Resource nationalism moves up a gear in Tanzania
- Details
- Published: Friday, 04 August 2017 11:47
- Sourced by SolutionsTeam
by
The Tanzanian government has asked Acacia Mining, a subsidiary of the world’s largest gold mining company Barrick Gold, to pay approximately USD$190bn in revised taxes, interest and fines. This latest development is a game changer in a dispute that pits mining companies against President John Magufuli’s government. It makes both nationalisation and mine closures more likely. Until this revised tax notice was served, the overhaul of Tanzania’s mining regime had a great deal going for it. Previous policy had given miners an easy ride. Low taxes and generous licence terms were sweetened by further tax breaks and exemptions. Tanzania’s mining sector contributes nearly 3% to GDP annually.
Youth unemployment is one of the most pressing issues in Tanzania. The number of young people who enter the labour force exceeds the available jobs. According to official data from the National Bureau of Statistics (NBS) in 2014, the economy created about 282,382 formal-sector jobs while an estimated 800,000 to one million youths enter the labour market at the same time. Yet, the number of job seekers is expected to double by 2030. According to the World Bank, the size of Tanzania’s youth, which was about 8.1 million in 2010, will rise to 11 million by 2020 and 15 million by 2030.
Jacqueline Ntuyabaliwe is a 38-year-old former Tanzanian beauty queen (Miss Tanzania) and musician. More recently, she has achieved success as an entrepreneur. Ntuyabaliwe is the founder of Molocaho, a Tanzanian furniture manufacturing company, which designs and manufactures quality made-to-order furniture, furnishings, designer fabrics, lighting, decor, garden furniture and rugs.
