RBM changes approach on financial literacy

The Reserve Bank of Malawi (RBM) has changed its approach of reaching out to people with financial literacy information as previous campaigns failed to achieve desired results, according to central bank’s spokesperson Mbane Ngwira. Over the years, the central bank has been dedicating a week for disseminating information on financial literacy under the banner Financial…

Govt to get tough on road contractors—Nankhumwa

Minister of Local Government and Rural Development Kondwani Nankhumwa says he is satisfied with progress on the Biwi, Chipasula-Area 23 and the NCICArea 24 Road in Lilongwe, but warned construction companies against substandard work in projects funded by taxpayers’ money. The minister was speaking after touring some projects government is undertaking in Lilongwe on Friday.…

Ngwenya urges private sector budget utilisation

  NBS Bank chief executive officer Kwanele Ngwenya has urged the private sector to utilise opportunities that are in the K1.29 trillion National Budget that was presented in Parliament last Friday by Minister of Finance, Economic Planning and Development Goodall Gondwe. Speaking during the opening of the national budget analysis breakfast sponsored by NBS Bank…

Lawyers cite corruption  as budget hurdle

  Malawi Law Society (MLS) says failure to tame corruption and fraud remains the major hurdle towards the successful implementation of the proposed 2017/18 National Budget. MLS made the statement in Lilongwe yesterday during a National Budget Analysis Breakfast sponsored by NBS Bank where stakeholders analysed the proposed budget Minister of Finance, Economic Planning and…

Icam protests 16.5% VAT on water

  The Institute of Chartered Accountants in Malawi (Icam) yesterday protested the continued taxing of water through value-added tax (VAT) calculated at 16.5 percent and accused government of ignoring its proposal to scrap it off. In his contribution during a panel discussion at an NBS Bank-sponsored National Budget Analysis Breakfast in Lilongwe, Icam Taxation Committee…

ECAMA outlines budget implementation challenges

  The Economics Association of Malawi (Ecama) says implementation of the K1.29 trillion National Budget Minister of Finance, Economic Planning and Development Goodall Gondwe unveiled in Parliament last Friday will be a challenge as there is no medium-term strategy to guide it. Ecama president Henry Kachaje said this yesterday in Lilongwe on the sidelines of…

Mitc courts businesses on export markets

The Malawi Investment and Trade Centre (Mitc) says it planss to hold seminars with the business community to unveil export markets for local products. According to Mitc public relations manager Deliby Chimbalu, the seminars will take place in Blantyre, Lilongwe and Mzuzu. “Recently, Mitc has been facilitating small and medium enterprises [SMEs] meetings on international…

Economic slowdown  affects coach operators

International coach operators plying between South Africa and Malawi have said they are having difficulties to operate due to, among other reasons, poor patronage. According to Business News spot checks some coaches are taking in as less as 20 passengers on the Lilongwe-Johannesburg route. Two luxury coach managers and an officer we spoke to in…

Malawi oil attracts More investors

  There is growing interest in the exploration of oil in Malawi with several companies on the waiting list following the awarding of contracts to Surestream, Sac oil, Rak Gas and Pacific Oil, Business News has established. Surestream and Sac Oil were awarded licences during the first run of applications in 2011 while Rak Gas…

Businesses to benefit from K30bn Marep 8

Ministry of Energy, Natural Resources and Mining has doubled funding and numbers of trading centres set to benefit from the Malawi Rural Electrification Programme (Marep) Phase 8, which has since been launched. The funds to implement Marep, which seeks to increase access to electricity to rural and peri-urban communities to transform economies and reduce poverty,…

Msaka cautions Mera

  Minister of Natural Resources Energy and Mining has urged the Malawi Energy Regulatory Authority (Mera) to be proactive and voice out its concerns when any player in the sector is performing below expectations. In an interview with Business News on Tuesday, Msaka said Mera’s silence whenever other players are under performing remains a puzzle.…