Statistics from the Foreign Exchange Auction held on Wednesday last week show that the Malawi Kwacha has maintained stability against the United States dollar.
Bertha Chikadza, president of the Economics Association of Malawi (ECAMA), highlights that this stability reflects positively on the local economy.
When conducting transactions in your local currency, you have more control over your finances. You are shielded from currency exchange volatility and can better predict the financial impact of international transactions, making budgeting and financial planning more accurate and reliable.
Reserve bank of Malawi
The economy of Malawi is $7.522 billion by gross domestic product as of 2019, and is predominantly agricultural, with about 80% of the population living in rural areas. The landlocked country in south central Africa ranks among the world’s least developed countries.
There was commotion at the Supreme and High Court premises in Blantyre as police forcibly removed leaves and placards put up at the gates where magistrates and judiciary support staff are staging a sit-in.
Police took this action to display order at the site, which is a stone throw away distance from Chichiri Trade Fair Grounds, where President Lazarus Chakwera is expected to open the 34th Malawi International Trade Fair.
The judiciary support staff and magistrates are staging the sit-in to push the government to revise their remuneration.
The court gates remain closed to public access, but there is a heavy police presence outside.
In terms of international law, the rights to freedom of association, peaceful assembly and expression are recognised in various treaties, including the International Covenant on Civil and Political Rights. Together, these rights constitute the right to protest.
Remuneration plays an important part in human resources because it influences many aspects: the relationship between employee and employer, talent attraction and retention, commitment, and the results achieved. Your employees’ primary source of income is their salary, so it’s vitally important to them.
Salary revision is essential to ensure that employees’ compensation remains fair and competitive in line with market standards and their contributions to the organization.
Barely a week after President Lazarus Chakwera publicly vowed that his administration will win 2025 Tripartite elections, various professional groups within the Malawi Congress Party have thrown the weight behind the vow, assuring President Chakwera of their unwaivering support in the battle to retain government come 2025.
Speaking on behalf of the 14 professional groups during an audience President Chakwera had with them at Kamuzu Palace in Lilongwe on Wednesday 22nd May 2024, the National Chairperson for Mighty Tambala Graduates (MTG), started by thanking President Chakwera for publicly challenging opponents ahead of 2025 elections, saying the message has energized them in their preparations.
“The message you delivered at Kamuzu Stadium on Kamuzu Day, has excited all of us, and we came to assure you that we are behind you to make sure that with you as our torchbearer, we have an outright win of more than 50 percent on Presidential race.
We are committed to producing results, and wherever you want us to go and work for the party in serving people of this nation, as professionals we are ready and steady to help” said the MTG chair amidst ululation from the audience.
As professionals with various skills, they have since challenged those working in different government sectors to work with passion, commitment, and dedication in-line with President Chakwera’s vision of development, saying Malawians are tired of sabotage by other government authorities on the developmental vision of President Chakwera.
In his remarks, President Lazarus Chakwera urged the party professionals to keep rallying behind the party and serving Malawians who he said deserve better under his administration.
“I am happy that you came, and with the commitment you have made here. I urge you to continue supporting Malawi Congress Party and make sure you serve the nation well.
As government, we have done a lot for Malawians. We will continue to initiate and implement projects that benefit our people through government policies including the construction of houses for our security officers, and the Constituency Development Fund which I have raised to K200 million for easy implementation of some projects across all the 193 constituencies” Said President Chakwera.
Some of the professional groups that interfaced with President Lazarus Chakwera include, Mighty Tambala Graduates, Friends of MCP, Friends of Chakwera, Renaissance, the think tank, and Team Tambala Forever.
The Legal Affairs Committee of Parliament has advised Masauko Chamkakala, the Director of Public Prosecutions (DPP), to revive the previously halted corruption case involving Paramount Holdings Limited while endorsing the discontinuation of another corruption case involving Malawi Vice President Dr. Saulos Chilima.
The revelation came to light on Tuesday, May 21, 2024, following Chamkakala’s appearance before the Committee to elucidate the reasons behind the discontinuation of certain alleged corruption cases dating back to 2023.
Chilima’s corruption case dismissed permanently…
Masauko Chamkakala The Legal Affairs Committee of Parliament has advised Chamkakala to revive the previously halted corruption case.
In August 2023, The Lilongwe Magistrate’s Court summoned Paramount Holdings and its three directors to answer three charges related to government procurement deals.
According to a charge sheet dated August 2 2023, the accused Prakash Virgi Ghedia, Arvindkumar, Atit Patel, Suresh Khimji Jagatiya and Paramount Holdings Ltd where the three are directors, were charged with three counts each.
The Office of the Director of Public Prosecutions (DPP) withdrew criminal charges it placed on three directors of Paramount Holdings Limited (PHL) and the company itself.
In a court notice dated March 19, 2024, addressing PHL directors and company, said the state had no case for them, hence withdrawing.
DPP Masauko Edwin Chamkakala confirmed the development but refused to disclose reasons for the discontinuation of the cases.
Committee Chairperson Peter Dimba stated, “We’ve been in discussions with the DPP since morning, primarily concerning two cases. As stipulated by Section 99 of the constitution, the DPP holds the authority to terminate criminal proceedings before judgment.
Dimba further informed the local media that the Committee endorsed the discontinuation of the corruption case involving Malawi Vice President Saulos Chilima due to its connection with the Malawi Defence Force.
Investigative journalist Gregory Gondwe, who exposed the Malawian government’s planned purchase of 32 armored vehicles from a company implicated in corruption, is in hiding, fearing arrest by the military.
In a story published in February 2024, Gregory Gondwe, who works with Platform for Investigative Journalism, quoted unnamed military officials saying the Malawi Defense Force paid a firm associated with businessman Zuneth Sattar millions of dollars for military equipment.
Sattar is facing allegations of corruption.
The story said the transaction involved a $4.98 million payment, part of a nearly $20 million deal for the procurement of 32 armored personnel carriers for the Malawi Defense Force.
Using leaked documents from the Malawi Defense Force, or MDF, Gondwe reported that the deal defeats the Malawi government’s commitment to combating corruption.
Nevertheless, Dimba has emphasized the necessity for the Director of Public Prosecutions to reinitiate certain cases, notably the one involving Paramount Holdings Limited, which was terminated due to insufficient evidence.
He stressed that Paramount Holdings Limited, accused of utilizing falsified documents to supply motorcycles to both public and private institutions, should be held accountable through legal proceedings.
It important to fight corruption. Undetected and unchecked corruption in the public sector can cause serious damage including: undermining public trust in government. wasting public resources and money.
We can reduce corruption in developing countries. Tools such as awareness-raising campaigns, training and capacity building, transparency, and heavy penalties for corrupt practices should be used to combat corruption and reduce its negative societal impacts.
Unfortunately the possible reason that lead people to lose interest in fighting corruption include fear of reprisal or retaliation from powerful individuals or groups involved in corruption can discourage individuals from actively engaging in anti-corruption activities. The risk of facing harassment, threats, or even physical harm may deter people from speaking out against corruption or reporting corrupt practices.
Paramount Holdings corruption case to be resuscitated. Prakash Virji Ghedia, his smile may soon be curtailed
Old Mutual is optimistic that the key way for the country to develop economically is to empower and train Small and Medium Enterprises.
Organisation’s Head of financial Education John Manyike described the SMEs as the backbone of any healthy economy.
Small businesses make a significant contribution to the growth of the economy. By providing goods and services, they stimulate consumer spending and drive demand. This, in turn, leads to an increase in economic output and the overall Gross Domestic Product (GDP) of a country.
The remarks were made today in Lilongwe during the workshop for micro, small, and medium enterprises (MSMEs).
Microenterprises not only help improve the quality of life for business owners, but they also add value to the local economy. They can boost purchasing power, improve income, and create jobs. Microfinance seeks to help microenterprises by loaning small amounts of capital to these businesses.
The aim of the training is to promote entrepreneurship and foster a hunger for acquiring skills and business knowledge among the SMEs.
Small businesses can contribute to economic empowerment by investing in training programs that enhance the skills of their employees. This benefits the individual workers and aligns with the broader goal of creating and filling more productive jobs within the community.
SME are generally thought to be the backbone of any healthy economy; they drive growth, provide employment opportunities and open new markets. SMEs already contribute more than 50% towards GDP, they also supply and anchor big retail businesses with products, services and even markets.
