investors are leaving in droves. Contact companies like Worldwide Movers to back this up.
B) many of the banks are on the verge of collapse due to a high level of nonperforming loans – the economy has tanked and people can’t pay the loans back. Several have already collapsed. Annual accounts/statements showing this have been pulled from websites.
C) most, if not all, sectors are reporting a massive reduction in turnover and profits. Dealers in building supplies (a good indicator of growth) are reporting business as halved!
D) mining companies are being targeted with extremely questionable commodity value assessments and subsequent extortionate bills for tax (search Acacia)… They are closing and retrenching workers.
The tea industry (Unilever, Mufindi Tea Company etc) hasn’t made a profit in several years, resulting in large-scale retrenchments (thousands of workers over the last two years), company sale and bank repossession.
F) The tourism industry is experiencing similar difficulties in being levied an unsustainable level of regulatory compliance and tax burden. Many, especially in southern Tanzania, are being sold.
the value of construction timber/forestry has also collapsed because people aren’t building, and would be even worse had it not been for a questionable decision to move thousands of government workers to Dodoma. Pine tree blocks that would sell for Tsh13m-16m were subsequently being traded at Tsh2-3m! Private forestry operators such as Green Resources are in trouble and retrenching.
H) industrial exports have declined these last months/year.
I) investors are being harassed and extorted left right and center. The Tourism sector is paying 56 or so DIFFERENT TYPES of taxes and fees. The revenue authority district and regional managers are being told to raise revenue on a shrinking economy whatever the cost – driving more to close businesses in record numbers.
political opposition leaders are being shot in the streets (search Tindu Lissu), being arrested on trumped-up charges and passing through police stations like a merry go round. Any public of social media statements are deemed illegal and there are allegedly dozens in jail and court for Facebook posts etc. Their houses and offices are being bombed or set alight. Political parties are not being permitted to organize meetings/rallies. Parliament has been muzzled – their live TV broadcast cut off and MPs are being arrested regularly for charges of sedition etc.
L) The government isn’t listening to the pleas of the private sector – just bulldozing
About 3 months ago I was leaving Dar for NBO , there were only 2 flights that night to NBO and to dubai , the air port was virtually empty , infact having a chat with the uber driver on my way to the airport as he complained of the “foleni” Traffic jam I consoled him atleast he will get a client from the airport once he drops me , he was like no clients at the airport at night he was a good kid so I left him something extra .
Landing at JKIA it was a beehive can’t compare yet Maghufuli wants to expand the airport at Dar, thats one massive white elephant.
As for the plane they acquired some time back , boeing or airbus I have it on good authority it’s just collecting dust after 2 trips !
Ungemuachia 50k akuwe Tanzanian millionaire. Lakini running a country on popularism is foolish and naive. That is why as much as people are complaining about the 8% tax increase on fuel I was relaxed about it because despite it being unpopular it was the right thing to do. We have to build all this infrastructure and we will have to pay for it whether we like it or not. Tutateta saa hii but later on after a couple of years you will be asking Uhuru to come back.
toa umefi hapa… economies are never built on tax… hiyo infrastructure unasemea imesaidia tenderprenuers pekee Kenyans are sleeping hungry… Uhuru is the worst drunkard president hatumtaki tena labda arudi kwako…
@teamtalk citation ni muhimu. But anyways
si all their beggars will be in every corner all over Nairobi Magufuli akiendelea hivi? What happened with that fake kidnapping of that billionaire? There’s been hardly any news about that.
The guy is destroying the little economy Tanzania had. The only thing I don’t get is why?