By Guardian Reporter , The Guardian
BANK of Tanzania Governor Emmanuel Tutuba has been ranked among the world’s...
top-performing monetary policymakers, receiving an “A-” ranking in the 2026 central banker report cards summation published by Global Finance magazine on Tuesday.Joseph Giarraputo, the magazine’s founder and editorial director, relayed this citation in a cover presentation ahead of the publication’s full report next month. He said that central bank governors were operating in an increasingly difficult environment, marked by persistent inflationary pressures, uncertain economic growth and rapidly changing financial markets.
The BoT governor’s rating places him alongside Central Bank of Kenya Governor Kamau Thugge, who also secured an “A-” grade, as Tanzania, Kenya and South Africa are the only African countries whose central bank governors earned ratings between “A+” and “A-” in this year’s assessment.
The latest ranking also marks a change for Uganda, whose central bank governor, Michael Atingi-Ego, was among the top-rated policymakers in 2025 but did not feature on the “A” list in the 2026 assessment.
Published annually since 1994, the Global Finance report assess central bank governors in nearly 100 countries, territories and regional institutions, including the European Union and the Bank of Central African States.
The governors are graded on a scale ranging from “A+” to “F”, based on their performance in key areas including inflation control, economic growth, currency stability, interest-rate management and political independence.
He said policymakers who earned “A” grades had demonstrated the discipline, independence and sound judgment required to preserve economic stability while steering their economies through an unpredictable global environment.
Only two central bank governors worldwide received the highest “A+” grade this year—Christian Kettel Thomsen of Denmark and Julio Velarde Flores of Peru.
They were followed by governors from Chile, Costa Rica, Guatemala, India, Jamaica, Paraguay, Singapore and South Africa, who all received an “A” grade.
Tutuba’s strong performance comes after more than three years at the helm of the Bank of Tanzania, having assumed office in January 2023, succeeding Prof Florens Luoga.
He took charge at a time when the Tanzanian economy was facing heightened inflationary pressures, with annual inflation reaching a five-year high of 4.9 per cent late 2022 and early 2023. Inflation in food and non-alcoholic beverages rose even further, reaching 9.5 per cent.
Rather than pursuing aggressive interest-rate increases similar to those routinely adopted by traditional monetary police in Europe and elsewhere, the Bank of Tanzania maintained a measured approach, allowing food prices to normalise while implementing targeted measures to stabilise the currency.
The central bank also undertook major changes to its monetary policy operations under his leadership, as in January 2024, the BoT shifted to an interest-rate-based monetary policy framework.
The change abandoned longstanding reliance on monetary aggregates such as money in deposit and in circulation, to align its approach more closely with more recent regional and international practices, especially quantitative easing.
International recognition comes as Tanzania records positive economic prospects.
A market analysis published by Fitch Solutions in August forecasts the Tanzanian economy expanding by 5.8 to 6.3 per cent this year, supported by sustained public investment, mining sector expansion and strong tourism performance, even as elevated energy prices remain a potential external risk to the economy.
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