Malawi Chambers of Commerce and Industry (MCCI), private sector powerhouse has a new president. He is Karl Chokotho who has taken over from Newton Kambalu.
In his acceptance speech, Chokotho asked the government to immediately pay K75 billion out of the K150 billion it owes the private sector, saying the debt is choking the private sector.
He said membership of MCCI has drastically dwindled because of financial problems rocking the private sector.
Outgoing president Newton Kambalu gave startling figures of how many companies are struggling in the harsh economic climate and how many countries have withdrawn their membership from MCCI.
He advised the government to head towards industrialisation if the economy has to tick and come back from its long slumber.