It was a historic year

2008-12-28 11:57:10
By Richard Mgamba and Rodgers Luhwago

Most Tanzanians may not have had much cause to smile during the year 2008, due to the tough economic situation, but they were gladdened by dramatic, historically significant events, topping the list being the government`s earnest move to probe and prosecute perpetrators of grand corruption.

Looking at the laundry list of the events spanning the past 12 months - the dramatic resignation of prime minister Edward Lowassa, the four-day historic visit by the world`s most powerful leader, US President George W. Bush, the resignation of three senior cabinet ministers, the EPA scam and the arrest and prosecutions of top individuals - the year under review was truly historic, and will remainfor a long time in the minds of the Tanzanians and even external observers.

Economically it was a tough year because of the dramatic surge of fuel prices at the global market reaching a record high of $146 per barrel, while food production plummeted extremely, posing a threat to millions of people, especially in the Third World.

At the global level, there was an ill-omened frailty about the economic trend following the financial turmoil that emerged suddenly during the last quarter of 2008.

In mid-September, the financial system came close to collapse. The failure of Lehman Brothers, the 158-year-old Wall Street investment bank, triggered panic in markets.