Bank of Tanzania (BoT) Governor Professor Benno Ndulu has said on average the country’s economy grew at 6.4 percent in 2011 above the estimated growth rate of 6 percent.
The sectors that contributed to such economic growth include transport and communication, each of which grew at 11.3 percent. They were followed by the financial sector recording a growth rate of 10.7 percent. He said construction industry grew at the rate of 9 percent while trade recorded 9 percent growth and for general production the rate was 7.8 percent.
Addressing regional and district commissioners and regional administrative secretaries during a special seminar for government officials, the BoT governor said Tanzania is still credit worthy, countering reports that the country’s coffers were running dry.
Agriculture, he said, was still in the driving seat in revenue generation followed by trade, production and construction. He urged the National Food Reserve Agency (NFRA) to begin reserving rice instead of concentrating in maize.
On the depreciation if the Shilling, Ndulu noted that the trend has slowed down since 2002, saying the weakening of the currency had contributed to the rise in the prices of energy.
He said current statistics show 75 per cent of Tanzanians depend on agriculture, adding that more efforts should made to improve the sector.
On Friday newly appointed Deputy Minister for Finance Janet Mbene (MP) urged the private sector to invest, participate and help lead in the transformation of the agricultural sector.
The deputy minister made the call during the launch of the first African Human Development Report prepared by the United Nations Development Programme (UNDP). She said public-private partnership was the key to ending subsistence farming, backwardness and low agricultural productivity.