Latest news with #TZS
Business Insider
22-05-2025
- Business
- Business Insider
East Africa's longest bridge nears launch as Tanzania wraps $260 million project
Spanning 3.2 kilometers across Lake Victoria, the bridge will officially open to traffic on June 19, 2025, with Tanzanian President, Samia Suluhu Hassan expected to lead the inauguration, Prime Minister Kassim Majaliwa announced during a tour of the site. The Minister for Works, Abdallah Ulega, hailed the project as a flagship achievement of the Sixth Phase Government, emphasizing its strategic importance for national development. ' The JP Magufuli Bridge stands as a powerful symbol of our country's capacity to mobilize domestic resources for transformative infrastructure, ' Ulega stated. ' It will ease travel between Kigongo and Busisi, reduce dependence on ferry transport, and unlock the vast economic potential of the Lake Zone.' The bridge replaces a long-standing reliance on ferries, which often required up to three hours to cross the lake due to boarding delays and safety risks. Its completion is expected to significantly reduce travel time, improve safety, and enhance the movement of goods and people across the region. Named in honor of the late President John Magufuli, the project symbolizes both his infrastructural legacy and Tanzania's long-term commitment to regional development. The John Magufuli Bridge In 2019, the government of Tanzania, under former President John Magufuli, contracted a consortium of two Chinese state-owned engineering and construction companies to design and build this transport infrastructure project. The two firms are China Civil Engineering Construction Corporation (CCECC) and China Railway 15th Bureau (CR15B) but the construction was delayed due to the COVID-19 pandemic. The bridge was earlier named the Kigongo-Busisi Bridge, but was later renamed in honor of former President Magufuli, who launched the project before his death in 2021. Funded entirely with over TZS 700 billion in domestic resources, the project is one of Tanzania's most ambitious infrastructure achievements to date, according to The Citizen. It connects the towns of Kigongo and Busisi and forms a crucial link in a broader 90-kilometre highway network connecting Usagara, Sengerema, and Geita—an area rich in economic activity, particularly mining.
Business Insider
08-05-2025
- Business
- Business Insider
African country bans use of dollar, euro, others to protect continent's worst currency
Tanzania has formally prohibited the use of foreign currencies, including the US dollar, for all domestic transactions. Tanzania has banned the use of foreign currencies for domestic transactions, requiring payments to be made in Tanzanian Shillings (TZS). The policy aims to reinforce the national currency, improve monetary policy, and protect foreign reserves amid TZS depreciation. Effective March 28, businesses are prohibited from quoting or accepting payments in foreign currencies, though certain exemptions apply. Tanzania has formally prohibited the use of foreign currencies, including the US dollar, for all domestic transactions, mandating that payments for goods and services within the country must be made exclusively in Tanzanian Shillings (TZS). The Tanzanian shilling, currently Africa's worst-performing currency in 2024, has depreciated by over 10% against the U.S. dollar, according to Bloomberg data. The new rules, which took effect on March 28, prohibit businesses from setting, advertising, or quoting prices in foreign currencies such as the US dollar or euro. Weakening currency The Tanzanian shilling has come under pressure due to rising national debt tied to major infrastructure projects, including a deep-water container port operated by India's Adani Ports and Special Economic Zone Ltd. and a $5 billion oil pipeline transporting crude from neighbouring Uganda. The currency has also been impacted by increased imports for these large-scale developments and broader global headwinds, including former U.S. President Donald Trump's tariff policies. The policy particularly targets sectors like tourism, real estate, and high-value commerce. Authorities say the shift will help reinforce the national currency, improve monetary policy control, and safeguard foreign reserves. Under the new rules, businesses can no longer quote prices or accept payments in foreign currencies. Existing contracts denominated in foreign currencies must be converted to TZS by March 27, 2026, unless the Minister of Finance grants an extension. The Bank of Tanzania will be responsible for enforcement. Penalties for non-compliance include fines and suspension of operating licenses. However, certain exemptions apply: foreign tourists and non-residents can still pay in foreign currency for services like hotels and tours, but only through approved channels at official exchange rates. Diplomatic missions, international organisations, and some foreign-currency-linked loans related to trade or external financing are also exempt. Looking ahead, the government plans to support the shilling through continued gold and foreign currency purchases, export promotion, and import substitution policies.
Zawya
15-02-2025
- Business
- Zawya
European Union (EU) Awards TZS 17.8 Billion in Grants to Strengthen Civil Society in Tanzania
The European Union (EU) has committed TZS 17.8 billion (€6.5 million) to empower Tanzanian civil society, focusing on key areas such as good governance, media freedom, youth empowerment, and public financial accountability. This investment, funded through the Civil Society Thematic Programme and the Finance for Growth Action, aims to foster a more transparent, just, and inclusive society by strengthening the voices of citizens and institutions. "Today, as we formalize these grant contracts, we are doing more than signing documents. We are forging partnerships built on trust, shared aspirations, and a commitment to amplifying the voices of those who often go unheard," said EU Ambassador to Tanzania Christine Grau at a formal signing ceremony in Dar es Salaam. "A thriving civil society is indispensable—it ensures accountability, strengthens democratic governance, and enriches our communities." The four selected projects underwent a competitive selection process and will be implemented by Tanzanian and international organizations over the coming years. These projects are Empowering Journalists for Informed Communities in Tanzania – TZS 5.28 Billion (€2 Million): Implemented by International Media Support (IMS) and Jamii Forums, this project aims to enhance public access to credible, high-quality media content, particularly for women, youth, and rural communities. By strengthening journalists' capacity to produce impactful stories and counter misinformation, the initiative will support informed civic engagement. 'Now more than ever, good journalism is particularly important, not just to counter the proliferation of hate speech and mis- and disinformation but to contribute to building a more transparent, accountable, and democratic society in Tanzania,' said Fausta Musokwa, programme manager of the IMS programme in Tanzania. Vijana Plus – TZS 5.28 Billion (€2 Million): Led by Save the Children and Tanzania Bora Initiative, this initiative focuses on youth empowerment by strengthening the capacity of youth-led CSOs and young leaders. A key component is the establishment of a Youth Sounding Board to advise the EU on youth-related policies and programs. "As a young person involved in the EU-Vijana Plus initiative, I believe in the transformative power of youth voices, networking, peer-driven learning, and positive engagement. Through this initiative, we—the youth of today—are not just advisors; we are architects of change, solution creators, and peer educators. Empowering youth-led organizations means empowering our future. " said Arafat Lesheve-Young Leader Safeguarding Rule of Law, Civic Space, and Accountability in Tanzania – TZS 3.96 Billion (€1.5 Million): A consortium of East Africa Law Society (EALS), Pan African Lawyers Union (PALU), Zanzibar Female Lawyers Association (ZAFELA), and led by Tanzania Human Rights Defenders Coalition (THRDC), this project aims to strengthen legal protections, expand access to justice, and safeguard civic space. Restrictive laws and shrinking civic space threaten these rights, making it essential to equip CSOs and legal professionals with the skills to challenge unjust policies, advocate for reforms, and defend human rights. The project fosters partnerships among key stakeholders, enhances legal protections, and promotes civic engagement. Tracking violations, facilitating dialogue between CSOs and state actors, and using strategic litigation ensure justice and safeguard the rights of marginalized communities. "Defending rights, strengthening justice, and expanding civic space—this initiative empowers communities, legal professionals, and civil society to uphold the rule of law and advance accountability in Tanzania." said Onesmo Paul Olengurumwa, National Coordinator, THRDC. Empowering Citizen Agency for Public Financial Governance – TZS 2.64 Billion (€1 Million): Implemented by WAJIBU – Institute of Public Accountability and Policy Forum, this project promotes citizen participation in public financial governance. It will generate and disseminate critical information on public finance management while empowering accountability actors to advocate for transparency and accountability. 'The action will enhance engagement of CSOs, Media and Citizens with decision makers through structured forums and platforms at local and national levels to create more opportunities for public participation and domestic accountability,' said CPA Ludovick Utouh the Executive Director of WAJIBU - Institute of Public Accountability. The grant signing ceremony brought together representatives from human rights organizations, youth groups, media organizations, and governance-focused CSOs, alongside EU officials. This investment underscores Team Europe's long-standing commitment to Tanzanian civil society and its recognition of the crucial role these organizations play in driving positive change and fostering a more inclusive society. Distributed by APO Group on behalf of Delegation of the European Union to the United Republic of Tanzania and the East African Community.
