8 January 2018

Tanzania: Stamigold Given 14 Days to Present Business Plan

THE Permanent Secretary (PS) in the Ministry of Minerals, Prof Simon Msanjila, has given Stamigold Company Limited a 14 day-ultimatum to prepare a business strategic plan, which will show how it will operate without depending on government funding.

The PS gave the directive over the weekend when he held talks with the board, management and staff of the state-owned company. Prof Msanjila said the government's aim was to see the subsidiary company of the State Mining Corporation (STAMICO) operate profitably and not depending on State funding.

"I give the management and board of the company until 21st January to make sure that you submit the strategic plan and recommendations of how Stamigold will operate competitively like other business firms.

"On our side, the minerals commissioner and I, will come with ours ... everyone should be responsible," the PS remarked, adding that the government had invested a lot in Stamigold and wouldn't, therefore, tolerate losses.

Although Stamigold is under government ownership, the PS explained, the firm is registered by BRELA and should, therefore, operate profitably. "The Government firm that does not do business is not registered under BRELA. You (Stamigold) do business, hence you should mean business," the Prof reminded the Stamigold board, management and staff.

Meanwhile, PS Msanjila ordered the firm's management to release an income and expenditure statement to its staff to be kept abreast of how much was being produced, as well as the profits made and losses incurred. He added that transparency on the cited areas would give no room for blame from staff, simply because in business, employers are supposed to pay workers on the basis of the income being generated.

"We can't simply pay a staff that doesn't produce. This is not correct ... let's change," he emphasised. On his side, the STAMICO Chief Executive Officer, Engineer John Nayopa, assured the PS that all directives would be implemented within set timeframe and asked Stamigold staff to cooperate with management fully, towards that end.to ensure that peace prevails," he said.

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