New Minister of Finance takes different approach to solve Malawi’s economic problems by engaging chiefs on economic recovery

* He has already met Public Affairs Committee, faith leaders, CSOs, chairperson of various Parliamentary Committees and leaders all of political parties

* The meeting with the chiefs was to familiarise them on how the economy can be recovered through collective approach

By Duncan Mlanjira

Newly-appointed Minister of Finance & Economic Planning, Simplex Chithyola Banda has taken a different and unconventional approach to solve Malawi’s economic problems by engaging traditional leaders on economic recovery.

A report by public broadcaster, Malawi Broadcasting Corporation (MBC) says the Minister engaged the traditional chiefs across the country in Lilongwe on how best the economy can be revamped.

The report says since his appointment on October 7, replacing Sosten Gwengwe, Chithyola Banda has been meeting various stakeholders to tap in knowledge on how collectively Malawians can address the economic challenges the country is facing.

Chithyola Banda is reported to have already met Public Affairs Committee (PAC), faith leaders, civil society organizations (CSOs), chairperson of various Parliamentary Committees and leaders all of political parties, among others.

MBC reports that the meeting with the chiefs on Monday was to familiarise them on how the economy of the country can be recovered through collective approach.

“The Minister has a ‘Four F Strategy’ which is to make sure that fuel, forex, food and fertilizer are available in the country for a quick economic recovery,” says the MBC report.

“During the interface meetings, participants are being given an opportunity to give their input on how best the country’s debts amounting to K9.4 trillion can be squared.”

Commenting of Facebook over this news, Che Mzoma asked if traditional chiefs should be involved in matters to do with the economy, asking: “Of what importance are chiefs in matters of country’s economy?

“The past Ministers have used the learned and politicians only to solve economic problems, now we have a different approach — top down approach or participatory economic approach — down top approach.”

Meanwhile, it is has been announced that all Cabinet Ministers and Members of Parliament will be meeting for the mid-year national budget review for the 2023/2024 financial year to take place from Monday, November 13-December 13 in the Parliament chamber in Lilongwe.

According to a statement signed by Speaker of the National Assembly, Catherine Gotani Hara, this will be the 3rd meeting in the current 50th  Session of Parliament.

According to 247 Malawi News, the Finance Minister is engaging with various stakeholders to discuss ways and means to recover the economy as he has already met MPs, CSOs, members of the clergy and an now the traditional chiefs.

He told 247 Malawi News in an interview that the meetings are so important because correcting the economic damage is a collective responsibility.

“As a country, we are in a situation where we are suffering from the distress of other people’s mistakes,” he told 247 Malawi News, while accusing the previous regime of the Democratic Progressive Party (DPP) as having left this country in a great debt burden.

“The only way for us to recover from these economic challenges is by engaging people at different levels,” he is quoted as saying. “So far, we have engaged faith leaders, CSOs, Parliamentarians and currently, we are now engaging NGOs and CSOs.”

Chithyola Banda is further quoted as saying the idea behind these meetings is to get feedback from them to fit into a strategy that is being developed which will help to recover, develop and protect the economy.

“These interface meetings are very important, we are moving towards economic transformation and recovery,” he is quoted as saying, while commending CSOs and other stakeholders for their response.

“We are getting overwhelming response in support. But I think the most important thing is the understanding that each one of the groups that we’ve met, have displayed that previously they didn’t know the degree and the severity of the economic damage that was there.

Now, they are quite aware of how bad the situation is in terms of how the economy has been damaged,” he said.

Chithyola-Banda told 247 Malawi News that the country “is in this situation which is man-made because some people somewhere somehow did not do their work well, and that the current regime inherited unsustainable debt, which as a country needed to manage in order to recover”.

“But when we experienced recovery, we needed to develop it by diversifying economic activities. When our economy is on track, we need to protect it by putting up legal and regulatory frameworks legislations that will make sure that it doesn’t leave room for somebody to play around with our economy.”

The 247 Malawi News reached out to Minister of Local Government & National Unity & Leader of Parliament, Richard Chimwendo Banda, who commended the Minister of Finance for the engagements, saying there is need of making sure that each and every one participates and contributes to the performance of the economy.

“We are facing quite a lot of challenges and solutions to come from everybody else. But also it shows that the government is listening and also taking much priority in what people talk about the economy,” he is quoted as saying.

He said it is also very critical that the stakeholders appreciate what is happening globally while adding that the faith community, members of parliament, political leadership, civil society organizations, chiefs and others are crucial to have interface and talk about progress of the country.