Dar es Salaam, Tanzania — 28 June 2012 – In a move aimed at enabling the people of Tanzania to have a stake in the big foreign and local mining companies, miners in the country have been urged to list on the Dar es Salaam Stock Exchange (DSE).
In a report in the “Tanzania Daily News” monitored by allAfrica.com, DSE research and market development manager Mohamed Kailwa pointed out that that despite being one of the leading countries in the mining in Africa, investors in Tanzania lag behind in listing at DSE. “We are the fourth leading gold producer in Africa after South Africa, Ghana and Mali, but only one mining company, Barrick Africa Gold has listed,” he said.
Barrick Africa Gold which is listed on the London Stock Exchange, last year cross-listed on DSE. Kailwa was speaking at the meeting which brought together executives of mining firms and audit companies, as well as financial experts. It was organised by the Association of Chartered Certified Accountants (ACCA).
Kailwa said by listing on the DSE many Tanzanians would have the opportunity to have a stake in the firms. He added that Tanzania and other countries in Sub-Sahara should venture into the capital market as it was the reliable way to recover in this aftermath of the world economic crunch.
“The capital market is a reliable source of funding and generating more investments that will lead to growth, and it is a fact that we need money to grow,” he said.
Source: allAfrica.com. For more information, click here.