Tanzania’s President Samia Suluhu Hassan has appointed Emmanuel Mpawe Tutuba as the central bank governor as part of efforts to address the increasing cost of living.
Tutuba assumes the position of governor following the retirement of Florens Luoga after a five-year tenure. Prior to the new appointment, which takes immediate effect, Tutuba was the permanent secretary in the Ministry of Finance and Planning. He becomes the eighth governor to take charge of the BoT.
The newly-appointed governor inherits an economy struggling with high inflationary pressure. In November, Tanzania's annual inflation rate stood at a five-year high of 4.9%. The country's national currency, the Tanzanian shilling, has also been weakening in recent months as a result of global economic turbulence.
According to the International Monetary Fund, consumer price growth in the East African country is projected to reach an annual average of 5.3% this year, higher than 2020's 4%.
This week was marked by some high-profile appointments and layoffs in Tanzania. On Thursday, the president fired the permanent secretary of State House only two days after he was appointed. She likewise named another official to fill the position, giving no reason for the change.