Tanzania Calls for Stronger Mobilisation of Domestic Savings for Investment
The Government has called on stakeholders in the financial sector, investors and the private sector to join forces in transforming Tanzanians’ savings into productive investment capital that can drive production, create jobs, increase exports and accelerate economic growth in line with the Tanzania Development Vision 2050.
The call was made by the Minister for Finance, Hon. Ambassador Khamis Mussa Omar (MP), while serving as the Guest of Honour at the Board of Directors and Members of the CEO Roundtable of Tanzania (CEOrt) Monthly Dialogue, held at the Hyatt Regency Hotel in Dar es Salaam.
Ambassador Omar said implementation of the National Development Vision 2050 aims to transform Tanzania into an economy with an estimated value of approximately US$1 trillion by 2050, while raising per-capita income to more than US$7,000. The Vision also seeks to promote an industrial, inclusive economy driven by the private sector.
“The implementation of Vision 2050 through the Long-Term Development Plan and the Fourth Five-Year Development Plan (FYDP IV) places strong emphasis on the private sector, with the 70:30 investment framework positioning the private sector as the main engine of growth and development financing,” Ambassador Omar said.
He added that implementation of FYDP IV requires investment estimated at approximately TZS 477 trillion, with the private sector expected to finance about 70 percent, equivalent to approximately TZS 324.49 trillion.
Ambassador Omar stressed that these figures demonstrate that Tanzania cannot achieve its development ambitions by relying solely on the Government budget, external borrowing or development assistance.
Instead, he said, the country must strengthen its capacity to mobilise and effectively utilise domestic capital and private-sector investment.
Financial Sector Remains Resilient
Addressing the country’s financial system, Ambassador Omar said Tanzania’s financial sector has continued to demonstrate resilience despite global economic challenges and shocks.
