Firm invests K50bn, set to list on MSE

  Newly-formed property development and management firm, Icon Properties Limited, says it has invested over K50 billion and plans to list on the Malawi Stock Exchange (MSE) before the year ends. The firm, which was born after restructuring property companies in the MSE-listed Nico Holdings group portfolio as well as through a collaborative process with…

Reduced bad loans offer hope to firms

  The National Working Group on Trade Policy says it is banking on reduced levels of non-performing loans (NPLs) or bad loans for softer default risk premiums. The group’s chairperson Frederick Changaya said in an interview yesterday that with high NPLs, companies are paying high default risk premiums—the difference between a debt instrument’s interest rate…

Minister hails Illovo’s  role in the economy

Minister of Industry, Trade and Tourism Francis Kasaila on Friday commended Illovo Sugar (Malawi) plc for the role it plays in improving efficiencies and cost effectiveness critical for the country’s economic growth. Speaking on the sidelines of the company’s Managers in Training (MIT) Conference in Blantyre, the minister said government is keen to see the…

Investment in energy critical—engineers

  Energy experts have called for serious investment in  energy and infrastructure, if the country is to register significant growth in the sectors in the short to medium- term. Speaking on the sidelines of the 2018 Malawi Polytechnic Engineering Symposium in Blantyre on Friday, dean of engineering at the institution, Gregory Gamula, said the country…

Goodall wants Malawi out of LCDS by 2020

The Minister of Finance, Economic Planning and Development Goodall Gondwe says he wants to see Malawi out of the list of the Least Developed Countries (LCDs) by 2020 on account of continued economic growth. Speaking in an interview on the sidelines of Reserve Bank of Malawi (RBM) Monetary Policy Conference in Mangochi on Tuesday, Gondwe…

Bam speak on savings rate

The Bankers Association of Malawi (BAM) says Malawi is yet to each to the levels where it could have desired savings rate as the country is yet to embrace production. In an interview with Business News on Tuesday, BAM president Paul Guta said it is a producing economy that sees progressive saving rates unlike nations…

RBM keeping an eye on inflation

Reserve Bank of Malawi (RBM) Governor Dalisto Kabambe has said any decision to be taken regarding the monetary policy stance will be aimed at managing the risk and containing inflation. Kabambe, who is also Monetary Policy Committee (MPC) chairperson, told Business News on Tuesday that the monetary authorities have been paying attention to fuel price…

Fiscal deficit set to worsen

  Minister of Finance, Economic Planning and Development Goodall Gondwe says the 2018/19 financial year deficit could worsen if the World Bank fails to commit its financial pledge. Speaking on the sidelines of the Reserve Bank of Malawi (RBM) Monetary Policy Conference in Mangochi on Tuesday, the minister said the Bretton Wood institution had earlier…

Treasury, RBM upbeat on interest rate cut

  Minister of Finance, Economic Planning and Development Goodall Gondwe has decried high interest rates which he said have denied the country investment opportunities to spur economic growth. Speaking yesterday in Mangochi when he opened the Monetary Policy Conference convened by the Reserve Bank of Malawi (RBM), the minister said he was positive that interest…

ILO, tobacco growers ties under pressure

Tobacco growers have expressed displeasure with mounting pressure on the International Labour Organisation (ILO)—a United Nations agency—to end its financial relationship with the local tobacco industry. In an interview on Friday, Tobacco Association of Malawi (Tama) chief executive officer Felix Thole said the growers’ representative body feels the calls are unfair aimed to sideline growers…

Information gap chocking MSE—firm

Investment and portfolio management firm Alliance Capital Limited (ACL) has said lack of knowledge about the existence of the Malawi Stock Exchange (MSE) has rendered the local bourse stagnant over the years. In its market review commentary for week ending October 26 2018, ACL observes that investment in the capital market has largely been the…

MCCCI fears rising prices

  Malawi Confederation of Chambers of Commerce and Industry (MCCCI) says economic gains made during the year are being threatened by rising prices which could slow down growth. In its Third Quarter (July-September) Economic Review, MCCCI observes that although the Reserve Bank of Malawi (RBM) maintains that risks to inflation have already been accounted for…

‘Malawi achieved less on business reforms’

  The World Bank says despite Malawi improving its score on ease of doing business, its overall position on the Doing Business Index slumped because some other countries achieved more on reforms. The bank’s country manager Greg Toulmin said in a press statement yesterday that the country’s overall improvement in business regulations and credit ranking…

Malawi on the verge of joining power pool

  Escom says the commissioning of Phombeya Power Sub-station in Balaka under the five-year $350 million (about K257 billion) Millennium Challenge Corporation (MCC) energy compact advances Malawi’s hopes of joining the Southern Africa Power Pool (Sapp). The Phombeya Sub-station, which was officially handed over to Electricity Supply Corporation of Malawi (Escom) on Tuesday, has seen…

Malawi slips on business index

  Malawi has failed to sustain gains made last year on improving the business environment, slipping by one place on the World Bank Doing Business Index published yesterday. The country has moved to position 111 from 110 out of 190 economies with an overall score of 59.59 on the distance to frontier yardstick. Last year,…

Firm sees RBM hiking policy rate in December

  Alliance Capital Limied (ACL), an investment and portfolio management firm, says the continued spike in inflation rate and the slight kwacha depreciation could prompt the Reserve Bank of Malawi (RBM) to raise the policy rate, or bank rate. But RBM spokesperson Mbane Ngwira yesterday said there is no risk taken into account, observing that…

RBM banks on stable kwacha

The Reserve Bank of Malawi (RBM) has said it is banking on the sufficiency of the reserves and tight liquidity in the foreign exchange market for the stability of the exchange rate in the short-run. Recently published RBM figures indicate that the kwacha marginally lost value against most of its trading counterparts during the period…

Unctad speaks on export diversification

The United Nations Conference on Trade and Development (Unctad) says Malawi, alongside other developing African countries, continues to have lower level of export diversification, relying on a few commodities for export. In a recently published report on Export Diversification and Employment, Unctad observes that African countries have consistently performed worst on export diversification while at…