ZANZIBAR has recorded tremendous achievements in economic growth including registering investment projects worth 3.26 billion US dollars (around 7.6trl) for a year.
This was unveiled on Wednesday by Zanzibar President Dr Hussein Mwinyi in his speech marking the 59 anniversary of the Revolution of Zanzibar that occurred on January 12, 1964.
He said the projects that were registered by the Zanzibar Investment Promotion Authority (ZIPA) are as a result of the government’s efforts in attracting investments for the purpose of improving the economy and creating employment.
“These projects are expected to create over 13,000 job opportunities. ZIPA has also managed to register investment projects in 16 small islands worth 377.5 million US dollars (around 879.5bn/-),” he said.
The government has also recorded major success in revenue collection whereas in the financial year 2021/2022, the internal collection was at 908.61bn/- compared to 712.42bn/- in the year 2020/2021. This is an increase of 196.19bn/- which is equivalent to 28 per cent.
The increase in revenue collection is attributed to various initiatives and efforts made by the government through Zanzibar Revenue Board (ZRB) and Tanzania Revenue Authority (TRA).
“The two institutions have played a crucial role in sensitising members of the public on the importance of paying taxes, tax administration as well as monitoring of government collections,” he said.
Elaborating, he was optimistic that the revenue collection will keep increasing in the coming days.
Dr Mwinyi went on to commend Zanzibaris for supporting the government in maintaining peace, unity and tranquility, saying this was the main reason behind achievements that have been achieved so far.
“Other achievements of 59 years of revolution is that Zanzibar has continued to maintain peace, unity and tranquility that together have helped us in attaining the level of development we are into, currently,” he said.
According to him, without peace, unity and tranquility, it wouldn’t be easy for the government to implement development projects that have been executed.
Execution of the development projects is in line with implementation of the CCM election manifesto, Zanzibar development vision of 2050 and the Third, Five-Year Zanzibar National Development Plan (ZADEP).
He asked Zanzibar’s to continue working hard and ensure effective contributions to the national development as the government is taking all the efforts to ensure all members of the public are benefiting from the available resources and the fruits of the revolution.
He noted that the prevailing peace in Zanzibar has enabled the government to implement development programmes and projects that in turn played a role in economic growth.
“The economy grew due to increased investments, transportation of cloves and seaweed, constriction of various infrastructural projects as well as improvement in provision of social services including health and education,” he explained.
The rate of economic growth by 2021 was at an average of 5.1 per cent which is higher compared to 1.3 per cent of the year 2020.
Moreover, in the year 2022, the government continued to contain inflation to a single digit that is now read at 5.08 per cent.
The government has continued to take various measures aimed at controlling inflation for members of the public to keep getting services at affordable cost.
“Here, the government has been issuing subsidies and an indicative process for some crucial services, by December last year, the government had issued a total of 21.525bn/- subsidy for fuel prices,” noted Dr Mwinyi.
This was caused by a hike in fuel prices as a result of the war between Russia and Ukraine that in turn also increased the cost of transportations.
He explained further that the government has also embarked on special programs aimed at empowering members of the public through provision of non interest loans.
“By the end of December last year, through the use of Covid-19 relief fund, the government of Zanzibar had issued a total of 16.8bn/- to 2,625 beneficiaries in Unguja and Pemba Islands,” he said.
Adding; “The issued loans have benefited various small scale entrepreneurs and business persons in various fields such as bodaboda, agriculture and livestock keeping carpenters, steel welders, food venders and hand crafters”.