President Dr. Lazarus McCarthy Chakwera has congratulated Reverend Father Vincent Fredrick Mwakhwawa following his appointment as Auxiliary Bishop of Lilongwe Archdiocese.
Communication from the Episcopal Conference of Malawi released on Wednesday 15th November 2023 confirmed the appointed Reverend Father Mwakhwawa as the Auxiliary Bishop of Lilongwe Archdiocese by Pope Francis. Until his appointment, Father Mwakhwawa was Vicar General of the Lilongwe Diocese.
In a statement, Chakwera said he is confident that the guidance of Fr. Mwakhwawa will significantly impact the spiritual growth of Malawi nation
Rev Father Vincent Fredrick Mwakhwawa
“The first lady and I extend our heartfelt congratulations to Reverend Father Vincent Fredrick Mwakhwawa on becoming the Auxiliary Bishop of the Archdiocese of Lilongwe. His exceptional dedication demonstrated through his roles as Vicar General, National Director of Pontifical Mission Societies and Parish Administrator of Our Lady of Africa Maula Cathedral showcases his remarkable leadership,” reads part of the statement.
“Our prayers are with the bishop elect and may God’s grace continue to guide and inspire him in this significant chapter of his journey.”
National Bank of Malawi (NBM) Plc has supported the Malawi Orthopaedic Association’s National Emergency Trauma Consultative Forum with K5 million as they discuss formulating a guiding policy document on emergency and trauma care in Malawi.
Henderson Street Service Centre Manager Tamara Mtuwa, who represented NBM Plc during the cheque handover ceremony said by partnering with the association, the Bank aims to engrain its bond with the medical community further and showcase a staunch commitment to the highest standards of community welfare and advancement.
“We are here to declare our unwavering support for the mission of the Malawi Orthopedic Association and the vital efforts to advance emergency trauma and orthopedic care in our nation. It gives me immense pleasure to announce our sponsorship of K5 million. This is not just a financial commitment but a testament to our enduring partnership and our shared vision for a safer, healthier, and more prosperous Malawi.”
“Through active participation and interactions, we anticipate to emphasize our financial expertise tailored to meet the distinctive needs of the medical community,” said Mtuwa.
The association’s patron, who is also a Professor of Orthopedics at Kamuzu University of Health Sciences (KUHeS), Nyengo Mkandawire thanked National Bank for supporting the forum.
“We believe the forum is vital because, at the National level we need a guiding policy document on emergency and trauma care, there are currently some documents that guide us in this aspect but they are not comprehensive and all-inclusive. This consultative meeting will bring together all stakeholders involved in trauma care,” he said.
The meeting will take place on November 15 and 16 in Lilongwe.
In retrospect, the resurfacing of the clip featuring the late President Bingu wa Mutharika’s denouncement of the Kwacha devaluation serves as a reminder of a pivotal moment in Malawi’s economic history.
Mutharika’s steadfast resistance to the devaluation, despite pressure from international financial institutions, painted him as a leader who stood against what he perceived as detrimental economic policies.
The fallout with the Bretton Woods Institutions, particularly the International Monetary Fund (IMF), and the subsequent loss of the Extended Credit Facility (ECF) in 2012 marked a turning point. Mutharika’s decision to hold firm on the Kwacha’s value, despite the glaring disparity between official rates and the black market, reflected his determination to maintain economic sovereignty.
However, the stark contrast between official and black market exchange rates foreshadowed the challenges ahead. The black market rate nearly doubled, reaching 295 Kwacha to the dollar just before Mutharika’s passing. This period unleashed a tumultuous phase in Malawi’s economic landscape, marked by policy shifts and ensuing hardships. Mutharika’s unwavering stance had consequences that reverberated across the nation. The severe economic downturn that followed plunged Malawi into its most challenging and worst financial crisis. Essential resources like fuel, pharmaceuticals and basic commodities faced shortages, crippling the market and causing distress among Malawians. There were long queues on service stations, in shops and many other places where goods and services are sold.
The turning point came with the sudden passing of President Mutharika in April 2012, leading to Joyce Banda assuming office. In a strategic move to address the economic challenges and unlock the suspended US$79 million credit facility from the IMF, Banda made the tough decision to devalue the Kwacha by approximately 33 percent. President Banda’s willingness to bow down to international pressure and implement a significant economic policy shift demonstrated a pragmatic approach to address the country’s economic woes. While this move may have been seen as a necessary compromise, it was a critical step in stabilising the economy and regaining access to much-needed financial support.
The juxtaposition of Mutharika’s firm stance against devaluation and the subsequent economic downturn with President Banda’s pragmatic approach highlights the complexities of navigating international financial pressures while safeguarding a nation’s economic stability. The resurfaced clip serves as a historical marker, prompting reflection on the choices leaders make in the face of economic challenges and the lasting impact on their countries.
However, truth be told, Malawi has a fragile economy which cannot claim sovereignty to the International support especially from the IMF. A country such as Malawi securing the ECF demonstrates international confidence in economic policies. The credit facility acts as an endorsement, which improves donor and investor confidence, making it easier for Malawi to attract direct budgetary support as well as foreign investment. It should also be acknowledged that the immediate impact of devaluation can be severe on the livelihood of citizens because it initially leads to high cost of basic commodities and services, but the end game is that it spurs economic growth.
In light of this devaluation, it is surprising that traders have hastily raised commodity prices, considering that the Reserve Bank of Malawi has merely realigned the Kwacha to its market value. Mr. Hendrix Laher, Managing Director of Luthando Holdings, contends in his write circulating on social media, that traders were already importing at the rate of K1,880 to a dollar, rendering the price increase unjustified. Laher recounts a conversation with a fellow trader who justified the 44 percent price hike, claiming that Malawians would attribute the blame to the government and not the entrepreneurs.
Writes Mr. Laher in part: I told him Malawians are so poor and misinformed. I would not dupe this vulnerable human being. I will not be at peace with the poor man’s money, so no.” I wish we could all borrow a leaf from Mr. Laher. We shall find no peace if we take advantage of this unavoidable evil called devaluation to dupe innocent poor Malawians.
Two mobile network services providers, Airtel Malawi and Telekom Networks Malawi (TNM) have obtained a court injunction stopping their agents across the country from holding protests tommorow, Thursday.
The disgruntled agents are pushing for revision of their commissions on every transaction processed.
According to a court document 247 Malawi News has seen, High Court Judge Allan Muhome stops the agents under ‘The Voice of Agents and Concerned Agents’ from proceeding with their plans until the court makes its final determination on the matter.
“This oder prohibits the Defendants, their agents, or any person acting in concert with them or any other person acting under their authority or any of them or otherwise from holding demonstrations, vigils, sit-ins or otherwise stopping to provide or disrupting the continuous provision of Airtel Money Services on 14th November, 2023, or any other date, until the final determination of this matter by the Court herein or until a further Order of this Court,” reads the court oder in part.
It adds :” If you disobey this order, you may be found guilty of contempt of court and may be sent to prison or fined or your assets may be seized.”
Recently, some angry agents in Blantyre closed down some booths; claiming their bosses have failed to address their grievances despite several attempts.
According to some data, when one cashes out K500,000 through Airtel Money, an agent gets a commission of K1600.
On the other hand, when one sends K15,000 through TNM Mpamba agent, they get K122 as a commission.
And again published Reserve Bank of Malawi(RBM) data, relative to 2021 shows that the agent network for mobile money agents grew by 56.5 percent to 243 857 in December 2022.
This essentially reflects an increase in access points for financial services across the country.
President Dr Lazarus McCarthy Chakwera on Tuesday arrived in the country from Saud Arabia and Egypt where he went to fullfill a number of engagements.
Malawi President left Malawi for Saud Arabia on Wednesday 7 November, 2023 , where he attended Saudi Arabia – Africa Summit.
While in Saud Arabia Chakwera also witnessed the signing of the financing agreement of the Mangochi – Makanjira Road construction project.
Following his engagements in Saudi Arabia, President Chakwera proceeded to Egypt where he attended an Intra Africa Trade Fair organized by the African Export-Import Bank (AFREXIM Bank) in partnership with the African Continental Free Trade Area (AfCFTA) secretariat.
The trade fair served as a vital platform for African countries to engage in discussions regarding the establishment of an integrated African market for goods and services.
President Chakwera arrived in the country via Kamuzu International Airport and was welcomed by Vice President Dr Saulos Klaus Chilima, Senior Cabinet Ministers and Deputy Ministers, Senior Chiefs and party officials.
Chakwera did not address the media because of heavy rains.
