Malawi Kwacha devaluation is necessary evil – Chinsinga

University of Malawi political scientist Blessings Chinsinga, who was at the centre of the academic freedom standoff and eventual protests, has commended President Joyce Banda for devaluing Malawi kwacha saying it was the only better way for the country’s economy to pick up.

Dr. Chinsinga said this on Tuesday in Blantyre when he presented his key note address dubbed ”Malawi’s Contemporary Political Landscape” during the second All-inclusive Public Affairs Committee (PAC) stakeholders’ conference.

Chinsinga said though devaluation has got some negative effects towards the welfare of the citizens, the country had no option but rather to devalue the kwacha.

“Yes, devaluation is a necessary evil towards the country but for the country’s economy to progress it was a demand to do.

Chinsinga: Ease the effect of devaluation

“However, there is need for government to put some fixed financial strategies in order to ease the effects of the devaluation,” said Chinsinga.

Bishop Montfort Sitima who is the chairperson of the conference agreed with Chinsinga in his opening speech saying devaluation was imperative for the country’s economy to survive.

Bishop Sitima said Malawi had no choice but to devalue the kwacha for it to recover its lost economic glory.

“Now that the kwacha has been devalued, it is everybody’s responsibility to ensure that the country regains its economic glory.

“Everybody knows that devaluation has brought a lot of effects to human lives as prices of commodities have gone up, but let’s join hands and scale up the country’s economy,” said Sitima.

Sitima therefore said time is gone for people to shift blame for the economic challenges the country is going through from one person to another observing that by doing so the country’s economy would not progress.

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