The Society of Accountants in Malawi (Socam) has bemoaned the country’s continued dependence on donors 50 years after attaining independence.
In the 2013/14 budget, donor partners are contributing about 40 percent of the K638.1 billion resource envelope.
The professional accountants body, at its annual dinner and dance on Friday in Blantyre, said the nation should reflect on its plight to get out of this situation.
Socam president William Matambo said Malawi’s neighbour, Zambia, has moved to a middle income country which, he said, confirms that with good and sound economic policies, it is doable to move out of the poverty trap.
During the dinner where guest of honour was the International Monetary Fund (IMF) country representative Ruby Randall, Matambo said Socam has continued to engage decision makers in a number of fora with a view to contribute towards the economic roadmap of the country.
Said Matambo: “Our view as Socam has always been that emancipation of the average Malawian will only come through a sustained programme of reforms that will take the country out of its current ranking of least developed.”
The Socam president said the occassion, themed, ‘Beyond Economic Recovery: Graduating from Development Assistance’, provides an opportunity to take a collective reality check on what is going on and take time to discuss and reflect on a topic of national importance.
“Through this gathering, we acknowledge that much as we may be serving in different sectors of the economy, we are unavoidably glued together by the threads of the economy.
“When the economy is progressing very well, we all rejoice and we share in the many opportunities the sound economy makes available. On the other hand, when some seemingly insurmountable challenges put spanners in the wheels of our economic progress, we all share the pain,” said Matambo.
He disclosed that this was the last dinner and dance to be held under the banner of Socam, explaining that Parliament passed the Public Accountants and Auditors Bill, which means the successor body to take over Socam and activities of Public Accountants Examination Council (Paec), will be the Institute of Chartered Accountants in Malawi (Icam).
Randall made a presentation titled, ‘Malawi, beyond economic recovery’ in which she highlighted tips Malawi could pursue and the role the private sector can play to get the country out of the poverty trap.
Socam, a professional body of accountants in the country, was established in 1969 to secure for the country a group of highly qualified professional persons capable of discharging their duties for the benefit of the business, government and the nation at large.
