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‘Malawi has vast potential for growth’

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Vera Kamtukule

By Deogratias Mmana:

Malawi can develop like Rwanda with decisive leadership that gives necessary jobs to the most capable and competent people, a business expert has advised.

The expert, Vusi Thembekwayo, who is chief executive officer for MyGrowth Fund, a venture Capital Firm and Iconoclast Knowledge Bureau, said this on Friday during a Real Estate Infrastructure and Capital Markets Summit where he was a keynote speaker.

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Thembekwayo said despite Malawi having more natural resources than Rwanda, and both being landlocked, it is the latter that is more developed.

He said Rwanda has developed faster because of decisive and servant leadership.

“They [Rwanda] gave the necessary jobs to the most capable, competent people. So, if you look at most State institutions, they are run by incredibly capable, competent people who are capable, technically, of doing the work and who are held accountable for outcomes of the work they do.

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“What is needed is decisive leadership that makes decisions and sees them through even if the decisions are not popular at the moment but will make a difference later.” Thembekwayo said.

Thembekwayo said he wondered why Malawi does not have a sovereign wealth fund or State-backed venture capital fund that invests in highly technological start-ups that are generating massive multiple returns that can be used to finance growth.

He added that the country needs to make investments in an effort to cut its umbilical cord from heavy donor support.

He challenged those doing or intending to do businesses in the country to have commitment to do so.

Minister of Labour Vera Kamtukule challenged Malawians to take charge of the destiny of the country.

She said Malawi cannot develop through miracles but hard work that comes from committed people.

“Malawians should make things happen. Let us take charge of the destiny of our country. Do not expect miracles when you do not do anything,” Kamtukule said, adding that those who do nothing to develop the country have no moral ground to demand anything.

The summit attracted financial institutions, real estate institutions, government and various interested groups.

Wealth magazine managing executive who organised the summit, Harry Chima, said the government has the capacity to create wealth if civil servants are professional.

He said his institution will submit recommendations from the summit to the relevant bodies including the government.

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