Tanzania's new central bank governor Prof Florens Luoga assumes office

Bank of Tanzania headquarters in Dar es Salaam. FILE PHOTO | NMG
Bank of Tanzania headquarters in Dar es Salaam. FILE PHOTO | NMG 

Dar es Salaam

Tanzania's new central bank governor, Prof Florens Luoga, officially assumed the position on Monday, promising work steadfastly to address challenges in banking sector.

Prof Luoga, who was teaching law at the University of Dar es Salaam prior to his appointment as Bank of Tanzania (BoT) Governor by President John Magufuli last year, said he was humbled by the grand reception he received from the BoT staff.

“We are not here to fail in fulfilling our duties, because if we fail, the country fails too. Failure will not be tolerated,” he said.

Meet stakeholders

Prof Luoga said his first act as new governor would be to meet with various central bank stakeholders within and outside the country.

“I must immediately start meeting with BoT important stakeholders, we cannot isolate ourselves from them and refuse to collaborate with the likes of IMF, World Bank,” he said.

He said that he has already met with the minister for Finance and Planning Dr Philip Mpango to enhance collaboration between the bank and the ministry.

“We are independent but we must find ways of working closely with the whole government machinery,” said Prof Luoga.

Expect change

He further told BoT staff to expect change, which comes with change of leadership. “Some things need to change… slowly,” he said.

President John Magufuli appointed Prof Luoga to be the next Governor on October 23, 2017 after the 10-year tenure of Prof Benno Ndulu expired.

Before his appointment, Prof Luoga was the deputy vice-chancellor of the University of Dar es Salaam.