Guest columnist: Will it be a budget for Dodoma?

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The origins of Tanzania’s capital Dodoma are not dissimilar to Nairobi – the former founded in 1907 by the Germans during the construction of the Tanzanian central rail line, and the latter in 1899 by the British as a supply depot for the railway being built linking Mombasa to Uganda.

The Geita Gold mine website (www.geitamine.com) reveals that over the project life to date (2000 to 2017), turnover of $6.967 billion has been generated. Of this 72.2 per cent has been used on costs (including mine development, fuel), and the remaining balance (representing net cash flows before payments to Government) has been split between receipts to the Government (15.3 per cent) and dividends to the shareholder (12.5 per cent) – so a 55 per cent government share, with total payments to Government of USD 1.1 bn (including royalties of $225 million and corporate income tax of $367 million). While the Geita website shows cumulative numbers, the sustainability page of the Acacia Mining website (www.acaciamining.com) gives year by year results, and shows a net tax contribution in 2016 and 2017 of $163.5 million and $143.1 million, respectively (including royalties of $47.2 million and $44.9 million, respectively, and corporate income tax of $54.5 million and $35.7 million, respectively). The concern with the extractive sector is always that the resource being exploited is a finite resource, and therefore revenues raised should perhaps be ring-fenced for development activities. Against this background it might be worth ring-fencing some of the receipts from mining (for example, royalties and corporate income tax) for developments in Dodoma.

Guest columnist: Will it be a budget for Dodoma?

What you need to know:

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