Tanzania’s Economic Stability Earns Global Recognition as Inflation Stays in Check

By Desmond Nleya
Abhu Dhabi: Tanzania has achieved a significant economic milestone by maintaining a low and stable inflation rate throughout 2024, positioning itself among the top five countries globally in this regard.
This was revealed by Tanzania’s Central Bank Governor, Emmanuel Mpawe Tutuba at the Annual Investment Meeting Congress (AIM) in Abu Dhabi today.
Addressing Finance Ministers and Heads of Central Banks, the Governor said the achievement was due Tanzania’s resilience to global economic fluctuations and its commitment to fostering a predictable economic environment conducive to growth and investment.
The Governor added that government’s sound fiscal policies, effective monetary strategies, and favorable supply conditions have been instrumental in sustaining this economic stability.
Throughout 2024, Tanzania’s inflation rate consistently remained below the government’s medium-term target of 5%.
‘A strategic decision to hold the key interest rate at 6% played a pivotal role in achieving this low inflation rate.
This approach facilitated strong economic growth while keeping inflation expectations well below target’, the Governor said.
Apart from this milestone achievement, Tanzania’s inflation rate outperformed many African nations including, Kenya and Uganda whose inflation rates were 2.7% and 2.9%, respectively, while countries like Zambia and Ethiopia faced double-digit inflation rates of 15.7% and 16.1%.
Meanwhile, this year’s AIM Congress which runs under the theme “Mapping the Future of Global Investment: The New Wave of a Globalised Investment Landscape – Towards a New Balanced World Structure”, has attracted more than 120 countries and over 20 000 guests.