Shake-up at Reserve Bank of Malawi

There has been a radical shake-up at the Reserve Bank of Malawi (RBM) as part of the ongoing restructuring programme, Nyasa Times understands.

The shake-up sees director of financial markets Henry Mathanga,  who was recently involved in the  release of $1.36 million about (K220 million) to his wife’s company to import fertilizer from Dubai without following procedures, been demoted to Director of Exchange Control (Grade 15) in Exchange Control Department.

Mathanga has been replaced by Joseph Milner who was Director, Exchange Control.

Ligoya: First phase of staff changes

Weekend Nation reported recently that RBM was probing Mathanga for authorising a transaction that led to the establishment of a Letter of Credit (LC) for Gasom Traders – a company owned by his wife, Jean.

An LC is a letter from a bank guaranteeing that a buyer’s payment to a seller will be received on time and for correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase, the paper explained.

Inside sources at the bank said Mathanga has been challenging that he cannot face any further disciplining because his wife is well connected to President Bingu wa Mutharika.  She is also an influential member of the Mulhako Wa Alhomwe cultural group whose patron is President Mutharika.


Mathanga’s personal assistant, Mrs Mercy Msosa, has also been demoted to Analyst II Compliance (Grade 6 from Grade 8) in the National Payments System Department.

Another casualty is Linda Kasambara, Senior Adminstrative Assistant (Grade 7) who has been transferred to Exchange Control Department as Analyst (Grade 6).

Rodrick Wiyo, who was also implicated in the Mathanga scam, has been seconded to Malawi Development Bank/Exports Development Fund as Project Manager from a similar grade as Manager, Market Development in Financial Markets Department.

According to an administrative Notice No: 68 dated 30th December 2011 signed by RBM Governor Dr Perks Ligoya, the shake-up “constitute the first phase of staff changes.”

Ligoya stated: “The second phase will comprise of changes arising from proposed review of structures by some departments.”


The shake-up also sees Dr Kisukyabo Simwaka being promoted from Grade 12 Public Relations in Governor’s Office and Public Relations department to become Principal Economist, Research and Analysis (Grade 13).

Mrs Angella Mjojo has been appointed Principal Economist, Financial Stability (Grade 12) from a Grade 10 role as Senior Economist, Balance of Payments

Miss Margaret Kaphinde is promoted from Dealer 1 (Grade 8) to Grade 10 position as Supervisor, Compliance in National Payments Systems Department.

Another promotion has gone to Steve Makatchaya from Grade to Grade 10 as Principal Examiner, Life Insurance from the position of Examiner 1, General Insurance

Departmental transfers

Dr Mark Lungu formerly Principal Economist, Research and Policy Analysis (Grade 12) has been transferred to Pensions and Insurance Supervision department maintains his Grade 12 status as Chief Examiner, Policy and Regulations.

Mr Mbane Ngwira becomes Manager, Markets Development (Grade 12) in an intra-departmental transfer from the role of Chief Examiner, Policy and Regulation (Grade 12).

Mr Kagwanji Mangochi formerly Principal Examiner, Life Insurance (Grade 10) transferred to Financial Stability as Senior Economist (Grade 10).

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