Increased external debt stock under spotlight

  Malawi’s increasing external debt stock continues to come under the spotlight with fresh figures from the World Bank report showing that external debt has risen to $2.168 billion (about K1.58 trillion) from $1.847 billion (K1.35 trillion) the year before. The International Debt Statistics, which is the World Bank’s compilation of statistics covering external debt…

Escom explores alternative power supply sources

As the country continues to reel from the persistent power shortages, Electricity Supply Corporation of Malawi (Escom) has announced it is exploring alternative power supply sources from neighbouring Mozambique and looking out for more Independent Power Producers (IPPs) to improve the current power supply. Escom chief executive officer Allexon Chiwaya said in an interview with…

Escom paints darker energy picture

Electricity Supply Corporation of Malawi (Escom) has painted a gloomy picture for the country’s power situation, stating that the current power outages are here to stay in the short-term. During a news conference on the status of the country’s electricity generation and supply in Blantyre on Wednesday, Escom chief executive officer Allexon Chiwaya said Malawi…

Oversupply chocks  tobacco market

With just a few weeks before the tobacco marketing season closes, oversupply of the leaf has chocked the auction floors forcing buyers to offer lower prices to clear the crop off the floors, an AHL group commentary indicates. Figures from AHL Group show that the weekly average price fell to $1.69 (K1 233.70) per kilogramme…

Escom sticks to borrowing from banks

  State-owned power utility Electricity Supply Corporation of Malawi (Escom) says it will not abandon its plans to borrow K30 billion from commercial banks to finance its K55 billion deficit despite protests from other quarters, including Parliament’s Budget and Finance Committee. In an interview yesterday, Escom board chairperson Thom Mpinganjira said the overall objective behind…

Two firms to add 86mw by Dec 2019

  Electricity Supply Corporation of Malawi (Escom) yesterday signed three Power Purchase Agreements (PPAs) with two Independent Power Producers (IPPs) that could add an additional 86 megawatts (MW) to the national power grid by December 2019. The IPPs are Canada-based JCM Matswani Solar Limited, which will be producing 60MW and 20MW of solar power in…

MCCCI urges value addition

  Malawi Confederation of Chambers of Commerce and Industry (MCCCI) has called for the need for a deliberate strategy to promote value addition for both traditional and non-traditional crops, describing this as a tool in broadening sources of foreign exchange. MCCCI president Prince Kapondamgaga made the call yesterday during the official opening of the 15th…

‘Agro-industrialisation could

  Malawi’s economy could transform if agro-industrialisation is taken as a natural stage for structural transformation, Africa Institute of Corporate Citizenship (AICC) and Malawi Confederation of Chambers of Commerce and Industry (MCCCI) have said. Speaking ahead of the agro-industrialisation conference scheduled to take place during the 15th National Agriculture Fair, AICC chief executive officer Felix…

Miner completes drill programme

    Dual-listed Mkango Resources Limited, a mining firm exploring rare earths at Songwe Hills in Phalombe, says it has completed its major drill programme at the Songwe Hill Rare Earths Project. The Canada-based company, which has been in the country for eight years now, has drilled approximately 10 891 metres, comprising 91 drill holes…

RBM plays down depreciation fears

  The Reserve Bank of Malawi (RBM) has downplayed fears of a possible depreciation of the kwacha in the face of weak Foreign Direct Investment (FDI) and election-related spending, saying the bank has sound policies to maintain the stability. In an interview yesterday, RBM spokesperson Mbane Ngwira said the central bank has policies to ensure…

Internal auditors told to be proactive

Reserve Bank of Malawi (RBM) Governor Dalitso Kabambe has challenged internal auditors to be on guard because they play a critical role in internal controls and governance issues in both the public and private sectors. The governor said this on Friday in Mangochi during the opening of the 18th Institute of Internal Auditors (IIA) Annual…

CFTC settles unjust trading cases, fines Castel

  The Competition and Fair Trading Commission (CFTC) has resolved cases relating to unfair trading practices, anti-competitive business conducts and mergers and acquisitions and fined Castel Group Malawi Limited  for wrongdoing. A statement signed by CFTC executive director Wezi Malonda said it considered and adjudicated over 35 cases of which 23 were on alleged unfair…

Credit, liquidity risk hit local banks—RBM

  A stress test by the Reserve Bank of Malawi (RBM) on the country’s nine commercial banks has found that they are vulnerable to credit, liquidity, interest rate and income risks. In its latest Financial Stability Report, the central bank said the pre-shock positions for capital and liquidity, though fairly adequate, poses supervisory concern. The…

Malawi-intra Africa trade gap widens

The negative trade gap between Malawi and regional trade blocs such as Common Market for Eastern and Southern Africa (Comesa) and Southern Africa Development Committee (Sadc) continues to widen, with new figures showing a $461 million (about K336 billion) last year. This means that Malawi continues to import more from the Comesa and Sadc countries…

IMF tips Malawi on public  investment management

  The International Monetary Fund (IMF)  says the Malawi Government needs to balance public investment against potential fiscal risks. In its country report for Malawi released on Wednesday, IMF said public investment in Malawi has been volatile compared to neighbouring countries and that the number of public-private partnerships has also been small in recent years.…