In its latest Monetary Policy Statement, Mid-Year Review, of February 2021 the Bank of Tanzania projects that the country’s real GDP will grow by 5.5 % in 2020 and by 6.0 % in 2021. The positive outlook is driven by expected value added in agriculture due to enough rains, public investment, increase in export earnings from mining contributed by high world market prices of gold, and private sector investment, coupled with supportive.... Read more »

Posted on : Monday , 3rd May 2021

On 21st April 2021, the President of Tanzania, Hon. Samia Suluhu Hassan met with the leaders of the Chinese Chamber of Commerce in the country to discuss the various issues pertaining to trade and investment.   The Chinese leaders led by Mr. Janson Huang guaranteed President Suluhu that they are ready to cooperate with the 6th Phase Government in economic growth and uplifting the welfare of the people through major investments of more.... Read more »

Posted on : Monday , 3rd May 2021

Ghana and Rwanda are considering trade and investment partnership opportunities to increase the economies of the 2 countries. This came to light at a virtual summit held to promote the exchange of goods and services between the 2 countries. The targeted areas include Agriculture, Manufacturing and Industrial Services. The virtual summit was organized under the auspices of the Rwanda Development Board and the Ghana Export Promotion.... Read more »

Posted on : Thursday , 8th April 2021

The Bank of Tanzania released its Monthly Economic Review – Feb 2021, indicating that the total exports of goods and services amounted to US$ 8,741.8 million in year ending January 2021, representing a slight decrease from US$ 9,835.5 million recorded in the corresponding period in 2020. Traditional exports amounted to US$ 705.4 million from US$ 959.7 million, accounting for 8.1 per cent of total exports. Non-traditional exports.... Read more »

Posted on : Thursday , 1st April 2021

The Oromia Industrial Parks Development Corporation of Ethiopia has signed an agreement worth around US$ 200 million to build a 250ha agricultural processing park in the western highlands province of Oromia. The agreement was signed by the head of the Ethiopian Industrial Parks Development Corporation Mr Sisay Gemechu, and the head of the Walabu Construction Share Company Mr Dereje Ermias, a contractor based in Oromia. The project is.... Read more »

Posted on : Monday , 15th March 2021

Rwanda has announced plans to increase its 2021-2022 budget by US$ 220.8 million from its initial US$ 3.2 billion, hitting US$ 3.4 billion. This comes even as the government battles disruptions from the global COVID-19 pandemic and seeks to revive the economy. The budget, primarily funded by domestic revenues projected to increase from US$ 1.6 billion to US$ 1.7 billion, will majorly spread across the education sector, followed by the.... Read more »

Posted on : Monday , 15th March 2021

Kenya’s largest listed company hit a market capitalization Ksh 1.52 Trillion after the company’s shares touched a new record high of Ksh 38. On 11th Feb, the Nairobi Securities Exchange listed firm announced it was paying an interim dividend of KSh 0.45 per ordinary share, amounting to KSh 18.029 Billion for the year ended 31st March 2021. The company’s board cited the need to support its shareholders during these difficult times.... Read more »

Posted on : Friday , 19th February 2021

Tanzania’s President John Magufuli and China’s Foreign Affairs Minister Wang Yi signed in last month the agreement for the construction of the 5th phase of the new Standard Gauge Railway. The train will run for 341 km from Mwanza, the port city on the shore of Lake Victoria in northern Tanzania, to Isaka in the Shinyanga Region. The construction will be executed by China Civil Engineering Construction Corporation and China Railway.... Read more »

Posted on : Friday , 19th February 2021

Kenya and the United Kingdom on 8th December 2020 formally signed a trade agreement in London. Betty Maina, Trade cabinet secretary signed on behalf of Kenya while Ranil Jayawardena, international trade minister signed on behalf of the UK. The trade deal will enable Kenyan exporters to continue accessing the UK market under a duty free, quota-free arrangement. The deal specifically touches on coffee, tea, fresh vegetables and cut.... Read more »

Posted on : Monday , 11th January 2021

Ethiopia is one of the mineral rich countries of East Africa, which has been scouting for Indian investment. Besides huge gold reserves, the country has been a significant producer of sapphire, opal, and emerald in recent years. The field is wide open for investors to bring these extraordinary gemstones to the global market. The other resources discovered in different regions of the country include iron, phosphorus, tantalum, salt, potash, soda.... Read more »

Posted on : Monday , 11th January 2021

Rwanda is setting an annual industrial growth of 14 % by 2020 from the current 2 % in 2016 -17 fiscal year, Rwandan minister of industry said during celebrations of Africa Industrialization Day, at the Kigali special economic zone. Vincent Munyeshyaka, Minister of Industry also said that his government target is to see industrial sector contribute at least 20 % to GDP up from the current 17.1 % in 2016-17 fiscal year. The move requires.... Read more »

Posted on : Monday , 30th November 2020

In the year 2000, the Tanzania government of the day officially launched the Tanzania Development Vision 2025 with the overreaching development goal of accomplishing a semi-industrialised, middle-income competitive economy by 2025. What with one thing leading to another, successor governments came up with the 2011/12—2015/26 Long-Term Perspective Plan which embodied 5 Year Development Plans (FYDPs). The 1st such quinquennial.... Read more »

Posted on : Friday , 27th November 2020