The Arusha Declaration was passed by TANU in January, 1967. It explained the meaning of Socialism and Self-Reliance, and their relevance to Tanzania. At the same time TANU adopted the Arusha Resolution, and instructed the Government and other public institutions of mainland Tanzania to implement policies which would make Tanzania into a Socialist and Self-Reliant nation.
Action began within twenty-four hours of the publication of the Declaration and Resolution. On 6th February, 1967, ail private Commercial Banks were nationalised; on each of the succeeding four days further steps were taken to bring the economy of the country into the ownership and control of the people.