Tanzania urges SADC regional efforts to sustain growth
ZANZIBAR: TANZANIA has urged Southern African Development Community (SADC) countries to join forces in maintaining stable and positive economic trends across the region.
The call was made by Finance Minister Dr Mwigulu Nchemba, in a speech delivered on his behalf by Zanzibar’s Minister of State, President’s Office (State House), Mr Ali Suleiman Ameir, during the opening of the 47th Annual General Meeting of the Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA) in Zanzibar.
Dr Nchemba highlighted the importance of regional and domestic collaboration to accelerate economic growth.
He emphasised key areas such as climate change mitigation, advancing financial inclusion and supporting innovative start-ups and small businesses.
“Collaborative efforts are crucial in addressing financial crimes, including money laundering and the financing of terrorism. I am pleased to note that these initiatives are part of CISNA’s strategic agenda,” he said.
He further noted that the SADC region continues to face the aftershocks of global disruptions such as the Covid-19 pandemic, geopolitical tensions stemming from the Russia-Ukraine conflict, ongoing Middle East unrest and severe drought in Southern Africa.
“Our governments must enhance measures to mitigate these risks and build resilience in our economies,” Dr Nchemba urged.
The minister also stressed that climate change presents multifaceted challenges affecting ecosystems, economies and societies globally.
He called for SADC countries to integrate Sustainable Development Goals (SDGs) into their financial systems to foster economic growth, social inclusion and environmental sustainability.
Despite these challenges, the International Monetary Fund (IMF) projects a rise in average GDP growth for the region from 3.4 per cent in 2023 to 3.8 per cent in 2024, with many SADC countries expecting higher-than-average growth.
ALSO READ: Karume leads SADC electoral observer mission in Mozambique
Tanzania, under the leadership of President Samia Suluhu Hassan, has implemented several policy frameworks to bolster economic growth.
These include the National Environmental Master Plan for Strategic Interventions (2022-2032) and the Financial Sector Development Master Plan (2020/2021-2029/2030).
“These initiatives have significantly improved Tanzania’s financial sector, particularly in capital markets, insurance and microfinance,” said Dr Nchemba.
He highlighted milestones such as the issuance of innovative capital market products, including the first Green Bond in Sub-Saharan Africa, dubbed the “Kijani Bond,” which raised 171.83bn/- to finance eco-friendly projects. Other noteworthy developments include the “Jasiri Bond,” which raised 74.2bn/- to support women-led businesses and the “Jamii Bond,” which secured 212.94bn/- to fund sustainability projects.
The event, organised by the Bank of Tanzania (BoT), the Capital Markets and Securities Authority (CMSA) and the Tanzania Insurance Regulatory Authority (TIRA), focused on strengthening regional cooperation and enhancing regulatory frameworks in SADC’s financial sector.
BoT Governor, Mr Emmanuel Tutuba, emphasised the need for harmonised regulations across member states to meet international standards and foster cross-border cooperation.
CISNA Chairperson, Mr Kenneth Matomola, expressed gratitude to Tanzania for hosting the meeting and pledged to work on the key resolutions aimed at fortifying the region’s financial systems.
TIRA’s ambassador for insurance, Engineer Zena Ahmed Said, called on SADC countries to increase public awareness to expand access to insurance services, further boosting the region’s economic resilience.
