The Malawi’s Central Bank,Reserve Bank of Malawi (RBM) says it is optimistic that the local economy will grow by 3.2 percent this year from 1.5 percent last year.
This is contained in its statement on the first 2024 Monetary Policy Committee (MPC) meeting which took place on 31 January and 1 February 2024.
Reserve Bank Governor Banda
RBM says even though the positive outlook is threatened by El Niño-induced weather conditions and a highly uncertain global economic and geopolitical environment, the economy will still grow, supported by an increase in public investment and recovery in mining and quarrying, manufacturing, information and communication, financial and insurance activities among others.
The bank’s committee has also agreed that the policy rate should be at 26 percent.
RBM’s projected growth of 3.2 percent is in line with last week’s International Monetary Fund (IMF) projection of 3.3 percent economic growth this year.
The growth further shows that the economy is recovering after growing by 0.9 percent in 2022 and 1.5 percent last year as it was struggling with the effects of Covid-19 and the Russia-Ukraine war among others.
RBM was established in 1964 to serve as the banker of the government.
The bank issues legal tender currency as well as formulates the monetary policy of the country.
Political activist Bon Elias Kalindo, says gone are the days when Malawians could live in fear in their own country as refugees saying it is sad hearing media reports that government and senior Malawi Defense Force (MDF) officers are hunting for Gregory Gondwe’s life.
Kalindo has claimed that Gregory Gondwe’s only sin he has committed to the MCP led Tonse Alliance government is exposing the dubious deal involving government and MDF on the sale of armored vehicles to International Armored Group (IAG), a company linked to Zuneth Sattar.
Bon Kalindo
He said being the President, Minister, Principal Secretary, Army Commander and Inspector General of Police is not a passport to be threatening journalists who are doing their noble work in Malawi by making sure that all the hidden agendas are coming to the open.
Speaking through an audio clip circulating in various social media platforms, Kalindo said Malawi of today needs courageous journalists like Gregory Gondwe and Mercy Matonga claiming that journalists of today, are praising team members of political parties.
Kalindo said some journalists have forgotten their noble profession, they are being used by politicians to write good things for them so that the electorate trust them to bounce back into Parliament in 2025 describing this development as nonsense.
He said journalists who cover the bad with the good are not wanted in Malawi claiming that many journalists in Malawi are afraid of telling President Dr. Lazarus McCarthy Chakwera the truth that Malawians have lost confidence and trust in him.
The activist said President Chakwera has failed in all of his HI-5 Agendas observing that instead of fighting corruption, he is condoning corruption through the same Sattar who has destroyed the country by corrupting politicians in favour of government contracts and tenders.
He has warned government that if Gregory Gondwe is arrested as per its demand and that of the MDF, Malawians will not sit down and watch, but mobilizing one another to go into the streets protesting in defense of the Republican Constitution.
“This is not the time of threatening Malawians with arrests, try to arrest him, Malawians will be in the streets holding demonstrations against you,” said Kalindo.
He has advised President Chakwera that his Ministers are deceiving him with large crowds attending to his rallies across the country for him to be made to believe that they are rallying behind him saying the truth of the matter is that patriotic Malawians are not ready to vote for him as their President anymore.
On age limit Bill of a presidential candidate, Kalindo has advised all Members of Parliament (MPs) both of government and opposition that Malawians are mobilizing each other and are coming to close their house run by their hard-earned taxes.
Inspector General (IG) of the Malawi Police Service, Merlyne Yolamu, has urged police officers to remain professional as one way of protecting the service integrity.
Speaking Thursday in Zomba at the opening of a Command and Leadership course, Yolamu said Commanding officers are very crucial in effective service delivery.
I.G Yolamu
She said: “As commanding officers you play a supervisory and leadership role and help mentor subordinates. This therefore calls for professionalism and diligence.”
She then described the training as a landmark in providing a proffessional service to creat a safe and secure Malawi.
The police IG further committed that her office will continue embarking on various trainings in different disciplines to help improve delivery of service.
Speaking earlier, Commandant for Malawi Police College, Assistant Commissioner Francis Chisaka, applauded the IG for organising the training saying it will help improve quality service delivery.
One of the participants to the training Inspector Lophet Maliam described the training as an eye opener saying the skills and knowledge will help them serve the institution better.
A total of 60 senior police officers drawn from various stations across the country are attending the training.
The training centres on equipping middle managers with managerial and Leadership skills covering police procedures, forensic science, artificial intelligence based investigation, cyber crime, ethics, criminal and administrative law and public order management among other courses.
Malawi, a small landlocked country in southeastern Africa, may not be the first destination that comes to mind when thinking of exotic travel spots. However, this hidden gem has much to offer in terms of natural beauty, cultural heritage, and unique wildlife encounters. With its stunning landscapes, diverse wildlife, and warm hospitality, Malawi has been steadily gaining recognition as a top destination for travelers seeking an off-the-beaten-path experience. And as more tourists flock to this enchanting country, Malawi’s economy has been reaping the benefits, particularly through the influx of foreign exchange.
Tourism has emerged as a key driver of economic growth in Malawi, playing a crucial role in diversifying the country’s revenue streams and reducing its dependence on traditional sectors such as agriculture. The sector has shown tremendous potential for growth, with a steady increase in visitor numbers in recent years. According to the Malawi Tourism Council, the country welcomed a record number of over a million international tourists in 2020, a significant jump from previous years. This surge in tourist arrivals has had a profound impact on the country’s economy, particularly through the generation of foreign exchange.
Driving the Tourism promotion, Minister Vera Kamtukule
One of the primary ways in which tourism boosts Malawi’s economy is by contributing to the country’s foreign exchange reserves. Foreign exchange refers to the foreign currencies that a country holds, which can be used to purchase goods and services from other countries. In Malawi’s case, the influx of foreign tourists brings in much-needed foreign currency, which helps strengthen the country’s financial position and supports its balance of payments. This is crucial for a country like Malawi, which heavily relies on imports to meet its domestic needs.
The foreign exchange earned from tourism plays a vital role in supporting various sectors of the economy. For instance, it helps finance the importation of essential goods and services, such as fuel, machinery, and pharmaceuticals. In addition, it contributes to the development of infrastructure, such as roads, airports, and hotels, which are essential for attracting and accommodating tourists. Moreover, the foreign exchange generated from tourism can also be used to service external debt, thereby reducing the country’s debt burden and improving its creditworthiness in the international financial markets.
Furthermore, tourism serves as a catalyst for economic development in Malawi by creating employment opportunities and stimulating growth in related industries. The tourism sector is one of the largest employers in the country, providing jobs to a wide range of people, from tour guides and hotel staff to artisans and transportation providers. This not only helps alleviate poverty and reduce unemployment but also empowers local communities and promotes inclusive growth. Moreover, the growth of tourism has a multiplier effect on other sectors of the economy, such as agriculture, retail, and manufacturing, as it creates demand for local goods and services.
In addition to its economic benefits, tourism also plays a crucial role in promoting Malawi’s cultural heritage and environmental conservation efforts. The country is home to a rich tapestry of cultures, traditions, and languages, which are showcased through various cultural festivals, arts and crafts markets, and heritage sites. By visiting these cultural attractions, tourists not only gain a deeper understanding of Malawi’s unique heritage but also contribute to the preservation and promotion of its cultural identity. Likewise, tourism promotes environmental conservation by raising awareness about the importance of protecting Malawi’s natural resources, such as its national parks, wildlife reserves, and pristine lakes.
Despite the numerous benefits of tourism for Malawi’s economy, the sector faces several challenges that need to be addressed to maximize its potential. One of the key challenges is the lack of infrastructure and services, such as transportation, accommodation, and communication facilities, which can deter tourists from visiting the country. Additionally, the high cost of travel, visa restrictions, and safety concerns can also hamper the growth of tourism in Malawi. Moreover, the sector is vulnerable to external shocks, such as natural disasters, political instability, and global health crises, which can disrupt tourist flows and undermine the country’s economic stability.
To overcome these challenges and unlock the full potential of tourism for Malawi’s economy, it is essential for the government, private sector, and civil society to work together to enhance the competitiveness and sustainability of the sector. This can be achieved through various measures, such as improving infrastructure, promoting investment in tourism-related projects, enhancing marketing and promotion efforts, and strengthening regulatory frameworks. By supporting the growth of tourism in Malawi, stakeholders can harness the sector’s transformative power to drive economic development, create jobs, empower communities, and preserve the country’s cultural and natural heritage.
In conclusion, tourism plays a pivotal role in boosting Malawi’s economy through the generation of foreign exchange. As the country’s tourism sector continues to expand and attract a growing number of international visitors, it is imperative for stakeholders to seize this opportunity to leverage the sector’s potential for sustainable growth and development. By investing in infrastructure, promoting cultural heritage, and fostering environmental conservation, Malawi can position itself as a premier destination for travelers seeking an authentic and enriching experience. Through strategic planning and collective action, Malawi can harness the wealth of opportunities that tourism offers to propel its economy forward and create a brighter future for its people.
