Icam banks on 5-year  strategic plan for growth

The Institute of Chartered Accountants in Malawi (Icam), a grouping of professional accountants, has thrown its weight behind its five-year strategic plan, saying it sets the tone for long-term growth. The plan, which was launched on Friday in Blantyre and will run from 2017 to 2021, will ensure that accountancy qualifications, standards of accounting and…

National fibre backbone an economic enabler—Dausi

Minister of Information and Communications Technology Nicholas Dausi has reiterated that the $23 million (K17 billion) National Fibre Backbone Project is an economic enabler that will result in reduced Internet costs. Speaking in Machinga yesterday at the demonstration site where he appreciated works being done by Huawei Technologies, the minister said all sectors of the…

Dutch investors eye Malawi tea market

A seven-member delegation of Dutch investors is in the country to evaluate Malawi tea for export to their market. Malawi is the second largest tea producer in Africa after Kenya and the industry contributes about seven percent to the gross domestic product (GDP). The delegation comprises tea importers, tea shop owners, health consultants and bank representatives,…

Malawi inflation rate down to 16.1%

Malawi inflation has continued its downward spiral with the February rate recorded at 16.1 percent, a 2.1 percentage points drop from 18.2 percent in January as food prices continue to drop. A statement issued by the National Statistical Office (NSO) yesterday shows that the drop in inflation is largely on account of the decrease in…

Mwanza tops in Malata Subsidy execution—Muluzi

  Minister of Lands, Housing and Urban Development Atupele Muluzi has hailed Mwanza District Council for the implementation of Decent and Affordable Housing Scheme Programme (Dahsp) popularly known as Malata and Cement subsidy programme. On Saturday, the minister, accompanied by officials from his ministry and the council, inspected some of the houses built under the…

Legumes production, a solution to forex woes—AHCX

  Malawi could do away with perennial shortages of foreign exchange during the lean period if it intensifies production and export of legumes to the Asian markets, AHL Commodities Exchange (AHCX) officials have said. Malawi’s export base rests on a few commodities, with tobacco—currently under worldwide anti-smoking campaign—bringing in a lion’s share of foreign exchange.…

Taml in product, market diversification

  Tea Association of Malawi (Taml) has joined Tea Association of Canada (TAC) as a full member to enhance its product and market diversification. The move comes in the wake of stagnant and depressed tea intake in its traditional markets and an observed global shift in demand from crush, tear, curl (CTC) teas, which Malawi…

Govt poverty strategy flops

  The second Malawi Growth and Development Strategy (MGDS II) failed to reduce poverty generally and worsened deprivation in urban areas, The Nation has learnt. According to a review report of MGDS II—implemented between 2011 and 2016— headcount poverty remained largely unchanged in a statistically significant way between 2010 and 2013, standing at 40.2 percent…

Economist says not surprised by MGDS II failure

  Ben Kaluwa, economics professor at University of Malawi’s Chancellor College, said yesterday there was no way the country could have achieved the targets set in the MGDS II with the kind of erratic funding that characterised it. Speaking in an interview, Kaluwa noted that financing for nine key priority areas—agriculture and food security, energy,…

MCA’s Phombeya substation construction on track

  The Millennium Challenge Account Malawi (MCA-M), the implementing agency of a five-year $350 million (K255 billion) energy compact, has said construction of Phombeya power substation in Balaka is on track and once completed, it will boost electricity transmission. MCA-M director of infrastructure development Felix Nkhoma said in an interview last week the substation, which…

PTA bank tips firms On agro financing

  Local commercial banks have the potential to partner regional development finance institutions (DFIs) to break the procyclical trend of agricultural financing, an official of PTA Bank has said. Procyclical agriculture financing increases with favourable weather and tightens in the event of disruptions. PTA adviser on structured trade finance and fund management Gerald Nsomba said…

Financial market set for sweeping changes

The Reserve Bank of Malawi (RBM) plans to institute a number of changes in the financial market that will have far-reaching impact in the way business is conducted. The changes, among others—which have been agreed with the Financial Market Dealers Association (Fimda) and Bankers Association of Malawi (BAM)—will bring order and uniformity for calculating prices…

Debt funding key  To growth—banker

  Financial market analyst and banker, Misheck Esau, has called for a shift to debt funding as an alternative to the traditional bank or money market funding to stimulate economic growth and infrastructure development. Esau, who is chief executive officer of CDH Investment Bank (CDHIB), said on Saturday there is need to change the status…

VP talks on diverse financing sources

  Vice-President Saulos Chilima has said despite a number of positive innovations in the financial infrastructure, the financial sector is yet to meet the growing needs for more diverse sources of finance. Speaking at the opening of the Financial Market Dealers Association (Fimda) 2016 Annual Lakeshore Conference in Mangochi on Saturday, the Vice-President observed that…

ICAM meet discusses  Evils of corruption

  Corruption in Malawi is fast eroding the fabric of the country’s development while at the same time undermining and perpetuating poverty and unemployment levels. This was the general view of panellists during a discusion—titled State of Governance and Accountability in the Public Sector, Financial Services Sector and Sustainable Development Considerations Thereto—during the 2016 Institute…