Tanzania launches international gold exchange market
Monday, March 18, 2019
Tanzania launches international gold exchange market

African Daily Voice

Tanzania recently launched an international gold exchange market in the Geita region, with a view of increasing revenues to the country’s Treasury funds and curb gold smuggling, Daily News reported.

Speaking while launching the initiative, Prime Minister Kassim Majaliwa urged regional authorities in all mineral producing areas to ensure they construct exchange centres by the end of June. The facility is expected to attract both local and foreign gold dealers, while providing the government with correct statistics on produced gold and earnings.

“Stern actions await anyone who will try to sabotage the gold market for personal interests,” warned Majaliwa, adding that the facility will provide reliable market for small and medium scale miners in the region and surrounding to as far as Democratic Republic of Congo and Rwanda.

He noted that the government has scabbed a number of levies and taxes including the Value Added Tax (VAT) from 18 percent to zero percent, and withholding tax from five percent to zero percent.

“It is our hope that scrapping of these taxes and construction of this exchange market will address smuggling of gold since miners will be rest assured of reliable market for their products,” he said.

Permanent Secretary in the Ministry of Minerals, Professor Simon Msanjila, said Geita region is the first region to build the exchange market.

Geita Regional Commissioner Robert Gabriel, said launching of the centre will improve the lives of the people.

“This building was built using financial resources in the region. We are highly optimistic that it will be a game changer in the region and beyond,” he said.