Comparative analysis of accounting information discrepancies in Tanzania across time periods

Republic of Tanzania

Tanzania is officially called the United Republic of Tanzania and was formed when Tanganyika and Zanzibar were combined in 1964. This country is situated towards East Africa (Tanzania, 2007). On its borders are situated Kenya and Uganda towards the north, Rwanda, Democratic Republic of the Congo and Burundi towards the west. Towards the east side are situated Zambia, Mozambique and Malawi. On the east side of the country, Indian Ocean is located. United Republic of Tanzania has been divided into thirty further regions. Five of these regions are located on the semi-autonomous islands of Zanzibar; meanwhile twenty five of these regions are situated on the main land in the area that is part of the previous Tanganyika (Central Intelligence Agency, 2009).

In this paper we shall look at the two different areas of study of the United Republic of Tanzania. The chosen areas of study are economy and culture of Tanzania. We shall how these two things have developed and evolved over time since Tanzania came into being.

Economy

Primarily, the economy of Tanzania is based on agriculture and thus accounts for about over half of the GDP generated. This also provides about 75% of the exported items and about 75% of the labor is employed in this field. However, only 4% of the total land area in the country is used for crop cultivation. This is due to the climate and topography being a limitation in cultivation. The country is also blessed with a good reserve of natural resources that include natural gas, minerals and tourism.

In 2000s, the extraction of natural gas was started. After getting drawn to Dar Es Salaam, the commercial capital, this gas is then exported internationally. This country is also rich in reserves of uranium, diamonds, gold, coal, chrome, iron, tin, niobium and nickel, to name a few. In 2012, it was announced that a volcano has collapsed about 200 km towards the north of Mount Ngualla. This area was rich in earth's oxide deposits (Peak Resources, 2012).

According to statistics, United Republic of Tanzania is labeled as the third largest manufacturer of gold in Africa, first and second being South Africa and Ghana. Apart from its gold production, the country is also famous for Tanzanite, which is a form of an expensive gemstone that can only be found in Tanzania. In the late 90s, the minerals sector started to progress and it made significant discoveries that were made public. The economy of this country is yet only confined to agriculture.

Economic expansion from the years 1991 to 1999 was based on industrial production that resulted in significant increase in the production of minerals, especially gold. Natural gas was also produced from the Songo Island that is situated in the India Ocean (Songo Gas-Electricity Project, 2010).

When we talk about the recent developments in the public sector and the banking reforms, we find out that Tanzania was devised innovative legislative frameworks that have facilitated the growth of the private sector investment. Moreover, the short-term economic expansion is also dependent upon reducing corruption. Tourism and child labor are also some of the main features of the economy of United Republic of Tanzania.

Culture

It is reported that music of Tanzania has been derived from the traditional music of Africa. There is a wide variety in the music of Tanzania and is based on string-based taarab and hip hop called bongo flava. The most popular singers of Tanzania are Abbasi mzee, who is a taarab singer and Shakila, who is a part of the Black Star Musical Group. The singers who are known internationally and belong to Tanzania include Bi Kidude, Tatu Nane and Hukwe Zawose. The unique part of Tanzania's culture is its own African rumba music that is called "muziki wa dansi" in the local language.

A cultural dish called Ugali is also a distinctive feature of Tanzania and of some other regions of Eastern Africa. It is made up of corn and resembles to porridge in consistency. Therefore, another name of this dish is also known to be corn meal porridge.

Tanzania also has a very vibrant culture when it comes to literature. The country is full of talented writers. The list of famous writers of Tanzania include the names of Gidfret Mwakikagile, Abdulrazak Gurnah, Mohamed Said, Prof. Clement Ndulute, Prof. Julius Nyang'oro, Prof. Joseph Mbele and Prof. Frank Chiteji, to name a few. Prof. Issa Shivji, Juma Volter Mwapachu, Prof. Penina Mlama, Jenerali Twaha Ulimwengu, Mwalimu Julius Kambarage Nyerere, Dr. Malima M.p Bundala, Adam Shafi and Shaaban Robert are also great contributors of Tanzanian Literature.