Zanzibar Stock Exchange in offing

PLANS are underway to establish Zanzibar Stock Exchange and transform the islands into a capital market hub, the House of Representatives was told here on Thursday.

Minister of State, President’s Office, Finance and Planning Dr Saada Mkuya Salum informed the house that already the government is looking for a consultant to advise on the best ways to establish and manage the envisioned stock market, assuring that the market as an institution will be in place by 2025.

“The stock market is an institution; our target is to have that institution in place before the end of 2025,” Dr Mkuya said in her response to a supplementary question by Wawi Representative Bakar Hamad Bakar who wanted to get the government commitment to establish the market before 2025 as prescribed in the ruling party’s 2020/2025 election manifesto.

She said the government through Dar es Salaam-based Capital Markets and Securities Authorities (CMSA) has trained the proposed market’s executives on capital markets and securities.

Earlier, answering a question by Pandani Representative Professor Omar Fakih Hamad who wanted to know the government plan to build strong institutional capacity in financial and capital related issues, Finance and Planning Deputy Minister Ali Suleiman Ameir said already there is firm system in the country.

He cited the department of financial policies and taxes as well as the secretariat of the planning commission, which work closely to identify and fix all economic and financial challenges in the country.