Reserve Bank of Malawi Governor calls for economic diversification
Reserve Bank of Malawi Governor Wilson Banda Tuesday urged Malawians to channel their investments in other promising sectors of the economy beyond agriculture.
Speaking during a Financial Literacy Public Lecture at the Lilongwe University of Agriculture and Natural Resources (Luanar), Banda said, currently, the mining sector has registered progress through the buying and selling of gold, among others.
“We also need to improve our tourism, manufacturing sectors and import substitution. Previously, Malawi did well but, over the years, we have lost it. We need to restore that momentum,” he said.
According to the governor, Malawi is registering a minimum growth rate of three percent against six percent required in order to achieve the Malawi 2063 vision.
“We are falling far from achieving the target. As a country we have faced a number of shocks, including Covid19 and natural disasters but we need to find ways of reviving our efforts,” he said.
Luanar Deputy Vice Chancellor Agnes Mwangwela said the engagement was beneficial to both the institution and the students.
“We do not want our students to have theoretical knowledge only but they should be aware of what is happening from those that are on the ground on matters of finance. We believe that this engagement has insightful experience,” Mwangwela said.
Mercy Gondwe, an Agriculture Economics student at Luanar described the public lecture as an eye opener, saying it helped her to appreciate others investment opportunities and the need for the country to diversify its economic base.
