Inflation
remains at 4.1%
By Timothy Kitundu
The inflation rate for March did not change compared to February,
reveals the National Consumer Price Index (NCPI) of Mid April 2005, released by
the National Bureau of Statistics (NBS).
The inflation rate for March was 4.1 per cent.
The price index shows that March’s inflation rate as measured on a month to
month basis, is February and March went down by 0.5 per cent whereas the overall
index decreased from 114.0 in February to 113.4 in March 2005.
Some prices for food and non-food items went down. Rice, maize grain, maize
flour, cassava, potatoes, cooking bananas, beans, cow peas and groundnuts,
vegetables, fruits and fish all became cheaper.
Non-food items saw prices decrease were clothing, footwear, chairs, tables, face
creams, cough syrup, school notebooks and uniforms, wrist watches and cell
phones.
However, prices of beer, tea (green label), mineral water, bottled drink
(squash), water buckets, dry cleaning, radios and audio cassettes, petrol, bus
and taxi fares went up.
On a year to year basis, the index increased to 113.4 percentage points during
March from 108.9 percentage points as at March 2004, recording an inflation rate
of 4.1 per cent.
Fuel, power and water, the most important utility items measured on a yearly
basis, showed an increase from 105.1 points in March last year to 115.0 in March
2005, an increase of 9.4 per cent.
Twiga
Bancorp’s profits slightly down
By Timothy Kitundu
Twiga Bancorp has realized a net profit of Tsh. 363.3 million for
the year ending 31 December, 2004 recording a slight decrease compared to 2003
when it recorded a net profit of Tsh. 491.9 million.
According to a published income statement for the year ending December 2004,
profit before taxation in 2004 was Tsh. 595.1 while profit before taxation
recorded in 2003 stood at Tsh. 689.1 million.
The decrease in net profit for the year 2004 can be attributed to the drop in
profit before tax and an increase in total taxes charged in 2004 which amounted
to Tsh. 230.7 million, compared to taxes charged in 2003 which amounted to Tsh.
197.2 million.
2004 saw the bank’s total assets leap to Tsh. 16.34 billion compared to total
assets amounting to Tsh. 13.3 recorded in 2003, similarly the bank’s cash and
balances with the Bank of Tanzania increased from Tsh. 2.47 billion in 2003 to
Tsh. 4.45 billion in 2004.
In terms of total liabilities, the bank recorded an increase. In 2003 total
liabilities reflected Tsh. 11.5 billion while in the year 2004 they reflected
Tsh. 14.2 billion.
The bank’s liabilities that are part of deposits indicated that total deposits
increased from Tsh. 11.3 billion in 2003 to Tsh. 13.9 billion recorded in 2004.
Other liabilities (other than deposits) increased from Tsh. 240.4 million in
2003 to Tsh. 332.7 million in 2004.
The bank’s net interest income slightly decreased, recording Tsh. 601.1 million
in 2004 but Tsh. 646.6 million in 2003.
The decrease in interest income can be attributed to the increase in interest
expense which recorded Tsh. 262.4 million compared to Tsh. 216.3 million in
2003.
Net credit to bad and doubtful debts greatly descended in 2004 to record Tsh.
67.7 million, compared to Tsh. 867.3 million in 2003.
During 2004, the bank’s fees, commissions and other incomes doubled to record
Tsh. 1.67 billion compared to Tsh. 888.9 million recorded in 2003. However,
foreign currency dealings and translation gains decrease in 2004 to Tsh. 472.5
million compared to Tsh. 573.9 in 2003.
Japanese rice to Tanzania
By Angela Mazula
The government of Japan has donated Yen 300 million (Tsh 3.3
billion) to the Tanzanian government to combat food insecurity.
Speaking during yesterday’ signing ceremony, Katsuya Ikeda Ambassador of Japan
to Tanzania said Japan will provide rice as food grant to alleviate food
shortage and support basic human needs.
Ikeda added that agricultural-led development is the key for poverty reduction
and sustainable development for Tanzania. The country’s food insecurity derives
mainly from low production of major crops caused by unpredictable weather, lack
of technology and insufficient infrastructure.
Speaking at the same occasion Permanent Secretary in the Ministy of Finance,
Gray Mgonja said the grant will be allocated to the rice purchase.
Most
establishments owned by private sector
By Timothy Kitundu
The Central Register of Establishments (CRE) announced that last
year the private sector owned slightly more than 58 per cent of the number of
establishments in the social and economic sector in the country.
The release from CRE says, however, among the public owned establishments, Local
Government had 69 per cent, Central Government 23 per cent, and Parastatal
Organisations had 8 per cent.
The distribution of establishments shows that Dar es Salaam Region has most
establishments (33.1 per cent), followed by Tanga Region with 6.6 per cent and
Arusha Region with 6.5 per cent.
Kagera Region had 6.4 per cent, Mwanza Region 6.2 per cent and Morogoro Region
5.5 per cent. Each of the remaining 15 regions owned less than 5 per cent of the
country’s total.
Looking at establishments with regard to main industry, the education sector had
the highest number of establishments accounting for 28 per cent followed by
whole sale and retail trade with 15 per cent, hotels and restaurants 12 per
cent, public administration and social security 11 per cent. The remaining
sectors including agriculture accounted for 34 per cent.
Computer
company targets Tanzanian managers
By Express Reporter
A famous computer company has launched new products aimed at managers in
Tanzania wanting to improve their Information Technology (IT) skills.
It is Hewlett Packard (HP) that has introduced new products and solutions from
its imaging and printing group.
Speaking in Dar es Salaam on Tuesday, David Ndungu, HP Marketing Manager for
East Africa said that the newly introduced products include digital cameras and
printers, commercial colour laserjet printers, business inkjet printers,
wireless digital projectors and large format printers.
“Over the past few years, HP products have gained popularity in Tanzania making
it the second largest market in the African Region and we are consolidating our
position as the choice provider of technology products for commercial as well as
for personal use,” he added.
The HP range of products in the country are sold and supported through a select
chain of resellers who are part of the HP Business Partner Programme.
Non-state
actors’ role reinforced
By Timothy Kitundu
The role of Non-State Actors is to be strengthened, particularly as regards
policy dialogue following an invitation from the Ministry of Finance and the
European Union to NSAs to consult their constituencies and make suggestions and
recommendations on the proposed programme.
In a workshop that was held early this year NSAs were provided with incentives
to develop a new programme to strengthen them in the development processes. Now
the Ministry of Finance and the EU, argue that NSAs should have a greater role
to play.
According to Neema Kambona, EC – Delegation Tanzania Press and Information
officer, the workshop allowed NSAs to reflect on their levels of engagement in
development and in policy dialogue. Their strengths and weaknesses were
identified.
Speaking through a press statement issued Monday, Kambona said that apart from
identifying areas of need and potential useful initiatives, a core group known
as NSA Task Force Group (NSA TFG) was formed.
“The aim of this task force group was to act as an interface between the
Ministry of Finance and EU, and NSAs at large throughout the drafting phase of
the NSA Support Programme,” she said.
She said the first and biggest task of the NSA TFG is to ensure that NSAs
throughout the country are consulted on the draft programme, and that they
actually contribute to the designing of the NSA Support Programme.
The broad involvement of NSAs in the preparation of the support programme, she
said, aims at designing relevant and useful activities, and an overall programme
that will be owned by NSAs.
“The Ministry of Finance and the EC have been authorized by the mandated group
to communicate with all NSAs to consult with their respective constituents on
the proposed first draft of NSAs Support Programme,” she said.
TZ
tobacco of high standards
By Joshua Mshana, recently in Tabora
Tobacco which is produced in Tanzania is of high quality and has the potential
to compete in the international markets; this, according to Ally Abeid, a
tobacco farmer in Tabora.
This is also confirmed by Brazilian agronomists. “Tobacco produced in Tanzania
is of the same standards as tobacco grown in countries like Brazil. Agricultural
experts from Brazil have confirmed that Tanzanian tobacco is of high quality. It
has orange colour which is the best,” said Enio Carlos Signoz, an agronomist
from Brazil.
Tobacco, the centre of tobacco production in Tanzania, benefits greatly from the
crop. The Association of Tanzania Tobacco Traders (ATTT) has got foreign and
local experts who advice farmers on how to keep farms and increase the quality
of tobacco.
Farmers were expecting good harvests this year, but drought tarnished the
harvests. This year, production will not be as good as last year.
DORICAS
donates 300m/-
By Beldina Nyakeke, Musoma
Buhemba Agricultural and Consultancy Centre (BRAC) expects to get a donation of
Tsh. 300 million from a Dutch assistance agency DORICAS for various development
undertakings.
BRAC Manager, Ezekiel Kabwe said this recently at a Board of Directors sitting,
held in the Centre’s Conference Hall. Kabwe said his centre had signed an
agreement of five years with DORICAS.
The agency has already constructed a processing plant at the centre.
The agreement was signed on behalf of BRAC by the Anglican Church of Mara
Diocese and DORICAS International Aid and will span between July 2004 and June
2009. The agreement aims at sponsoring the training of farmers receiving
consultancy at the centre.
Buhemba Agricultural and Consultancy centre is among the various projects which
are conducted by the Anglican Church, Mara Diocese,where they provide training
and consultancy in agriculture.
Maasai
women undergo poverty alleviation training
By Kim Aidan, Morogoro
Women of the Maasai community engaging in pastoralism have been offered
education on poverty alleviation.
In 18 Maasai villages in Morogoro Municipality, Mvomero District, various
development projects have been established; this according to Mary Nkongolo,
chairperson of solidarity women group in Morogoro, in an interview with The
Express on Tuesday.
She said that a total of 105 pastoralists have benefited from the initiative
which is exclusively for Maasai women within the pastoral community.
“A total of 18 villages have benefited in the said training. And the exercise
has been extended to other villages in Morogoro Region,” she said.
According to Nkongolo, Maasai pastoralists, degrade the environment by keeping
large number of livestock confined in a small area.
The training has focused on finding solutions to that problem. One solution, she
argues, is for pastoralist to sell part of their livestock and buy shares which
she said would help them fight poverty.
Expert
discussions needed to fight corruption
By Angela Mazula
Transparency International (TI) has urged all sectors in society to be fight
corruption.
Speaking in Dar es Salaam at the Anti-Corruption Stakeholders’ Meeting held this
week, Wilson Kitima, on behalf of Professor Rwekaza Mkandala Chairman of TI,
said that reducing corruption needs discussions with experts and competent
people.
“To our credit, TI Tanzania was among the first national chapters in the
movement to put national integrity systems into perspectives. Through the
initiatives a number of national integrity workshops were held in the 1990s that
led to enactment of codes of conducts for a number of institutions in the
country,” he said.
The Prevention of Corruption Bureau (PCB) Director of Investigation, Edward
Hoseah said that translating political will into an institutional framework will
need the commitment to attack both perceived and actual corruption by the top
political leadership of the country.
Kenya
Commercial Bank on right track
By Business Reporter
Kenya Commercial Bank Tanzania Limited has halved its loss it
incurred in 2003; from Tsh. 575.5 million to Tsh. 252.8 million after taxation.
According to the bank’s income statement for the year ending December 31 2004,
the Bank’s loss before taxation stood at Tsh. 308.4 million in 2004 compared to
Tsh. 831.2 million in 2003.
The Bank’s reduced loss for this year could have been attributed by the leap in
the Bank’s net interest income for 2004 which stood at Tsh. 1.06 billion
compared to that recorded in 2003 which was Tsh. 497.2.
The Bank recorded an increased interest income of Tsh. 1.2 billion in 2004
compared to Tsh. 793.2 million in 2003, while interest expenses slightly
decreased in 2004 recording Tsh. 147.5 million compared to Tsh. 296 million in
2003.
Similarly, the Bank’s total assets increased in 2004 to Tsh. 19.3 billion from
Tsh. 16.4 billion, while cash and balances with the Bank of Tanzania also
increased to Tsh. 3.7 billion in 2004 compared to Tsh. 2.64 billion in 2003.
The bank’s fees, commission and other income increased to Tsh. 665.8 million in
2004 compared to Tsh. 401.6 in 2003. Foreign currency dealings and translation
gains leaped to Tsh. 367 million from Tsh. 66.1 million in 2003.
Total liabilities increased from Tsh. 11.07 billion in 2003 to Tsh. 14.2 billion
in 2004. Total deposits increased to Tsh. 13.96 billion compared to Tsh. 10.08
billion recorded in 2003. The liabilities decreased in 2004 to Tsh. 247 .7
million compared to Tsh. 990.62 million recorded in 2003.
The Bank’s investment in government securities increased in 2004 to Tsh. 2.98
billion compared to Tsh. 2.69 billion recorded in 2003. The loans and advances
leaped to Tsh. 7.91 billion in 2004 compared to Tsh. 3.92 billion recorded in
2003.
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