Who Runs Tanzania’s Economy, the Key Players in 2026

TANZANIA · ECONOMY

The Tanzania economy is run by a small circle: a president and a Treasury that sit on dozens of state companies, a central bank that now buys gold, and a handful of banks, brewers, telecoms and family groups. This guide names who owns and decides what in October 2026, from the Julius Nyerere dam to the Dar es Salaam port, and our Tanzania country page tracks the news behind it.

Tanzania Economy at a Glance

The Bank of Tanzania, the central bank, held its policy rate at 6.25% for the quarter to December 2026, a decision its Monetary Policy Committee took on 7 October after raising the rate from 5.75% in July. Mainland inflation was 4.3% in August 2026, inside the bank’s target of 3% to 5%.

The mainland economy grew 6% in the first quarter of 2026, and the bank estimates growth above 6% in the second and third quarters, with Zanzibar at 6.7% in the first. Reserves stood above US$6 billion in September 2026, enough for 4.3 months of imports.

The national accounts were rebased in 2026, moving the base year from 2015 to 2019, which puts mainland output in 2025 at TZS 234,104 billion (about US$88.8 billion at the Bank of Tanzania mean rate of TZS 2,636.74 per US$ on 23 October 2026, the rate used for every conversion in this guide). Zanzibar, which has its own statistics office, produced TZS 9,242 billion (about US$3.5 billion).

Finance Minister Khamis Mussa Omar tabled the 2026/27 budget in Dodoma on 11 June 2026, with spending of TZS 62.33 trillion (about US$23.6 billion), up 10.3%, of which 74.2% is to be paid for from domestic revenue. Public debt stood at TZS 114.34 trillion (about US$43.4 billion) in March 2026, with 66.4% owed abroad, and debt payments take TZS 14.70 trillion (about US$5.6 billion) of the new budget.

Who Sets the Rules, the President, Treasury and Central Bank

President Samia Suluhu Hassan of the ruling Chama Cha Mapinduzi (CCM) party won the election of 29 October 2025 and named a cabinet of 27 ministers and 29 deputies on 17 November 2025. Vice President Deogratius Ndejembi, a former energy minister, was sworn in on 29 August 2026, after Emmanuel Nchimbi resigned and CCM expelled him from the party, The Citizen reported.

The Office of the Treasury Registrar (OTR), which holds the government’s shares in companies and agencies, lists 35 commercial and 217 non-commercial public corporations on its site. It collected TZS 1.327 trillion (about US$503 million) in non-tax revenue in 2025/26, up from TZS 1.028 trillion (about US$390 million), aims for TZS 2 trillion (about US$759 million) in 2026/27, and said on 9 September 2026 that the state holds shares in 16 mining projects, up from 10.

Gold, the Biggest Export Earner

Gold exports reached US$5.63 billion in the year to August 2026, up from US$4.32 billion a year earlier, the Bank of Tanzania’s September 2026 monthly review shows in preliminary figures. That rise accounts for about two-thirds of the increase in goods exports, and gold now outranks tourism, which earned US$4.39 billion.

The central bank is now a buyer: Governor Tutuba told the prime minister on 3 October 2026 that it had bought 35.4 tonnes of gold from local miners in two years and sold 5 tonnes, TanzaniaInvest reported. The bank signed deals in June 2025 with Geita Gold Mining, Shanta Gold Mining, Buckreef Gold and Geita Gold Refinery to take 20% of their annual output.

Barrick, the gold miner, runs North Mara and Bulyanhulu through Twiga Minerals, a joint company with the government, and the Treasury Registrar describes Barrick as its co-shareholder, with Buzwagi in final closure. Barrick says the government holds a 16% interest in each mine and that North Mara’s licences were renewed for 15 years, as relayed by TanzaniaInvest.

AngloGold Ashanti, one of the world’s largest gold miners, works the Geita mine through its subsidiary Geita Gold Mining Limited, and Treasury Registrar Mchechu told its delegation on 1 September 2026 that the state is a co-partner in the company. The two sides met to discuss a stronger long-term relationship, the Treasury Registrar’s office said.

Lifezone Metals, a company listed in New York, says it has invested more than US$400 million in the Kabanga nickel project. On 23 October 2026 it said talks with Orion Critical Mineral Consortium on a significant equity investment are at an advanced stage.

State Companies, Air Tanzania and the Audit Report

Controller and Auditor General Charles Kichere presented his 2024/25 report to President Samia on 30 March 2026, and The Citizen reported that 22 state commercial entities had recorded losses over one to two years. Among them, the Air Tanzania Company Limited (ATCL), the state airline, lost TZS 191.19 billion (about US$72.5 million) in 2024/25, up 108%, and its accumulated debt reached about TZS 748 billion (about US$284 million) by June 2025.

Air Tanzania’s own site lists 16 aircraft and over 120 weekly flights to more than 35 destinations, yet the audit found 87 routes with an average load factor of only 55%. The airline lost money despite continued government subsidies for salaries and operations.

The Tanzania Railways Corporation (TRC), led by Director General Machibya Shiwa, still runs the ageing metre-gauge line, where falling cargo has raised reliance on subsidies, while the standard gauge line earns more. The audit counted 328 railway accidents with damage of about TZS 3 billion (about US$1.1 million).

Ports, Rail and DP World

The Tanzania Ports Authority (TPA), whose director general is Plasduce Mbossa, handled 29.66 million tonnes of cargo from July 2025 to March 2026, up 27.96%, with Dar es Salaam port taking 25.07 million tonnes. Cargo in transit to landlocked neighbours reached 10.93 million tonnes, according to the transport ministry’s budget figures as relayed by TanzaniaInvest.

DP World, the port operator, won a 30-year build-operate-transfer concession for Terminal 1 at Dar es Salaam in 2024 and says it has committed to invest over US$500 million. Average monthly container throughput rose from 61,000 to 102,000 containers (TEU) after a 2023 decision to bring in private operators, the same budget figures show.

The Standard Gauge Railway (SGR), run by TRC, carried 5,512,995 passengers from June 2024 to March 2026, TRC said on 15 April 2026, and Yapi Merkezi of Turkey and CCECC of China are to build two stretches of the Dar es Salaam to Mwanza line, Standard Chartered said on 28 April 2026. The transport ministry’s 2026/27 budget request gives the railway TZS 1.51 trillion (about US$573 million) in domestic financing, 55% of its development spending, TanzaniaInvest reported.

Transport Minister Mbarawa said on 24 October 2026 that TZS 3.67 trillion (about US$1.39 billion) is secured for Lots 3 and 4, the 424 km from Makutupora to Isaka, and blamed delays on contractors’ planning. The 506 km Tabora to Kigoma section, at TZS 7.4 trillion (US$2.74 billion in TanzaniaInvest’s conversion), had its foundation stone laid on 20 July 2026.

Power, Gas and the Julius Nyerere Dam

The Tanzania Electric Supply Company (TANESCO), the national power utility, now has the 2,115 MW Julius Nyerere Hydropower Plant in Rufiji District, which President Samia inaugurated on 22 August 2026. It cost TZS 7.452 trillion (about US$2.8 billion at the 23 October rate, or US$3.35 billion as TanzaniaInvest converts it) and was paid for from domestic government resources.

An Egyptian consortium of Arab Contractors and Elsewedy Electric built it, and installed capacity reached 4,646 MW against a peak demand of 2,271 MW. Energy Minister Homera said on 18 October 2026 that peak demand had passed 2,400 MW and that the target is 8,000 MW by 2030.

Gas is the sector’s biggest dispute: Orca Energy Group, which owns the Songo Songo field’s operator PanAfrican Energy Tanzania (PAET), said the Fair Competition Commission (FCC), the competition regulator, prohibited its proposed sale to Taifa Gas Tanzania and Amber Energy Investment on 5 October 2026. The buyers appealed to the Fair Competition Tribunal on 20 October, and Orca says the field supplies gas for the country’s power needs and industry.

On 1 October 2026 the energy minister proposed extending the Songo Songo licence to the state Tanzania Petroleum Development Corporation (TPDC) and PAET. PAET rejected the terms on 9 October as uneconomic and said it intends to stop running the facilities by 29 November 2026, or earlier if TPDC and Songas Limited confirm they are ready.

Equinor of Norway operates the offshore Block 2 with 65% and ExxonMobil holds 35%, with more than 20 trillion cubic feet of gas in place, while Equinor’s own page still speaks of talks with the government on liquefied natural gas (LNG). The East African Crude Oil Pipeline, 1,443 km from Uganda’s oilfields to Tanga, was 82% complete in April 2026, TanzaniaInvest reported from the company’s update.

Banks and the Stock Exchange

CRDB Bank Group, led by Chief Executive Abdulmajid Nsekela, made TZS 417 billion (about US$158 million) after tax in the first half of 2026, up 20.3%, on total assets of TZS 26.40 trillion (about US$10.0 billion). Its loans were TZS 16.96 trillion (about US$6.4 billion) and its deposits TZS 18.73 trillion (about US$7.1 billion) at 30 June 2026.

NMB Bank Group, led by Chief Executive Ruth Zaipuna, made TZS 405.8 billion (about US$154 million) after tax in the same period, up from TZS 358.6 billion (about US$136 million), on assets of TZS 18.44 trillion (about US$7.0 billion). Its shareholders are Arise B.V. with 34.90%, the government through the Treasury Registrar with 31.78% and the public with 33.32%.

NBC, 55% owned by South Africa’s Absa Group with the government holding 30% and the International Finance Corporation 15%, made TZS 149.0 billion (about US$56.5 million) after tax in 2025 on assets of TZS 5.33 trillion (about US$2.0 billion). Its managing director is Theobald Sabi.

Listed shares on the Dar es Salaam Stock Exchange (DSE) had a total market value of TZS 39.57 trillion (about US$15.0 billion) on 23 October 2026, not counting its small exchange-traded fund, and domestic companies made up TZS 27.50 trillion (about US$10.4 billion) of it, TanzaniaInvest’s weekly report shows. Foreign investors were net sellers of US$1.34 million that week, extending a four-week run of net selling.

Telecoms, Beer and Cement

Vodacom Tanzania, the only telecom company listed on the DSE, made a net profit of TZS 107.1 billion (about US$40.6 million) in the year to 31 March 2026, up 18.4%, on revenue of TZS 1.88 trillion (about US$713 million), in preliminary results. Its M-Pesa mobile money arm earned TZS 734.8 billion (about US$279 million) of that, and Philip Besiimire is chief executive.

The Tanzania Communications Regulatory Authority (TCRA), the telecom regulator, counted 117.0 million subscriptions in the second quarter of 2026, TanzaniaInvest reported. In mobile money, M-Pesa held 40.6% of subscriptions, ahead of Mixx by Yas at 32.0% and Airtel Money at 16.4%.

Tanzania Breweries Limited (TBL), a member of the Anheuser-Busch InBev group, had revenue of TZS 1.66 trillion (about US$629 million) in 2025, up 13%. Operating profit rose 35% to TZS 373.1 billion (about US$142 million), and the company had 1,193 employees under Managing Director Michelle Kilpin.

Tanzania Portland Cement, which sells as Twiga Cement, is 69.25% owned by Scancem International, part of Heidelberg Materials, with the public holding 22.78% and government pension funds 7.75%. It had revenue of TZS 447.8 billion (about US$170 million) in 2025, flat on the year before, and a profit of TZS 52.6 billion (about US$20.0 million), down 7.2%.

Families, Tourism and Zanzibar

Mohammed Dewji, chief executive of MeTL Group, had a net worth of US$2.1 billion on 26 October 2026 on the Forbes real-time list. MeTL, which his father started in the 1970s, lists agribusiness, sugar, edible oil, flour milling, textiles, drinks, insurance, energy and transport among its businesses.

Bakhresa Group, founded by Said Salim Awadh Bakhresa, began in 1975 with a restaurant and now lists over 30 subsidiaries in 28 fields across 9 countries, including milling, bakeries, media and an inland container depot. Neither family group appears among the companies listed on the DSE, so exchange filings give no group revenue or profit for either.

Tourism earned US$4.39 billion in the year to August 2026, and Zanzibar alone received 124,481 international visitors in August 2026, up 18%, the island’s statistician said on 8 September 2026. Visitors from the United States fell 26.1% to 3,974 that month, TanzaniaInvest reported from the same release.

Among crops, tobacco earned US$570 million in the year to August 2026, up from US$436 million, but cashew fell to US$369 million from US$528 million and coffee to US$269 million from US$325 million. Cereals dropped to US$190 million from US$356 million, the central bank’s preliminary figures show.

Zanzibar passed a TZS 8.52 trillion budget (about US$3.2 billion) for 2026/27 on 19 June 2026, with a growth target of 7.5% and a plan to launch its own stock exchange. Its minister for finance and planning, Dr Juma Malik Akil, tabled it on 11 June 2026, TanzaniaInvest reported.

What It Means for US Readers

The US State Department rates Tanzania Level 3, Reconsider Travel, in an advisory issued on 31 October 2025, and says violent crime is common and the risk of terrorist violence is most common in the Mtwara Region. The Citizen reported on 23 April 2026 that a presidential commission put the death toll from the violence around the election of 29 October 2025 at 518.

One large US name is ExxonMobil, which holds 35% of Block 2 beside Equinor, whose page describes talks with the government on LNG agreements. Lifezone Metals, which develops the Kabanga nickel project, is listed in New York, so US investors can hold a stake in it.

TanzaniaInvest reported that a State House meeting on 8 December 2025 followed the United States’ announcement of a review of its relations with Tanzania, and that President Samia said more than 400 US companies operate in the country. The wider policy picture is in our Tanzania geopolitics guide, and our guide to opening a bank account in Tanzania and guide to taxes for expats cover the practical side for newcomers.

What Is Not Known

Who will run the Songo Songo field after 29 November 2026 is open: the tribunal appeal is pending, the 60-day licence process is running, and PAET says it will stop operating unless the state and Songas are ready. Gas made up 28.4% of installed capacity in March 2026, TanzaniaInvest reported from the 2026/27 energy budget, so a poor handover would be felt in the power sector.

The LNG project, valued at US$42 billion in TanzaniaInvest’s report of the 8 December 2025 State House meeting, is still under negotiation, since Equinor’s page describes talks with the government on agreements and the meeting confirmed an intention to conclude final negotiations on it and on the Tembo Nickel project. The pipeline company’s April 2026 update gives no date for first oil, and Lifezone describes its talks with Orion Critical Mineral Consortium as advanced, not concluded.

GDP is stated in several ways: the central bank gives US$92.3 billion for 2025, the budget speech gives US$91.8 billion, and the same TZS 234,104 billion converts to US$88.8 billion at the rate of 23 October 2026. The 2026 export figures are marked preliminary, and the rebasing raised 2025 mainland output by about 1.8% from the earlier TZS 230,073 billion (about US$87.3 billion at the same rate).

Frequently Asked Questions

Who runs the Tanzania economy?

President Samia Suluhu Hassan leads the government, with Finance Minister Khamis Mussa Omar and central bank Governor Emmanuel Tutuba setting money policy. The Treasury Registrar holds the state’s shares in public companies.

What is Tanzania’s biggest export?

Gold, at US$5.63 billion in the year to August 2026, ahead of tourism at US$4.39 billion. The central bank’s 2026 export figures are preliminary.

How big is the Tanzania economy?

Mainland output was TZS 234,104 billion (about US$88.8 billion) in 2025 after a rebasing, and the budget speech puts real growth at 5.9%. The central bank converts the same figure to US$92.3 billion at its own rate.

Which banks matter most in Tanzania?

CRDB and NMB, both listed in Dar es Salaam, had assets of about US$10.0 billion and US$7.0 billion in June 2026. NBC, 55% owned by Absa Group, had about US$2.0 billion at the end of 2025.

Who owns Tanzania’s big gold mines?

Barrick runs North Mara and Bulyanhulu through Twiga Minerals with the government, and AngloGold Ashanti runs Geita with the state as a co-partner. The state held shares in 16 mining projects as of September 2026.

What is the Bank of Tanzania interest rate?

The Bank of Tanzania kept its policy rate at 6.25% in a decision published on 8 October 2026 for the quarter to December. Its next decision is due on 7 January 2027.

Is Tanzania safe for US travellers?

The US State Department rates Tanzania Level 3, Reconsider Travel, in an advisory issued on 31 October 2025. It says violent crime is common and terrorist violence is most common in the Mtwara Region.

Sources: Bank of Tanzania, Monetary Policy Committee Statement No. 245, 8 October 2026; Bank of Tanzania, Monetary Policy Committee Statement No. 244, 3 July 2026; Bank of Tanzania, Tathmini ya Mwenendo wa Uchumi (Monthly Economic Review, Swahili), September 2026, 16 October 2026; Bank of Tanzania, mean exchange rate, 23 October 2026; Ministry of Finance, budget speech 2026/27 by Minister Khamis Mussa Omar (Swahili), 11 June 2026; Ministry of Finance, home page (minister and deputy ministers), accessed 26 October 2026; Office of the Treasury Registrar, home page, accessed 26 October 2026; Office of the Treasury Registrar, OTR kuongeza kasi ya mageuzi (Swahili), 9 September 2026; Office of the Treasury Registrar, Msajili wa Hazina ateta na Barrick na uongozi wa TWIGA (Swahili), 1 September 2026; Office of the Treasury Registrar, Tanzania, AngloGold Ashanti kuimarisha ushirikiano (Swahili), 2 September 2026; US Department of State, Tanzania Travel Advisory, issued 31 October 2025; Orca Energy Group, update on the Songo Songo licence, operations and the proposed transaction, 9 October 2026; Orca Energy Group, appeal of the Fair Competition Commission decision, 22 October 2026; Orca Energy Group, home page, accessed October 2026; Equinor, Tanzania, accessed October 2026; DP World, Dar es Salaam, accessed October 2026; Tanzania Ports Authority, management, accessed October 2026; Air Tanzania, about us, accessed October 2026; CRDB Bank, financial statements to 30 June 2026, 24 July 2026; CRDB Bank, audited financial statements 2025, 2026; NMB Bank, financial statements to 30 June 2026 (DSE filing), 2026; NMB Bank, annual report 2025 (DSE filing), 2026; NBC Bank, annual report 2025, 2026; Vodacom Tanzania, preliminary results for the year to 31 March 2026 (DSE filing), 8 May 2026; TBL Plc, annual report 2025 (DSE filing), 2026; Tanzania Portland Cement, annual report 2025 (DSE filing), 2026; Lifezone Metals, confirms advanced negotiations with Orion CMC on the Kabanga Nickel Project, 23 October 2026; Lifezone Metals, Kabanga Nickel, accessed October 2026; MeTL Group, company site, accessed October 2026; Bakhresa Group, company site, accessed October 2026; Forbes, Mohammed Dewji profile, 26 October 2026; The Citizen, Tanzania’s Vice President Nchimbi resigns, retires from politics, 25 August 2026; The Citizen, CCM expels Nchimbi as Ndejembi picked for Vice President, 27 August 2026; The Citizen, Tanzania swears in new Vice President Ndejembi, 29 August 2026; The Citizen, complete list of Tanzania’s new cabinet of 27 ministers and 29 deputies, 17 November 2025; TanzaniaInvest, Tanzania names new Works, Energy and Legal Affairs ministers, 28 September 2026; The Citizen, ATCL, TRC losses persist despite State support, CAG, 30 March 2026; The Citizen, Commission: 518 killed in election-related violence in Tanzania, 23 April 2026; The Citizen, Government outlines progress, plans for gas, electricity sectors, 19 October 2026; The Citizen, Tanzania’s flagship rail attracts over 5.5 million passengers, 17 April 2026; The Citizen, SGR syndicated financing signed in Dodoma (headline and text give different amounts), 29 April 2026; The Citizen, Tanzania secures Sh3.67 trillion for 424km SGR link from Makutupora to Isaka, 26 October 2026; TanzaniaInvest, Julius Nyerere Hydropower Project launch, 22 August 2026; TanzaniaInvest, energy budget 2026/27, 22 April 2026; TanzaniaInvest, EACOP construction update, April 2026; TanzaniaInvest, US project agreements on LNG, Tembo Nickel and Mahenge Graphite, 8 December 2025; TanzaniaInvest, transport budget 2026/27, 13 May 2026; TanzaniaInvest, SGR Tabora to Kigoma section construction starts, 20 July 2026; TanzaniaInvest, North Mara mining licences renewed for 15 years (Barrick statement), 7 October 2026; TanzaniaInvest, central bank gold purchases of 35 tonnes, 3 October 2026; TanzaniaInvest, telecom subscriptions Q2 2026 (TCRA data), 2026; TanzaniaInvest, TTCL fibre-to-the-home phase two, 21 August 2026; TanzaniaInvest, Axian acquisition of Letshego Faidika Bank, 2026; TanzaniaInvest, Dar es Salaam Stock Exchange report, week 43 of 2026, 23 October 2026; Dar es Salaam Stock Exchange, listed securities, accessed 26 October 2026; TanzaniaInvest, Zanzibar budget 2026/27, 19 June 2026; TanzaniaInvest, Zanzibar international tourist arrivals in August 2026 (OCGS release), 8 September 2026.

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