The Government has commended the CEO Roundtable of Tanzania (CEOrt) for championing efforts to unlock domestic financial resources and mobilise private-sector capital to accelerate economic growth and support Tanzania’s ambition of becoming a US$1 trillion economy by 2050.
Finance Minister, Hon. Amb. Khamis Mussa Omar, made the remarks on Tuesday, September 1, 2026, while speaking at the CEOrt Monthly Engagement Dialogue held at Hyatt Regency Kilimanjaro in Dar es Salaam under the theme, “From Savings to Growth: Unlocking Tanzania’s Domestic Capital.”
Amb. Omar said Tanzania’s growing banking, pension, insurance and capital markets provide a strong foundation for transforming domestic savings into productive investments capable of financing businesses, infrastructure, industrialisation, job creation and other priority areas of the economy.
He commended CEOrt for providing a platform that brings Government and private-sector leaders together to discuss practical solutions to the country’s economic challenges, saying such collaboration was increasingly important as Tanzania moves into the implementation of the Development Vision 2050.
“Our task is to deepen domestic capital markets, broaden financing instruments and direct domestic savings towards businesses, infrastructure, industrialisation and other productive sectors,” he said.
The Minister said Tanzania’s Development Vision 2050 targets a competitive, industrialised, inclusive and private-sector-led economy, with the country’s Gross Domestic Product (GDP) expected to reach approximately US$1 trillion and GDP per capita exceeding US$7,000 by 2050.
He noted that achieving the ambitious target would require unprecedented levels of investment and stronger collaboration between the public and private sectors.
According to Amb. Omar, the Fourth Five-Year Development Plan (FYDP IV), covering the period from 2026/27 to 2030/31, has adopted a 70:30 private-to-public investment model, under which the private sector is expected to finance about 70 percent of development investment while the Government focuses on creating an enabling policy, regulatory, institutional and macroeconomic environment.
Implementation of FYDP IV is estimated to require approximately TZS 477 trillion, with the private sector expected to contribute about TZS 324.49 trillion.
“This demonstrates that Tanzania cannot finance its development ambitions predominantly through the Government budget, external borrowing or development assistance. We must increasingly mobilise and effectively deploy domestic and private capital,” Amb. Omar said.
He said Tanzania already possesses a growing financial sector capable of supporting the transformation, noting that reforms in the sector had strengthened stability, expanded access to financial services and increased the capacity of financial institutions to provide financing to businesses and individuals.
Credit to the private sector, he said, had expanded by an average of more than 20 percent, while non-performing loans had declined and remained below the recommended threshold of five percent.
Formal financial inclusion among adults has also increased to 76 percent, expanding opportunities for Tanzanians to access savings, credit, investment and insurance services.
According to him, the depth of the financial sector is further reflected in total financial-sector assets relative to GDP, which increased from 44.2 percent in 2024 to 48.5 percent in 2025.
The banking sector accounted for 71.1 percent of total financial-sector assets, while social security accounted for 22.8 percent, underscoring the significant role financial institutions can play in financing the country’s development agenda.
The insurance industry has also recorded significant growth. Gross written premiums increased by 209.7 percent, from TZS 824.35 billion in 2020 to TZS 2.553 trillion in 2025.
During the same period, the number of policyholders and beneficiaries increased from 6.6 million to 26.8 million, while insurance penetration rose from 9.2 percent to 39.3 percent.
He said that the Capital markets have similarly expanded, with capital market investments increasing by 122.18 percent to TZS 63.1 trillion, while the number of investors rose by 206.49 percent to more than 2.17 million.
The social security sector remains another major source of domestic capital. Contributing members increased by 68.8 percent to 3.56 million, while contribution revenues rose from TZS 3.011 trillion to TZS 7.143 trillion.
Total assets in the sector reached TZS 24.15 trillion, with investments increasing to TZS 20.941 trillion.
Despite the progress, Amb. Omar stressed that the next priority should be ensuring that a greater proportion of these accumulated savings is directed towards productive economic activities.
He identified four key areas that require attention to unlock domestic capital: streamlining regulatory and business reforms, promoting domestic direct investment, expanding public-private partnerships (PPPs), and deepening capital markets.
On domestic investment, the Minister said Tanzania has significant opportunities in sectors including agriculture, tourism, mining, forestry and services.
While acknowledging the importance of foreign direct investment in bringing capital, technology, expertise and access to international markets, he stressed the need to create greater opportunities for Tanzanians to invest in and benefit from the country’s economic growth.
He said the Foreign direct investment inflows increased from US$1.656 billion in 2024 to US$1.718 billion in 2025, representing growth of 3.7 percent.
Cementing on the Minister’s remarks, CEOrt Chairman, Mr. David Tarimo, said the private sector was working closely with the Government to promote a conducive business environment through appropriate policies, taxation frameworks and regulations capable of attracting and encouraging domestic investment.
He said CEOrt’s monthly dialogues were intended to bring key stakeholders together and influence practical action towards accelerating Tanzania’s economic ambitions.
“We monthly come up with dialogues that influence all key players to act accordingly and make sure that Tanzania accelerates its ambitions to achieve its goals of becoming a US$1 trillion economy. It’s a long journey, but achievable through public-private partnership,” Mr. Tarimo said.
Earlier, welcoming the Minister to the dialogue, CEOrt member and Chairman of MAC Group, Mr. Yogesh Manek, called for stronger private-sector commitment to mobilising domestic capital and financing investments required to drive Tanzania’s next phase of economic transformation.
He noted that Tanzania already had a growing domestic capital base comprising banks, pension funds, insurance companies, capital markets and other financial institutions, which collectively hold significant volumes of financial resources.