Zanzibar’s National Debt Sparks Controversy: Opposition Demands Financial Transparency
Zanzibar faces mounting scrutiny over escalating national debt, with opposition party ACT Wazalendo challenging the government’s financial reporting and economic management.
Recent data reveals a staggering 400 percent increase in national debt, jumping from 887 billion to 3.6 trillion within three years. This dramatic surge, averaging an annual growth rate of 59 percent, stands in sharp contrast to the region’s modest 6 percent economic growth.
Key discrepancies have emerged between official government statements and central bank reports. While presidential communications claim a national debt of 1.2 trillion, Bank of Tanzania figures suggest a substantially higher 3.6 trillion.
The opposition argues that massive infrastructure investments have failed to deliver proportional economic benefits. Borrowed funds appear to have created an unsustainable economic cycle, potentially burdening citizens through increased taxes and reduced public services.
Critical concerns include:
– Significant financial reporting inconsistencies
– Exponential debt growth outpacing economic development
– Questionable implementation of development projects
– Potential misuse of borrowed funds
ACT Wazalendo is demanding comprehensive transparency, calling for detailed explanations about loan allocations, interest rates, and repayment strategies. The party emphasizes the urgent need for economic reforms prioritizing sustainable growth and citizen welfare.
“Zanzibar deserves leadership committed to financial accountability and people’s well-being,” the party stated, urging citizens to critically examine current economic policies and demand meaningful change.
