Malawi has been ranked at 157 out of 183 countries the World Bank assessed in its 2013 Business Indicator.
Dr. Andrew Mwaba, who is African Development Bank (AFDB) Resident Representative in Malawi Country office, disclosed this on Thursday.
He said this when AFDB held its two day Business opportunity Forum and Competitiveness seminar for the private sector.
Mwaba said Malawi has a very good private sector which could improve the country’s economy if there would be an access to all business requirements like forex, fuel among others.
“The just released world Bank business indicator, Malawi has been ranked 157 out of 183 countries the World Bank assessed.
“This is not good news in as far as the country’s economy is concerned. At least if Malawi tries to change the position with digits.
“It is possible to change it. For your own information Malawi has already well advanced business laws which just require accelerating the level of implementation,” added Mwaba.
He said the Malawi’s private sector is facing quite a number of problems which makes them fail when it comes to deal with competitiveness.
“Malawi needs to be efficient and effective when it comes to its economic structuring like speeding up processes in boarders, registering businesses, licences, regulatory measures. All these play a good role when it comes to build the economy of the country,” he added.
Minister of Finance, Dr. Ken Lipenga showed a disappointment over the position at which Malawi has been placed saying, it is a worrisome development for Malawi to be on that position.
Finance Minister said if that is the case, then chances of Malawi for making progress in economy will be very minimal.
He said for any country’s economy to be on good track, private sector should make strides in its businesses.
“It can be true that Malawi has been ranked on that position because our country has a lot of archaic laws which are impinging processes of establishing businesses.
“But government is trying to improve its ranking by removing some legislation which is bad to businesses.
“It is sad that close countries like Zambia, Mozambique and other countries’ economy is ahead of us,” said Lipenga.
However, the minister said that what is important is to faster the changing of some business laws saying currently ministry of finance is working hand in hand with Ministry of trade to process it as there is no need for funding to change it.Follow and Subscribe Nyasa TV :