DIVIDENDS received by the government from public companies where the Treasury Registrar has minority shares have increased by 236 percent over the past four years, rising from 58bn/- in 2019/20 to 195bn/- in 2023/24.

Prof. Kitila Mkumbo, the Planning and Investment state minister in the President’s Office, made this affirmation at a three-day forum for board of director members in companies where the government has minority shares.

Nehemiah Mchechu, the registrar, highlighted the critical role of technology in driving reforms and rebuilding the economy, locally and elsewhere, affirming that Tanzania is not an island, so the boards of directors must lead their institutions with visions aligned to global technological changes.

The forum serves as a platform to discuss the role of technology in data-driven decision-making and institutional efficiency, he further noted.

In his remarks, the minister said the companies need to integrate digital transformation into their business models, strengthen governance frameworks to promote accountability and develop performance-driven strategies to improve profitability.

Deeper collaboration between the government and the private sector by aligning business strategies with the country's economic priorities was vital, he said, affirming that this initiative is aligned with the 4Rs philosophy of reconciliation, resilience, reforms and rebuilding as espoused by President Samia Suluhu Hassan.

"This shift is not just about adopting new technologies; it enhances efficiency, improves decision-making through data analytics, fosters innovation and creates a more competitive business environment," he told the forum organized by the registrar’s office.

Stressing the need for strong governance frameworks, he said that effective governance promotes accountability, transparency and ethical leadership, as elements increasingly demanded by stakeholders.

Companies with strong governance are better positioned to manage risks, build investor confidence and respond to regulatory changes in a dynamic economic environment, he pointed out, urging that businesses focus on performance driven strategies that enhance profitability and increase returns especially for the government.

"A performance-driven approach ensures that profitability aligns with social responsibility, creating value for both shareholders and the broader community," he stated, stressing the need for stronger government-private sector collaboration.

"This reflects the genuine commitment of these companies to support the government’s efforts under the steadfast leadership of the president,” he said, underlining that effective collaboration can lead to better policy development, a deeper understanding of market challenges and more effective implementation of initiatives that benefit both parties.

Aligning business strategies with Tanzania’s broader economic priorities is key to ensuring that corporate goals contribute to national development, the minister asserted, elaborating that companies that align their strategies with such priorities are more likely to receive government support.

This will enhance their operational capabilities and market positioning, he said, to an audience of executives where state minority-interest companies represent 18 percent of the total portfolio overseen by the registrar’s office.

They comprise 56 entities out of 308, with government investment valued at 2.82trn/- on the basis of 2023/24 audited financial records, he added