Chuka unhappy with looters ‘derailing Malawi economy’: Reserve Bank governor feels Malawi govt ‘full of thieves’

Reserve Bank of Malawi (RBM) Governor Charles Chuka in now ready to be a loose cannon and expose the Peter Mutharika administration on wrongful enrighment that members of his administration are doing impacting negatively in the fluctuation of the kwacha against major international currencies.

Chuka: Thieves in Mutharika government affecting economy

Chuka: Thieves in Mutharika government affecting economy

Chuka is reportedly unhappy with some of the underhand dealings within the government and in private has expressed dismay, with Nyasa Times sourcing an email he sent to a political leader expressing disgust with Mutharika regime.

He also regret the introduction of the new K2,000 bank note  which has been necessitated due to the depreciation of the kwacha and inflation.

The kwacha is currently trading around K730 to the dollar while inflation hovers around 22 percent.

Chuka strongly believes Mutharika is running a government of “thieves” and that the central bank is being manipulated by political leaders.

He was however fingured to have close ties with former president Joyce Banda and that the Cashgate corruption scandal was facilitated with help of RBM in full knowledge of Chuka.

Chuka recently told Parliamentary Committee on International Relations  that  the high inflation and high interest rates prevailing in the country are not a result of lack of knowledge among technocrats including those at the Central Bank but are fruits of political choices.

According to Chuka, RBM is only responsible for the management of inflation and interest rates but the power to ensure that the two rates are low rests in the hands of politicians.

“Malawi does not need advice. Your Minister [of Finance Goodall Gondwe] has been involved in advising other countries and those countries have been successful. In Malawi, issues are not about technical advice but political choices. We, the Reserve Bank and the Treasury work together almost on daily basis. We know what we want. We know what needs to be done. We know what Malawi needs in the next 50 years.

“Sometimes, I ask myself as to what is important for the politician? Is it to win an election or reduce poverty? It might be, with this poverty, you might lose a seat. But the way, I know Malawian politics, somehow it is still easy for you to win a seat. But why is it that Malawians are getting poorer and poorer every year but are still giving you a seat? What is the problem?” Chuka wondered.

He gave an example of Rwanda where he said despite the availability of few technocrats in that country, people have just checked their politics and the economy is flourishing.

Follow and Subscribe Nyasa TV :

Please share this Article if you like Email This Post Email This Post

More From the World

Sort by:   newest | oldest | most voted
Frank Kumwenda
Guest
I cry for my beloved country Malawi. Recently it has just been ranked the poorest country in the whole world. During Bingu’s regime it was ranked as one of the most fastest growing economy in the World. Just few years down the line it is in a such a pathetic state . You recycled politicians who have no love for our country you have completely destroyed our country you have no new ideas or what so ever on how to improve country’s economy, to you its all about power, about who is in control, squandering government money has become orders… Read more »
Malawi
Guest

The problem is not common citizens like us. The problem is them who are supposed to serve us. Claiming allowances for nothing and on top of that swindling government money. It seems as if there is a competition of kusolola. Those houses you are building should have been clinics saving people’s lives. You can hide from us the citizen of Malawi but God is seeing it all. Zanyanya ndithu. Olo chisoni mulibe. As long as you have no blackouts u are eating and your families are comfortable that’s OK. Ambuye imvani kulira kwa Amalawi.

Zaya Kunkhongo
Guest

Is this not the same Chuka who was cashing large cheques za-Cashgate? Government did not investigate or reprimand him chifukwa this guy comes from the South. Chuka this country is in this mess it is in because you failed to do your work at the apex bank despite having legal instruments at your disposal. The best thing is to just shut up basi and stop taking Malawians for fools we are not.

Nyooo
Guest

Or mbava zimaululana ngati sizinagawane bwino moyenela

Nyirenda
Guest

Those who lie with dogs get fleas. Chuka u cannot separate yourself from cashgate. U and JB and APM are all tarred with the same felonious brush for the rest of history. You are all thieves. May u all rot in Hell! Fotseki!!

Cash Gate
Guest

zodziwa anthu a ku court izi, Malawi wa lero kumvetsa chisoni abale, full of thieves

Fillip
Guest

Chuka, You are speaking now that your CONTRACT is expiring in the next months? Crying because your contract is likely not going to be renewed?

mwana mulopwana
Guest
Thieves are everywhere even in private companies, these people use their big ranks to steal,They manipulate the company constution and connive the board of directors to change contracts in order to suit them,That is why every organization in Malawi is sinking those that are not and seems to do fine are the same which loots from poor people link banks and insurance companies , At one point I wondered why a CEO of one of the bank had built a very big mansion with all costs being honoured by his bank and CFO was aware of all these,yet staff at… Read more »
zolo
Guest

AT NICO THE BOSES SOLD THEMSELVES 20% OF NICO THEN TOOK A LOAN FROM NICO ITSELF TO FINANCE THE PURCHASE OF THE SAID SHARES,THE LOAN HAS NEVER BEEN PAID,YOU THINK THERE IS THEFT IN GOVERNMENT,PRIVATE SECTOR IS WHERE THE BIG THIVES ARE.

Gama
Guest
Its that moment of truth when you feel enough is just enough. Let me repeat my usual call, Malawians made a big mistake voting DPP back to power. These guys are a bunch of looters with no regard to the welfare of Malawians. They will finish everything in the pot and the begin to brag about their worthness at the expense of social service. They are thieves of the highest order and fear nothing and nobody. Look at what is happening at ESCOM. The way contracts are being handled. We have ODPP and ACB who are seeing these malpractices but… Read more »
china
Guest

Iwe Gama this is not only about DPP kuyambila UDF,PP onse anaba ndipo azabanso.Only Kamuzu anatha kuchepetsa kabedwe ka ndalama.Even MCP now under Chakwera is bad.Malawi sizathekanso

mmc
Guest

But I don’t see good political leadership in other parties as well…. May be the problem is beyond DPP rather the crop of politicians Malawi has or the system in this country.

chimzimu Chonyasa
Guest

Too late to cry! Is it not possible that Chuka is being undermined by his own juniors who are politically connected? It may be necessary to also look inward and see why politicians abuse RBM

wpDiscuz

More From Nyasatimes