In a bid to tackle the pressing issue of a looming dollar crisis affecting our country, esteemed financial experts and central bank representatives convened at the Bank of Tanzania Academy in Mwanza for a one-day convocational research seminar. The seminar, titled "A Dollar Crisis: The Best Way to Go," sought to dissect the challenges posed by the shortage of US dollars for international trade and services.
Addressing the gathering at Bank of Tanzania Academy in Mwanza, Deputy Governor, Economic and Financial Policies, Dr. Yamungu Kayandabila, emphasized the significance of the seminar in comprehending the imminent global and local economic challenges. The event aimed to harness insights and perspectives crucial for stabilizing economies amidst the dollar scarcity and future economic shocks.
"We believe by pursuing the right economic policies, we can build an economy that is more resilient and sustainable," remarked Dr. Kayandabila, reflecting on the agility and resilience demonstrated by Tanzania economy in the face of adversity.
Furthermore, Dr. Kayandabila commended the presence of representatives from the Bank of Ghana, EAC, SADC central banks, BOT Academy training partners, and delegates from financial and academic institutions, highlighting the pivotal role their participation played in the seminar's success.
"I encourage all of us to engage actively in the discussions beyond conventional frontiers," urged Dr. Kayandabila, emphasizing the importance of collaborative and unconventional thinking in devising solutions to economic challenges.
Earlier, Chairperson of the Advisory Board of the Bank of Tanzania Academy and Deputy Governor of the Bank of Tanzania, Mr. Julian Banzi Raphael, said the Academy has organized the research seminar to fulfill one of the core mandates of any training institution of conducting research activity as required by the National Council for Technical and Vocational Education and Training (NACTVET).
The keynote speakers of the seminar were Mr. Jamhuri Ngelime, the former Director of Finance of the Bank of Tanzania, and Mr. Acevedo Sebastian, the IMF Resident Representative for Tanzania. The speakers shared their insights and perspectives on the causes, consequences, and solutions of the dollar crisis.
The seminar also featured a panel discussion, where five experts from different backgrounds and sectors shared their views and experiences on the topic. The panelists were Ms. Getrude Machingura, Deputy Director from Reserve Bank of Zimbabwe; Prof. Dulacha Barako, Deputy Director from Central Bank of Kenya; Dr. Mulenga Pamu, Advisor to the Governor of the Bank of Zambia; Mr. Sabasaba Moshingi, CEO of the DCB; and Mr. Kennedy Komba, Director of Financial Deepening and Inclusion of the Bank of Tanzania, who also chaired the panel.
The seminar was part of the convocation week, which culminates in a graduation ceremony for the second cohort of the Ordinary Diploma in Banking Practice and Supervision and the first cohort of the Postgraduate Diploma in Banking Management on Friday, November 17, 2023. The ceremony will be a celebration of academic achievement and a testament to the Academy's commitment to nurturing future financial leaders.