12 °c
London
Saturday, September 23, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Tanzania’s reelected President’s second term aims to drive economic development

The Exchange by The Exchange
November 3, 2020
in Africa, Economy, FDI, Governance, Government, Investing, Mining, Tanzania
Reading Time: 3 mins read
832 35
0

President John Pombe Magufuli

Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

It is five more years for Tanzania’s incumbent president John Pombe Magufuli after he was announced the winner of the 2020 elections on Sunday.

Just a few minutes after the clock ticked 10 PM the Tanzania National Electoral Commission (NEC) Chairman Semistocles Kaijage announced Magufuli’s reelection.

According to NEC, the president-elect racked in 12.5 million votes of the 15 million people that voted (20 million registered to vote).

With the 85 % popularity vote not only does Magufuli take the top office again but his ruling party CCM also takes a historic position after knocking down all of the opposition strongholds.

Two of the top opposition leaders Tundu Lissu and Freeman Mboye all lost their parliament seats along with another outspoken opposition leader Zitto Kabwe.

In fact CCM has taken over 194 seats (this figure maybe higher) in the 393 member parliament,

As a United Democracy, Tanzania is made up of the Mainland and the Island of Zanzibar, a day before Magufuli’s Mainland win was announced, CCM took presidency on the Island of Zanzibar after its top leader Dr. Hussein Ali Mwinyi won by 76 percent of majority votes becoming the 8th president of the Isle.

Also read: Zanzibar celebrates concluding vision 2020 with success

Tanzania’s aim to attract foreign investors
In an extraordinary move, Tanzania’ President John Magufuli has invited foreign investors to invest in the country’s extractive industries.

The move comes in the backdrop of profound speculations and misconceptions that his administration is not in favour of foreign investors, especially in the extractive industry.

Source: tradingeconomics.com

“This administration does not hate investors, it loves investors,” and with that, the president announced, “…we are open for business.”

The misconceptions were especially propagated following the expulsion of Acacia Gold from the country following allegations of extensive tax evasion and under declaration of export values. Since then, Acacia’s parent company Barrick Gold has been in long stretched talks with Tanzania. The talks finally culminated in a joint venture where Tanzania formed a private company called Twiga Minerals.

“…its why we entered in talks with Barrick,” the president told a press conference at the State House.

“…we hope they (Barrick Gold) become our ambassadors that Tanzania is the best place for investment,” he said amid applause from stakeholders.

“We want a win-win situation…so we may benefit from our resources,” explained the president.

He went on to elaborate the investment invitation saying, “I welcome companies to invest in THE extractive industry …the room is there…we want to do business…we are open for business,” he asserted.

Also read: Tanzania: Barrick sees potential for mining expansion

 

On May 26 this year, the government received US$100M (TZS 230B) from Barrick which was the first tranche of US$300M agreed as a goodwill gesture to end disputes between the two parties.

Twiga Minerals Corporation, the joint venture between the Tanzanian government and Barrick Gold Corporation, has paid a maiden interim cash dividend of US$250M in line with Barrick’s commitment to generate value for all stakeholders through the 50/50 partnership.

Since Barrick took over the former Acacia Mining’s assets in Tanzania just over a year ago, it has paid approximately US$205M to the government in taxes, royalties and dividends in addition to the first payment tranche under the two parties’ agreement to settle pre-Barrick disputes – Barrick Gold

Local content development in Tanzania
President Magufuli was also keen to urge and insist on local content in the extractive industries. The president said there is no limitations for any Tanzanian, be it a religious leader or a government official, all are welcome to invest in the extractive industries.

In the same vein, the president decried limitations and bottlenecks in the cross border trading of gold between Tanzania and the DRC. He announced that sell of gold and other minerals from the DRC in Tanzania is not only permitted but encouraged.

He went on to order the involved minister to remove all blockages at the border and to allow flow of gold from DRC to Tanzania

He cited that the country has now removed 18% VAT and 5% withholding tax from small scale miners. He pointed out that now the country has several demonstration centers in Itumbi and Buke among others along with several centers of excellence in Bukoba, Bariada and songea to mention but a few areas.

The president also insisted on the follow-up for the payment of Rehabilitation Bond to care for the environment whose fees he said are been avoided by many companies.

Original article on The Exchange

Related

Tags: Acacia GoldAfrican developmentBarrick Gold Corporationeconomic developmentEconomic GrowthEconomyElectionsFDIforeign direct investmentPresidential ElectionsTanzaniaTanzania National Electoral CommissionTanzania's reelected President's second term aims to drive economic developmentTanzania’s President John MagufuliTwiga Minerals Corporationтанзанияتنزانياタンザニア坦桑尼亚
ScanSendShare347Tweet217Share61Pin78Send
The Exchange

The Exchange

News analysis and comment from the The Exchange, a leading publication providing economic news and analysis on the capital markets of Africa, with a specific interest in Kenya, Uganda, Tanzania, Rwanda, Burundi, Ethiopia and Congo. We provide features in banking, capital markets, energy, mining, manufacturing and industrial development.

Related Posts

The Forbes Billionaires’ list: Africa’s richest people 2022
Development

Opportunity through adversity: 8th annual Africa risk-reward index

by Rafael Carvalho
September 23, 2023
Tech

Elon Musk’s Starlink is off to a bright start in Africa

by The Exchange
September 22, 2023
Africa

Nigeria’s smart city dream gets US$200M boost from Afreximbank

by The Exchange
September 22, 2023
Tech

Kenya seeks partnership with Apple

by Web3Africa
September 22, 2023
Health

FAO concludes an evaluation of Eswatini food control system

by FurtherAfrica
September 22, 2023
Mozambique eVisa
 
MozParks

Translate this page

Read the Latest

The Forbes Billionaires’ list: Africa’s richest people 2022
Development

Opportunity through adversity: 8th annual Africa risk-reward index

by Rafael Carvalho
September 23, 2023
0

Specialist risk consultancy, Control Risks, and its economics consulting partner, Oxford Economics Africa, announced the launch of the eighth edition...

Read more

Elon Musk’s Starlink is off to a bright start in Africa

September 22, 2023

Nigeria’s smart city dream gets US$200M boost from Afreximbank

September 22, 2023

Kenya seeks partnership with Apple

September 22, 2023

FAO concludes an evaluation of Eswatini food control system

September 22, 2023

FurtherAfrica Partners Network

The Exchange Farmers Review Africa 360 Mozambique
TechGist Africa Energy Capital & Power Club of Mozambique
Taarifa Rwanda Web3Africa See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa  

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 107.3K other subscribers
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?