Institute of Chartered Accountants in Malawi (Icam) has advised the government to focus on creating an enabling environment for private sector growth to improve in revenue generation, foreign exchange inflow and bring about stability to the economy.
The view comes as the country continues to face the impact of historic economic challenges.
According to Icam Chief Executive Officer Noel Zigowa, if the private sector grows, the tax revenue would automatically increase and lessen the fiscal pressure in turn.
“The government remains with a complex challenge of stabilising an economy that has little production against ambitious appetites and the basics need to be put in place,” Zigowa said.
In a separate interview, Malawi Confederation of Chambers of Commerce and Industry President Lekani Katandula said the government should work towards minimising the level of borrowing.
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“There is a need for investments with quick wins such as mega farms with focus on products that can either be exported or act as import substitutes which may also help to save foreign exchange,” Katandula said.
