RBM deputy boss dares economists
Reserve Bank of Malawi (RBM) Deputy Governor (economics) Naomi Ngwira on Friday challenged economists in the country to enhance collaboration in the area of research if Malawi is to realise meaningful economic development.
Ngwira, speaking at Chancellor College in Zomba during the launch of a Memorandum of Understanding (MoU) between RBM and the Department of Economics at the University of Malawi’s Chancellor College, did not mince words and said economists in the country are also to blame for the country’s underdevelopment.
To date, Malawi sits among the world’s poorest countries and a latest ranking by the World Bank estimates that the country has a lowest per capita income in the world at $250.
“Progress has not been significant in the past 25 years I got my PhD. Where is the economy heading to? What has gone wrong? I know most of you will blame politicians, but it goes beyond that and I think we economists as well are also to blame,” said Ngwira.
Ngwira is a former Economics Association of Malawi (Ecama) president and was once a director of Debt and Aid in the Ministry of Finance, Economic Planning and Development.
While urging economists to go into “deep waters” in the area of research, Ngwira invited academicians to interact more with the Treasury and also RBM if the country is to move forward.
“Let’s not be cerebral economists or academic economists,” she challenged.
Commenting on central bank mandate, Ngwira said RBM continues to pursue its duty of ensuring price and financial stability.
She said in recent times, the local media, more especially the print media, has been awash with RBM stories on economic challenges, but said it was not only RBM to blame for some economic woes gripping Malawi.
“In the papers you read that the kwacha is depreciating, inflation rate is too high and so on. But it is not always us to find solution to these problems,” Ngwira said.
Commenting on the MoU, Ngwira said the pact is expected to enhance coordination between the two parties on a number of aspects such as visiting lectureship by RBM staff, periodic refresher courses for RBM staff, joint authorship of papers on topical issues and the establishment of Malawi Journal of Economics (Maje).
Speaking earlier, Chancellor College principal Richard Tambulasi said the MoU will accord staff from RBM an opportunity to deliver lectures on practical aspects of economics to undergraduate and postgraduate students on a visiting lectureship arrangement.
