• 28 Apr 2024
  • 3 Mins Read
  • 〜 by Shammah Sirima



Wage bill lie: The policies and doublespeak stoking crisis

A presidential task force in 2014 recommended at least 75 State corporations be abolished. Instead, 87 new parastatals have been created, exposing successive governments to doublespeak, which continues to worsen the runway wage bill.

The arbitrary creation of State agencies contributes to a bloated workforce, payments to ghost workers and fat perks for civil servants, summing up the wastage of taxpayers’ money that deepens the crisis.

Ironically, the recommendation to abolish non-performing State corporations was made in 2013, on the eve of the country’s first national conference on wage bill crisis in 2014, but like other radical proposals, it has never been implemented for political expediency.

(Source: Business Daily)


Business leaders chart course for Tanzania’s digital economy

Tanzania’s plan to build a digital economy has gained traction as members of the business community renew impetus to boost investment in the digital economy sector.

The community believes that Tanzania can achieve this goal and leverage the intersection for exponential growth.

This comes when the government, through the Ministry of Information, Communication, and Technology, aims to transform Tanzania into a digital economy empowered by technological advancements.

(Source: The Citizen)


Poorly governed SMEs cannot attract genuine financiers, says World Bank

Small and medium-sized businesses in Uganda have long complained about inadequate funding, but new research indicates that they require strong corporate governance to increase their operational effectiveness and access to capital, and reduce risks.

The World Bank contends that a substantial amount of research demonstrates that companies with sound governance practices have noticeably superior long-term financial outcomes, and grow faster and more sustainably.

(Source: Monitor)


Industry players hopeful about proposed mineral tax changes

Industry players have said that proposed changes to taxes on minerals, including a major cut in gold rates, could spur interest in processing and contribute to higher revenues from precious metals and stones.

According to the government, the proposals in a new draft law establishing a tax on minerals are meant to promote value addition by setting lower rates for minerals supplied to local smelters and refineries, and at the same time, discourage the exportation of unprocessed ones through higher rates.

Gasabo Gold Refinery (GGR) Managing Director Bosco Kayobotsi told The New Times that the facility was working at 30 percent of its capacity, blaming the situation on a high tax rate — 6 percent — on gold, which was negatively affecting the profitability of traders.

GGR is a mineral processing company established in Rwanda, specialised in adding value to silver and gold, and serving local, regional, and international clients, according to the firm.

(Source: The New Times)


Ethiopia, UK Agree to boost bilateral relations and expand cooperation in economic reform

Ethiopia and the United Kingdom (UK) have agreed to boost bilateral relations and expand cooperation in economic reform, basic services and productive safety net.

The State Minister of Finance, Semereta Sewasew, discussed with a delegation led by Simon Mustard, UK – Foreign, Commonwealth Development Office (FCDO) Director for Africa.

The discussion between the two parties was on mutual interests at bilateral, regional, and international levels, according to the Ministry of Finance.

 They discussed assistance, humanitarian space and basic service delivery in Ethiopia, it was learned

 The director pointed out that FCDO has substantially raised the volume of assistance and would like to work in collaboration with the Ethiopian government to ensure efficient and smooth delivery of assistance for beneficiaries.

 The delegation also reaffirmed its commitment to the ongoing economic reform programme and promised to avail both human and financial resources for its implementation.

(Source: ENA)


Sudan govt: ‘gold exports surge, exceeding $428m’

Mohamed Omar, the general manager of The Sudanese Mineral Resources Company, as reported by SUNA, underscored the critical role performed by “current business strategies” in expediting the export process. Omar highlighted the company’s expectation of *gold export figures reaching $2.182 billion by year-end.

Engineer Ayman Hamed, director of the General Administration of Supervision and Oversight of Export Companies, stated that the company’s first-quarter performance witnessed an unprecedented leap, with exports eclipsing “7.626 tons of gold, heralding a significant upturn in free gold exports”.

In press briefings earlier this month, Minister of Minerals Mohamed Abunommo stated that gold production last year tallied to 23.2 tons, with 12.9 tons earmarked for export.

A total of 45 companies, together with additional entities, partook in the gold export operations, culminating in exports equalling $765 million.

(Source: Dabanga)