ECONOMY DOING FAIRLY WELL, DESPITE ALL ODDS

Media/news company

Mwananchi Communications Limited

What you need to know:

According to the International Monetary Fund (IMF), Tanzania’s real Gross Domestic Product (GDP) grew by 4.8 percent in 2020, reaching $64.4 billion: well over the $60.8 billion it was in 2019.

If and when the proposal by the European Union (EU) to categorically classify natural gas (‘natgas’) as ‘green energy’ is approved by the powers that be, this would be a positive game-changer for Africa’s potential natgas wealth.
As of 2020, Africa was “home to” a total of 630 trillion cubic feet (tcf) of natgas reserves, 57tcf of that in Tanzania.
But, many powerful world countries regard natgas as a (dirty) fossil fuel, and refuse to invest in its development in any way.
Indeed, 20 nations (including the US and Canada) and five international development banks (including the World Bank) pledged at the 26th Conference of the Parties (COP26) in Glasgow last November “to stop approving funding for fossil fuels development by the end of 2022.” Therefore, the EU proposal to classify natgas as a green energy comes as a relief that, finally, owners of natgas reserves can henceforth exploit them for productive development.
But, this classification must also apply outside the EU to be beneficial to natgas-rich countries like Tanzania, Mozambique, Algeria, Senegal, Mauritania and Nigeria in Africa. We, therefore, sincerely urge the EU and other honest-to-goodness stakeholders – including OPEC and APPO – to expose and contradict the so-called “energy transition agenda” that seeks to suddenly trash fossil/hydrocarbon fuels too early in favour of renewables.

ECONOMY DOING FAIRLY WELL, DESPITE ALL ODDS

What you need to know:

Latest

Rostam Azizi challenges governments to earn investor confidence

British Airways returns to Tanzania with direct flights to Kilimanjaro and Zanzibar

Government calls for shift from control to facilitation

Government warns against building schools without considering education reforms

PM Nchemba calls for mindset shift to unlock private sector role in Dira 2050

Government calls for development plans to be matched with self-reliance strategy

In the headlines

Rostam Azizi challenges governments to earn investor confidence

British Airways returns to Tanzania with direct flights to Kilimanjaro and Zanzibar

Tanzanian innovators build AI glasses to empower visually impaired users

DSE investors' paper wealth jumps by Sh16.1 trillion as banking stocks rally

What you need to know:

Kenya’s capital conversation Tanzania has yet to start

Dar es Salaam needs a central metropolitan authority

Rostam Azizi challenges governments to earn investor confidence

British Airways returns to Tanzania with direct flights to Kilimanjaro and Zanzibar

Government calls for shift from control to facilitation

Government warns against building schools without considering education reforms

PM Nchemba calls for mindset shift to unlock private sector role in Dira 2050

Government calls for development plans to be matched with self-reliance strategy

Rostam Azizi challenges governments to earn investor confidence

British Airways returns to Tanzania with direct flights to Kilimanjaro and Zanzibar

Tanzanian innovators build AI glasses to empower visually impaired users

DSE investors' paper wealth jumps by Sh16.1 trillion as banking stocks rally