The Institute of Chartered Accountants in Malawi (Icam) has challenged Capital Hill to strongly support the industrialisation drive if the country were to achieve its dream of economic transformation by 2063.
In its resolutions from the annual conference it held in Mangochi last month under the theme ‘Navigating the Rough Economic Terrain: Moving Forward Regardless of Challenges’, Icam notes that countries which have achieved tremendous strides in industrialisation have done so with strong support from government.
“For Malawi to industralise, the government must intervene,” says Icam in a statement signed by its president Phyles Kachingwe.
On the country’s education system, the accountants’ body observes that education can only be impactful if it induces mindset change, leads to effective governance systems and institutions, enhances public sector performance and reinforces private sector dynamism all human capital development.
According to Icam, the education should be a combination of knowledge, skills and competencies specifically addressing entrepreneurial, quantitative, ICT and communication skills.
“To progress, whether in employment or entrepreneurship, people must figure out what is it that they want and what is it that they will be good at to achieve what they want. Any option presents an opportunity to do good and transform.
“To thrive in doing business in Africa, business captains must understand and appreciate the territory they are working in, be innovative in service delivery, recognise threats while capitalising on opportunities and further have a relentless drive and determination to succeed. Africa is ripe for business and Africans must utilise their resources,” Icam says.
Speaking when he delivered the State of the Nation Address last year, President Lazarus Chakwera said Malawi needed to start moving towards industrialising itself for it to become a middle-income country by 2063.
He said industry conveys a lot of spillovers, including providing links to other sectors of the economy such as agriculture.