Maryam Malya
Senior Member
- Nov 29, 2021
- 115
- 258
Mwl Udadis, Nairobi
In November 2023, Kenyans are indeed feeling bewildered and frustrated by the consistent increase in oil prices within their country, especially when global oil prices have decreased by approximately 5.7%. Price hiking in Kenya is forcing those at the borders to buy fuel from the United Republic of Tanzania.
The contrast with their neighbors in Tanzania, under the leadership of President Samia Suluhu Hassan, is stark. Her proactive measures, including reducing taxes on fuel and offering incentives to the transport sector, have shielded Tanzanian citizens from the worst effects of rising global oil prices and contributed to economic stability.
Tanzania's stable regulatory environment has also been a key factor in the country's success. EWURA, an authority responsible for regulating energy utilities, is proving to be effective. The consistency of governance has instilled confidence in domestic and foreign business communities, leading to economic growth and job creation.
Kenyan entrepreneurs and investors looking across the border admire the stability and predictability that Tanzanian businesses now enjoy. The situation in Tanzania highlights the importance of effective policies and leadership in managing economic challenges. The latest Global Investment Index has ranked Tanzania at the top in East Africa when it comes to a favorable environment for investors.
In November 2023, Kenyans are indeed feeling bewildered and frustrated by the consistent increase in oil prices within their country, especially when global oil prices have decreased by approximately 5.7%. Price hiking in Kenya is forcing those at the borders to buy fuel from the United Republic of Tanzania.
The contrast with their neighbors in Tanzania, under the leadership of President Samia Suluhu Hassan, is stark. Her proactive measures, including reducing taxes on fuel and offering incentives to the transport sector, have shielded Tanzanian citizens from the worst effects of rising global oil prices and contributed to economic stability.
Tanzania's stable regulatory environment has also been a key factor in the country's success. EWURA, an authority responsible for regulating energy utilities, is proving to be effective. The consistency of governance has instilled confidence in domestic and foreign business communities, leading to economic growth and job creation.
Kenyan entrepreneurs and investors looking across the border admire the stability and predictability that Tanzanian businesses now enjoy. The situation in Tanzania highlights the importance of effective policies and leadership in managing economic challenges. The latest Global Investment Index has ranked Tanzania at the top in East Africa when it comes to a favorable environment for investors.
