In a development that is becoming familiar in resource-rich countries on the African continent, Tanzania’s President, John Magufuli, has said that his government will institute tighter controls to ensure that the country gets more value from its natural resources.
Addressing a press conference at the state house in Dar es Salaam, the country’s commercial capital, recently, Magufuli said that Tanzania had no choice but to institute tighter controls over its mineral resources as most of the revenue was bring repatriated overseas.
“Tanzania has a lot of minerals, but there have been a lot of funny deals. We have to look carefully at our laws so that we move forward as a country.
According to Magufuli, Tanzania recently approved new mining regulations which state how the benefits of the mining sector are shared equitably more equitably between multinational mining companies and the state.
Breaking from the norm set by other African leaders, Magufuli, has been hailed across the world for his pragmatic approach to addressing the country’s developmental challenges through a zero tolerance on corruption and ensuring efficiency in public institutions.
Gold exports earned Tanzania $1.27 billion in 2015, down from R1.32-billion the previous year.