Shivo Towers had a momentous last week having been granted an investment certificate by the Zanzibar Investment Promotions Authority (ZIPA), marking another significant milestone in its journey to becoming a transformative force in the region.Continue Reading
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.
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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
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.
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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
Zanzibar, a jewel in the Indian Ocean’s crown, has long captivated visitors with its dazzling beaches and vibrant cultural tapestry.Continue Reading
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.
“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).
Zanzibar’s government has unveiled its 2024/25 budget, outlining five key priorities amidst a projected economic growth of 7.2 percent in 2024, exceeding the 7.1 percent achieved in 2023.Continue Reading
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.
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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
The government is expected to receive consignments of oil pipes covering 100 kilometres each month for the next 11 months, to be utilised in the East African Crude Oil Pipeline (EACOP) project.
This was revealed on Thursday by the Minister for Finance, Dr Mwigulu Nchemba while tabling the National Budget for 2024/25 financial year.
He said the pipe laying works are scheduled to commence in August this year and the project is expected to be completed by December next year. Dr Nchemba explained that currently, various works are underway and oil pipes to cover 600km have already been imported.
“As of May this year, the government had paid a total of 307.3 million US dollar, equivalent to 99.8 per cent of the required amount of 308 million US dollar as compensation to the Project Affected Persons (PAPs),” Dr Nchemba said.
ALSO READ: EACOP compensation payment reaches over 99pc
He said the government through the Tanzania Petroleum Development Corporation (TPDC) holds a 15 per cent share of the EACOP project.
Minister Nchemba said that the achievements under the energy sector indicate that President Samia Suluhu Hassan is keen to ensure accessibility and reliability of power across the country.
“The government through the Rural Energy Agency (REA), has connected 11,973 villages, equivalent to 97.2 per cent of all villages in the country and contractors are continuing to connect the remaining villages,” he said.
Adding that, 32,827 of the 64,359 hamlets nationwide, 12 have access to electricity. Saying that the work is ongoing until all the remaining hamlets have access to electricity.
Source: allafrica.com
DODOMA — THE government has allocated 285.3bn/- for sports development, with a focus on building standard stadia to stage the 2027 Africa Cup of Nations.
As Tanzania gets prepared to cohost the event with Kenya and Uganda, the Finance Minister, Mwigulu Nchemba, disclosed the amount while presenting the National Budget that totals 49.3 tri/-.
Of the said amount, 285.3bn/- has been assigned to the Culture, Arts, and Sports sector, representing a significant increase from the previous year’s budget of 35.4bn/.
This indicates a substantial increase of 250bn/- for the ministry.
“The preparation of teams requires the availability of standard stadiums. The government is prepared to construct new stadiums and rehabilitate some of the existing ones. Regarding the quality of the pitches, the government has already enacted a law that provides tax exemptions for importation of turf and its equipment,” Minister Nchemba noted.
This heavy allocation underscores the government’s determination to bolster sports infrastructure nationwide, with a particular focus on stadium construction, renovation and the enhancement of sports facilities across the country.
During the budget presentation on May 23rd in Dodoma, Minister for Culture, Arts, and Sports, Damas Ndumbaro, outlined the ambitious plans set forth by the government.
“Notably, 125.29bn/- has been allocated for the development of the Arusha Sports Complex, signalling a significant investment in this key sporting venue,” he said.
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Additionally, substantial sums have been allocated for the enhancement of the Dodoma and Dar es Salaam sports complexes, amounting to 55.5bn/- and 26.5bn/- respectively.
Minister Ndumbaro emphasised that these initiatives align with the government’s broader vision to elevate sports infrastructure to international standards, providing athletes with optimal training and competition environments.
Beyond the major sports complexes, a notable allocation of 11.5 bn/- has been dedicated to the construction and improvement of sports infrastructure in various schools.
This moves underscores Tanzania’s commitment to nurturing young talent and fostering a culture of sporting excellence from grassroots levels.
Furthermore, the government has allocated 10.02 bn/- for the establishment of the Malya Sports Academy in Mwanza Region.
This academy is poised to become a beacon of excellence, offering specialised training programmes to groom future sports stars in Tanzania. In a bid to sustain and promote sports activities across the nation, the Sports Development Fund has received a substantial allocation of 8bn/-.
Additionally, 1.5bn/- has been set aside for the construction of the Malya Sports Development College, aimed at providing specialised education in sports management and development.
To provide to the holistic wellbeing of citizens, the budget includes provisions for the construction of state-of-the-art exercise and relaxation centres in Dar es Salaam and Dodoma, with an allocation of 12 bn/- .
These centres are poised to promote a culture of physical fitness and recreational activities, contributing to a healthier populace.
Source: allafrica.com
Geneva — The United Nations refugee agency says forced displacement around the globe surged to historic new heights last year, driven by conflict, persecution, human rights violations, climate crises and other disturbing events.
In its 2024 Global Trends Report, UNHCR says 117.3 million people were forcibly displaced worldwide by the end of 2023. Some 68 million were uprooted from their homes by conflict and remain displaced within their own countries. Another 31 million were refugees, while tens of millions more were asylum seekers, returnees or stateless people.
The report, released Thursday, finds that the number of forcibly displaced has continued to rise this year and that the current figure now stands at 120 million.
“Regrettably, this is the 12th consecutive year in which this figure goes up,” U.N. refugee chief Filippo Grandi told journalists in Geneva Monday in advance of the report’s publication. “Conflict remains a very, very big driver of displacement.”
Grandi added that UNHCR “declared 43 emergencies in 29 countries” in 2023. “This figure, until two, three years ago, used to be on average eight, maximum 10 times a year.”
Grandi deplored changes in the conduct of wars, noting that warring parties almost everywhere nowadays “disregard the laws of war, of international humanitarian law and often with the specific purpose of terrorizing people, of instilling fear in people.”
“This, of course is a powerful contributor to more displacement than even in the past,” he said.
The report cites the conflict in Sudan as a key factor driving the current surge in forcible displacement. By the end of 2023, a total of 10.8 million Sudanese were displaced from their homes — triple the number before the war began in April of that year. Most of the uprooted Sudanese — 9.1 million — are internally displaced, while another 1.7 million are refugees.
Describing himself as “very keen” to speak out about Sudan, Grandi called it “a very forgotten crisis although it is one of the most catastrophic ones — not just in terms of displacement, but in terms of hunger, lack of access, violation of human rights, and so forth.”
Other crises that have created a spike in new forced displacements are the conflicts in Gaza, Myanmar, and the Democratic Republic of Congo. UNRWA, the UN relief and works agency for Palestine refugees, estimates up to 1.7 million people — over 75% of the population — “have been displaced within the Gaza Strip, with some having been forced to flee multiple times.”
The report says more than 1.3 million people were displaced within Myanmar in 2023 “by escalating violence following the military takeover in February 2021” and that a resurgence of fighting in the eastern part of DRC uprooted 3.8 million people who “were newly internally displaced” during the year.
The U.N. report also touches on what the report calls endless conflicts that continue to displace people in countries that include Afghanistan, Syria, Yemen, Somalia, Venezuela, and Nicaragua.
Of the complex mix of diverse factors uprooting populations globally, Grandi described climate change as a particularly virulent driver of conflict and displacement, with one sometimes triggering the other.
“It can be a driver of conflict and hence of displacement, especially when the very scarce resources of very poor communities become even scarcer because of climate change,” he said. “That drives conflict. We have seen it in so many parts of Africa, in the Sahel, for example. In the Horn of Africa, but also elsewhere.”
The report debunks a common misperception that many refugees go to rich countries.
“The vast majority of refugees are hosted in countries neighboring their own, with 75 percent residing in low-and middle-income countries that together produce less than 20 percent of the world’s income,” say the report, which also notes that although children account for 30% of the world’s population, they account for 40% of all forcibly displaced people.
Syria remains the world’s largest displacement crisis, UNHCR reports, “with 13.8 million forcibly displaced in and outside the country.”
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The United States is identified as the world’s largest recipient of new asylum claims with 1.2 million applications tallied in 2023, followed by Germany, Egypt, Spain, and Canada.
Authors of the report acknowledge that solutions for forced displacement are very rare. They note that only around five million internally displaced people and one million refugees returned home in 2023.
Despite this grim assessment, High Commissioner Grandi said that solutions do exist, citing the example of Kenya which has enacted the so-called Shirika plan, to resolve its nagging refugee problem.
“The President has decided, and the country’s institutions have approved, that for the 600,000 refugees in Kenya, mostly Somalis and South Sudanese, measures will be progressively taken to include them in the communities in which they live.
“I consider that a positive trend,” he said. “And Kenya being an important country in East Africa, I hope that this will have a positive impact also on other countries.”
Source: allafrica.com
