Tanzania: BoT Governor hailed for winning top prize

Building investors’ confidence to Tanzania was an important platform behind the award scooped by the Bank of Tanzania (BoT) governor Prof Benno Ndulu.

Prof Ndulu won the award of the ‘Central Bank Governor of the Year 2015 in Africa’ announced by Africa Investor (Ai), a leading international investment and communications group after being recognised ahead of nine other African central bank governors.

The BoT Director, Arusha Branch, Mr Said Chiguma said in telephone interview that profound implementation of monetary policy under the governor’s leadership has contributed largely to building investors’ confidence to Tanzania marking increased flow of investments.

“We have witnessed strong macroeconomics characterised by low and stable inflation, relatively stable exchange rate as well as fast growing and steady financial sector,” he said adding these are important indicators that investors put into considerations before taking investment decision.

He said access to financial services and markets is an important building block of any economy. Not only does it assist the all-important small business sector on the continent but it helps strengthen the private sector, increase investor confidence and bring important benefits to businesses of all sizes.

He said BoT is credited for the superb performance in the increasing financial inclusion.

Tanzania was recently recognised as the first in the world in promoting financial inclusion that has jumped to 57 per cent. Also BoT as the regulator has been undertaking close monitoring and supervision of the financial sector, particularly attracting more investments in the establishment of new banks and licensed institutions.

Under his leadership, the number of financial institutions, particularly commercial banks and licenced financial institutions has increased to 57 and are expected to reach 59 after Mwalimu Commercial Bank and Yetu Microfinance Bank become operational.

The criteria used by judges to choose winners include competence in their field and demonstration of how that competence has benefited investment in their country and their contribution to developing hospitable environment for investment within their country or sub-region.

Others are contributions to economically sustainable development in their country and promoting Africa as an investment destination.

Inflation rate for last for the last one year has averaged between 5 and 6 per cent and last month it decreased to 6.1 per cent from the 6.4 per cent recorded in August.

Other central bank governors who were running for the award are from South Africa, Uganda, Botswana, Sierra Leone, Rwanda, Nigeria, Namibia, Egypt and the Bank of Central African States, which caters for Cameroon, Gabon, Republic of Congo, Equatorial Guinea, Chad and Central African Republic (CAR).

This is the second time for Prof Ndulu is recognized in that manner since becoming Bank of Tanzania Governor in 2008 by the international magazine published in London, England.
Source: Daily News, reported from Dar es Salaam, Tanzania
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