Dar es Salaam. Good morning! The Chanzo is here with a rundown of major news stories reported in Tanzania on Monday, October 9, 2023.
Tanzania pays Sh75 billion to settle dispute with Winshear Gold
Canadian-based gold exploration company Winshear Gold Corp and the government of Tanzania have “successfully” concluded the settlement agreement in relation to the two’s dispute regarding the company’s SMP Gold Project in southwest Tanzania.
A statement released Monday indicated that the parties agreed on an amount of US$30,000,000, equivalent to Sh75 billion, to settle the case and terminate the arbitration proceedings.
The statement added that the Tanzanian government paid the money to the company on Monday, October 16, 2023. After payment of legal costs, the net amount to Winshear is approximately US$18,500,000.
Monday’s development comes barely a month since the parties suspended arbitration proceedings and reached a conditional settlement agreement.
Full story here.
Tanzania’s economy grew by 5.2pc in Q2 of 2023, driven by service sector
Tanzania’s quarter 2 economic results show the country’s economy is maintaining a steady recovery from the COVID-19 shock and the Russia-Ukraine war.
At a 5.2 per cent growth, this is much more positive growth compared to 2022, where growth was recorded at 4.7 per cent, and also in 2021, where growth was recorded at 3.8 fueled mainly by government spending.
Sectors that recorded the highest growth include financial and Insurance services, which recorded the highest growth of 15.6 per cent, followed by electricity (12.4 per cent), and other services, which include household as an employer and arts and entertainment (11.5 per cent).
Others include transport and storage (7.6 per cent) and accommodation and food service (7.2 per cent).
Full story here.
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