Country Profile: Tanzania

Since Tanzania’s struggle for independence in the early 1960s, the former colony of first Germany and later Great Britain has largely been spared from internal strife compared to its neighbours in Southeast Africa.

Nevertheless, during most of the four decades following independence, Tanzania had been hard pressed to attract foreign investment, as the country lacked the mineral resources found in many of Sub-Saharan countries. Consequently, Tanzania had been excluded from most lists of Africa’s rising economies.

However, since 2007, Tanzania has quietly become one of the region’s strongest economic performers, averaging 6.7 per cent annual growth over the past five years, as the emergence of the gold industry has helped propel Tanzania’s economy.

More recently, while agriculture has long been Tanzania’s largest economic sector, representing 85 per cent of its exports in 2011, President Jakaya Kikwete’s administration announced the discovery of major offshore natural gas reserves in the Indian Ocean last March.

The gas industry is expected to generate nearly a billion dollars of profit for the Tanzanian economy.

Despite this discovery, however, Tanzania still faces significant domestic challenges. Much of Tanzania, particularly in rural regions, is extremely poor. According to the US State Department, Tanzania had the 152nd highest human development index and ranks 199th in GDP per-capita, with a PPP of just $1,600 in 2011.

Tanzanian Economy

Currency: Tanzanian Schilling ($1 = TZS 1608)
Population: 45 million
GDP based on PPP: $1,600
GDP Growth (2011): 6.4%
Head of Government: President Jakaya Kikwete
Finance Minister Hon. Mustafa Mkulo
Governor of Central Bank: Benno Ndullu

Tanzanian Business
Language: Swahili & English
World Rank for doing business: 134
World Economic Forum Global Competitiveness rank: 120
Investment Agency: Tanzanian Investment Centre, www.tic.co.tz/
Public sector opening hours: 0800 – 1700
Private sector opening hours: 0800 – 1700
Legal System: English Common Law

Getting There:
Airlines: British Airlines
Visas: UK – Single entry visa valid for 90 days costs £85.94
Dar es Salam Hotels: £41 to £179

By Milton Lindsay 2013