Latest news with #SamiaSuluhuHassan
Business Insider
2 days ago
- Business
- Business Insider
Gold dethroned as tourism emerges Tanzania's top export earner
Tourism has officially overtaken gold as Tanzania's top foreign exchange earner, marking a historic milestone in the country's economic rebound from the pandemic. Tourism has become Tanzania's top foreign exchange earner, surpassing gold. In the year ending May 2025, tourism revenue reached $3.92 billion, contributing 55.1% to service-related earnings. A rise in international tourists to over 2.17 million drove this growth in the sector. Tourism has officially overtaken gold as Tanzania's top foreign exchange earner, marking a historic milestone in the country's economic rebound from the pandemic. The Bank of Tanzania's June 2025 Monthly Economic Review shows that tourism generated $3.92 billion in the year ending May 2025, up from $3.63 billion the year before, now making up 55.1% of all service-related earnings. The earnings placed tourism just ahead of gold, which brought in $3.83 billion over the same period. A surge in international arrivals played a central role in the sector's rise, with visitor numbers reaching 2,170,360, up from 1,961,870 in the prior period. Policy reforms support sector expansion President Samia Suluhu Hassan has played a central role in promoting Tanzania's tourism sector, with her administration introducing targeted policy reforms aimed at easing operational constraints and driving industry growth. On July 8, 2025, the central bank granted tour operators partial exemptions from certain foreign exchange controls, a move widely praised by industry stakeholders. The new exemptions allow tourism operators to use foreign currency for two key purposes: paying for services on behalf of non-resident tourists and acquiring specialised tourism vehicles from local suppliers. The central bank's decision reflects an effort to ease operational bottlenecks while maintaining broader currency stability. The move also signals a broader strategic commitment to tourism as a cornerstone of Tanzania's economic development. With world-renowned attractions like Mount Kilimanjaro, Serengeti National Park, and the beaches of Zanzibar, the country is steadily carving out its place as a top choice for global travellers. Tanzania's appeal as a tourist hotspot continues to grow, with the country earning top honours at the 2024 World Travel Awards, including Africa's Leading Destination and the World's Leading Safari Destination.
TimesLIVE
03-07-2025
- Business
- TimesLIVE
Tanzania central bank cuts policy rate by 25 basis points
Tanzania's central bank lowered its benchmark interest rate by 25 basis points to 5.75% in a decision announced on Thursday. The Bank of Tanzania targets inflation of 5%, and consumer inflation has hovered around 3% since it launched its policy rate in January 2024. The East African country's government sees economic growth rising to 6% this year, up from 5.5% last year, helped by the start of electricity generation at the Julius Nyerere hydropower dam. President Samia Suluhu Hassan's administration has been pushing ahead with large-scale infrastructure projects like the dam and a railway network ahead of elections due in October.
Yahoo
03-07-2025
- Politics
- Yahoo
Tanzanian PM to step down in surprise move
Tanzania's Prime Minister Kassim Majaliwa has announced that he will not seek re-election in the forthcoming parliamentary elections, effectively preventing him from being re-appointed. Majaliwa had earlier said that he would defend his legislative seat for a fourth time in October before making the surprise announcement on Wednesday. The 64-year-old was appointed prime minister in 2015 and was seen as a possible successor of the late President John Magufuli after his death in 2021. He has continued to hold the position under President Samia Suluhu Hassan, who is seeking to retain the presidency under the ruling Chama Cha Mapinduzi (CCM). Majaliwa, who has represented the coastal Ruangwa region since 2010, said his decision was guided by God and he had made it "in good faith". "It is time to give others the opportunity to unite and build on the development foundation we've established," said Majaliwa, without elaborating on his reasons to pull out from the elections. It comes just a week after Majaliwa said that he would seek another term in parliament. Why Samia's hesitant reforms are fuelling Tanzanian political anger Could this be the end of the road for Tanzania's great survivor? He also told Ruangwa residents last September that he would run again, with his unexpected withdrawal sparking speculation of a power struggle within the ruling party. Majaliwa said he would continue serving as a senior CCM official and support Samia's presidential bid. In Tanzania, the prime minister leads the government business in parliament and is appointed by the president from among the elected MPs. Seen as a quiet but firm leader, Majaliwa is credited with ensuring a smooth and calm political transition after Magufuli's death. The former teacher rose to become an influential figure within the CCM party, which has governed Tanzania since 1977. He served as a junior minister under former President Jakaya Kikwete. His exit follows that of Vice-President Philip Mpango, who in May announced his retirement from politics. Analysts say the withdrawal of the two senior politicians gives President Samia space to consolidate her control of CCM and craft her second-term leadership line-up. The country is due to vote in parliamentary and presidential elections, with CCM expected to retain power. The main opposition party, Chadema, has been banned for refusing to sign up to a code of ethics because it wants a series of electoral reforms. Initially praised for easing the restrictions Magufuli had imposed on the opposition and the media, Samia has been criticised for what rights groups see as renewed repression. She took up power in 2021 after Magufuli's death, becoming the country's first female president. Senior Chadema politicians have been arrested and several opposition figures abducted and murdered. Samia's government defends the crackdown on opposition as a move to ensure peace in the country. Additional reporting by Alfred Lasteck in Dar es Salaam Are East African governments uniting to silence dissent? 'Struggling to be alive': Kenyan activist speaks of 'sexual torture' in Tanzania Kenyan president apologises to Tanzania over deportation row 'Manhandled and choked' - Tanzanian activist recounts abduction Go to for more news from the African continent. Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica Africa Daily Focus on Africa
BBC News
03-07-2025
- Politics
- BBC News
Kassim Majaliwa: Tanzanian prime minister steps down from October elections
Tanzania's Prime Minister Kassim Majaliwa has announced that he will not seek re-election in the forthcoming parliamentary elections, effectively preventing him from being re-appointed. Majaliwa had earlier said that he would defend his legislative seat for a fourth time in October before making the surprise announcement on Wednesday. The 64-year-old was appointed prime minister in 2015 and was seen as a possible successor of the late President John Magufuli after his death in 2021. He has continued to hold the position under President Samia Suluhu Hassan, who is seeking to retain the presidency under the ruling Chama Cha Mapinduzi (CCM). Majaliwa, who has represented the coastal Ruangwa region since 2010, said his decision was guided by God and he had made it "in good faith". "It is time to give others the opportunity to unite and build on the development foundation we've established," said Majaliwa, without elaborating on his reasons to pull out from the elections. It comes just a week after Majaliwa said that he would seek another term in parliament. Why Samia's hesitant reforms are fuelling Tanzanian political angerCould this be the end of the road for Tanzania's great survivor?He also told Ruangwa residents last September that he would run again, with his unexpected withdrawal sparking speculation of a power struggle within the ruling party. Majaliwa said he would continue serving as a senior CCM official and support Samia's presidential bid. In Tanzania, the prime minister leads the government business in parliament and is appointed by the president from among the elected MPs. Seen as a quiet but firm leader, Majaliwa is credited with ensuring a smooth and calm political transition after Magufuli's death. The former teacher rose to become an influential figure within the CCM party, which has governed Tanzania since 1977. He served as a junior minister under former President Jakaya exit follows that of Vice-President Philip Mpango, who in May announced his retirement from politics. Analysts say the withdrawal of the two senior politicians gives President Samia space to consolidate her control of CCM and craft her second-term leadership country is due to vote in parliamentary and presidential elections, with CCM expected to retain power. The main opposition party, Chadema, has been banned for refusing to sign up to a code of ethics because it wants a series of electoral reforms. Initially praised for easing the restrictions Magufuli had imposed on the opposition and the media, Samia has been criticised for what rights groups see as renewed repression. She took up power in 2021 after Magufuli's death, becoming the country's first female president. Senior Chadema politicians have been arrested and several opposition figures abducted and murdered. Samia's government defends the crackdown on opposition as a move to ensure peace in the country. Additional reporting by Alfred Lasteck in Dar es Salaam You may also be interested in: Are East African governments uniting to silence dissent?'Struggling to be alive': Kenyan activist speaks of 'sexual torture' in TanzaniaKenyan president apologises to Tanzania over deportation row'Manhandled and choked' - Tanzanian activist recounts abduction Go to for more news from the African us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica
Reuters
03-07-2025
- Business
- Reuters
Tanzania central bank cuts policy rate as it sees stable inflation
DAR ES SALAAM, July 3 (Reuters) - Tanzania's central bank lowered its benchmark interest rate (TZINTR=ECI), opens new tab by 25 basis points to 5.75% on Thursday, saying it expected inflation to remain stable below its medium-term target. The Bank of Tanzania targets inflation of 5%, and consumer inflation (TZCPIY=ECI), opens new tab has hovered around 3% since it launched its policy rate in January 2024. The bank had left the rate unchanged at its four previous monetary policy meetings. Governor Emmanuel Tutuba told a press conference that the bank's projections showed inflation would remain below target, helped by the onset of the harvest season and exchange rate stability. Tutuba said global risks had moderated on account of tariff negotiations between the U.S. and its major trading partners and the Monetary Policy Committee was confident on the outlook for the third quarter. The East African country's government sees economic growth rising to 6% this year, from 5.5% last year, helped by the start of electricity generation at the Julius Nyerere hydropower dam. President Samia Suluhu Hassan's administration has been pushing ahead with large-scale infrastructure projects like the dam and a railway network ahead of elections due in October.
