TOURISM SECTOR NOW CONFIRMED TANZANIA’S MAIN EXPORT EARNER

ACCORDING to the Economic Review of the central Bank Of Tanzania (BoT) for February 2015, in the year that ended on January 31, 2015, export performance for ‘Tanzania travel’ reached US$2,045.6 million, up from $1,897.6 million in the previous year, showing a growth of 7.8 per cent.

During the same period, income from gold exports reached US$1,309.5 million, showing a sharp loss of 25.5 per cent in exports value.

This makes tourism Tanzania’s Number-One foreign currency earner for the second year in a row.

In an earlier story, the World Bank (WB) had stated in its 6th Tanzania Economic Update titled ‘Unlocking the Potential of the Tourism Industry for Tanzanians’ that annual tourism revenues for Tanzania could grow from US$4.48 billion in 2013 to $16 billion by 2025 ? “with the equitable and even distribution of industry benefits.”

According the World Bank Lead Economist, Jacques Morisset, development of the country’s tourism sector is a priority for the National Business Council, and is part of the development agenda under the Tanzanian President, Jakaya Kikwete.

For his part, the WB Country Director for Tanzania, Burundi and Uganda, Philippe Dongier, explained that the growth of Tanzania’s tourism sector could have a significant effect on the economy. The sector is responsible for employing nearly 500,000, and is the primary source of foreign exchange ? with nearly 20 per cent of the country’s total exports, and nearly 3.4 per cent of the total GDP.

“There is no doubt that Tanzania is in a good place with tourism… And, yet,it could still do considerably better,” he said, stressing that “there is potential for further growth.”

Tourism is already a major contributor to Tanzania’s economy. But the World Bank’s latest Economic Update includes several strategic directions to help further grow the sector in particular, and the economy in general ? including taking steps to diversify tourism activities and the additional integration of local communities and small operators in the tourism activities through benefit-sharing processes.

Written by FRANCES MARTEL