TICGL

| Economic Consulting Group

TICGL | Economic Consulting Group
TERI — Tanzania Economic Research Institute
Tanzania Economic Research Institute

A standing roundtable for Tanzania's toughest economic questions.

TERI convenes economists, sector specialists, and policy practitioners to argue through evidence, stress-test ideas, and publish the research that TICGL's advisory work — and Tanzania's own policymakers — build on.

8
Standing research pillars
30+
Papers & sector briefs
TICGL
Founding institution
RESEARCH QUESTION MA Macro FI Finance EN Energy AG Agribusiness MF Manufacturing IR Infrastructure DG Digital HC Healthcare

Eight research pillars, one shared question at the table

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01 — Origin

Founded by TICGL

TERI was established by Tanzania Investment and Consultant Group Ltd (TICGL) to house its research mandate in a dedicated institute — independent in method, but drawing on TICGL's decade of advisory work in government, PPPs, and investment.

02 — Method

Built around the roundtable

TERI's core activity is structured discussion — fellows and sector discussants brainstorm, challenge each other's assumptions, and pressure-test findings before anything is published under the institute's name.

03 — Output

Ideas with consequences

The roundtable exists to produce research with real impact — feeding TICGL's advisory practice, informing government policy, and shaping how investors and development partners read Tanzania's economy.

How The Institute Works

Research is argued into shape, not written in isolation.

Every TERI output passes through a standing sequence of convening, debate, and revision — the roundtable is a process, not a one-off event.

01

Question Intake

A research question is scoped — from TICGL's advisory practice, government partners, or a fellow's own agenda.

02

Roundtable Convening

Fellows and sector discussants sit together to brainstorm angles, surface data gaps, and agree an analytical approach.

03

Evidence & Modelling

Lead researchers build the data architecture and analytical models — statistical, econometric, or financial — behind the question.

04

Structured Critique

Draft findings return to the roundtable for peer challenge — assumptions, methodology, and conclusions are all contestable.

05

Synthesis & Sign-off

Revised findings are synthesised into a publishable narrative and cleared by the institute's research lead.

06

Publication & Uptake

Findings are published and carried into TICGL's advisory work, government dialogue, and public dissemination.

Research Pillars

Eight standing lines of inquiry

Aligned with TICGL's 2026 sectoral expertise, the roundtable organises its work around Tanzania's priority growth sectors — each with its own fellow-led discussion track.

Pillar

Macroeconomics & Public Finance

Debt sustainability, fiscal space, exchange rate policy, revenue reform.

Pillar

Financial Services & Capital Markets

Banking sector reform, capital markets, pensions & insurance, DFIs.

Pillar

Energy & Natural Resources

Power sector reform, oil & gas, renewables financing, mining & extractives governance.

Pillar

Agribusiness & Food Processing

Value chain development, agricultural productivity, cold chain, food security & rural finance.

Pillar

Manufacturing & Industrialization

SME support, export manufacturing, industrial park development, SEZ policy.

Pillar

Infrastructure & Real Estate

Transport corridors, urban planning, housing finance, PPP project pipelines.

Pillar

Technology & Digital Economy

Fintech, digital payments, ICT policy, e-commerce, Digital Economy Vision 2050.

Pillar

Healthcare & Social Sectors

Health systems financing, universal health coverage, education infrastructure.

Bring a question to the roundtable.

Government agencies, development partners, and private sector clients can commission bespoke research or subscribe to TERI's standing publications.

Engage With TERI →
About the Institute

Research built by argument, not by committee sign-off.

TERI exists because good economic research survives contact with disagreement. We built an institute around that idea.

Our Origin

Founded by TICGL

The Tanzania Economic Research Institute (TERI) was established by Tanzania Investment and Consultant Group Ltd (TICGL) to give the firm's research mandate a dedicated institutional home — separate from client advisory work, but feeding it directly.

TICGL had spent years producing sector analysis, feasibility studies, and policy advisory for government, development partners, and the private sector. TERI was created to strengthen that research capacity: a standing body of fellows and sector discussants whose full-time work is to interrogate Tanzania's economic questions, not just answer the ones a client happens to be paying for.

TERI remains structurally linked to TICGL — sharing its data infrastructure, its Dar es Salaam base, and its relationships with government and development partners — while operating with its own editorial and research independence.

TICGL → TERI

TICGL is the parent organisation: investment, PPP, and strategic advisory. TERI is its research institute, publishing the evidence base that advisory work draws on.

What makes TERI different from a consulting desk

  • Findings are contested internally before they carry the institute's name.
  • Fellows hold standing research briefs, not just client deliverables.
  • The roundtable meets on a fixed cadence, independent of any single engagement.
Mission

To convene Tanzania's sharpest economic thinking into research that changes decisions.

We produce evidence, sector analysis, and investment intelligence that gives policymakers, investors, and development partners something firmer than opinion to act on.

Vision

East Africa's most argued-over — and most trusted — research institute.

We measure trust not by consensus but by how well our findings survive scrutiny, replication, and time.

Principles

What governs the roundtable

Principle 01

Contestability

No finding is published until it has been argued against, in the room, by another fellow.

Principle 02

Independence

TERI's editorial conclusions are not shaped by any funder, client, or political stakeholder — including TICGL.

Principle 03

Evidentiary Rigour

Every claim is traceable to a data source, model, or primary consultation — never asserted on authority alone.

Principle 04

Local Grounding

Frameworks are international; the questions, data, and context are unmistakably Tanzanian.

Principle 05

Policy Relevance

A research question earns a place on the agenda only if an answer would actually change a decision.

Principle 06

Open Disagreement

Dissent is recorded, not smoothed over — published briefs may carry a fellow's minority view.

Governance

How the institute is organised

A small, deliberately flat structure — built to keep the roundtable, not a hierarchy, at the centre of the work.

Leadership

Director of Research

Sets the research agenda, chairs the roundtable, and signs off publications on behalf of the institute.

Core Body

Roundtable of Fellows

Lead economists and sector specialists holding standing research briefs across TERI's six pillars.

Support

Research Secretariat

Data analysts and research assistants who resource the roundtable — sourcing data, drafting, and production.

See who sits at the table.

Meet TERI's Director of Research, lead fellows, and affiliated experts.

Meet the Fellows →
Research Programme

Evidence, argued through before it's published.

Every paper below passed through the roundtable — brainstormed, modelled, and challenged — before it carried TERI's name.

Why This Research Exists

Closing Tanzania's Structural and Strategic Gaps

TICGL built TERI because the distance between where Tanzania's economy is and where FYDP IV and Dira 2050 need it to be is not a small one — and closing it takes evidence, not assumption.

The Plan

FYDP IV — 2026/27 to 2030/31

Tanzania's Fourth Five-Year Development Plan sets the near-term targets — industrialisation, infrastructure delivery, revenue mobilisation — that every sector ministry and agency is now working against. TERI's research programme is deliberately timed and scoped to this window.

The Horizon

Dira 2050 — The National Vision

Dira 2050 sets the destination: a USD 1 trillion economy, roughly USD 7,000 per-capita income. FYDP IV is one waypoint on that road. Research that doesn't connect to this horizon is, in TERI's view, describing the present without saying anything about the path forward.

Structural Gap

What's physically or institutionally missing

Roads, water systems, land registries, port capacity, energy access — the physical and institutional infrastructure an economy needs simply to function at the scale it's growing toward. Structural gaps are usually visible, but rarely costed with any precision.

Strategic Gap

What's missing in policy and financing design

Revenue mobilisation falling short of the tax-to-GDP band Tanzania needs, financing structures that don't match project risk, policy sequencing that solves the wrong problem first. Strategic gaps are about design, not just delivery.

TERI's Role

Identify. Quantify. Advise. Close the gap.

Both kinds of gap are, by TICGL/TERI's own estimation, large enough to materially slow Tanzania's path to FYDP IV and Dira 2050 if left undiagnosed. That is the roundtable's actual mandate: name each gap precisely, put a number on it wherever the evidence allows, and turn that finding into a specific recommendation — for TICGL's own advisory clients, and for the government partners who read this research directly.

Research Agenda

The Questions TERI Is Working Through

These are the issues currently on the roundtable's agenda — the questions fellows and discussants are researching, arguing over, and building evidence around, spanning Tanzania's economy from the macro level down to the household.

A. Macroeconomic & Fiscal Policy

  • Tanzania's tax-to-GDP trajectory and the case for structural, not just administrative, revenue reform
  • Public debt sustainability and the external/domestic financing mix under FYDP IV
  • Exchange rate policy and shilling stability
  • Monetary policy transmission, inflation, and credit conditions
  • Public investment efficiency and capital budget execution

B. Structural & Strategic National Gaps

  • Closing Tanzania's FYDP IV infrastructure financing gap (estimated USD 68–88 billion)
  • City-specific structural bottlenecks: congestion, water security, land governance, and trade-corridor throughput
  • Energy access, grid reliability, and the pace of power-sector reform
  • Local government own-source revenue and fiscal decentralisation
  • Land governance and property-rights administration capacity

C. Sectoral (Meso-Level) Priorities

  • Financial sector deepening: banking, capital markets, pensions, and insurance
  • Agribusiness value chains, food security, and agro-processing
  • Manufacturing, industrialisation, and export competitiveness
  • Digital economy, fintech, and financial inclusion
  • Healthcare financing and progress toward universal coverage
  • Tourism sector recovery, diversification, and MICE capacity
  • Mining and extractives governance
  • PPP bankability, risk allocation, and project-preparation capacity

D. Micro-Level & Institutional Issues

  • SME access to finance and the "missing middle" financing gap
  • Informal-sector formalisation and productivity
  • Household-level land tenure security
  • Skills gaps and labour-market readiness for industrialisation
  • Gender-responsive economic participation ("Womenomics")
  • Rural household resilience and climate-sensitive livelihoods

E. Cross-Cutting Governance Themes

  • Regulatory quality and the ease of doing business
  • Data availability and evidence-based policymaking
  • Regional integration and East African Community trade

Have a question that belongs on this agenda?

If you'd like to discuss one of these questions with TERI, or think something is missing from this agenda, write to teri@ticgl.com.

Methodology

From question to publication

TERI combines international analytical frameworks with data and context that are unmistakably Tanzanian, run through a structured, roundtable-driven process.

01

Diagnostic & Roundtable Brainstorm

Scope the question and argue out the angle before touching data.

02

Data Architecture

Primary and secondary data from authoritative national and international sources.

03

Analytical Modelling

Econometric modelling, scenario analysis, and financial modelling.

04

Structured Critique & Sign-off

Draft findings return to the roundtable for peer challenge before publication.

Key Data Sources

  • Bank of Tanzania (BoT) statistical databases
  • Tanzania National Bureau of Statistics (NBS)
  • World Bank Open Data & IDA databases
  • IMF Article IV reports
  • Tanzania Revenue Authority (TRA) fiscal data
  • Capital Markets & Securities Authority (CMSA)
  • Tanzania Investment Centre (TIC)
  • Primary surveys & stakeholder consultations
Selected Output

Working Papers & Sector Analyses

A sample of the case studies the roundtable has produced or has in progress — illustrative of the kind of work each pillar takes on, not a complete archive.

Tanzania External Debt Trajectory Analysis: Trends, Risks, and Sustainability Assessment

2026/27–2030/31

Tanzania Shilling Exchange Rate Stability: Drivers, Pressures, and Policy Implications

2026/27–2030/31

Tanzania Current Account Performance: Trade Dynamics and FX Reserves Analysis

2026/27–2030/31

Government Securities Market: T-Bills, T-Bonds, and Tanzania's Domestic Debt Landscape

2026/27–2030/31

Want a question added to the agenda?

Commission a bespoke study or subscribe to TERI's standing publication series.

Engage With TERI →
The Roundtable

The people whose job is to disagree, on purpose.

TERI's fellows and sector discussants are not report-writers first. Their core mandate is to convene, brainstorm, and stress-test ideas — turning raw questions into research with real policy and investment impact.

Mandate 01

Convene the discussion

Fellows call and chair roundtable sessions on their pillar, bringing in discussants from other disciplines when a question crosses sectors.

Mandate 02

Brainstorm the angle

Before any data is pulled, fellows argue out which questions matter, what could be wrong with the obvious answer, and what evidence would settle it.

Mandate 03

Push for impact

A fellow's job is not finished at publication — they carry findings into TICGL's advisory work and government dialogue until they change a decision.

Leadership
AB

Amran Bhuzohera

Director of Research, TERI · Chief Economist & Research Director, TICGL

Chairs the roundtable and sets TERI's research agenda across macroeconomics, public-private partnerships, and capital markets. Leads the institute's flagship FYDP IV sector analysis series and its collaboration with the Public-Private Partnership Centre (PPPC).

Lead Fellows

One fellow per research pillar

Each of TERI's eight research pillars is led by a fellow who owns that discussion track — convening discussants, setting the pillar's agenda, and defending its findings at the roundtable.

MA

Lead Fellow — Macroeconomics & Public Finance

Lead Fellow

Convenes the roundtable's discussion on debt sustainability, fiscal space, and exchange-rate policy.

FS

Lead Fellow — Financial Sector & Capital Markets

Lead Fellow

Convenes the roundtable's discussion on banking, pensions, and capital-market depth.

EN

Lead Fellow — Energy & Natural Resources

Lead Fellow

Convenes the roundtable's discussion on power access, mining, and oil & gas policy.

AG

Lead Fellow — Agribusiness & Food Processing

Lead Fellow

Convenes the roundtable's discussion on value chains, food security, and rural finance.

MF

Lead Fellow — Manufacturing & Industrialization

Lead Fellow

Convenes the roundtable's discussion on SME support, export manufacturing, and industrial parks.

IR

Lead Fellow — Infrastructure, Real Estate & PPP

Lead Fellow

Convenes the roundtable's discussion on PPP structuring, infrastructure financing, and urban real estate.

DG

Lead Fellow — Technology & Digital Economy

Lead Fellow

Convenes the roundtable's discussion on fintech, ICT infrastructure, and the digital economy.

HC

Lead Fellow — Healthcare & Social Sectors

Lead Fellow

Convenes the roundtable's discussion on health-systems financing and education infrastructure.

An Open Invitation

TERI is inviting experts to join the roundtable

Beyond the standing fellow seats, TERI is reaching out to economists, sector specialists, lawyers, engineers, and policy practitioners across Tanzania and the region — anyone with something rigorous to add to how the country reasons through its biggest questions.

This isn't a one-off consulting brief. It's a standing invitation to keep showing up at the table — to argue, to be argued with, and to help shape the research that feeds directly into TICGL's advisory work and Tanzania's own policy conversations.

Express Interest →

What joining the roundtable involves

  • Sit in on structured discussions covering national economic questions in your area of expertise
  • Stress-test findings before they're published under TERI's name
  • Help set the agenda for a pillar over time, not just answer a single question
  • Bring outside scrutiny that keeps the institute's thinking honest
Affiliated Fellows

External expertise, brought to the table

Academics and practitioners who join specific roundtable sessions, lending outside scrutiny that keeps the institute's thinking honest.

AC

Academic Partners

Economists from Tanzanian universities join agriculture and trade sessions, bringing peer-review rigour to the roundtable.

SP

Sector Practitioners

Practitioners from relevant industries join the roundtable on a session basis, whenever their expertise sharpens a specific question.

DP

Development Partner Economists

Independent researchers and development-partner economists are welcome to propose a session.

Research Secretariat

The team that resources the roundtable

Data analysts and research assistants source data, build models, and draft under fellows' direction — the operational backbone that turns roundtable discussion into publishable research.

Ready to bring your expertise to the table?

Get in touch about joining the roundtable, or commissioning a research question of your own.

Contact TERI →
Work With TERI

Bring a question. Join a seat. Read what we've argued out.

Government agencies, development partners, academics, and private-sector clients all have a way into the roundtable.

Formats

Five ways to engage

Format 01

Research Subscription

Regular access to TERI's sector reports and economic outlook publications as they're released.

Format 02

Bespoke Research

Commission a sector study, macroeconomic brief, or policy paper scoped to your own question.

Format 03

Government Advisory

Policy design support, PPP advisory, and strategic planning input for ministries and agencies.

Format 04

Development Partner Support

Programme design, evaluation frameworks, background papers, and expert facilitation.

Format 05

Join the Roundtable

Academics and sector practitioners can propose a session or apply for an open fellow seat.

Related

Investment & PPP Advisory

Transaction-level advisory sits with TERI's parent organisation — TICGL.

Process

What happens after you reach out

01

Scoping call

We confirm the question, timeline, and format that fits.

02

Roundtable assignment

The relevant lead fellow takes ownership and convenes discussants.

03

Proposal & terms

Scope, timeline, and terms of engagement are confirmed in writing.

04

Delivery

Findings are delivered, presented, and available for follow-up dialogue.

Ready to start the conversation?

Reach the research secretariat directly — most enquiries get a response within two working days.

Contact TERI →
Get in Touch

Talk to the research secretariat.

For subscriptions, commissioned research, fellowship enquiries, or press requests.

Organisation

Tanzania Economic Research Institute (TERI) — a research institute founded by Tanzania Investment and Consultant Group Ltd (TICGL)

Location

Dar es Salaam, Tanzania · East Africa

Email & Phone

teri@ticgl.com (general enquiries)

research@ticgl.com (research & publications)

economist@ticgl.com (TICGL Chief Economist's office)

+255 768 699 002

Business Hours

Monday – Friday, 8:00 AM – 5:00 PM EAT

Parent Organisation

www.ticgl.com

Tell us which of these best describes your enquiry, and we'll route it to the right fellow.

Research subscription — regular access to sector reports
Bespoke research — commissioned sector studies & policy papers
Government advisory — policy design & PPP support
Development partner support — programme & evaluation design
Join the roundtable — fellowship & affiliation enquiries
Press & media enquiries
Email teri@ticgl.com →
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