Non-performing loans up 69% in 2016

Non-performing loans in the banking sector increased by 69.9 percent in 2016, the Reserve Bank of Malawi (RBM) has shown in their 2016 Financial Institution Annual report. According to the report, non-performing loans (NPL’s) were recorded at K74.4 billion in the year under review, up from K43.8 billion in the previous year. Consequently, the ratio…

Procurement law to boost SMEs, says group

  The Confederation of Business Associations in Malawi (Cbam) hopes for increased business from government ministries, departments and agencies (MDAs) following the assent by President Peter Mutharika of amended Public Procurement and Disposal of Public Assets Act. The insertion of Clause 44 sub-section 10 of the Act, which was proposed by Karonga Central legislator Frank…

EIU forecasts reduced trade deficit in 2017

  Malawi’s trade deficit is expected to shrink in 2017 after widening to an estimated 17.6 percent of the gross domestic product (GDP) in 2016, The Economist Intelligence Unit (EIU) has forecasted in their third quarter report for Malawi. This, according to EIU, reflects a rebound in tobacco exports, as harvesting patterns normalise, and a…

MEJN urges enhanced human capital development

The Malawi Economic Justice Network (Mejn) has emphasised the need for serious investments in health and education for the country to register positive trajectory in growth. In an interview with Business News on Wednesday, Mejn executive director Dalitso Kubalasa said human capital remains a critical factor in production but rational use of the same enhances…

Equip industry for CFTA, MCCCI

  As Africa is set to kick start the Continental Free Trade Area (CFTA) next year, the Malawi Confederation of Chambers of Commerce and Industry (MCCCI) says there is need for businesses to be fully equipped in preparation of the area. The African Union (AU) Commission trade division announced last week that the final paper…

Govt, SA firm collaborate to promote mining

The collaboration between the Ministry of Natural Resources, Energy and Mining and South African State-owned  Sac-Oil Company is expected to promote capacity building in the Gas and Oil sector in Malawi. The contribution of mining and quarrying activities to the country’s gross domestic product has averaged 0.9 percent since 2010 and the sector is expected…

2017 investment forum fails

  Minister of Industry, Trade and Tourism Henry Mussa says the country will not hold the third Malawi Investment Forum (MIF) this year to pave the way for an assessment and review of outstanding issues from previous forums. Briefing journalists in Lilongwe Monday on his trip to the United Kingdom (UK) where he held different…

Internet is an interface for business says CIM

  Chartered Institute of Marketers (CIM) Malawi president Michael Khomani has described the Internet as an important tool for economic development in the modern world. The CIM Malawi president made the remarks on Friday in Mangochi on the sidelines of the 2017 Marketers Lakeshore Conference held under the theme Internet of Things: Big Data Maximisation.…

China eyes more  Trade with malawi

  Chinese Ambassador Shi Ting Wang has said Malawi could tap more into the Chinese market if it develops a robust manufacturing sector. The Ambassador made the remarks in Lilongwe on Thursday at the opening of a two-day International Seminar on China-Africa Cooperation and Africa’s Development co-hosted by the Chinese Embassy in Malawi and the…

Farmers to embrace biotechnology

Farmers in Lombwe Village in Traditional Authority (T/A) M’bang’ombe, Lilongwe, have said they are ready and willing to embrace bio-technology to increase their agricultural production. Farmers who are practising irrigation with help from the Africa Windmill Project told the parliamentary women’s caucus and officials from the National Commission for Science and Technology (NCST) on Thursday…

Remove structural hurdles  to growth, says MCCCI

The Malawi Confederation of Chambers of Commerce and Industry (MCCCI) has asked government to remove structural impediments to the growth of the manufacturing sector to promote inclusive economic growth. MCCCI chief executive officer Chancellor Kaferapanjira said this last week in Lilongwe in response the International Monetary Fund (IMF) analysis that the just-ended Extended Credit Facility…

Tourism expo a success, says official

  The Department of Tourism in the Ministry of Industry, Trade and Tourism has described the inaugural Malawi International Tourism Expo (Mite) held last week in Lilongwe as a success and a milestone in improving the sector. Speaking on the last day of the three-day expo, the ministry’s chief director Elsie Tembo said the event…

Govt upbeat farmers will gain from low inflation

Minister of Finance, Economic Planning and Development Goodall Gondwe has described inflation as more of an enemy for the rural masses following mixed reactions from different stakeholders who have argued that it is being attained at the expense of rural farmers. The minister was speaking on Monday on the sidelines of a stakeholder’s conference on…

CPI basket set for revision

  Malawi consumer price index (CPI) basket is set for revision following the results of the fourth Integrated Household Survey (IHS), the National Statistics Office (NSO) has said. Speaking on the sidelines of a stakeholder conference on the Extended Credit Facility (ECF) in Lilongwe on Monday, NSO commissioner for statistics Mercy Kanyuka said inflation rate…

Tourism Expo starts today

The first ever Malawi Tourism Expo, dubbed “Takulandirani” has started with excitement as players in the tourism industry have shown hope for a broadened market base for their products. The three day Expo, which started today at the Bingu International Convention Centre (BICC), aims at promoting Malawi as a tourist destination for both local and…

RBM moves to flush out counterfeit money

  The Reserve Bank of Malawi (RBM) has engaged an extra gear to mop out fake currency circulating in the economy through the Counterfeit Currency Management Policy. The central bank has since signed a memorandum of understanding (MoU) with the Malawi Police Service, the Bankers Association of Malawi (BAM) and microfinance institutions to collaborate in…