Economy: Tanzania’s economy to expand by 5.1% in 2023 before rising further to about 6% despite global headwinds – World Bank
Despite global headwinds and regional droughts, Tanzania’s economy is projected to expand by 5.1 percent in 2023 before rising further to about six percent in the medium term according a new economic outlook released by the World Bank last week.
According to the new World Bank report, Tanzania’s outlook is however premised on a favorable global outlook and the government’s timely completion of structural reforms to strengthen the competitiveness of the economy, improve the business and investment environment, and reduce the cost of regulatory compliance.
Equities market: Dar equities market down 9.9% to 4.71bn/- in August 2023
Market activities at the Dar es Salaam Stock Exchange (DSE) fell by 9.9% to 4.71bn/- in August this year according to the available data from the DSE.
The Tanzanian Share Index (TSI) however continued its upward trajectory, climbing by 1.44%, while domestic market capitalization closed the month at 11.01trn/-
Currencies: Dollar scarcity hurts business in EA region
The scarcity and volatility of the dollar, high interest rates and access to credit is scaring awayinvestors in the East African region.
According to the Report on the Ease of Doing Business in the East African Community (EAC) 2023 by the East African Business Council (EABC), unregulated foreign exchange markets at the border, legal tax appeals, rulings, and long customs valuation processes are threats to businesses in the region.
ICT: Internet subscribers in Tanzania hit 34 million in June 2023
The number of internet subscribers in Tanzania rose to 34.04 million in June 2023 as compared to 28.8 million recorded in 2018 according to the latest Tanzania Communication Regulatory Authority (TCRA) report for the month ending June, 2023 released recently.
According to the report, more data was used in June followed by May and the last month is April with an average of 2,491 MB per subscriber per month compared to 2,195 MB in the quarter ending March, 2023.
Mining: Shanta Gold posts impressive H1 2023 earnings on improved output at its flagship New Luika mine
East Africa-focused gold producer, Shanta Gold posted impressive results during the first half this year recording a Profit after tax of $12.7 million, up from loss of $3.1million in H1 2022 according to the company’s unaudited interim financial results for the six months ended 30 June 2023.
The company produced 44,771 ounces of gold during the first half this year as compared to 28,947 ounces produced during the similar period last year.