Author: Dr. Bravious Felix Kahyoza (PhD), FMVA, CP3, Co-Author: Dr. Jasinta Msamula Kahyoza (PhD), FMVA, CP3
TICGL’s Economic Research Centre has published a discussion paper authored by Dr. Bravious Felix Kahyoza (PhD, FMVA, CP3) and Dr. Jasinta Msamula Kahyoza (PhD, FMVA, CP3). Both are accomplished economists and certified professionals in Financial Modeling & Valuation (FMVA) and Public-Private Partnership Management (CP3). Their paper explores how financial modelling enhances investment decision-making and performance among Tanzania’s SMEs, reflecting their commitment to advancing evidence-based economic growth and sustainable investment practices.
The study reveals that while the adoption of financial modelling remains moderate (mean index 2.69/5), its impact on decision quality and enterprise growth is significant. Using data from 200 SMEs in Dar es Salaam and Arusha, the research found that firms applying modelling tools such as discounted cash flow (DCF) and net present value (NPV) analyses achieve better investment outcomes and higher sales growth.
Key findings include:
The paper calls for policy integration of financial modelling training in SME support programs, digital tool subsidies, and PPP-led innovation hubs to accelerate the contribution of SMEs to 45% of Tanzania’s GDP by 2030—in line with the Third National Five-Year Development Plan (FYDP III).
This research provides actionable insights for policymakers, investors, and SME leaders working to strengthen Tanzania’s private-sector-led growth.
TICGL Research Discussion Paper Highlights
Download and read the full paper:
“The Impact of Financial Modelling on Investment Decision-Making and Performance in Tanzanian SMEs”
Published by TICGL | Economic Research Centre