27 June 2012

Tanzania: Experts Urge Miners to List On DSE

Mining companies have been urged to list on the Dar es Salaam Stock Exchange (DSE) to enable local people have a stake in the firms.

The DSE Research and Market Development Manager, Mr Mohamed Kailwa, said this in Dar es Salaam on Tuesday adding that despite being one of the leading countries in the mining in Africa, investors in Tanzania lag behind in listing at DSE. "We are the fourth leading gold producer in Africa after South Africa, Ghana and Mali, but one mining company (Barrick Africa Gold) has listed on DSE," he said.

Barrick Africa Gold (BAG) which is listed on the London Stock Exchange, last year crosslisted on DES. Mr Kailwa was speaking at the meeting which brought together executives of mining firms, audit companies and financial experts organised by the Association of Chartered Certified Accountants (ACCA).

He said Tanzanians should also be engaged in large scale mining and leave the business to foreigners. Mr Kailwa said by listing on DSE many Tanzanians would have the opportunity to have a stake in the firms. The ACCA Director in Sub-Saharan Africa noted that Tanzania and other countries in Sub-Sahara should venture in capital market as it was the reliable way to recover in this aftermath of the world economic crunch.

"Capital market is a reliable source of funding and generating more investments that will lead into growth. It is a fact that we need money to grow," he said. ACCA was presenting its recent publication on capital markets in the emerging market launched last week in Nairobi, Kenya.

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