Game over for ‘Cashgate’ says Governor Kabambe: Reserve Bank of Malawi announce new control measures
Reserve Bank of Malawi Governor, Dr Dalitso Kabambe has disclosed that the central bank has formulated a comprehensive action plan to decisively deal with “Cashgate’’-a financial scandal involving looting, theft and corruption at Capital Hill, the seat of Government of Malawi.
Kabambe disclosed this on Friday in Lilongwe when he officially launched the High Value Alert Facility and the RBM 2018 Strategic Plan.
He said the stringent measures wwill see all dubious transactions over K50 million being blocked instantly.
According to him, the High Value Alert Facility has been developed as an Short Message Service (SMS) and email alert system for all government transactions above K50 million.
In this system, Minister of Finance, Economic Planning and Development, Secretary to the Treasury, Accountant General, Budget director, Minister responsible for where the transaction originated and responsible controlling officers will be alerted of any transaction above K50 million within two minutes.
“The genesis of the High Value Alert Facility dates back to Cash-gate whereby junior civil servants in the accounting profession could generate and complete transactions without the knowledge of their line ministries or controlling officers which is contrary to our existing laws.
“That is why the RBM decided to make a contribution in the fight against plunder of public resources by introducing this High Value Alert System,” Kabambe explained.
The Governor pointed out this was a game over for all those involved in unscrupulous activities that have resulted in plunder of public resources as any irregularity in any transaction will be quickly reversed and corrected.
He added that this would assist Controlling officers and Ministers to be fully in charge of their budgets.
He viewed that no one would in the future come up and said was not aware of the transactions in their ministries.
Kabambe pointed out that there are already other measures to detect any irregularities in transactions below K50 million.
On the strategic plan, he said this is a revised plan of the current three year plan of 2016- 2017 and the last in the series.
According to him, the bank is putting its plans known to the public so that the citizenry can know what to expect from the bank and to make the bank accountable to its people.
Some of the objectives in the plan include for the bank to continue improving the conduct of monetary policy, maintain official foreign reserves above three months of import cover throughout 2018, deepening the conduct and capacity of financial markets and ensure a sound, robust and resilient financial system.
Kabambe said the plan had been developed out of a rigorous and careful analytical process of examining the current economic trends as well as short to medium term objectives of the country.
“The plan acknowledges the country is facing and the need to grow our economy for the benefit of all Malawians. The plan has been developed to challenge all departments in the banks with ambitious but achievable targets.
“All our plans are consistent with our strategic objective of ensuring that there is price and financial stability in this country,” the governor added.
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you are still sleeping by friend.
Kabambe, was Mrs. Senzani (Principal Secretary) a junior civil servant? Was Mr Mphwiyo (Budget Director) a junior civil servant? Was Mr. Kandoje (Accountant General) a junior civil servant? How about Lutepo, was he a civil servant? Was President Joyce Banda (ultimate recipient of the money) a junior civil servant? Zinazi musamalankhule ngati aliyense ndi mbuli! CASHGATE has always been propagated by Politicians who used SENIOR GOVT OFFICERS, promising them mipando yonona and operated by junior officers who took advantage and added their own cuts. Kabambe, let me give you a situation, for example, BEATA INVESTMENTS of Ben Phiri, fraudulently, through… Read more »
I think you’re missing a point. Cash gate was when top leadership connived to steal money. You are trying to sound as if top brass was not aware right away from capital hill and RBM. If the president says yes who can say no?
Mr. Governor, am sure you have conveniently forgotten that in 2011 when you were Budget Directior, you wrote MRA, where Lloyd Muhara was Commissioner General, instructing them to borrow K 12 billion to cover up a hole that was cashgated. Do you remember that you went for a disciplinary hearing chaired by VP Khumbo Kachali over this matter and you were forgiven to continue with the rooting scheme ?
Kabambe is another dreamer. Who do you want to fool. As a matter of fact, you don’t blow your own trumpet for introducing such a facility because crooks will take advantage to come up with something to counter it. The best should ave been to keep quiet and monitor how funds are being stolen and surprisingly catch those thieves, IF the would warn a thief, they would never catch them -right?
Kabambe thanks, you are one very intelligent Lomwe. Keep it up boss steering ship in the right direction. RBM is regaining its rightful place in the economy because of your dexterity in dealing with issues. May God bless you abundantly.
You need an intelligent and aggressive Minister of Finance to support you.
DK where is financial intelligence Authority in this? Freezing powers are with FIA not RBM inu zipangani ma arlets but izi za freezing izi mmmmmm asiyileni ena. There is more to this anthu are stealing with all the paper work in place
Too little too late. The horse ran out of the stable long ago! Where was Ligoya and Chuka-both architects of cashgate!! Morons.