By Redaction ARPS Media with Central News and Agencies
Tanzania has introduced a new rule prohibiting foreigners from participating in 15 key business areas, including salons, small shops, and restaurants, aimed at boosting local economic growth.
Violators may face fines of up to 10 million Tanzanian shillings or a prison term of up to six months, while Tanzanians assisting foreigners may face fines of up to 5 million shillings or a prison term of up to three months.
The government claims that this will create more jobs for locals. Still, it raises concerns about trade barriers within the East African Community, potentially impacting around 40,000 Kenyans and affecting relations with neighboring countries.
This move follows Tanzania’s earlier decision to ban the use of foreign currencies for domestic transactions, requiring payments to be made in Tanzanian shillings.
Read more at : Tanzania Bans Foreign Nationals from Owning Small Businesses to Protect Local Entrepreneurs | Central News South Africa
