Mining Sector’s Contribution Towards  Tanzania’s GDP Increases To Over 10pc

The Progress Is A Direct Outcome Of  Major Reforms In The Key Sector,  Championed By The Government In Recent Years

DODOMA: THE Tanzanian mining sector continues to record impressive milestones by contributing 10.1 percent to the national Gross Domestic Product (GDP) in 2024, being one year ahead of the target outlined in the 2009 Mineral Policy and the National Five-Year Development Plan (2021/22 – 2025/26).

The laudable achievements in the key economic sector has been unveiled by Minister for Minerals, Mr Anthony Mavunde during a press conference this afternoon, Wednesday April 23, in Dodoma Capital City.

The Minister attributed the sector’s excelling performance to the strategic leadership and directives of the government under President  Samia Suluhu Hassan whose sixth-phase government spearheaded comprehensive reforms aimed at transforming the extractive industry.

“This achievements, among others, resulted from concerted efforts of the government and stakeholders.  In 2023, the mining sector contributed 9.1 per cent to GDP. Today, we are speaking of an increase to 10.1 per cent in 2024. This is a significant accomplishment,” Mr Mavunde expressed.

He noted that progress is a direct outcome of major reforms in the sector championed by the Government in recent years.

These, according to him, include enhanced revenue collection mechanisms, the introduction of gemstone auctions, tighter control of mineral smuggling, and the establishment of mineral markets and buying centres across the country.

Moreover, he informed that, commencement of gold purchases by the Bank of Tanzania (BoT) is another key driver of growth within the sector.

He appreciated the good role so far  played by key stakeholders in the country’s mining value chain to the tune of elevating the sector’s performance to such an impressive stage.

These include, large, medium and small-scale miners, regulatory authorities, and sector institutions.

He urged all investors to continue adhering to the laws and regulations under the Mining Act, Chapter 123, and assured them of the ministry’s continued support in creating an enabling environment for sustainable and profitable investment.

According to the minister, the mining sector has proven to be not only a key driver of GDP growth but also a significant source of foreign exchange, job creation, and social development for Tanzanians.

About The Author

Valentine Oforo

See author's posts

Related Posts