Board of Directors

The Board of Directors is the supreme policy decision making hierarchical structure in the Bank of Tanzania.     In terms of the Bank of Tanzania Act, 2006, the Board of Directors is responsible for determining policies of the Bank, approving its budget and allocation of profits arising from its operations.

The Board consists of ten persons, four of whom are executive directors appointed by the President. In addition, there are two ex-officio members, and, four non-executive Directors appointed by the Minister of Finance of the United Republic. Secretary to the Board is also an ex-officio member, responsible for provision of secretariat services

The current composition of the Board is as follows:

  • Governor (the Chairman)

  • Three Deputy Governors, Deputy Chairman in the order determined by the Governor;

  • The Representative of the Ministry of Finance of the Government of the United Republic and Principal Secretary to the Treasury of the Revolutionary Government of Zanzibar; and

  • Four non-executive Directors; and

  • Secretary to the Board

The Board consists of persons knowledgeable or experienced in economics, business and finance, banking, corporate law, accountancy or other disciplines relevant to the functions of the Bank. Members of the National Assembly, House of Representatives, Local Government Authorities, public servants (other than Representative of the Ministry of Finance of the United Republic and the Principal Secretary Treasury of the Revolutionary Government of Zanzibar), office bearers of any political party, and directors, employees, consultants or shareholders of banks and financial institutions in respect of which the Bank may exercise regulatory powers are disqualified from being Directors of the Bank.

Governor and Deputy Governors are appointed for a period of five years. Their tenure of office is statutorily limited to two-five year terms. Non-executive Directors are appointed for a period of three years, and are eligible for a reappointment.

Board meetings are held regularly as the conduct of business of the Bank requires but not less than once in every two months. Where there is an urgent matter which cannot await the convening of a meeting consisting of the requisite quorum, the Chairman may table such matter at a meeting of the Chairman, and at least two Deputy Governors and one non-executive Director. Decisions arising out of that meeting are valid and binding on the Bank but shall be reported to an extra-ordinary Board meeting immediately thereafter. The decisions of the Board are made by consensus, failing which decisions shall be reached by casting of votes. In the event that voting is necessary, Representative of Ministry of Finance of the Government of the United Republic and Principal Secretary Treasury of the Revolutionary Government of Zanzibar are not eligible for voting.

In its functioning, the Board is currently assisted by four Committees, two of which are statutory creations. These are the Monetary Policy Committee and Audit Committee. Under the Bank’s statute, the Board reserves power to appoint other committees as it deems fit. In addition to the statutory committees, the Board has delegated some of its functions to two other committees, namely, the Banking supervision Committee, and, the Finance and Investment Committee.

The Monetary Policy Committee assist the Board in the review of monetary policy targets; review of research papers and major economic and monetary policy changes before adoption by the Board. The Committee’s mandate also cover review of the Governments’ revenue and expenditure patterns; review of debt management operations and statutory reports of the Bank related to implementation of monetary and financial policies. The Monetary Policy Committee reviews bi-monthly performance of monetary policy measures and sets targets for the following two months. The composition of this Committee is provided for under the provision of Section 12(1) of the Bank of Tanzania Act, 2006. It includes the Governor as the Chairman, Deputy Governors and two non-executive Directors. The Committee meetings are held bi-monthly.

The Audit Committee is another statutory creation whose composition is determined by the Board. Established under the provisions of Section 12(1) of the Bank of Tanzania Act 2006, the Audit Committee is largely composed of Non-Executive Directors. This Committee is currently chaired by a Non-executive Director. The   Deputy Governor-Administration and Internal Controls is the only Executive member of the Committee.

The Terms of Reference for the Audit Committee cover Internal Control, Financial Reporting, Internal Audit and External Audit. Under Internal Control, the Committee evaluates the adequacy of the internal control systems and compliance with International Financial Reporting Standards in preparation of financial statements; the overall effectiveness of the internal control and risk management frameworks; and the effectiveness of the system for monitoring compliance with laws and regulations. The Committee’s mandate on Financial Reporting requires it to review significant accounting and reporting issues and their impact on the financial reports. The Committee also ensure the adequacy of the financial reporting process and reviews the Bank’s annual accounts before approval by the Board and release

The Committee’s mandate on Internal Audit covers review of the activities and resources of the internal audit function; effectiveness, standing and independence of internal audit function within the Bank ; review of the internal audit plan; and follow up of implementation of internal auditors’ findings and recommendations. With regard to External Audit, the Audit Committee reviews the external auditors’ proposed audit scope, approach and audit deliverables; and review draft accounts before submission to the External Auditors for audit.

The composition of the Banking Supervision Committee is within the discretion of the Board. Members of the Banking Supervision Committee comprises the Governor who is the Chairman, the Deputy Governors, Representative of Ministry  of Finance (United Republic of Tanzania), Principal Secretary to the Treasury, Revolutionary Government of Zanzibar and two Non-Executive directors. The Banking Supervision Committee is responsible for review of internal control and systems in banks and financial institutions; the Banking Supervision function; adequacy of the prevailing legal and regulatory framework; operating performance of banks, financial institutions and bureaux de change with a view to ensuring safety and soundness in the banking system. It also reviews financial stability reports before publication and emerging supervisory issues. The Committee advises the Board on appropriate policy, legislative and regulatory measures that promote a safe and sound banking system and high supervisory standards and practices.

Members of the Finance and Investment Committee include the Governor who is the Chairman, the Deputy Governors, and three Non- Executive Members of the Board. The Finance and Investment Committee is responsible for review of the proposed budgets, reallocation of funds and supplementary budget requests; quarterly budget performance reports; Financial Regulations and Staff by- Laws; and Annual Bank’s Corporate Plan. The Committee also reviews financial and other internal policies and changes thereto; the appropriateness of the Bank’s investment policy and assets allocation strategy; Risk Management Framework for the Bank’s operations; and Project Management framework.

Board of Directors
Sn. Picture Name Title
1. Emmanuel M. Tutuba Mr. Emmanuel M. Tutuba Governor
2. Julian Banzi Raphael Mr. Julian Banzi Raphael Deputy Governor, Administration and Internal Controls (AIC)
3. Yamungu M. Kayandabila Dr. Yamungu M. Kayandabila Deputy Governor, Economic and Financial Policies (EFP)
4. Sauda Kassim Msemo Ms. Sauda Kassim Msemo Deputy Governor, Financial Stability and (Financial) Deepening (FSD)
5. Juma M. Akil Dr. Juma M. Akil Principal Secretary to the Treasury (RGZ)
6. Elijah G . Mwandumbya Mr. Elijah G . Mwandumbya Representative from the Ministry of Finance - URT
7. Esther J. Manyesha Ms. Esther J. Manyesha Director
8. Ngosha S. Magonya Mr. Ngosha S. Magonya Director
9. Esther K. Ishengoma Prof. Esther K. Ishengoma Director
10. Nassor S. Ameir Mr. Nassor S. Ameir Director
11. Palloty M. Luena Mr. Palloty M. Luena Secretary to the Board
Sn. Picture Name Title