Geita Gold market fetches 58.9bn/- in August as annual fair starts

18Sep 2020
Prosper Makene
GEITA
The Guardian
Geita Gold market fetches 58.9bn/- in August as annual fair starts

GOVERNMENT’S decision to establish Geita Minerals Trading Centre is paying off handsomely with 58.9bn/- earned from gold sales last month compared to 55.88bn/- made in July this year.

Geita Regional Commissioner,  Engineer Robert Gabriel said this week during the official commencement of a 10 days third Mineral Exhibition being held here that President John Magufuli’s order that mineral trading centres be established has improved state revenue significantly.

“We have seen rapid improvement in earnings from gold trading from 51.3bn/- in June to 55.88bn/- and 58.9bn/- last month,” Eng Grabriel said explain further that the government received 4.12bn/- last month with Geita District Council earning 176m/-.

“In July, the government received 3.9bn/- as tax and the district council got 167m/- while in June, Treasury got 3.59bn/- and district council earned 150m/-,” he added. He pointed out that this year’s exhibition and mineral fair is basking in success made following President Magufuli’s bold decision to curb smuggling of minerals.

“In Geita Region, small scale miners are very happy due to the fact that the market is no longer a problem and middlemen are not beneficiaries,” the Geita RC noted while revealing that currently there are nine trading hubs.

The RC noted: “More than 420 exhibitors are participating at the third mineral exhibition in Geita this year, the largest single gathering of mining stakeholders in the market.” The annual Geita Mineral Exhibition is now revolving into an international mining trade fair involving both local and foreign players.

The region has already established a 24 hours export processing zone, the first in East Africa, which comprises economic and export zones as well as the gold trading centre.

Eng Gabriel underscored that with the theme, ‘Mining is economy, 2020 choose visionary leaders for development of the country', the exhibition will help stakeholders showcase their potential in mining activities and explore trade and investment opportunities.

The exhibition is organized by office of Geita Regional Commissioner’s office in collaboration with Tanzania Trade Development Authority (TanTrade), Small Industries Development Organization (Sido) and Mining Commission as well as the Geita Town Council.

The gold region accounts for 35 percent of total gold production in the country annually. The gold is one of top foreign exchange earners for the country contributing more than 90 percent of mineral exports annually.  Tanzania is the fourth largest gold producer in Africa after South Africa, Ghana and Mali. 

Top Stories