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LAST UPDATE: 24/9/2008 - 5:58PM EAT

Friday, August 29, 2008

Ex-PS to head TCCIA

By Damas Kanyabwoya

A recently retired permanent secretary, Mr Wilfred Nyachia is now the new chief executive officer of the Tanzania Chamber of Commerce, Industries and Agriculture.

Introducing the new CEO to reporters in Dar es Salaam yesterday, TCCIA president Aloyce Mwamanga said Mr Nyachia has been brought to the chamber after a long and rigorous selection process. More...


Optimism on India, Africa cooperation

2008-08-28 09:58:07
By Patrick Kisembo

The Tanzania Investment Centre has expressed hope that cooperation between Tanzania and India will be further enhanced after the one-day India-Africa Conclave being held in Dar es Salaam today.

The centre`s executive director, Emanuel ole Naiko, told The Guardian yesterday that swelling numbers of Indian businesspersons were choosing Tanzania as their investment destination of choice because the country has rich potential in many sectors. More...


Budget support: Donors` stand ready soon

2008-08-28 10:00:36
By Bilal Abdul-Aziz

Development partners are charting ``the way forward`` for their general budget support (GBS) to Tanzania this financial year and will issue an official statement on the matter soon, The Guardian has established.

Serious discussions are understood to be going on against the background of donor dissatisfaction over corruption scandals at key state institutions, including the Bank of Tanzania. More...


Thursday, August 28, 2008

$25m properties nabbed over BoT fraud

The Bank of Tanzania headquarters in Dar es Salaam. Photo/FILE

By MIKE MANDE, JOSEPH MWAMUNYANGE and WILFRED EDWINPosted Saturday, August 23 2008 at 08:15

The Tanzanian government has confiscated property worth more than $25 million from 13 firms in a massive crackdown against people involved in the multimillion EPA scandal.

The seized assets include four brand new Range Rover Vogue Supercharger 2006 Model cars — each valued at $136,916 — with a total value of $547,664 and four Mercedez Benz CLK 230 Kompressor Model cars — each valued at $28,139 — with a total value of $112,556. More...

[SOURCE: The EastAfrican]

150 local entrepreneurs team up, establish forum

2008-08-27 10:52:52
By Correspondent Rosemary Mirondo

Local entrepreneurs have formed a forum aimed at changing the country`s level of investments and improving the quality of products.

The forum, Local Investors Forum (LIF), has started off with about 150 local investors.

Launching its constitution in Dar es Salaam recently, LIF chairman Paul Koyi said the move would make local investors able to compete in international markets. More...


PS: A related story can be found on the Daily News

Uchumi na Fedha commends the move by Mr. Paul Koyi and co for starting the Local Investors Forum. We feel that the best way to progress is through cooperation and exchanging ideas. All the best to LFI

Impact of EACU on regional intra-trading remains hazy

2008-08-27 10:51:37
By Adam Ihucha, Arusha

The extent to which the four years old East African Customs Union (EACU) has stimulated intra-trade within the five member states regional bloc so far remains obscure because of lack of a monitoring system, a cabinet minister declared here on Monday.

Tanzania`s Minister for East African Cooperation, Dr. Diodorus Kamala has attributed that situation to the lack of a permanent monitoring system for all of the EACU intra-trade activities, with agreed measurable objectives, verifiable indicators and timeframe benchmarks. More...


Probe interest rates, say MPs

By Bernard James, Dodoma

Members of Parliament have once again hit out at private money lending companies over high interest rates and urged investigations by the Bank of Tanzania (BoT).

Mbozi West legislator Godfrey Nzambi, who recently took a swipe at Bayport Financial Services, yesterday accused the mushrooming money lenders of milking civil servants. More...


It is nice to see our MPs take a stance on soaring interest rates. What are your views on MP Nzambi's comments? Do you agree with BoT probing private Banks and Non-Banking Financial Institutions, or do you think the market should be let free to regulate itself? In your opinion, how can Tanzania control these rising interest rates? What role should the Government; BoT; Private Banks; NBFIs play?

5 new banks set to open by mid-2009

Following the success of Community Banks in Tanzania, 5 new community banks a set to open within a year's time. Currently, there are 7 community banks in operation in Tanzania, namely, Dar Es Salaam Community Bank, Kilimanjaro Cooperative Bank, Mbiga Community Bank, Mwanga Rural Community Bank, Mufindi Community Bank, Kagera Farmers Cooperative Bank and Uchumi Community Bank.

I got a chance to do some business with some of the banks when I was at UTT. And I was really impressed!

The following story is from The Citizen

Help Age International development policy analysis, lobby and advocacy programme director Nicodemus Chiphupa speaks at the 3rd Social Protection and Insurance Workshop in Dar es Salaam yesterday.
By Bethuel Kinyori

Five more community banks (CBs) are set to open countrywide by mid next year, the banks' association has revealed.

Community Banks Association (CBA) board chairman Abby Ghuhia said the new banks include the Tandahimba Community Bank in Mtwara region whose operations will commence in December this year.
Others, but still at the funding stage, are the Meru Community Bank in Arusha, Morogoro Community Bank, Singida Yetu Community Bank and Njombe Community Bank.

Mr Ghuhia, who is also the managing director of Mwanga Community Bank, was speaking at the association's annual general meeting last Friday.