Bank of Tanzania Targets 10.5% GDP Growth by 2030/31, 90% Financial Inclusion, and Capital Adequacy Above 16.5%

The Bank of Tanzania (BoT) has set Vision 2050 targets of real GDP growth rising from 7.2% to 10.5% by 2030/31 and annual inflation of 3% to 5% from 2026/27.

The Governor of the BoT, Emmanuel Tutuba, set out the plan in an interview in the sixth issue of Uchumi Wetu, the quarterly magazine of the central bank, which was listed on the BoT website on 16 October 2026.

Tutuba said monetary policy and financial sector supervision must match the broader goals of the vision, which aims to build an upper-middle-income, diversified, resilient, inclusive, and competitive economy.

Price Stability, Growth, and Foreign Exchange Reserve Targets

The Governor said the BoT will use research, statistics, and innovation to improve the effectiveness of monetary policy, aiming for low and stable inflation, a stable seven-day money market interest rate, and rising private sector credit.

The central bank will also expand its sources of foreign exchange by supporting higher gold output in the country and increasing the national gold reserve.

“This step will raise the adequacy of foreign exchange reserves to more than four months of import cover,” Tutuba said.

Private Sector Credit, Bank Capital, and Loan Quality

Vision 2050 requires an economy led more by the private sector, which makes the financial sector the main channel for capital and credit.

“The Bank will make it easier for businesses, investors, and producers to access funds and capital by strengthening the stability of the financial sector and the macro economy as a key catalyst for the availability of funds and capital,” Tutuba stated.

The plan sets a capital adequacy ratio above 16.5% for financial institutions and non-performing loans below 5%, alongside higher lending to the private sector.

Private sector credit growth averaged 32.5% in the quarter ending September 2026, while non-performing loans stood at 2.5% in August 2026, according to the Monetary Policy Committee statement published in the same issue.

On financial inclusion, the plan expects adult financial inclusion to reach 90% by 2030/31, with formal access to financial services reaching at least 96%.

The BoT intends to reach those levels by expanding the use of digital payments, strengthening financial education, and reducing the share of loans that borrowers cannot repay.

Tutuba added that the central bank will keep strengthening payment systems to make transactions easier and to reduce the economy’s reliance on cash payments.

“Promoting the use of digital payment systems and electronic transfers of money will help to increase efficiency, transparency, and access to financial services,” he said.

Artificial Intelligence, Cybersecurity, and Climate Resilience

The BoT will expand its use of artificial intelligence, digital innovation, and other emerging technologies in its banking operations, while giving priority to the digital economy and cybersecurity.

The central bank also plans to build a climate data repository and tools to analyse the effects of climate change on the financial sector, and to strengthen the sector’s resilience to droughts, floods, and other weather events.

“We will strengthen resilience to the effects of climate change and implement a green finance and green economy taxonomy,” Tutuba explained.

The BoT will measure progress against indicators that include inflation, GDP growth, foreign exchange reserves, private sector credit, bank deposits, non-performing loans, financial inclusion, and the use of digital payments.

Tanzania Development Vision 2050 and the BoT Strategic Plan

President Samia Suluhu Hassan launched Tanzania’s Development Vision 2050 on 17 July 2025 in Dodoma, a 25-year roadmap to take the economy to upper-middle-income status and to a size of USD 1 trillion by 2050.

The first medium-term plan under the vision covers 2026/27 to 2030/31, and the government allocated TZS 12.50 trillion to launch it in 2026/27.

The BoT’s separate Strategic Plan 2025/26 to 2029/30, released on 10 July 2025, set performance targets of inflation between 3% and 5%, reserves covering at least four months of imports, and 87% of adults with access to transactable financial accounts.