By Bernadettah Kaphwiyo
People in the country should brace up for difficult times due to the pace at which the country’s economy is picking, economic expert and former president of ECAMA, Nelson Mkandawire has said.
Mkandawire urged the government to embark into prioritizing agriculture to boost the country’s economy and productivity.
“There is no magic when it comes to turning around the economy. It is all about productivity, so Malawi as a country is not very productive; issues of corruption are very high when we look at the ranks in the UN indexes so this tells you how bad we are as a country, so productivity is what we need to in order to prosper,” Said Mkandawire while hinting that Malawi would progress only if the government reduces the rate at which it is borrowing money.
Commenting on the economy of the country, business tycoon and politician Mark Katsonga said if the economy continues to go at this pace the country will hit the beyond repair button.
Katsonga told The Malawi Star that the economy is not well managed as a result it is becoming difficult to set stable prices since the local currency; [kwacha] is depreciating every day.
This he said it is badly affecting consumer spending and lives.
A spot check done by this publication indicates a huge rise in general prices of goods and services such as sugar, milk, butter and cooking oil.
Efforts to talk to the government spokesperson Jappie Mhango, who is also the Minister of Information, Tourism and Culture was futile.
However Minister of Finance, Planning and Economic Development Goodall Gondwe assured that the Malawi would recover as it is going turbulent time sowing to the withholding of the donor aid which accounts for 40 percent of the national budget.
It is becoming difficult to set stable prices since the kwacha is depreciating every day. He added that this has badly affecting consumer spending and lives.