
* As we reflect on the 55 years of driving the country’s growth, we reiterate our commitment towards contributing to economic growth
* As well as national development and creating platforms that harness collective decision-making
* And foster realization of relevant agendas, as part of our efforts—Chief Executive Phillip Madinga
By Duncan Mlanjira
The Growth Conversations interactive platform, which was launched last week by Standard Bank Plc — one of the country’s key players in the financial service sector — draws business captains and key policy to discuss Malawi’s economic future as well as explore innovative solutions as well as to emphasise the power of collaboration.

Advertisement
At its launch in Lilongwe, Standard Bank’s Chief Executive Phillip Madinga, said navigating today’s global challenges requires committed and purpose driven leadership and foresight.
Through the forum, Madinga said it is in line with contributing to the realisation of the MW2063 national vision and present as a guest of honor, was Director General for National Planning Commission (NPC), Dr Thomas Munthali, applauded Standard Bank for the initiative and urged all players in the sector to consider expanding areas of doing business if they too, are to grow.
Madinga highlighted that Growth Conversations, whose inaugural theme was; ‘Towards Economic Recovery and Growth-Embracing Sustainability’, “is a new dialogue platform created to provide a wider platform for discourse, sharing ideas and insights that speak into Malawi’s economic growth”.
“These conversations will build on previous conversations we have had including the one we had on 9th December 2023 which brought together stakeholders from different sectors – private & public sector, CSOs, international organisations, developmental organisations as well as the diplomatic community.
“It was a huge success, from which we have seen several key changes and issues being implemented.”
Under ‘Growth Conversations’, Madinga impressed that they plan “to continue facilitating dialogue through tailored panel discussions and expert presentations on topical issues affecting our country”.

Advertisement
“Tonight, marks the beginning (if not the continuation) of these important conversations, and I welcome you all to this forum. As a Bank, we are celebrating 55 years of our operations in Malawi – celebrating 55 years of being a partner of growth for Malawi.
“And as we reflect on the 55 years of driving the country’s growth, we reiterate our commitment towards contributing to economic growth, national development and creating platforms that harness collective decision-making, and foster realization of relevant agendas, as part of our efforts.
“At Standard Bank, we recognise our role in driving economic progress and promoting sustainability. We are committed to supporting businesses, communities, and individuals in their pursuit of sustainable growth.
“This embodies our purpose; ‘Malawi is our home; we drive her growth’ and reinforces our initiative to introduce these Growth Conversations platform.
“Navigating today’s global challenges requires committed and purpose-driven leadership and foresight. It requires concerted effort and collaboration, and this is one of the reasons we are here.
“As we navigate the complexities of our globalised World, economic growth and sustainability are inextricably linked.
“We must prioritise the creation of a prosperous future for all – this is where conversations around growth itself matters. But at the same time, we also need to be making tangible difference in addressing important social, community and environmental needs through impactful initiatives in enterprise growth, financial inclusion, infrastructure development, and climate resilience – and this is where conversations around sustainability comes in.
“This is why as Bank we have been at the forefront of encourage meaningful dialogue and conversations. In the recent past we have seen Malawi recording tangible benefits from the positive impacts of Standard Bank’s-led dialogue.

Advertisement
He went on to highlight some of the successes across the broader spectrum, that include:
Infrastructure development
The successful construction of the 145km rail stretches of the Malawi stretch of Nacala Corridor, which has enhanced regional connectivity and trade. As a result of this project, coal exports from Moatize to the Mozambican northern deep seaport of Nacala resumed.
The result is a spur in economic activity for the two countries with an estimated 3,500 construction jobs created. Furthermore, the positive outcome has provided a benchmark of what Malawi could do to revitalise her domestic rail transport network.
More recently, Standard Bank through a syndicated facility amounting MK31.5 billion is financing the expansion of two key roads in the City of Lilongwe (Kenyatta Drive and Mzimba Street).

The Investiment agreement for Lilongwe’s Kenyatta Drive and Mzimba Street
The Energy sector
Standard Bank facilitated the restructuring of ESCOM’s foreign-currency denominated debt with the DBSA, thus helping to improve the parastatals operations, by freeing up cash flows desperately needed to repair the national electricity grid, but also facilitated the addition of 64MW to the grid through Kapichira II Hydro Electric Power station.
Most recently, Standard Bank dialogue series through round-table discussions precipitated positive outcomes in Tourism, Mining and Agriculture (ATM) strategy.
The Tourism sector
In February, the government relaxing VISA entry restrictions into Malawi, which is expected to increase tourist arrivals into the country and help boost our foreign currency receipts.
The Mining sector
Implementation of the Mining Development Act, paving the way for new and enhanced investments in the country’s mining sector. As we all know, Malawi is endowed with various high-value minerals such as uranium, niobium, gold deposits and bauxite, among others, and responsible and sustainable mining practices will be key.
We also saw the conclusion of one Mining Development Agreement as well as some good progress being made on one or two MDAs currently under negotiation.
Most importantly in Agriculture
Agriculture remains the mainstay of the country’s economy. Through forums such as this one, Standard Bank is providing solutions aimed at revitalising commercial agriculture using renewable and eco-friendly energy sources.

Agriculture commercialization projects
We have seen strides in the horticultural sector where smallholder farmers are now able to export vegetables to the SADC region, helping facilitate import substitution.
Malawi growers are now able to stock their produce in leading retail shops, which hitherto were filled by imports from South Africa. We can confidently say that with Standard Bank’s facilitation, we are beginning to narrow that gap. With concerted we can achieve the goal of increasing agriculture exports to narrow Malawi’s growing trade deficit.
Having highlighted these economic game changers, Madinga emphasised that the “milestones demonstrate the power of conversations, collaboration, and strategic partnerships in driving economic progress and sustainable development”.
During the forum, the business captains and policy makers shared their expertise on topics such as agriculture diversification through value-addition and climate-smart agriculture, climate-smart sustainable finance, regional integration, and trade agreements, how the country’s transportation, energy output and communication networks can be improved and how corporate institutions are impacting on society.
At the end of the forum, Standard Bank shared the impact it has had on the community through its Report to Society — unveil the bank’s 2023 Sustainability Report, which is a testament to the unwavering commitment to Environmental, Social, and Governance (ESG) principles.
Madinga said the report highlights Standard Bank’s “dedication to fostering inclusive growth for youth, the economy, and the planet. The report highlights how we have empowered small businesses including youth in Malawi through loans, catalysing job creation and economic resilience within our communities.

Report to Society launch in 2022
“The report will demonstrate the impactful initiatives and tangible difference we are making in financial inclusion, enterprise growth, infrastructure development, and climate resilience as we are addressing critical community and environmental needs.”
Present at the inaugural event was Mulalo Madula, Senior Analyst & Economist from Standard Bank Group in Johannesburg, who shared the insights from macroeconomic dynamics of selected African markets, including Malawi.
Let us work together to create a better future for generations to come,” Madinga said.

Advertisement