The MK5 Billion Secret: How a Hidden Forex Cartel Is Trying to Destroy the First Vice President

For the past few days, there have been sustained and coordinated media attacks against the First Vice President, Right Honourable Dr Jane Ansah. These attacks were triggered by a supposedly leaked document claiming that she planned to spend about MK2 billion of public money on a private trip to the United Kingdom, allegedly in defiance of austerity measures imposed by the Mutharika administration.

The allegations sparked public outrage. However, it later emerged that the document was fake, with figures deliberately cooked and inflated to provoke anger against the First Vice President.

Following these revelations, many Malawians concluded that Dr Ansah had fallen victim to intra-party power struggles, succession battles, and emerging factional wars within the DPP. But that explanation falls far short of the truth. The DPP, at least for now, is not victimising the First Vice President.

So the real question is simple: who is ruthlessly fighting Dr Jane Ansah?

The answer lies outside party politics.

A different and far more powerful battle is being waged against her—one orchestrated by wealthy business figures of Asian origin who are determined to protect an economically deadly forex syndicate that previously captured and thrived under the MCP regime.

This confrontation began when, upon assuming office, the First Vice President consulted key stakeholders to understand Malawi’s persistent forex crisis. She wanted answers. Why was the cost of living so high? Why were market prices pegged to black-market forex rates instead of the official rate? How were some businesspeople accessing millions of dollars on the black market? Who was supplying this forex, and where was it coming from?

As she probed deeper, Dr Ansah uncovered a powerful and well-coordinated forex trading syndicate. It was led by extremely wealthy businesspeople of Asian origin and facilitated by compromised elements within the Reserve Bank of Malawi, with spoils allegedly shared with senior politicians under the MCP administration.

While this scheme had existed for years, it became more entrenched and institutionalised during the MCP era. The danger now is that the syndicate has been attempting to **capture key DPP officials—and even the First Vice President herself—**so that the racket could continue uninterrupted.

The scheme itself was simple, but devastating.

There exists a known list of wealthy individuals and companies that effectively controlled forex in Malawi. These firms would approach the Reserve Bank requesting Telegraphic Transfers (TTs) to pay for imports. The invoices presented were fake. The goods were never imported. The transactions could not be reconciled.

Despite this, the Reserve Bank—fully aware of the fraud—would release forex at the official exchange rate, transferring millions of dollars daily to offshore accounts.

Once the money landed abroad, the same forex was resold—mostly to Chinese traders—at black-market rates. These traders, desperate and unable to access forex through banks, had no option but to buy at inflated prices.

The profits were staggering.

They were shared among the Asian traders, corrupt Reserve Bank officials who facilitated the transfers, and politically connected elites from the MCP. In some cases, a single transfer generated billions of kwacha in profit.

Here is how one transaction worked.

A syndicate member would request a TT of USD 2 million. At the official rate of MK1,750, they would deposit MK3.5 billion. Once the USD 2 million was transferred abroad, it would be sold at black-market rates exceeding MK4,200.

The result?
Total revenue of about MK8.4 billion—an instant profit of nearly MK5 billion.

From that windfall, the trader would keep around MK3 billion, while politicians pocketed roughly MK2 billion. Overnight, billions were made—without importing a single item.

This is how the syndicate crippled the economy and drove up the cost of living.

When traders bought forex at more than double the official rate, they simply passed the cost on to Malawians. Prices of food, vehicles, spare parts, cooking oil, and basic commodities soared. Inflation was not driven by supply and demand—it was manufactured through fraud, corruption, and greed.

So where does the First Vice President come in?

When Dr Ansah uncovered the syndicate, she also discovered attempts to recruit DPP officials to act as enablers within the Reserve Bank. She immediately reported the matter to President Peter Mutharika, who authorised her to dismantle the syndicate completely.

The reason was clear: allowing it to continue would sabotage economic recovery efforts and permanently keep the cost of living high.

During consultations, Chinese and other traders committed that if the cartel was dismantled and banks supplied forex at official rates, prices of goods would fall by 50 percent or more. Vehicles, spare parts, cooking oil, and other essentials would become cheaper almost instantly.

When Dr Ansah confronted members of the syndicate and their allies at the Reserve Bank, they tried to co-opt her. They offered her a share of the spoils to fund her political career.

She refused.

That refusal marked the beginning of open war.

Threats followed. Then smear campaigns. Fake documents about her UK trip began circulating on social media. Facebook influencers piled on. Soon, local and international media were publishing negative stories about her travel.

Those who know the First Vice President say intimidation will not work. She is not interested in dirty money. She remains committed to serving with a clean conscience and supporting President Mutharika’s efforts to stabilise the economy and reduce the cost of living.

The stakes could not be higher.

Will the First Vice President win this battle, or will the syndicate once again prevail?

If the syndicate wins, the DPP government risks becoming just another failed administration—and the 2025 elections will have been for nothing.

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