One thing the President got wrong on Malawi Savings Bank

In general terms, no sane Malawian would fault the decision by President Peter Mutharika on Wednesday to suspend the sale of Malawi Savings Bank (MSB) so that we could all engage in a national conversation to find a fair and just way forward.

Protestors against MSB sale

Protestors against MSB sale

The point is, gone are the times when Malawians would accept to be rolled over and accept decisions of government that do not make sense to them or are patently unfair and therefore, unjust.

Yet going through the six-page State House release that announced the President’s decision on Wednesday, I cannot help feel a bitter after taste as it is making some claims that are wholesomely untrue.

Take, for instance, a claim that those that are against the sale of MSB are doing so on the basis of party affiliation.

This cannot be further from the truth and I think it is the kind of statement that simply attempts to mask the real issues about the sale which as a country we must sort out before the bank is sold.

Let me make one point clear. Many Malawians are convinced that the only way forward on the matter is to sell the bank because it makes more economic sense and I am one of them but I don’t think I am doing it because of the party or the individual I voted for as MP or president on May 20 last year.

The big problem which the President failed to acknowledge in the statement is that there is a lot of injustice on issues surrounding the sale that Malawians want sorted out before the bank goes under the hammer.

Malawians know that the now failing to pay.

Instead of forcing these people to pay up so that the bank is sold while it is in good financial health, this government, with full approval of the President, decided to fiddle with it and declared such loans as toxic so that the Reserve Bank could issue some promissory notes to off-set them.

This is what has riled Malawians from all walks of life and it has got nothing to do with the parties we voted for or the parties we like today.

It is about justice and fairness in dealing with matters that affect us all. It is about a government that wants to protect its supporters from paying up what they owed the bank.

It is about DPP not owning up for destroying the bank and respecting our money that we pay from a whole range of taxes that are placed on our shoulders without our express approval to be used to pay loans for rich people when poor people are dying like flies in public hospitals because there are no drugs around.

For the past two weeks, every government department that has appeared before parliamentary committees has complained of budget cuts yet government can find a way of off-setting a rich man’s loans to MSB merely because he supports DPP and perhaps funded its last year’s campaign.

It is this unfairness that has driven Malawians who are against the sale of MSB. It is about the love of our country and trying to create a fair society out of it.

When all loans that MSB is owed are paid in full and the DPP government has borne full responsibility of the mess the bank is in, it’s all systems go and the sale can go ahead, full throttle.

Even if this process takes centuries and the bank completely collapses, let it be for the alternative is also not an option.

Why should my grandmother die simply because my tax has been used to pay for a loan of some rich bugger who is connected to the DPP?

This is not about political parties, Mr President, and it is where you got it wrong.

It is about social justice, I repeat.

  • The article appeared in Malawi News on the ‘Hitting the Nail’ column
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9 thoughts on “One thing the President got wrong on Malawi Savings Bank”

  1. Jon says:

    Inu anthuni, kodi ndale ndikuyendetsa banki zingayenderane? This bank must not be run by govt. Govt should sell some of its shares so that it is not majority share holder and let professionals run it professionally. Government should only ensure the interest of poor people in terms of accessibility of the bank’s services is not compromised.
    Koma tikalimbikira kuti boma liziyendetsa bizinesi palibe wandale amenne akalowa mmboma angalephere kukhala ndi “influence” pazochitika zabankiyo. Ndiye njira yotetsera zimenezi ndikuyipereka mmanja mwa oziwa zakayendetsedwe kabanki makamaka a “private”.

  2. chakhalira says:

    Yes, I agree with those friends who say the opposition MPS should be on the look out because this suspension of the Sale of MSB to me is very open ended. The good and meaningful suspension should have a specific period.

    I would assume that this suspension would be valid up to the point the budget will be passed. Then the sale, of MSB Bank whether one likes it or not will be over. Do we all remember what the Minister Of Finance said at one time? He said to him the deal of selling MSB is NOT an issue of debate. Many thanks to the opposition MPs, CSO’s and other concerned players who took this issue head on. Do we remember again that one Lawyer ( Liar) said the MPS should take off their hands on this issue? This time around we need to press on the validity of this suspension because to morrow if things get worse they will blame the concerned members.

    My serious observation is that the DPP Governemnet and Mulli Brothers know something on this Toxic Loan and I believe they are very, corrupt ( Rotten) so much so that they knew if they only declared Muliis debt as toxic people would wonder, so they brought in those others in a way to fool Malawians.

    If the DPP Government guaranteed these loans they should just come on the open and agree. Every one wants this Bank to be making profit and if selling will give Malawians profit, do it, BUT these toxic loans should be traced down to the owners there after think soberly on what should the right solution. Sale whole Bank to the Private owner or Sale the majority Government shares to Malawians.

    Opposition MPS, CSO’s and other Concerned stakeholders look out these guys are indeed very corrupt/ rotten in their dealings. How could the debt NOT be collected until it becomes Toxic???????

    The problem is that these so called politicians are driving us into thinking that they know better and they powerfull.

    Power to the People!!!!!!

  3. kazeze says:

    Indeed, MPs be careful, this is a dummy. DPP is buying a little time and immediately the budget is passed the discussion on the bank will be over and the sale will proceed regardless. MPs put in safety measures not to be fooled this way.

  4. Mbewa ndi nchira says:

    When we say our leaders are corrupt this is it. They have no intergrity.

    1. They want to repay loans of rich people from my tax. This is the country in the world where such a thing happen.

    2. They are deliberately telling lies to cover up their ill intentions.

    3. They are discrediting other innocent people for selfshiness

    4. immediately after budget they will conclude the sale of MSB.

  5. And only an insane person could make a decision to sale MSB bank in the first place!

  6. Mwanawamama says:

    I think we should not these issues to be delivered by poltical matters

  7. mfumusinyasa says:

    This govt wants to sell our MPs a dummy so that they pass the budget and afterwards they should go ahead with the sale. Just as Bingu did and prorogued parliament

  8. I HOPE THE AUTHORITIES FROM MY FAVOURITE PARTY DPP, WILL OR HAVE READ THIS AND UNDERSTAND IT.

  9. Kenkkk says:

    Totally agree. These dpp thieves are so stubborn and can’t see common sense!!!

Comments are closed.