Mwinyi: We must translate growth into opportunities

ZANZIBAR: ZANZIBAR must do more to translate economic growth into tangible opportunities for citizens by expanding access to capital, strengthening entrepreneurship and promoting value addition, President Hussein Ali Mwinyi has said.

Dr Mwinyi said the government would continue prioritising economic empowerment by strengthening the Zanzibar Economic Empowerment Agency (ZEEA), increasing access to financing, recruiting technical experts and supporting valueaddition initiatives.

He made the remarks through Second Vice-President Hemed Suleiman Abdulla during the official opening of the third Fahari ya Zanzibar Exhibition at Mnazi Mmoja grounds in Zanzibar City.

The President said economic growth should not be measured by statistics alone, but by its impact on people’s lives through increased employment, incomes, business opportunities and improved livelihoods.

“Our goal is to see the economy grow not only in figures, but also through increased employment opportunities, income, business opportunities and improved livelihoods for all people,” he said.

He directed the Ministry of Finance and Planning to give greater priority to economic empowerment when setting budget ceilings and releasing approved funds to public institutions.

The Ministry of Youth, Employment and Empowerment was also directed to develop projects to strengthen the Economic Empowerment Fund and make it financially sustainable, enabling more people to benefit from loans and other programmes.

Dr Mwinyi further directed the Office of the President responsible for Constitution, Law, Public Service and Good Governance to expedite approval of requests to recruit specialists required by ZEEA.

He described Fahari ya Zanzibar as an important platform for producers and entrepreneurs to market their products, gain business knowledge and identify investment opportunities.

He urged local producers to add value to their products to enhance competitiveness in domestic and international markets, while calling on young people to use education, skills and technology to establish innovative businesses rather than relying solely on government employment.

The President also directed ministries responsible for agriculture, industry, technology and innovation to work closely with ZEEA on value addition, development of small and medium-sized industries and technology adoption.

Financial institutions, he said, should develop products suited to entrepreneurs and small and medium-sized enterprises, particularly young people and women.

At the exhibition, Stanbic Bank Tanzania and ZEEA signed a five-year Memorandum of Understanding to strengthen entrepreneurship, expand access to financial services and promote sustainable businesses in Zanzibar.

Stanbic Head of Business Fredrick Max said the partnership would support entrepreneurs in Unguja and Pemba through financial literacy, business formalisation, access to capital, digital financial services and market linkages.

ZEEA Executive Director Juma Burhan Mohammed said the agency had provided 55.6bn/- in loans since its establishment in 2022 to August 2026.

He said 23,450 people had received training, while product quality certification costs had been reduced from 700,000/- to 50,000/- through collaboration with the Zanzibar Bureau of Standards.

Meanwhile, TANTRADE Director General Ephraim Balozi Mafuru said Tanzania’s exports increased from 23.1tri/- to 26.7tri/- last year, a 15.6 per cent rise, underscoring the potential for greater value addition and export earnings.