Tanzania: Dar Fish Export Increases By 40% in One Year

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Tanzania: Dar Fish Export Increases By 40% in One Year

TANZANIA’S fish export has increased by 41 per cent within one year, thanks to the growing sea products out- put–aquafarming.

The export increased to 41,271 tonnes up to April 2023/24 from 26,466 tonnes in 2022/23.

The Ministry of Livestock and Fisheries, Director of Aquaculture, Dr Nazael Madala, said the increase was pushed by seaweed farming and the strengthening of the management for sea products exports and processing factories.

“The aquafarming played a key role in pushing the exports up particularly sea- weed production,” Dr Madala told Daily News recently.

To maintain the export pace, the ministry will contin- ue to strengthen and scout for more markets for fish products overseas. In the course, the ministry has set a target of exporting some 46,000 tonnes of fish products in 2024/25.

The Minister for Live- stock and Fisheries, Mr Abdallah Ulega, when tabling the ministry’s budget said that the entire export value was 515.78bn/- by April, this year.

Additionally, the minister said in the year under review, the country exported 134,572 live decorative fish down from 150,308 live decorative fish in 2022/23.

Also read:https://dailynews.co.tz/tanzania-wants-africa-to-benefit-from-fisheries/

On the import front, the country imports insignificant fish against what is produced at around 0.003 per cent per year mostly salmon to cater to tourist hotels’ demand.

The Ministry data showed that the country imported merely 12.90 tonnes of fish in this fiscal year to April compared to 6.92 tonnes in 2022/23.

The data shows that the import is a drop of water on the ocean as total fish output stands at 472, 579 tonnes of fish in this fiscal year to April up from 426, 555 tonnes in 2022/23.

The International Center for Living Aquatic Resources Management–Worldfish (ICLARM-W) said the fish consumption rate in the country was not caused by the preferences of consumers as the demand gap for fish has been estimated at roughly 300,000 tonnes which is a substantial amount.

According to (ICLARM- W), the fisheries sector in the country directly provides jobs for about 200,000 people, while 4.5 million people, is approximately 35 per cent of rural employment indirectly depend on fishery activities.

The sector makes up about 1.75 per cent of Tanzania’s gross domestic product (GDP).

Source: allafrica.com

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House team rejects taxman’s bid to spy on M-Pesa deals, bank accounts

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The National Assembly’s Finance Committee has rejected the Treasury’s proposal to allow the Kenya Revenue Authority (KRA) to spy on Kenyans’ M-Pesa transactions and bank account details.

Treasury Cabinet Secretary Njuguna Ndung’u had proposed to amend the Data Protection Act to exempt the KRA from the requirement of seeking court orders before accessing sensitive personal information held by data controllers and processors, including banks, telecom operators, utilities, schools, land registries, and the National Transport and Safety Authority.

However, Molo MP Kuria Kimani-chaired the Finance Committee rejected the proposal for changes to the Finance Bill that seek additional taxes of Sh302 billion, which excludes customs revenues.

“The committee notes that the proposal to allow the KRA access to personal data as proposed may not meet the threshold under articles 31(c) and (d) of the Constitution of Kenya,” he said.

“Additionally, the committee observed that Section 51 of the Data Protection Act outlines the circumstances under which exemptions might apply. Further, Section 60 of the TPA [Tax Procedures Act] empowers the commissioner or an authorised officer with a warrant to have full access to any data for the purposes of administering a tax law.”

Section 51 (2) of the Data Protection Act 2019 allows data controllers and processors to share personal data with a third party if it relates to the individual himself purely for personal or household activity and when it is necessary for national security or public interest. Section 51(2) also allows for exemption if the disclosure is required by or under any written law or by an order of the court.

Legal practitioners wondered why the State wanted to allow the taxman to have absolute access to personal data through the Data Protection Act rather than amending Section 60 of the Tax Procedures Act, which requires the taxman to first obtain a court order before going after private information.

Section 60 of TPA, which had once been declared unconstitutional by the High Court, requires the KRA to first get a court order before accessing personal data.

Some organizations, including the Law Society of Kenya (LSK) and Amnesty International Kenya, an NGO, had called for this provision to be expunged from the Finance Bill 2024 terming it ‘unconstitutional.’

The KRA wants to leverage on increased use of data and linkages between its systems with third parties such as banks and mobile money platforms like M-Pesa to spy on taxpayer’s activities, use of Internet-enabled cameras at excisable goods processing plants and full rollout of digital electronic tax registers to grow revenue.

The KRA’s enforcement units have been using various databases to pursue suspected tax cheats, including bank statements, import records, motor vehicle registration details, Kenya Power records, water bills and data from the Kenya Civil Aviation Authority (KCCA), which reveals individuals who own assets such as aircraft.

Car registration details are also being used to smoke out individuals who are driving high-end vehicles but have little show in terms of taxes remitted.

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Tanzania: Ruhinda Laid to Rest, Scores Pay Tributes

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Dar es Salaam  residents, including government officials granted a befitting farewell to former Tanzania Standard (Newspapers) Limited (TSN) Managing Editor, Ambassador Ferdinand Ruhinda, who died on Saturday and was laid to rest yesterday in the city. Ambassador Ruhinda died in the city after a long battle with diabetes.

Among the notable attendees at the burial service of the fallen diplomat Ruhinda, who also served as the former Tanzania ambassador to Sweden, Canada and China, was the Minister for Information,Communication and Information Technology, Mr Nape Nnauye.

Giving the farewell message at the funeral service held at the Evangelical Lutheran Church of Tanzania (ELCT) at Msasani, Mr Nape said the government appreciates Ambassador Ruhinda’s contribution to the country, as he left a legacy everywhere he went.

“His contribution was immense in building our country, along with many good deeds, both that can be recounted and those that were untold. He worked hard and left seeds and his works are explicitly clear for anyone to see and speak of,” said Nape.

Furthermore, Mr Nape called on young Tanzanians, particularly those in the media industry to learn from Ambassador Ruhinda, as he demonstrated patriotism and dignity with the intention of developing the country.

Conveying condolences, TSN’s Acting Managing Director, Ms Asha Dachi said that Ambassador Ruhinda will be remembered for his significant contribution in enhancing professionalism within the company and the media industry as a whole.

“He placed a lot of emphasis on competence and professionalism, he was like a guiding light to ensure that the media industry is respected and journalists are respected as well.

We, at TSN will continue to live his legacy by adhering to professionalism as he taught us,” said Ms Dachi. Former Prime Minister, Judge Joseph Warioba, who attended the same school with Ambassador Ruhinda, described him as honest person who was fond of reading books and magazines, giving him knowledge that helped him accomplish many great things.

He said the late Ruhinda was someone who loved politics, although he did not decide to be a politician, and he participated in teaching him (Judge Warioba) politics.

For his part, Msasani ELCT Church Pastor, Manford Kijalo, urged mourners to reflect on their lives and ensure that they utilise their time not only for themselves but also for others, as Ambassador Ruhinda did.

He said that Ambassador Ruhinda utilised his God-given talents and did his work well, to the extent that he was trusted by top government officials in various positions. He urged others to reflect on how they have lived since birth and ensure that they leave a legacy when they depart from the world.

Recounting the history of the fallen Ambassador Ruhinda, his daughter Pamela Ruhinda said that his father was born in 1938 in Karagwe, Kagera region and received his journalism education at the University of Nairobi.

She said his father served as the Editor in Chief of Radio Tanzania Dar es Salaam (RTD), now TBC Taifa and later served as the Tanzanian Ambassador to Sweden, then was appointed as the Tanzanian High Commissioner to Canada (1983-1988) and again as ambassador to China (1989-1992) before retiring from public service.

The deceased’s daughter said that her father, who left three children, started suffering from diabetes 15 years ago and was receiving treatment in hospitals within and outside the country until his last breath on June 14 this year.

Source: allafrica.com

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Tanzania: Zanzibar Further Commits to Improve Infrastructures

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Zanzibar — ZANZIBAR President Hussein Mwinyi has reaffirmed the government’s determination to improve infrastructures including roads and airports, to pave way for investments in the Islands.

Speaking at the reopening of a Five Star Hotel in Matemwe coastal Village, Unguja North region over the weekend, Dr Mwinyi mentioned the Pemba Airport, currently being developed as an International Airport to attract bigger planes to use the facility.

“We are committed to bringing changes in infrastructures to boost businesses in Pemba including tourism. This is an opportunity for investors,” Dr Mwinyi said at the event attended by senior ministers and other dignitaries.

Dr Mwinyi said that the government has already signed a contract for the development of Pemba Airport, so that it can start receiving international airlines. He also talked about the major improvements of Abeid Aman Karume International Airport (AAKIA) after the construction of Terminal III.

“It has been doing well and already overwhelmed by increasing planes and travellers’ pushing us to construct a new terminal IV,” said Dr Mwinyi.

ALSO READ: Zanzibar eyes improved infrastructures for economy, social development

“The government has also decided to improve Terminal 1, and 2 to improve the environment for investment and boost tourism in the country. We have other strategic projects such as improving social services, communication infrastructures, development of schools, hospitals, markets, as well as distribution for safe water,” Dr Mwinyi explained.

The refurbished hotel has been named ‘the Mora Hotel’ replacing the name ‘Emarald’ when it was first opened last year. Dr Mwinyi expressed happiness that the improved infrastructure will lead to increasing investments and boost tax collection.

He pointed out that when investors are in big numbers and the influx of tourists is high, it is also to the advantage of local citizens: farmers, workers in construction industry, fishermen and traders find reliable market for their services and products.

Dr Mwinyi reminded investors about local content and Corporate Social Responsibility (CSR).

He said it was crucial for surrounding villages to get health centres and support to orphans/ orphanages centres and other essential needs. President Mwinyi also directed the Minister of State- Office of the President (Labour, Economy and Investments), Mr Sharif Ali Sharif, to remind investors particularly hoteliers to buy locally produced products including farm products, to expand opportunities for local entrepreneurs and local businessmen for them to grow.

Speaking about the hotel project, Dr Mwinyi said he was happy to reopen the facility that had cost more than 600 million US dollar, creating about 600 jobs to Tanzanians. Managing Director of the ‘Tui Group’ which owns ‘the Mora Hotel’ Mr Sebastian Abel, praised the beauty of Zanzibar with a good investment climate, attracting investors from abroad.

On his part, Minister Sharif assured maintaining good relations with all the investors in the country. The Zanzibar Investment Promotion Authority (ZIPA) Director General Mr Saleh Saad Mohamed, said the hotel has already invested in the Islands of Zanzibar more than 500 million US dollars and also own hotels “RIU” in Nungwi, and “TUI BLUE” in Mangapwani.

He said the company “Tui Group” also expects to invest under another name “Robinson” which ZIPA has already approved at the value of 50 million US dollars through the company named “Blackstone Limited.” The Unguja North Regional Commissioner (RC) Rashid Hadid Rashid has said that the region has been fortunate to have now a total of 316 hotels out of which 18 have the status of five-star.

Source: allafrica.com

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Access Bank completes acquisition of Tanzanian lender in East African foray

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By JAMES ANYANZWA

Nigeria’s Access Bank Plc has completed the acquisition of the African Banking Corporation Tanzania (BancABCT) as it seeks to deepen its foothold in East Africa’s banking market.

The lender, which is listed on the Nigerian Stock Exchange (NSE), disclosed that it had completed the acquisition of a majority equity stake in BancABCT, a subsidiary of London-listed Atlas Mara Ltd, an Africa-focused special-purpose acquisition company with stakes in different banks across the continent.

The deal was first announced on July 14, 2023.

“This strategic move represents a notable step towards setting a railroad in Tanzania for intra-African trade within the East African region, Africa and the rest of the world,” says Roosevelt Ogbonna, the group’s chief executive officer.

“It underscores our commitment to creating a robust East African banking network, driving positive change and innovation. We are excited about the opportunities this acquisition presents for our operations in Tanzania and are eager to leverage our combined strengths to deliver exceptional financial solutions and experiences to our customers.”

Following the completion of the transaction, ABCT will be merged with the consumer, private, and banking business of Standard Chartered Bank Tanzania to be acquired by the Nigerian Bank to establish Access Bank Tanzania.

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“The completion of our transaction with Access Bank Plc, not only underscores the strong confidence of Access Bank in our operations and the Tanzanian market but delivers new and exciting opportunities for our customers, employees and stakeholders,” says ABCT Managing Director John Imani.

In August last year, Access Bank Plc and Standard Chartered Bank entered into agreements for the acquisition of the British lender’s majority shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone, and its consumer, private and business banking business in Tanzania.

Each transaction is still subject to the approval of the respective local regulators and the banking regulator in Nigeria.

Access Bank said the deal with the British lender —Standard Chartered Bank— presented a key step in its journey to build a strong global franchise focused on serving as a gateway for payments, investment and trade within Africa and between Africa and the rest of the world.

In January this year, Access Bank announced a deal to acquire 80.88 percent shareholding in Uganda’s Finance Trust Bank and two months later (in March) entered into a binding agreement with KCB Group Plc for the acquisition of the entire issued share capital of National Bank of Kenya Ltd (NBK) from KCB.

Read: Uncertainty dims Uganda banking sector fortunes

In 2020, the lender completed the acquisition of Kenya’s Transnational Bank and acquired an additional 16.22 percent shareholding in its Rwandan subsidiary valued at $9.55 million to strengthen its position in the East Africa region.

The investments increased Access Bank’s shareholding in the Rwandan subsidiary to 91.22 percent from 75 percent while laying a firm grip on the Kenyan subsidiary with a 99.98 percent shareholding.

In 2023, the group operated 14 subsidiaries within West Africa, East Africa, Southern Africa and the United Kingdom, including business offices in the Republic of China, Lebanon and India.

It operates seven branches in Rwanda, 16 branches in the Democratic Republic of Congo (DRC), and 25 branches in Kenya.

Last year, the lender concluded the issuance of a $ 300 million additional Tier 1 capital to bolster to support its future growth aspirations and withstand any macro shocks.

Nigerian lenders are rushing to stamp their authority on the East African banking market currently under the control of Kenyan top retail banks—Equity, KCB and NCBA

Nigeria’s United Bank for Africa (UBA) has also acquired more stakes in its Kenyan and Ugandan subsidiaries.

The lender acquired 13 percent and 11 percent additional shares in UBA Kenya Ltd and UBA Uganda Ltd respectively in the year 2022, signalling the lender’s growing appetite for investment in a market with more than 300 million people.

Read: Brics bank mulls funding for non-member States projects

It also runs subsidiaries in Tanzania and the Democratic Republic of Congo (DRC).

The share sale increased UBA Plc’s shareholding in the Kenyan and Ugandan units from 81 percent and 69 percent to 94 percent and 80 percent respectively, according to the lender’s latest annual report (2023).

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Tanzania: Nchemba’s Ambitions, Risks in the 2024/25 Budget

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MINISTER for Finance Dr Mwigulu Nchemba on Thursday presented the 2024/25 budget, themed “Sustainable Economic Transformation through Fiscal Consolidation and Investment in Climate Change Mitigation and Adaptation for Improved Livelihoods,” aligning it with Tanzania’s Development Vision 2025 and global commitments.

It emphasises long-term development goals with ambitious macroeconomic targets to enhance economic stability and foster growth.

The budget targets a GDP growth of 5.4 per cent for 2024, up from 5.1 per cent in 2023, driven by anticipated improvements in both domestic and global economic conditions.

It supports this growth with a rise in domestic revenue to 15.8 per cent of GDP and an increase in tax revenue to 12.9 per cent of GDP aimed at enhancing tax compliance and expanding the tax base.

Key financial strategies, as outlined by Dr Nchemba, include maintaining inflation within a 3.0 – 5.0 per cent range, capping the deficit at 3.0 per cent of GDP, and ensuring that foreign exchange reserves cover at least four months of imports.

These measures are intended to serve as a robust safety net against external shocks.

The 2024/25 budget strategically emphasises capital expenditure, allocating 14.755tri/- of the total 49.35tri/- for infrastructure and industrialisation projects essential for sustainable growth and productivity.

This focus on capital over recurrent spending demonstrates the government’s commitment to operational efficiency. With a targeted deficit of 2.9 per cent of GDP, the budget ensures sustainable debt management and economic stability.

Additionally, it diversifies investments into critical sectors like railways, roads, and water, with significant support for the Rural Energy Agency (REA).

These allocations aim to reduce vulnerabilities to sector-specific shocks and foster consistent economic growth, underscoring the government’s dedication to sustainable development and resilience.

The budget, while ambitious, carries potential risks. Its optimistic GDP growth target of 5.4 per cent relies heavily on substantial increases in domestic and tax revenue, which may not be achieved if tax compliance and base expansion efforts falter.

The focus on capital expenditures also poses a risk of underfunding essential services such as healthcare and education. Moreover, a strict deficit cap of 2.9 per cent of GDP could restrict fiscal flexibility, potentially leading to unplanned borrowing or cuts in critical services during economic shifts.

Reflecting on last year’s fiscal management strategies, it’s clear that significant improvements are essential for boosting Tanzania’s economic health. Enhancing tax compliance and administration is critical to preventing evasion and expanding the tax base, thereby securing a robust revenue stream.

There is also an urgent need for the effective and timely use of funds allocated to infrastructure, healthcare, and education to maximize the impact of these investments.

The government must maintain strict controls over borrowing and debt service to ensure transparency and sustainability, while strengthening economic resilience through diversification to mitigate the effects of external shocks.

Furthermore, increasing transparency and enhancing stakeholder engagement are vital to promoting participatory governance and building public trust.

However, the current budget’s focus on specific sectors like railways and roads risks neglecting other crucial areas, potentially hampering balanced economic development. The lack of detailed diversification plans also leaves the economy vulnerable to external shocks.

Dr Nchemba, representing the government, should tackle these challenges by enhancing transparency and stakeholder engagement. These efforts are critical for building public trust and ensuring effective policy implementation, key factors in sustaining economic growth and promoting stability as Tanzania moves forward.

Kelvin Msangi is an Operation Director at Tanzania Music Rights Society.

Source: allafrica.com

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