Ndulu officially bids farewell to Tanzanians

Dar es Salaam. Bank of Tanzania (BoT) Governor Benno Ndulu today, Thursday, January 4, officially bade farewell to Tanzanians.

He highlighted his achievements since taking office nearly a decade ago.

Prof Ndulu said his first task was to ensure the public was informed of all vital works of the bank to avoid misunderstandings.

Further, the country was able to stabilise its economy in the midst of the global economic crisises of 2008/09 and 2011/12.

"During the two periods BoT ensured Tanzania’s economy remained stable and resilient,” he said.

He noted that recently there have been concerns on the country's economic growth on grounds that the loans basket was diminishing but he explained that most banks’ loan segments were for short periods compared to either TIB or the agricultural bank.

The renowned economist noted that for any economy to grow. vital components include major investments of which the government was funding including major infrastructure projects which lead to economic growth.

He said the economic growth cannot be felt at individual levels but through services like free education among others.

He noted that during his leadership he ensured there was expansion of financial inclusion, whereas in 2006 only 9 per cent could access to financial services but has grown to 65.5 per cent.

After his farewell speech, the new governor, Prof Florens Luoga, promised to take over from where Ndulu had left by ensuring the public was well informed about economic affairs of the country.

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