• Solid outlook

    Solid outlook

    Tanzania’s gold sector is reaping the benefits of recent reforms.

    An overhaul of the East African nation’s mineral sector, which included establishing trading centres countrywide, has boosted GDP from 4.8% last year to 5% in 2018/19, as reported by The East African.

    In just one month, 21 trading hubs facilitated the sale of gold worth US$14 million. ‘This amount is more than what we used to sell in one year,’ says Minister for Minerals Doto Biteko. The government-controlled centres were rolled out earlier this year in an effort to curb smuggling and illegal exports, and to provide small-scale and artisanal miners with access to a formal, regulated market.

    The government has set a target of US$205.5 million in revenue from minerals in the 2019/20 financial year, with plans in place to open additional trading centres.

    4 June 2019
    Image: Gallo/Getty Images