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Credit extended to the agriculture sector increased by 57% in the 2022 fiscal year in Tanzania compared to a negative 14.0% in the same period last year, according to the figures released by the Bank of Tanzania (BOT) for November last year
Credit extended to the agriculture sector increased by 57% in the 2022 fiscal year in Tanzania compared to a negative 14.0% in the same period last year, according to the figures released by the Bank of Tanzania (BOT) for November last year.
Agriculture in Tanzania accounts for nearly 30% of the country’s Gross Domestic Product (GDP). The sector employs three-quarters of the workforce. The country’s main agricultural products include livestock, staple food crops, and a variety of cash crops. It has a huge agricultural potential that is untapped.
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A World Bank study says that through proper care and timely assistance, Tanzania can emerge as an important agricultural country and can develop a strong food value chain, which can contribute to ensuring global food security.
