Tanzania Investment and Tourism Boom - $1B Investment Surge in August Creates 25,000+ Jobs

Tanzania's investment surged 120% in one month, reaching $1 billion in August
Agricultural sector saw major growth of over $275 million from July to August
Number of investment projects rose from 40 to 58 from July to August
Projects expected to create around 25,700 new jobs
Comes as Tanzania's tourism sector also sees major rebound, up 33% in July

businessinsider.com

Relevant topic timeline:

8/18/2023

Tanzania at risk of facing some economic hardship

### Summary The Tanzanian shilling has reached an all-time low against the dollar, which is expected to raise the cost of imported goods and lead to inflation. Currency depreciation is an issue across Sub-Saharan Africa, causing inflationary pressures due to higher import costs. ### Facts - The Tanzanian shilling has reached a new record low against the dollar, potentially increasing the price of imported goods into the country. - Currency depreciation against the dollar is a concern in Sub-Saharan Africa, leading to inflationary pressures as import costs rise. - Imports are vital for Tanzania's economy, and the weakening shilling will likely result in higher prices for essential items like food. - An economist suggests government subsidies on imports and intervention policies to stabilize currency rates. - The Assistant Lecturer at Ardhi University, Mr. Aziz Rashid, proposes subsidies on imported goods and revising monetary policies to cushion the economic impact of the currency devaluation. - The International Monetary Fund (IMF) attributes the currency decline in the region to foreign forces and the shift of investors to safer US Treasury bonds due to lower risk appetite and rising interest rates in the US.

9/11/2023

Tanzania Tourism Revenues Hit Record $2.99 Billion as Visitor Numbers Surge

Tanzania's tourism industry is experiencing a strong recovery, with earnings reaching $2.99 billion and tourist arrivals increasing by 37.2% in July 2023, driven by visitors from Europe and the United States.

9/27/2023

Zimbabwe Banks on Chinese Tourists to Boost $1.2B Tourism Industry

Zimbabwe is seeking to attract more Chinese tourists, especially during the Spring Festival, as the country heavily relies on its tourism industry, which is the third-largest sector after mining and agriculture. The country witnessed a 50% increase in the number of tourists and a 16% growth in tourism revenues in the first half of 2023 compared to the same period last year.

Topics

Posted 9/18/2023, 4:15:59 PM