Malawi President Bingu wa Mutharika has hit back at critics who argue that his administration will collapse due to fuel and forex crisis that is submerging the country into economic turmoil, saying he will still hold on to the balance of power. Speaking in Ntcheu district on Thursday on remarks broadcast live on state MBC […]
Malawians on Boxing Day hit back at President Bingu wa Mutharika’s Christmass national address to which he atributed “the works of the devil” to the economic turmoil that has hit the country in the 2011. In a speech monitored on Malawi Broadcasting Corporation, Mutharika said: “Satana anatikhalira pamsana; anabweretsa njiru, kudana, mabodza ndi kaduka. [Satan oppressed […]
One of Malawi’s renowned economists Dr Charles Chanthunya has asked the country’s monitory authorities to consider abolishing the existing exchange controls to contain the acute shortage of forex which Malawi is facing. Chanthunya was speaking Saturday on ‘Contemporary Issues’ aired on Radio Islam which is hosted by Amadu Rashid Mapila. The weekly panel discussion program […]
South Africa’s discount retailer of general merchandise, Game Stores says it will not close down its business in Malawi, playing down fears that they were heading for a bust. The Game Stores has been running its bottom low prices on items in what was feared to be a closedown clearance sale But in a media statement […]
Malawi will hold its biggest ever bond sale on Friday as the government aims to raise 30 billion kwacha to restructure its domestic debt and develop a benchmark yield curve, a central bank official said on Thursday. The auction of 2-, 3-, 4- and 5-year notes will be open to domestic and offshore investors but […]
Nyasa Manufacturing Company L(NCM) managing director Konrad Buckle, whose company produce 100 percent local Malawian tobacco, says the country can solve the foreign exchange crisis by exporting more products and reduce importation of goods. “Malawi imports is just about everything and exports is just about nothing,” he told Capital FM Straigh Talk programme monitored by […]
High Court Judge in Malawi’s administrative capital Lilongwe, Justice Chifundo Kachale, has ruled that citizen Khalidwe Chilivumbo has sufficient interest to challenge against the legality of fuel price increases by he Malawi Energy Regulatory Authority (MERA). MERA on 8 November announced that petrol would now be selling at 380 Malawi Kwacha (US$2.28) per litre, up […]
Concerned with the slow and painful collapsing state of Malawi’s economy, some market and academic analysts have voiced to government loudly to check the growing influence of the informal sector which is now running a parallel economy for the country. Currently forex and fuel is a rare occurrence in banks and fuel service stations respectively […]
The IMF mission which visited Malawi from 1-12 December 2011 has sternly warned the government to liberalise the foreign exchange market or continue sinking in the current economic woes which will worsen in a short period of time. The mission was requested by the Ministry of Finance and Economic Developent (MFDP) and it comprised of […]
The International Monetary Fund (IMF) has minced no words but directed the Malawi government to institute a liberalized exchange rate regime as a way manage the overvauled local currency, the Kwacha. This is contained in a report titled ‘Liberalization of the foreign exchange regime for current account transactions and exchange rate flexibility’ on Malawi by […]
The facts are there for all to see – even the most ardently blind supporters and defenders of this government; I mean this DPP and Mutharika led government. Endless queues are everywhere and in most cases people queuing just in anticipation and not that what they are looking for is at the end of any […]
Malawi’s Energy Minister Goodall Gondwe says government has found “a lasting solution” to the chronic fuel shortage by luring investors to supply the country with fuel which can be paid in local currency. Speaking on Capital FM Daybreak Malawi programme on Thursday, Gondwe who is former finance minister and credited for Malawi’s economic success during President […]
South African retailer Game Shop has for the past 9 weeks been running its bottom low prices on items in what inside sources say is a strategy to offload wares as it prepares to shut down in Malawi. Despite having all tell-tale signs frustration due to the punitive widerange of taxes brought in by government […]
Malawians continue to labour under a heavy burden of grave political and socioeconomic deprivation. Needless to mention, the Executive arrogance, erratic fuel supply, scarcity of forex, dry water taps, and incessant electricity failure, just to mention a few, characterize the contemporary Malawi. But while a good number of ordinary citizens understand that solutions to the […]
Malawi’s major biscuit and confectionery manufacturer, Universal Industries has written the country’s Industry and Trade Ministry informing them that they will close down some departments if the forex and fuel situation does not improve. This development they say will render hundreds jobless. In a letter dated December 5, 2011, addressed to the secretary of trade […]
The Malawi industrial sector continues to shrink as manufacturers lay off more people each month as a way to cut wage bills in the wake of acute forex shortages that has led to importation of few or no raw materials used for production. This is occurring just few weeks after Nyasa Times reported that companies […]
Malawi’s tobacco marketing season could not officially close on Friday, December 9, and has been extended to a week with Lilongwe Auction Floors being the last to sell the leaf, putting to rest a strained season ever. Lilongwe has delayed to close after a sudden increase in tobacco bales being ferried to the floors during […]
The tea industry in Malawi is optimistic there will be better harvests and earnings next year due to the good rains that have started well. This has been disclosed by Tea Association of Malawi Limited (Taml) Chairman Atu Kalinga. The good prospects are coming at a time when the country is struggling to boost more […]