CMSA challenged to promote awareness

Deputy Minister for Finance and Planning, Dr Ashatu Kijaji said that addressing the challenges was one of the public awareness creation measures to deepen the markets.

“You need to deepen public awareness about the capital markets and their importance to the economy,” she said during the University Challenge Award Ceremony held in Dar es Salaam on Wednesday evening.

She added, “If there is a financial challenge, CMSA has a board of directors who can tell the management where to get the money,” Dr Kijaji also awarded certificates to 75 graduates of Derivatives Markets Certification Course.

She advised the investment challenge to involve secondary school teachers as a way to disseminate the awareness to their schools.

Dr Kijaji commended CMSA for promoting and regulating securities business in the country as the efforts aim at bringing positive challenges in the sector. She said CMSA efforts are in line with government’s interests, which aim at eradicating poverty among Tanzanians.

“I would like to thank CMSA and other development stakeholders through the World Bank’s Private Sector Competitiveness project for offering awards, which will help to stimulate other students to participate in the competition in future,” she said.

Earlier, the CMSA Chief Executive Officer, Ms Nasama Massinda said that CMSA had targeted at least 2,000 participants but a total of 7,791 students emerged for competition. She said students participated in essay and Quiz Competitions.

“A total of 80 students from different higher learning institutions managed to score high marks and were selected out of 7791,” she said. Meanwhile, brokers have asked the government to spare capital markets from taxation to unleash their potential in building the economy.

Tanzania Stock Exchange Brokers Association (TSEBA) chairman Mr George Fumbuka said that capital markets can play a big role in financing infrastructure projects like railway and roads but to sustain that the government needed to continue giving tax incentives.

The association is made up of 12 brokerage companies. “Capital markets provide long-term financing to projects like railways which Tanzania is eyeing to pursue but if we want that to be successful, the government should avoid imposing taxes,” said Mr Fumbuka who also attended the awarding ceremony.

Twelve students who won in the competition will visit Ghana, one of the successful African countries in capital markets, for learning.

SOURCE: DAILY NEWS

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