Samia urges BoT to strengthen economic forecasting amid global uncertainty

DAR ES SALAAM: PRESIDENT Samia Suluhu Hassan has urged the Bank of Tanzania (BoT) to enhance its capacity to anticipate economic trends, warning that rising global political and economic shocks are increasingly influencing inflation, trade flows, and financial stability worldwide. Speaking during celebrations marking the Bank of Tanzania’s 60th anniversary in Dar es Salaam, President Samia said the central bank’s reform journey and achievements, including inflation control, reduced non-performing loans, strengthened foreign reserves, and expanded financial inclusion, reflect significant national progress that should be acknowledged and celebrated. However, she emphasized that BoT’s next phase must prioritize predictive economic intelligence in an increasingly volatile global environment. “We are all witnesses to ongoing global tensions and how they are affecting the world economy. Geopolitical instability is disrupting supply chains, weakening financial systems, and triggering short-term currency fluctuations,” she said. She pointed to rising oil prices as a key example, noting that the increase has contributed to broader inflationary pressures affecting the cost of goods and services. ALSO READ: Gold reserves rise to 27.5 tonnes as BoT marks 60 years President Samia observed that global economic competition is no longer driven solely by industrial production and natural resources, but increasingly by countries’ ability to forecast and respond to political and economic shifts. “These changes are driving economic transformation. We must be innovative and build systems that can withstand global shocks,” she added. However, she cautioned that innovation must be carefully managed and secured, warning that weak oversight could turn technological advancement into a source of new risks rather than solutions. The President further stressed that economic reforms must translate into tangible improvements in citizens’ lives, noting that strong macroeconomic indicators lose meaning if they are not reflected in household welfare. “Reforms should not remain statistics in reports,” she said, underscoring the need for inclusive growth that benefits ordinary Tanzanians. The post Samia urges BoT to strengthen economic forecasting amid global uncertainty first appeared on Daily News . The post Samia urges BoT to strengthen economic forecasting amid global uncertainty appeared first on Daily News .