People living around Kagera are hyped that the government stepped in to save TANICA, the public coffee processing company that was basically broke. A local guy named Edson Tinkaligaire said everyone was relieved to hear officials are working to get operations running again after the place became totally cash-strapped.
Former Deputy Minister Exaud Kigahe told Parliament that the Treasury Registrar did a study and figured out the company needs 5 billion shillings instead of the 8 billion they originally asked for. Shareholders got told to hit up the Tanzania Agricultural Development Bank for the cash injection since the factory is dealing with busted machinery, old tech, and stacked-up debts.
TANICA started back in 1963 and became the oldest instant coffee factory in East and Central Africa, but things went sideways under recent management. Authorities dissolved the board a few years back and arrested four senior officials for corruption after the company kept losing money and ignoring government orders.
Former Deputy Minister Exaud Kigahe told Parliament that the Treasury Registrar did a study and figured out the company needs 5 billion shillings instead of the 8 billion they originally asked for. Shareholders got told to hit up the Tanzania Agricultural Development Bank for the cash injection since the factory is dealing with busted machinery, old tech, and stacked-up debts.
TANICA started back in 1963 and became the oldest instant coffee factory in East and Central Africa, but things went sideways under recent management. Authorities dissolved the board a few years back and arrested four senior officials for corruption after the company kept losing money and ignoring government orders.
