- April 13, 2022
- Posted by: Adminct
- Category: Accountability-Report
The Government of the United Republic of Tanzania established Government Funds and Programs (GFPs) with the aim of providing financial services to low-income households and micro enterprises (NMP, 2017). However, despite of establishing GFPs, financial exclusion in Tanzania is still high at 28% as compared to other East African countries such as Kenya (18%), Rwanda (11%) and Uganda (14%) (FinScope Tanzania, 2017).
The Ministry of Investment, Industry and Trade-Investment (MIIT) through National Economic Empowerment Council (NEEC) is the overall overseer of all economic empowerment Programs and funds in the country; while the Ministry of Finance and Planning has responsibility for disbursing funds to the GFPs which rely on Government subsidy and has a role of regulating and supervising GFPs.
The audit mainly focused on financing, coordinating and monitoring functions as performed by MoFP and MIIT through NEEC; and the way GFPs were managed by responsible Implementing Entities (IEs). With regards to this audit, five implementing entities were selected namely SELF Microfinance Fund (SELF MF); Agricultural Inputs Trust Fund (AGITF); TIB Bank; BOT; and TADB.