With most economies on a recovery path, the Institute of Chartered Accountants in Malawi (Icam) has challenged government to adopt locally-developed policies to revamp the country’s economy, which has equally been battered by the Covid-19 pandemic.
Icam President Phylis Kachingwe told delegates at the Institute’s annual Lakeshore Conference in Mangochi that, for a long time, Malawi’s economy has been failing to establish its own identity because most policies that are used do not respond to the needs and interests of Malawians.
“As we are sojourning to the Canaan of our dreams, we have no vestiges of doubt whatsoever that the first point to address is the remodelling of the economy to suit the economic trajectory that we have taken. We need our own home grown policies that will be embraced by the people of the nation as well as supporting the Transformational agenda 2063,” she said
Kachingwe also noted that Malawi has come of age and as such must realise that the insatiable appetite to ‘copy and paste’ what worked in other economies is no remedy to local problems.
She added that in navigating through the tough economic terrain, government also needs to be mindful of the country’s legal framework, especially in line with corporate debt restructuring and post Covid 19 renaissance.
“The law must resonate well with the status quo. The business world ought to have a good appreciation of legal aspects to ensure that we are progressing in accordance with legal provisions,” she said.
Taking his turn, Vice President Saulos Chilima, who was guest of honour, said Malawi has a lot of learned people who can assist the country realise its economic potential, hence urging them to stop being spectators and join government in finding solutions.
Chilima said Malawi needs accountants who are not corrupt and therefore urged Icam to conclude disciplinary cases against those who are suspect of various professional misconduct.
The vice President said accountants should be gate keepers for government money, such that Icam should find ways of dealing with errant accountants that are swindling government money.
“Icam leadership must join the transformation of the country to lead it out of the least developed countries in the world by offering alternatives and not just criticise,” he said.
He said rebuilding the economy of the country needs to be championed by accountants who are disciplined and professional.