internet connectivity in Eastern and Southern Africa by offering faster connection speeds, improved reliability and cost-efficient connections. Read more
FAL: Population policy advised to protect citizens’ rights to job opportunities
Stakeholders  are arguing that Tanzania needs a population policy that will protect citizens’ rights to social and economic opportunities available in the country especially in employment. Speaking over a phone interview, Humphrey Sanga from Mitemo Farmers Association in Lindi said a population policy will help create more employment opportunities and boost economic growth. "We do not have a clear policy that governs how the population stands to benefit from the country’s resources…or one that prioritizes jobs for wananchi,"he said. He said with a population policy that favours public interest, then priority would be given to Tanzanians in work places and in contract tendering.  According to Sanga, many Tanzanians do not benefit from available opportunities because of a lack of education and/or fear of competition. As an example, he said most developed countries in the Far East have applied the population policy as and are now enjoying expedited economic development. Read more
MEM: Govt sets aside 2.5bn/- for small scale miners
The government in collaboration with Tanzania Investment Bank (TIB) has allocated 2.5bn/- as interest subsidy to small scale miners. Speaking to this paper, the head of government communications at the Ministry of Energy and Minerals, Badra Masoud, said the budget will cover procurement of mining equipment, chemicals as well as the training programmes. She said the World Bank has also chipped in by providing a total of 5.7bn/- as a subsidy to small miners across the country. She said the initiative is a supplement to the government’s ongoing efforts towards developing the sector noting that, the government issued a total of 881ml/- to 11 small miners groups. "However, the distribution of loans depends on the requirements of the specific small miners group. To some groups, we provide equipment only, while to other groups we provide loans to purchase materials on their own," she elaborated. Read more
 
BOT: Interbank rates double as illiquidity bites in market
Interbank rates, the lending rates at which commercial banks borrow from each other, more than doubled as bankers cite the shortage of cash in circulation.The weighted average rate for the interbank money market rose from 3.24 per cent, the lowest to 8.81 per cent, according to figures from the website of the Bank of Tanzania (BoT).Banks borrow money from and lend to each other through the interbank lending market when they seek to manage liquidity as well as to satisfy other financial regulatory requirements including having the required reserve levels.The interbank rates are one of the factors that determine interest rates on the credit market as commercial banks use them and those of the Treasury bills for benchmarking. Read more
SCB: Bank raises over 1bn/ to accelerate fight against blindness in Tanzania
In marking World Sight day, Standard Chartered Bank Tanzania Limited has pledged to increase efforts to eliminate avoidable blindness in Tanzania. Speaking at a public event to mark the World Sight Day in Dar es Salaam, the Bank’s Chief Executive Officer, Liz Lloyd, said the Bank’s ‘Seeing is Believing’ initiative, which funds projects to tackle avoidable blindness in the markets in where the bank operates, will reach ten regions in Tanzania. She added that the bank is focusing on Children’s Eye Care and Health in its phase. "The bank has decided to focus on children in the new phase and you may wonder why - the impact of blindness and visual impairment on children is far greater than that for adults as a child has their whole life to live before them," she explained." In terms of the impact on reducing years lived with disability, curing a child of blindness is, on average, equivalent to curing ten adults with cataract blindness," she noted.Read more
TCB: Shortage of inspectors affecting cotton sector
Cotton farmers are facing an acute shortage of inspectors to provide them with extension services thus affecting their productivity, Tanzania Cotton Board (TCB) has revealed. Speaking in an exclusive interview with The Guardian in Dar es Salaam, TCB Acting Director General, Gabriel Mwalo (pictured), said they are few inspectors operating in the 42 districts where the crop is cultivated. “The board has been operating with very few cotton inspectors, who are supposed to provide cotton farmers with extension services,” he said.However, Mwalo said, the government has issued a permit to employ about 19 cotton inspectors to add to the 12.“At least we will have about 32 cotton inspectors to who will have to cover all 41 cotton growing districts countrywide, the number is very small to provide extension services….there is a need to employ more inspectors so as to improve production,” he said. Read more
SCB: Shilling Weakens Further As Demand for Dollar Increases
The shilling started  on a weak footing due to high dollar demand stemming from the corporate entities.According to the Standard Chartered Bank Daily Market Commentary, as the dollar continued to make steady gains on the shilling stemming from corporate demand, the TZS/USD pair was expected to trade with low to medium volatility in the market with bias on stronger dollar.However, the shilling could find relief in the near term as demand dwindles and importers find the greenback expensive, as well as dollar inflows.Inflows from agriculture and mining sectors eased pressure on the local currency, the situation that made the pair to carry on flat trading.Substantial amount of dollar is being spent by some corporates for the importation of petroleum products. Other imports are transport equipment, building and construction materials and industrial raw materials. Read more
IBFCOTC: Anti-tobacco meet in Moscow aims to bolster taxes
A major anti-tobacco conference opened in Moscow aimed at agreeing higher taxes on cigarettes, a move being fiercely opposed by the tobacco industry.  Russia, which has introduced strict anti-smoking legislation, was hosting  World Health Organization conference that has brought together some 1,500 delegates from signatory countries of the international body’s Framework Convention on Tobacco Control.The summit -- held has been hit by the fallout over the Ukraine crisis, with both the United States and Canada boycotting the meeting amid a standoff with Moscow over its support for separatist rebels in the ex-Soviet nation.Officials at the gathering are pushing for tougher taxes on smoking in a bid to curb a habit that they blame for 6 million deaths worldwide.Read more
Exporters Concerned Over Monopoly in the Agro-Business
Failure to access global market information for agro products has been denying farmers' opportunity to get premium earnings that reflect the market price.Only few business people have access to global market information and have been taking advantage to exploit farmers by giving low prices that does not reflect the market value.Such excessive monopoly has been hindering small and medium exporters to access information from the international market that could help in supplying goods at the required standards.According to exporters association, the problem has never been the availability of markets rather poor export structure that hinders small and medium scale enterprises to thrive.The association asked state and non state actors to act accordingly in addressing excessive market monopoly in the agro-business that has become common in some parts of the country holding back efforts to boost the sector's growth. Read more
DSE: Dar Bourse post outstanding performance
The  turnover at the Dar es Salaam Stock Exchange (DSE) edged north after climbing to 14.26bn/- from 4.29bn/- of the trading.According to the Tanzania Securities Limited (TSL), the bourse's activity levels rose by 157 per cent to 6,446,929 shares, an increase from 2,503,619 shares.Similarly, both indices edged north with both the Tanzania Share Index (TSI) and DSE All Share Index ending in green.The DSEI ended  1.13 per cent higher at 2,681.09 points while TSI closed  at 5,699.39 points 5.54 per cent up supported by gains made on the TBL, TCC, Swala, Swissport, Twiga, NMB, CRDB, DCB, Simba and TOL counters respectively.The Banking segment Index strengthened to close at 4,233.54 points, supported by NMB, DCB and CRDB counters.The Industrial and Allied Index strengthened by 6.39 per cent to close at 7,577.81 points buoyed by Twiga, Swala, Simba, TCC, TOL, Swissport and TBL counters. Read more
MOT: TBS asked to Intensify crackdown fake tyres
Transport Minister, Dr Harrison Mwakyembe (centre) cuts a ribbon to launch Michelin special tyres for buses in Dar es Salaam. Looking on are Commercial Director of Michelin for Africa, India and Middle East, Freddie Stoeffler , Superdoll Managing Director, Seif Ali Seif (second right), Chief of Traffic Police, DCP, Mohammed Mpinga (second left) and the Director General of Surface and Marine Transport Authority (SUMATRA), Gilliard Ngewe. (Photo Staff Photographer)THE Minister for Transport, Dr Harrison Mwakyembe has called on the Tanzania Bureau of Standards (TBS) to intensify crackdown on importers of counterfeit tyres as they contribute to increasing road accidents.Speaking at the launching of Michelin new special tyres for coaches in Dar es Salaam, the minister said the bureau should take stern measures against importers of fake tyres as they were contributing to increasing road accidents."Despite the fact that, human error and bad roads can cause accidents, using fake tyres is another cause of accidents. We want TBS to check the increasing trade of fake tyres," he said. Read more
TRA collects 84percent revenue in three years
The Tanzania Revenue Authority (TRA) in Kagera Region collected over 70bn/-, about 84 per cent of the targeted 86.251bn/-.The TRA Kagera Regional Manager, Leonard Shija, told the 'Daily News' The target was to collect 22.249bn/- while actual collections were 17.696bn/- equivalent to 79.5 per cent , with a deficit of 4.553bn/- (20.5 per cent). TRA collected 26.087bn/- surpassing the target of collecting 23.006bn/-, implying a 113.4 per cent achievement, he said.According to Mr Shija, the regional body collected 27.284bn/-, equivalent to 66.5 per cent of its target of collecting 40.995bn/-, with a deficit of 13.711bn/- (33.5pc). "TRA, therefore, collected an average revenue amounting to 83.5 per cent," he said.He attributed the shortfall to falling prices of coffee at the international market and reduced levy charges of transit lorries from 500 US dollars to 152 US dollars. Meanwhile, Janeth Mugyabuso (25), from Hamugembe Ward in Bukoba Municipality sustained head injuries and lost her left arm after she was assaulted by unknown people. Read more
BOT: Yields on T-Bills broadly stable at auction
Yields on the short-term borrowing continued inched up slightly across all maturities when the Bank of Tanzania (BoT) sold 191.4bn/- of treasury bills overshooting the original 135bn/- target.However, not all the bids emerged successful in the treasury bills despite the oversubscription with bank taking only 140.16bn/-.The yield for the longest tenures, inched up to 13.37 per cent from 13.19 per cent at the previous auction.It fetched 79.34bn/- out of 55bn/- originally sought to be raised from the market. Similarly, yield of 6-month bills reached 13.13 per cent versus 13.01 per cent offered in the previous session.A total of 71.4bn/- was sold at the auction against 45bn/- sought to be mobilised. The weighted average yield on the treasury bills dropped slightly by 0.01 per cent to 9.87 per cent compared to 9.88 per cent at the sale. Total bids amounted to 38.88bn/- was sold against 32bn/- offered at the auction.The tenure remained less attractive to investors despite hiking yield rate to 5.13 per cent from 4.98 per cent of the previous sale. It thus managed to raise 1.8bn/- compared to 3bn/- offered for sale at the auction. Read more
TANESCO Connects 72 Percent of Targeted Mwanza Customers
The Tanzania Electric Supply Company (TANESCO) in Mwanza Region has connected 12,200 customers, constituting 72 per cent of the targeted 17,000 households, with the power utility promising to connect the remaining 4,800. Tanesco Mwanza Regional Manager, Engineer Stella Hiza said that the failure to complete some of the projects was due to problems, including the scarcity of electricity poles especially in Sengerema.She mentioned another hurdle as lack of submarine cables to enable Kome Islanders in Sengerema District access power, hinting that efforts are being made to ensure that power is connected to the area.Eng Hiza said that the performance of Symbion Company Ltd is not promising as up to date they have failed to complete the execution of REA phase one.She noted that Symbion is a reputable company, but she fails to understand why they are failing to meet the deadline in Simiyu while they did it in Sengerema District.The Symbion site Manager, Mr Steve Thomson, promised to work hard, but could not promise  they would have completed the project as per government proposal or not. Read more
FEAFFA: Agents Back New Regulations On Customs Clearance
Customs agents will have to acquire a professional certificates to be allowed to operate in Tanzania.
The Vice-President of Federation of East African Freight Forwarders Association (FEAFFA), Stephen Ngatunga and Executive Director, John Mathenge told reporters in Dar es Salaam that it would be mandatory for all custom agents to obtain an East Africa Customs and Freight Forwarding Practising Certificate (EACFFPC).According to the Federation of EACFFPC, a certificate is obtained after attending a training programme jointly implemented by the East Africa Revenue Authorities (EARAs) and the national freight forwarding associations affiliated to the Federation of East African Freight Forwarders Associations (FEAFFA).Mr Ngatunga said, over 4,500 people have already obtained the professional certificate. "Here in Tanzania, we are working in partnership with Tanzania Revenue Authority (TRA) whereby over 1,300 people have already undergone the training and obtained this professional certificate," Mr Ngatunga said.Mr Ngatunga said it's time for the C&F industry in the region to rid itself of crooked elements tarnishing the good image of professional players who respect quality services to clients. Read more
NBS: Inflation rate drops slightly
The inflation rate dropped slightly to 6.6 per cent from the 6.7 per cent recorded, the National Bureau of Statistics (NBS) announced in Dar es Salaam.But, the annual inflation rate on the prices of food consumed domestically and externally decreased to 8.3 per cent compared to the preceding month's 8.5 per cent, while the index change for non-food products has increased to 4.6 from 4.5 per cent over the period under review.According to NBS, the overall index increased to 149.93 from 140.61. The increase in the overall index is attributed to the price increase of both food and non-food items.The new National Consumer Price Index released by NBS for last month also indicates that the annual inflation rate which excludes food and energy for the month has stagnated at 3.1 per cent as it was recorded.Read more
CBB: Shilling Steadies Against Dollar
Inflows from agriculture and mining sectors eased pressure on the local currency with the pair TZS/USD trading flat as demand for the dollar is being met."Flat trading was expected to continue with a slight bias on a stronger dollar due to the lingering demand from the manufacturing, Oil and Gas sectors," stated the Standard Chartered Bank in its Daily Market Commentary.The importation of petroleum products is among the category that spend substantial amount of US dollars. Others are transport equipment, building and construction materials and industrial raw materials.According to the NMB e-market report, the Tanzania shilling stabilized against the dollar to close at 1,667/1,697, although this may be a temporary resistance level as USD demand is still significant. Read more
MEM: Sh660m won for lighting up rural Tanzania
Tanzania’s rural electrification efforts received a major boost after four companies won a total of $400,000 (Sh660 million) to initiate off-grid power solutions. Jamii Power Limited, L’s Solution Limited, Lung’ali Natural Resources Company Limited and Space Engineering Company are winners of the Power Africa Off-Grid Energy Challenge.They will each receive a grant of $100,000 (Sh165 million) for initiating off-grid solutions that deploy renewable resources and power socioeconomic activities.Speaking during an award ceremony in Dar es Salaam, the minister for Energy and Minerals, Prof Sospeter Muhongo, said the grant would boost Tanzania’s efforts in rural electrification. Read more
DSE: Diversifying sources of income advisable
The Dar es Salaam Stock Exchange (DSE) is reported to have recorded a turnover of 175bn/-, more than the cumulative value for the previous three years, in a matter of three months.These returns were registered between July and last month, a phenomenal achievement the bourse’s leadership attributes to good macroeconomic fundamentals and optimism among investors.Put differently, this points to generally favourable government policies for the financial sector and confidence by investors that their money was in safe hands at the bourse.This script makes interesting reading, and it was understandable for DSE chief executive to confidently reassure stakeholders that the bourse had recorded an increase in investors’ wealth by a whopping 3.5 trillion/- in such a short period. It was reported that the dramatic increase in the sale of stoke shares was directly influenced by the listing firms like Swala Oil & Gas Plc, which oversubscribed its Initial Public Offer. Read more
CBA: Bank gives Sh25 billion mortgage loans in TZ
Sh25 billion has been offered to Tanzanians as mortgage loans by Commercial Bank of Africa (CBA).The bank’s acting chief executive officer, Mr Julius Mcharo told reporters yesterday here during the opening of a Customer Service Week which the bank has started commemorating that the bank was the first bank to offer large amounts of mortgage loans in the country.The lender was this year recognised by the Bank of Tanzania as among the top three commercial banks offering big mortgage loans in the country.He added that this year’s Customer Service Week was meant to listen to the clientele and hear what they intend to get from the bank.“We are celebrating  all our banks in the world and here in Tanzania we intend to hear what our customers need us to offer them” he said.The bank signed a pact with Vodacom dubbed M-Pawa, where over 700,000 Tanzanians have subscribed just five months since the service was launched.CBA is a member of the Commercial Bank of Africa Group, headquartered in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania and Zimbabwe. Read more
We’ll strike Sasatel off register, warns TCRA
The Tanzania Communications Regulatory Authority (TCRA) is planning to revoke Dovetel (T) Limited’s licences as the mobile opertator has failed to comply with the rules of the game.Dovetel which trades as Sasatel has failed to both roll out services nationally and pay regulatory fees as required by the regulations, the regulator said in a statement.According to TCRA, Dovetel has been in material breach of licence conditions particularly section 21 (g) and (h) of the Electronic and Postal Communications Act, Cap 306 of the laws of Tanzania. TCRA director general John Nkoma told The Citizen in an emailed interview recently that it granted Dovetel an opportunity to explain the situation on what is going on in the company, but Dovetel failed to respond accordingly.The regulator issued to Dovetel a compliance order to appear before it, and show cause why legal action should not be taken against them for being in material breach of the licence conditions but they did not respond. Read more
EAC: Tanzanians want regional integration speeded up
Tanzanians have faith in the East African Community (EAC) and the majority want the country to raise the pace of the integration process, a new survey reveals. Nine out of every 10 people want Tanzania to remain in the community.Presenting the findings yesterday in Dar es Salaam, Twaweza Researcher Elvis Mushi said 85 per cent gave the nod to integration with Kenya and Uganda while six out of every 10 citizens also backed integration with Rwanda (62 per cent) and Burundi (59 per cent).The survey involving 1,408 respondents found that the majority of Tanzanians want a single tourist visa for the region, the ability to travel across the region with a national identity card, joint infrastructure projects, free movement of labour, a common passport, tax-free trade and a single currency. Kenya, Rwanda and Uganda have already using a single tourist visa.Said Mr Rakesh Rajan, who heads Twaweza: “The citizens have spoken almost with one voice on how strongly they support the integration process. The task for our policy-makers is to make sure they honour their demand, including making sure that Tanzania is in a strong position to take advantage of the opportunities afforded by the integration.”
At the launch of the survey, former EAC. Read more
DSE Posts Strong Quarterly Performance
The Dar es Salaam Stock Exchange (DSE) has recorded a historic performance after posting a turnover of 175bn/-, similar almost to cumulative figure for three years."The outstanding performance was supported by both qualitative and quantitative factors, good macroeconomic fundamentals, sector performance and optimistic investors' sentiments," said Mr Moremi Marwa, the DSE Chief Executive Officer in a CEO Quarterly Note availed.Similarly, during the quarter under review, the DSE market depth, as measured by market capitalization, grew significantly. He said the domestic market capitalisation grew by 44 percent to 11tri/- compared to 7.5tri/-, implying an increase of investors' wealth by 3.5tri/- in a single quarter.The total market capitalisation grew to 22.8tri/- during period from 18.9tri/-, a growth of 18 per cent. This growth was mainly supported by price rally in most counters coupled by the two new listings during the quarter, Swala Oil and Gas and Uchumi Supermarket that listed into the Exchange with a combined market capitalization of about 60bn/-. Read more
BRELA: Thousands of companies risk deregistration
The Business and Registration Licensing Agency (Brela) has issued an ultimatum for the companies to file their annual reports or else be deregistered. According to Brela’s  statement Tanzania has 120,000 registered companies but only 20,000 of them adhere to the country’s laws and file their annual returns with the registrar of companies, accompanied with audited accounts Brela chief executive officer Frank Kanyus said companies which do not comply with the conditions “will be struck off the registers while their owners and officers will be taken to court”. “Non-compliance of the legal requirement is an offence under the law which may lead to a company be struck off the register; owners and officers be taken to Courts of Law, or both,” he emphasised. Read more
TBL Posts Strong Revenue, Share Growth
While beer industry in Tanzania and East Africa in general is becoming more competitive with more choices available for consumers, the Tanzania Breweries Limited (TBL) still managed to record volume growth for the past year. TBL's share price has increased by 165 per cent, a reflection of another successful financial year for the beer maker.Speaking at the 41st TBL Annual General Meeting (AGM) in Dar es Salaam, the TBL Board Chairman, Mr Cleopa Msuya, said the company registered growth in business despite the challenges of erratic electricity supply and poor infrastructure that affected smooth operations of the company.He said erratic electricity supply hamper production flow and generally poor infrastructure caused challenges in delivery of products. "Despite those challenges, the company still has managed to record moderate volume of growth during the year," he said.The company made about 979.6m/- revenue, which is equivalent to ten per cent growth. The revenue led to 15per cent growth in the trading profit, compared in the increase of profit to 203.7m/- from 177.2/-.Read more
Experts root for use of live-line technology in electrical maintenance to stabilise economy
Live line technology in electrical engineering will help technicians work on high voltage lines without necessarily cutting power supply allowing business activities to carry on uninterrupted.Explaining that service break for maintenance causes losses to businesses, inconveniencies to domestic users and mars client relations with the power supplier, a live line specialist Macdonald Mwakamele said the technology will help prevent these losses.Speaking to this paper in an exclusive interview recently in Dar es Salaam, Mwakamele said reassuring clients of uninterrupted power supply is key to attracting investments.“As more investors come in then jobs are created, government revenue is boosted and the economy grows,” he said.“When using the live line technology, processing and manufacturing factories will not be forced to stop production…their factories can continue producing goods while the technicians perform the required repairs,” he went on to say. Read more
DSE records historic Sh175bn turnover in 3 months: CEO
The Dar es Salaam Stock Exchange (DSE) recorded a historic performance, registering a Sh175 billion turnover.This is almost similar to cumulative turnover, according to DSE chief executive officer Moremi Marwa. The strong performance is supported by qualitative and quantitative factors, good macroeconomic fundamentals, sector performance and optimistic investor sentiments, said Mr Marwa said in an emailed message.The DSE market capitalisation also grew significantly.The domestic market capitalisation grew from Sh7.5 trillion  to Sh11 trillion. The total market capitalisation jumped from Sh18.9 trillion to Sh22.8 trillion.“This growth was mainly supported by price rally in most counters coupled by the two new listings during the quarter, Swala Oil & Gas and Uchumi Supermarket that listed on the DSE with a combined market capitalisation of about Sh60 billion,” he said. Read more
TCC Profit Drops On Increased Excise Duty
Tanzania Cigarette Company (TCC) has reported a 20 per cent drop in its net profit as it is hit hard by increased excise duty on tobacco products.TCC, which is listed on the Dar es Salaam Stock Exchange (DSE), recorded a net profit of 35.3bn/- down from 44.3bn/- it recorded, according to its financial statement.The gross profit declined by 10 per cent to 86.8bn/- from 96.9bn/- ."Whilst our volume grew by 5.2 per cent; financial performance was lower than the corresponding period," the TCC Chairman and Chief Executive Officer, Majd Abdou said in the statement.He said the results were a cumulative negative impact of high excise tax increases , inflation adjusted products cost and operating expenses."The cumulative impact of high excise tax increases, inflation adjusted products costs and operating expenses, negatively impacted results," he said.Read more
TBS: Marking of all imported products to start soon, says standards body
All imported goods are now to be stamp marked with a government certification logo that will verify their standards and safety.“The import standardisation mark (ISM) is ready and we have already trained staff to handle the implementation…we are ready to put it into practice,” announced the Acting Director General of Tanzania Bureau of Standards (TBS), Joseph Masikitiko. Speaking to The Guardian in an exclusive interview , Acting Director General Masikitiko explained that the ultimate goal of the ISM is to protect the consumer.“Substandard goods pose great health and safety risks to the consumers,” he said. Masikitiko went on to explain that the substandard and counterfeit products also hurt local industries because they pose unfair competition against genuine products.“Cheap counterfeit imports hurt local industries because they are sold at lower prices compared to the genuine products,” he said.“We are in the final stages of implementation, all imported products will be required to bear the import standardisation mark from TBS regardless of the fact that they may already have similar standard marks from their country of origin,” he said. Read more
Govt, WFP to buy 200,000 tonnes of surplus maize
The government has entered into contract with the World Food Programme (WFP) to buy at least 200,000 tonnes of maize.Apart from the WFP, the government is in discussions with the neighbouring Kenya, Democratic Republic of Congo and South Sudan to buy the country’s excess maize and rice.During this year’s harvest season, Tanzania recorded over 500 million metric tonnes of maize up from 350 million tonnes recorded last year, representing a 123 percent increase. Rice harvests also recorded at least 118 per cent increase in the same season.“We have lot of surplus maize and rice which National Food Reserves Agency (NFRA) cannot afford buy,” Agriculture, Food Security and Cooperatives minister Christopher Chiza told The Guardian in exclusive interview.“Our capacity is to buy 200,000 metric tonnes…but we are doing our best to ensure that we get a market for the maize and rice,” he said.“ To start with, WFP has agreed to buy at least 200,000 tonnes from NFRA in phases…they will start with 60,000 tonnes and then purchase more thereafter,” he explained. Read more
Starpeco Limited: TZ begins first production of bitumen emulsions
The first bituminous emulsion production has been commissioned in the country providing more opportunity for constructing tarmac roads at low cost.The bituminous emulsion production plant owned by Starpeco Limited was inaugurated in Dar es Salaam.Bitumen emulsions generally belong to the oil-in-water type of emulsions where bitumen is dispersed in water with the aid of a small quantity of an emulsifying agent.Bitumen emulsions are mainly used in road construction and maintenance. Starpeco Limited managing director, Eng Gratian Nshekanabo told journalists that the availability and effective use of emulsion products would change the landscape of Tanzanian construction industry.“The cold mix technique will change the way we are doing things in the construction and maintenance of roads,” he said.Read more
MOEM: Ngaka coal to be used for cooking
The Ngaka coal found in Mbinga District in Ruvuma Region will be soon sold for domestic use.According to a statement released by the Ministry of Energy and Minerals, the head of standards at Ngaka coal field, Mr Boscow Mabena told visiting leaders from the ministry, that they had already prepared a business plan for selling coal for cooking in homes.Accompanied by senior officers, the Permanent Secretary in the Ministry of Energy and Minerals, Mr Eliakim Maswi, ago visited the Ngaka coal field to know the progress in coal production.Mr Mabena said that already the Songea-based college of Vocational Education and Training Authority (Veta) had conducted research to design a special cooker and coal products with reduced heating capacity for coal fired cookers.The research has targeted the Mbarawala women group based in Mbinga District, according to the ministry’s report.Read more
NSSF financial injection into sisal industry bearing fruit
Prolific investment in the sisal industry by National Social Security Fund (NSSF)’s is bearing promising fruits, report the sector stakeholders.Presenting a paper on Sisal value chain development and the NSSF in Dar es Salaam, a major stakeholder, Acting Managing Director Juma Shamte of Katani Limited said:“Partnering with NSSF was an excellent business decision that has significantly boosted production and raised profits.”Shamte revealed that over the years, NSSF has provided them with loans in excess of 14.5bn/- a financial investment he described as ‘rejuvenating to our operations.’“It allowed us to among other things, develop over 50,000 hectares that has increased our production capacity exponentially,” he said.“Thanks to this collaboration, our sisal production is estimated to rise to 16,000,000 kgs and generate up to 6,000 permanent jobs,” the Acting Managing Director optimised. Read more
MCST: Entrepreneurs Urged to Be More Creative
Entrepreneurs have been urged to be more innovative and come up with ideas for improving the people's socio-economic status as well as solutions to society's problem.The advice was made in Dar es Salaam by the Permanent Secretary in the Ministry for Communication, Science and Technology, Prof. Patrick Makungu at a ceremony to hand over innovation awards and financial grants to ten innovators.Prof Makungu said that development requires creativity from individuals and start up companies because it is from them that they shall create economic value and beef up government coffers."Innovation is the central engine for development of any society thus everyone has to make sure they come up with solutions which are so compelling that people are willing to part with cash to buy the needed solution," he said. Financial grant worth 150m/- was provided to ten Tanzanian innovators.Read more
TCB: Demand for Arabica Coffee Pushes Up Prices
Strong demand for Arabica coffee pushed up prices at Moshi auction, the positive situation for increased farmers' earnings.However, according to the Tanzania Coffee Board (TCB), the growers' rejection of low bids suspended the auction for robusta coffee. The auction results published by the TCB shows that grade AA Arabica sold fetched 193 and 243 US dollars per bag, compared with 180 and 253 US dollars per bag at the session. Similarly, the overall average price of all the Arabica coffee grades increased compared to the sale.The overall average prices at the Moshi exchange were up by 1.76 US dollar per 50 kg when compared to the previous auction. In the auction, a total of 15,663 bags were offered at the sale and that 13,842 bags were purchased. The sale, a total of 19,576 60-kg bags had been offered for sale, with 18,648 bags sold. East African coffee is normally packed in 60-kg bags, but the prices are quoted for quantities of 50 kg.The coffee regulator says it expects a bumper harvest, with production seen exceeding 55,000 tonnes from about 48,700 tonnes in the season. Read more
ESPOPC: Planning Vital for Socioeconomic Transformation
Addressing the media after the opening session of the Annual Planners' Conference in Dar es Salaam, the Executive Secretary, President's Office Planning Commission, Dr Phillip Mpango said development cannot be superimposed from above but rather promoted from within.The planners' conference under the title, "Enhanced Planning Cadre Towards Social- Economic Transformation" has three specific topics.These include "Career Development for Planners and economists", Preparation of the Second Five-Year Development Plan and "Preparedness for Tanzania to Benefit from Gas economy"."Tanzania cherishes good governance and the rule of law in the process of creating wealth and sharing benefits in society and seeks to ensure that its people are empowered with the capacity to make their leaders and public servants accountable.But the society has to work hard and not for others to work for them," Mpango observed. He added, "Effective coordination in planning and implementation with diligence through application of the contemporary science and technology, positive changes are sure to come. Read more
 Nasarog Safaris Ltd: Tourism sector players seek market in Russia
Wildlife tourism in Tanzania is bound to grow at a greater pace as local tour operators begin to market the tourist attractions beyond Europe and US.Some tour companies have now shifted their market target to the former Soviet Union member countries as they continue to show interest in the country’s major tourist sites. The remarks were made by Nasarog Safaris Ltd Managing Director Gabriel Mwenguo, who was recently in Chita Oblast-in Southeast Siberia, Russia on a business trip to market Tanzania as a tourist destination.According to him, tour operators are now seeking to widen their customer base in Kyrgyzstan, Ukraine, Belarus, Uzbekistan, Latvia, and Russia.He said the tourist market in those countries is very high but the only thing holding them back is language barrier.While in Chita Oblast, the tour manager met with various tour stakeholders whereby they discussed various issues relating to the tourism sector in Tanzania and the possibility of a collaborating to bring tourists from those countries to Tanzania. Read more
ESAS: Tanzania to ban Public officials from holding private sector jobs
In response to a growing outcry over corruption and abuse of office, Tanzania is working on a new law to ban elected leaders and civil servants from using their position to build business empires and enrich themselves.The law is intended to end numerous scandals that have arisen in the absence of a clear definition of conflict of interest.Gertrude Cyriacus, the Ethics Secretariat's Assistant Secretary, told the Thomson Reuters Foundation the conflict of interest law would prohibit public officials from transacting private business while in office and ban them from holding positions in private companies.It would include penalties of up to two years in prison if public servants, their families or companies strike business deals with public institutions they manage. She expects it will be enacted before the presidential election."Conflict of interest is still a big challenge in our country. We hope that this law will bring a lasting solution to the problem by ensuring that leaders make decisions in the interest of the public," Cyriacus said in an interview.Tanzania requires asset disclosures but has no law that specifically defines conflict of interest, a loophole that has left room for scandals. Read more