Parliament yesterday passed the Economics Society of Malawi (Esoma) Bill to establish a legal framework for regulating economists and the economics profession in the country.
The Bill strengthens oversight of the profession after noting that the Economics Association of Malawi (Ecama) lacks the legal mandate to register and discipline economists.
Part of the Bill reads: “Being a mere association of professionals, it generally lacked the legal mandate to register and discipline economists in Malawi. As a result, the profession remained largely unregulated.
“This Bill, therefore, intends to address that gap by establishing an independent, self-governing and self-regulating body that will be responsible for the registration, regulation and discipline of professional economists in Malawi, just as is the case with other professions.”
Minister of Finance, Economic Planning and Decentralisation Joseph Mwanamvekha said economists play a critical role in shaping economic policies for both the public and private sectors, but unlike members of other professions, they have operated without a regulatory body.
“We hear people on social media commenting on issues as economists when they do not have expertise in economics. This law will give recognition to qualified economists,” he said.
Malawi Congress Party (MCP) spokesperson on economic affairs in Parliament Peter Dimba welcomed the legislation, but stressed the need to ensure it is inclusive to accommodate students and economists practising in remote areas.
But Budget and Finance Committee chairperson Sosten Gwengwe said the legislation was developed following extensive consultations with Ecama and is broad enough to accommodate students and professionals with applied economics backgrounds.
