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Sosten Gwengwe laments lack of access to information on finance

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Thomas Munthali

Finance Minister Sosten Gwengwe has said lack of information on access to finance is the major problem crippling the growth of micro, small and medium entrepreneurs in the country.

Gwengwe was speaking in Lilongwe Wednesday when he opened the Access to Entrepreneurship Finance Workshop organised by the National Planning Commission (NPC).

According to Gwengwe, it was clear, after listening to various young entrepreneurs, that the challenge is not access to finance but access to information on where to get the financing.

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He said Malawi has many financial institutions that are ready to help young entrepreneurs with loans and grants that could help bolster their enterprises.

“There is a knowledge gap between those that are providing finance and those that are seeking it,” Gwengwe said.

He then hailed NPC for organising the workshop which, he said, would help bridge the knowledge gap in as far as access to finance is concerned.

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NPC Director General Thomas Munthali said the youth are very critical in the attainment of Malawi 2063 vision goals.

He said the workshop is crucial in connecting those who have money and those with ideas.

Munthali said wealth creation is one of the issues that Malawi is aspiring to achieve in Malawi 2063 vision.

“We want as many entrepreneurs as possible in the country to have the understanding of where to get the financing. So, that is why we have put this workshop on television and radio to ensure that even those in rural areas are able to follow it.

“We are also making sure that the various institutions give out their contacts so that the entrepreneurs are able to follow up with them,” Munthali said.

Principal Secretary in the Ministry of Youth Oliver Kumbambe said, currently, youth unemployment hovers at around 25.2 percent, which is on the higher side.

The two-day workshop is expected to end today.

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