loader
Dstv Dailynews  Mobile
Picha

Let’s make mining sector leading contributor to national economy

MINING sector reforms in the country have made the sector emerge as the major contributor to the country’s Gross Domestic Product (GDP).

After assuming office as President of the United Republic of Tanzania in 2015, Dr John Magufuli said the mining sector was one of his priorities and pledged to take measures that would promote it and boost the country’s GDP.

The latest q uarterly report from the National Bureau of Statistics (NBS) shows how the dream has come true with the mining sector registering the highest contribution to the GDP in the last five years.

On a q uarterly basis, the mining sector’s contribution to GDP reached all-time high after posting 15.3 per cent in the first q uarter of 2020 compared to a growth rate of 10.0 per cent recorded during the similar period last year.

Bank of Tanzania (BoT)’ s latest report shows that the increase in volume and price of gold in the world market has pushed exports by 44.5 per cent to $ 2,436.5m, accounting for 56.3 per cent of exports of non-traditional goods.

The exports of other minerals amounted to $8 9.9m compared to $2.2m owing to the resumption of mineral concentrates exports.

Winding up the 11th sitting of Parliament in Dodoma last month, President Magufuli said there had been enormous achievements in the mining sector, namely the control of transport and export of raw minerals outside the country and the enactment or amendments to laws regulating mining activities.

The laws and regulations have sealed legal loopholes that often led to smuggling and ensure effective supervision of the sector and increase government revenue.

Furthermore, the creation of a ministry dealing with minerals also contributed to the outstanding performance in revenue collection.

For example, in April this year, the country recorded a historical total mineral revenue collection of 58bn/-, thanks to the establishment of mineral centres in all regions that produce minerals.

The establishment of mineral centres have become focal points of mineral sales that benefit also artisanal miners. The mining sector provides employment, dividends and revenue that facilitate the construction of hospitals, schools and other public facilities and improve social services.

The mining sector produces the trained workforce and small businesses that can service communities and may initiate related businesses.

The outstanding performance registered in the mining sector in just few years following the reforms forecast the bright future and increased contribution of the sector to the economy.

It is high time that Tanzanians continued supporting the government to make the mining sector continue being the leading contributor to the economy.

NATIONHOOD, patriotism and citizenship are concepts which ...

foto
Author: EDITOR

Post your comments

Recent Posts

Categories

more headlines in our related posts

latest # news