Opportunities amid economic crisis

There are so many opportunities for growth in Malawi. Unfortunately, many people are not well informed about different ways of earning more from a practical stand point of view. They rely on wages and salaries. However, wages do not always keep up with the inflation and cost of living.

Malawians are failing to pin point the gaps and entry points that will enable them to divert from chasing after plain currency (paper) and start chasing trading value. When we talk about plain currency, we mean the  it is the currency that suffers, not the value. This is why every employee is stuck on the same pay while valued employees are in demand. For example, key commodities like fuel, sugar and water raise prices to match the standards set on the owner’s value return.

It has been a hard couple of years for business owners in Malawi. First, the 25 percent devaluation hit hard to the point where foreign companies are threatening to shut down and people are complaining instead of planning and innovating to conquer the markets. It is quite clear as we are severely blind to the opportunities that are currently in our midst. There is a huge possibility of another 25 percent devaluation that will cripple the supply of foreign products and empower the local producers. I consider this a huge blessing for Malawi. Major service providers are already making adjustments in preparation for this possible devaluation. Imagine if fellow youths had access to such forecast and had such adjustment strategies in place, just imagine the amount of growth in general trade, value and economic development.

It is no secret at this point that even a five percent devaluation can leave this country in a serious economic crisis. But for those that are willing to look a little deeper, there are opportunities that could be tapped from. We are willing to step out of the political arenas that no longer serve the country. For example, agriculture has long been the backbone of this country’s economy. Yet for even longer, we have relied on cheap imports to feed our people. Rather than using our own resources to produce food locally and commercialise the basic domestic farmers through capacity building and locally sourced start-up grants to empower innovative farming. Focusing on this approach will increase the demand for locally sourced products, thereby fostering the next generation of conscious millionaires.

Here are three key opportunities that are ahead of us. First is food production which is one of the fastest growing industries in the country, with top notch brands that are yet to be recognised in our markets. Second, the knowledge industry which is booming up, the realisation that the general education system is not supporting the average citizen, but technical and practical skills are becoming a key component and an entry point to start trading for value. Third, branding and digital services are now being recognised as valuable services that every entrepreneur is fighting for visibility, recognition and sales. For these opportunities to benefit all parties involved (business owners, entrepreneurs and the government), there is need to develop a flexible landscape for young people by developing and implementing programmes that will have a balance of the elements of human rights, development strategies, intellectual property rights, value and security with an emphasis on value return and circulation of business regulations, requirements and expectations from bodies like Malawi Revenue Authority, Ministry of Trade and Industry, procurement, banks and councils. 

Here is one way the country can take advantage of this potential devaluation ahead of us: Flooding the markets by diluting the entire market value, automatically trading on plain currency which means cheap and affordable products and services for everyone. Market and consumer regulatory bodies must create platforms that will empower business stakeholders regardless of registration with a trading landscape and trading platforms by providing visibility to attract opportunities like international trade, exports and more business registrations. This will also provoke prompt validations from governing bodies such as Malawi Bureau of Standards due to the pressure from aspiring business persons and will subconsciously build a voluntary enforcement of the Buy Malawi policies.

I hope this analysis gives you a picture of the opportunities that lie in our midst and ahead of us if we choose the right approaches. I stand to believe that we are not a poor nation because we have everything at our disposal. What is poor, however, is our mentality that has governed a failing system that has now become too overwhelming for anyone to bear. However, with the right approach, I dare to say there is still hope for Malawi’s economy and the youth.