Tanzania | - Part 7

Tight Security as East Africa Leaders Meet in Somali Capital

SOMALI, Capital Markets in Africa: East African leaders met in Somalia’s capital for talks on issues including South Sudan’s crisis, a sign of improving security in the Horn of African country that’s trying to emerge from decades of civil war and hold elections next month. Kenyan President Uhuru Kenyatta and Ethiopian Prime Minister Hailemariam Desalegn were among those who arrived in Mogadishu on Tuesday, Somali Minister of Foreign Affairs Abdusalam Omer said on his Twitter account. The summit for the…

Tanzania’s current account benefits from strong gold prices, tourism boost

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DAR ES SALAAM, Capital Markets in Africa: Tanzania’s current account deficit shrank by 55 percent in the year to May, central bank data showed on Tuesday, as the country benefited from a jump in tourist arrivals and rising gold prices, and paid less for oil imports. Tanzania is Africa’s fourth-largest gold producer and gold and tourism are its main sources of foreign income. The current account gap narrowed to $1.9 billion in the 12 months…

Flows From Single Deal Will Help Double Tanzania’s FDI in 2016

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Tanzania, Capital Markets in Africa: Tanzania may receive $4.2 billion in foreign direct investment this year, double the average annual amount, boosted by inflows for a single project, the head of the Tanzania Investment Centre said. “A few days ago, we got someone who is bringing investment that’s more than the annual combined investment that we have been getting,” acting Executive Director Clifford Tandari said, declining to provide any details. “So the future outlook is…

Tanzania Central Bank ‘Must’ Defend Currency, President Says

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Dar es Salam, Tanzania, Capital Markets in Africa: Tanzania’s central bank should rally to the defense of the shilling by taking steps such as stopping the “dollarization” of the economy, President John Magufuli said. The currency of the natural gas-producing country has weakened almost 2 percent against the dollar this year, extending depreciation of 19 percent in 2015. Tanzania held $3.9 billion of gross international reserves at end-March, sufficient for 4.1 months of imports. “The central bank…

Informal Sector on Tax Radar as East Africa Boosts Spending

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NAIROBI, Kenya, Capital Markets in Africa: Governments in East Africa will levy more tax on their informal sectors as they seek to accelerate growth through increased spending, while economies slow in other parts of the continent. Kenya will reintroduce a new tool to collect revenue from hard-to-tax parts of the economy, Treasury Secretary Henry Rotich announced in his budget speech on Wednesday. His counterpart in Uganda also set out plans to improve compliance in the informal sector….

Opportunity | The Commodity That No One Knows About But Everybody Wants to Buy

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LAGOS, Nigeria, Capital Markets in Africa: The world’s mines and steel plants got so devalued during the commodity slump that some were just given away by owners struggling to cut losses or debt. But there’s at least one metal that’s been attracting a lot of attention. Niobium — named for a Greek goddess who became a symbol of the tragic mourning mother — is used to produce stronger, lighter steel for industrial pipes and aircraft parts. It is mined in…

Tanzania Plans Foreign Loans in Next Fiscal Year, Ndulu Says

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Dar es Salaam, Tanzania, Capital Markets in Africa: Tanzania plans to borrow offshore in the next fiscal year, central bank Governor Benno Ndulu said. “We will be guided by what’s needed and what is reasonable in the market to do,” Ndulu said in an interview Wednesday at the World Economic Forum on Africa in the Rwandan capital, Kigali. The “firm numbers will still come out. If it’s a Eurobond, typically you cannot issue less than $500 million.” The…

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