Malawi’s forex shortage scares Pick n Pay
One of South Africa’s major retailers, Pick n Pay says Malawi’s current lack of foreign currency might inhibit the company’s plans to invest massively in the country.
“Our immediate challenge would be to grow and enable the local supplier, manufacturing and agricultural sectors to sell local products as much as possible. However, our major financial concern stems from the lack of foreign currency without which we will fail to settle bills for goods and other accessories brought in from other countries” Pick n Pay Head of Group Enterprises Dallas Langman told the media in South Africa.
Pick n Pay which is expected to invest in Malawi in the next 12 months will employ more than 100 Malawians.
According to Langman, Pick n Pay agreed with the Malawi government to open one store in the Capital Lilongwe with plans to spread across the country in due course.
“We would like to open far more than this and we are currently investigating potential sites” he said.
