Local business news

The 1st Governing Council meeting was held today under the chairmanship of Prof. Benno Ndulu, the President of Economic Society of Tanzania (EST) at REPOA Conference Room.

The Council discussed the EST plans and called for meaningful engagement of all the EST members throughout the year. The activities proposed aim to offer the Society members with information, analysis and opportunity for discussions.

The Governing Council brainstormed on different activities that would be undertaken and their respective sources of funding.

The Council resolved that an Annual Congress be held in every December, where the first day will be occupied with knowledge and discussion activities and the next day with the Annual General Meeting (AGM). The details of the congress will be finalized by mid-May 2018 and members will be encouraged to submit papers for discussions. EST shall also invite renowned economists from around the world to attend and share their knowledge related to economics.

Each EST member is expected to attend at least one congress meeting once in every two years to earn some EST score points.

The Council resolved further that discussions on utilization of the Tanzania Economic Review Journal will be done by EST Management with the Head of Economics Department of the University of Dar es Salaam. The Council envisioned that the proceedings of the Congress will be part of the Journal.

The Council also directed that co-sponsored events in collaboration with organisations undertaking training, research and dialogue, economic seminar series. Each member is expected to attend at least one event per year for EST score points earning. A list of such events will be shared through EST media platforms chiefly the Society’s website.

The Council announced that the Public debate on Industrialization will be held in July 2018.  Event details will be communicated to members at appropriate times.

The Council further discussed the management of database, the needs of the newly acquired office on the 18th Floor at Rita Tower and agreed to have the next meeting on 3rd May 2018to allow for implementation of the proposed activities.

The President of the Governing Council called upon all the Members of EST to come out from every occupation to register with EST as economists and development partners to work with EST in order to assist EST in achieving its short, medium and long term objectives.

Pictures about the event are in the Gallery


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Tanzania’s recent economic performance has been mixed and the outlook is subject to emerging risks. Although GDP data point to continued strong growth, other high frequency data suggest a weakening of economic activity. Tax revenue collections are lower than expected and credit growth has stagnated reflecting in part banks’ rising nonperforming loans (NPLs). Inflation remains moderate, and international reserves have increased substantially. There are downside risks to economic growth in the short term stemming from slow budget implementation, a challenging business environment, and private sector concerns about authorities’ enforcement of rules.

Program performance under the PSI has been broadly satisfactory. Most quantitative targets for June and September 2017 were met. While progress in structural reforms has been mostly slow, efforts have been boosted to advance them.
Macroeconomic policies will need to be closely coordinated. After recording a small fiscal surplus in July-September against a programmed deficit, the government is planning to step up budget implementation, particularly in development spending. The monetary policy stance and liquidity forecasting and management will need to be closely coordinated with fiscal developments. 
Strong growth and job creation are needed to address high poverty and a large underemployed youth population. Infrastructure gaps and the business climate have also become increasingly challenging and require response. Sustained reforms will be needed to achieve the strong private sector-led growth envisioned by the government’s development plan. Budget implementation needs to be improved and arrears prevented. Additional domestic revenue needs to be mobilized through tax policy and administration reforms, while improving the functioning of the VAT refunds system. Addressing the high stock of NPLs is a priority to reduce financial sector vulnerabilities and revive credit growth.

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