Dar es Salaam. The new Bank of Tanzania (BoT) Governor Prof Florens Luoga has officially assumed the position, today Monday 8, promising work steadfastly to address challenges in banking sector. Prof Luoga, who was teaching law at the University of Dar es Salaam prior to his appointment as BoT governor by President John Magufuli last year, said he was humbled by the grand reception he received from the BoT staff. “We are not here to fail in fulfilling our duties, because if we fail, the country fails too. Failure will not be tolerated,” he stressed. Prof Luoga said his first act as new governor would be to meet with various central bank stakeholders within and outside the country.  “I must immediately start meeting with BoT important stakeholders, we cannot isolate ourselves from them and refuse to collaborate with the likes of IMF, World Bank,” he said. He said that he has already met with the minister for Finance and Planning Dr Philip Mpango to enhance collaboration between the bank and the ministry.  “We are independent but we must find ways of working closely with the whole government machinery,” said Prof Luoga. He further told BoT staff to expect change, which comes with change of leadership.  “Some things need to change… slowly,” he said.