Malawians are increasingly pessimistic about their country’s future with a fragile economy but Finance, Economic Planning and Development Minister Goodall Gondwe has drawn up plans for “resurrecting” the country’s economy, which he admitted is ailing. The Finance Minister said Malawi is “passing through difficult times,” which means that even people below [the poverty line] are […]
Minister of Finance Goodall Kayiwonanga Gondwe has been ‘cooking up’ Malawi’s GDP growth rate from 3.2 percent to 5.4 percent to bluff Malawians and the world at large that the country’s economy is track when in fact it is in a sorry state. New revelations from the IMF, World Bank and highly placed internal sources […]
National Bank of Malawi (NBM), the biggest commercial bank by assets say Malawians should brace for the tougher times for Malawi’s economy in the coming months due to high inflation, high interest rates and a depreciating kwacha. It its lasted unaudited interim results released this week, the bank says the depreciating kwacha and food prices are likely to […]
President Peter Mutharika has said Malawi is in the process of diversifying its economy and move into mining , saying his administration seeks to learn from Zambia experience to entice foreign investment and position the country as a competitive mining destination. Mutharika said at state banquet (mapwevupwevu) hosted by Zambia President Edgar Lungu on Friday […]
Malawi Vice President Saulos Klaus Chilima has said there is need to increase the Public Private Partnership for the country to ably move forward and also stimulate the private sector considering that they are the engine of economic growth. Chilima, who is also the Chairperson of Public Service Reform, spoke during a public lecture organized […]
Standard Bank has become the first bank in Malawi to reduce interest rates to 32% from 38% in a move Chief Executive Officer Andrew Mashanda says aims at giving the bank’s customers opportunity to obtain affordable loans for reinvestment. Mashanda said in a statement on Friday the bank’s new base lending rate of 32 percent takes effect […]
Malawi’s year-on-year headline inflation rate for June 2015 has risen by 1.8 percentage points to 21.3 percent from 19.5 percent in May 2015, signalling that the poor southern African country is struggling to keep its economy functioning normally without aid. Inflation is the rate of increase in prices over a given period of time. It […]
This week British Prime Minister David Cameron is filling a plane with captains of business in his country to South East Asia where they are expected to strike trade deals worth £750 million. Wow. This is eye-watering. The British PM is heading not to India and China but to the furthest corner of South East […]
Malawi President Peter Mutharika has been named among best paid president in Africa according to a research by Africa Review. The Africa Review has compiled and analysed salaries of African leaders to try and see what they tell about the relationship between those in power and the governed. The research which suggests that leaders of […]
Indications of a precarious economic situation on the ground continue to show with the country’s currency, the Kwacha facing steep depreciation as some foreign exchange bureaus and commercial banks selling the greenback at K530 this week against the globally strong U.S. currency. Reports indicate the Kwacha is at risk of renewed weakness after it sharply […]
Come to think of it, nothing that the ruling Democratic Progressive Party (DPP) is doing should take anyone by surprise. At least not in Malawi. Because, when one recalls that era of“bad” laws, of fuel and forex shortages, of media unfriendly laws, of opposition and civil society bashing, of hoodwinking Malawians on a wide range […]
As a Christian, I don’t want to burn in hell for judging others. I don’t want to chew my own teeth in that absurd place just because I did not call someone by his or her real identity. Let me put it clear here, what I am about to spit is what I am seeing […]
Minister of Finance, Economic Planning and Development Goodall Gondwe has said Malawi needs effective domestic resource mobilization to develop successfully. Gondwe said this in Lilongwe during the high level forum on development effectiveness which was held under the theme ‘Towards a transformed and self-reliant Malawi’ and attracted participants from the academia, cabinet ministers, Civil Society Organisations, […]
As Malawi celebrates 51 years of independence from Great Britain on Monday 6 July, the World Bank has stated in its latest global rankings based on per capita Gross National Income (GNI) that the country has the world’s lowest reported GNI per capita at US$250. The World Bank said at the release of the country […]
A London-based financial trainer and investment adviser Paul Richards recently expressed shock over Malawi’s bank lending rates, saying they are prohibitive for individual borrowers and investors. He went on to say that the lending rates in Malawi remain among the highest in the world and that investors cannot afford to borrow at such high rates […]
Having combed with a fine toothcomb through The Daily Times’ story about Economists Association of Malawi (Ecama) suggesting that President Peter Mutharika lied on the economy, I have failed to come across a statement where Vitus-Gregory Gondwe, the author, quotes Ecama’s president Henry Kachaje as saying “Mutharika lied on the economy”. Which is why I find […]
Economics Association of Malawi (Ecama) has accused Daily Times newspaper of sensationalising their headline when it reported that “Mutharika lied on economy” citing the association’s president Henry Kachaje. In a statement made available to Nyasa Times on Sunday, June 21, 2015 the association said the headline of the newspaper did not reflect the contents of […]
President Peter Mutharika replied critics of his economic policies, challenging them to come out with solutions or alternative measures for rebuilding the country, dismissing assertions that Malawi is going in the wrong direction under his leadership. “There are stories in the paper that Malawi is going in the wrong direction that the DPP government is going […]