Watchdogs are as good as those who man them

A January 8 change of governors seems to be a good thing. But, clearly, that is not enough. Hence the ongoing plans to form a Financial Supervisory Authority along the lines of Sweden’s Finansinspektionen.

Its tasks include authorising, supervising and monitoring all companies operating in Swedish financial markets, as well as Swedish ones operating outside Sweden!

Established in 1991 as a single integrated regulator, Finansinspektionen today supervises about 3,900 firms.

These include banks and other credit institutions, securities and fund management companies, stock exchanges, specialised marketplaces, clearing houses, insurance companies, brokers and mutual benefit societies.

Tanzania could do no better than take a leaf out of Sweden’s book. But, that’s only half the lesson.

The other half is that regulatory organs anywhere can only be as strong and effective as the men and women who run them.

Unless and until Tanzania comes up with persons of unquestioned probity and commitment for its public service, a zillion BoTs and supervisory authorities will never make an iota of a difference!

Karl Lyimo is a freelance journalist based in Dar. E-mail: israellyimo@yahoo.com