President Samia Suluhu Hassan. Photo: Courtesy
President Samia Leads 15th National Business Council Meeting, Highlights Economic Stability
By Adonis Byemelwa
President Samia Suluhu Hassan chaired the 15th National Business Council (TNBC) meeting at the State House in Dar es Salaam on July 29, 2024, and praised Tanzania’s economic stability, noting its role in fostering business growth and attracting investment.
In her address, President Samia emphasized that despite global economic challenges, Tanzania’s economy remains resilient and continues to improve. She highlighted that the economy grew by 5.2% in 2023, up from 4.7% in 2022, and that inflation is steady at 3%, within the target range.
President Samia also noted an increase in borrowing and lending capacity for both the government and businesses, with a gradual decrease in interest rates, reflecting positive economic conditions.
The meeting aimed to explore ways to bolster business and strengthen the economy, with TNBC serving as an advisory body on key economic issues.
Despite the optimistic economic outlook, business representatives raised concerns about challenges with the Tanzania Revenue Authority (TRA). Ali Amour, a Private Sector representative, reported issues such as bank account freezes, improper seizure of funds, and disruptions from EFD machine shutdowns.
“These actions damage the relationship between businesspeople and the TRA,” Amour said. He also pointed out deficiencies in the Tax Administration Act, Chapter 438, and Section 67, calling for specific amendments to improve the business environment.
Amour stressed that businesses should not be treated as adversaries and urged for a more supportive approach in addressing issues of corruption and revenue loss.
