Malawi economists to be regulated like lawyers as parliament passes landmark Esoma Bill in bumper day of law-making

Malawi’s parliament has passed a landmark bill to formally regulate the country’s economists, in a move designed to bring the profession under the same kind of legal oversight currently enjoyed by lawyers.

The Economics Society of Malawi (

Esoma) Bill will give the profession legal teeth for the first time, allowing for the registration and discipline of economists in a manner mirroring the powers held by the Law Society of Malawi over the legal profession.

Presenting the bill to MPs, Finance Minister Joseph Mwanamvekha explained that the legislation had become necessary after it emerged the Economics Association of Malawi (Ecama) – the sector’s existing representative body – lacked any legal mandate to register practitioners or take disciplinary action against them.

The bill was one of a remarkable four pieces of legislation passed by parliament in a single sitting, alongside the Deposit Insurance Corporation Amendment Bill, the Payment System Amendment Bill and the Financial Crimes Amendment Bill.

The flurry of new laws forms part of a wider legislative blitz that has seen a string of bills rushed through parliament in recent weeks, with government pushing to modernise regulation across the financial and professional services sectors.

Remarkably, parliament wrapped up its business early on Thursday after government exhausted the bills it had prepared for presentation – despite Thursdays typically being reserved for private members’ business rather than government legislation.

With no further government business left on the agenda, Deputy Leader of the House Shadric Namalomba moved a motion for an early adjournment, which First Deputy Speaker Victor Musowa duly granted at around 3.30pm.

The early close capped off what proved to be a particularly productive day for lawmakers, with the raft of new legislation set to have significant implications for how professionals across Malawi’s economics and financial sectors are regulated and held accountable in the years ahead.