Government urged to Concentrate on Local Businesses

By: Bernadettah Kaphwiyo

Experts in the country have urged government to consider giving the indigenous business groups an opportunity to control part of the country’s economy.

The appeal has been made at a time the country’s economy is deteriorating and making it a survival of the fittest.

According to the president of Indigenous Business Association of Malawi (IBAM), Mike Mlombwa, the government should prioritize on Small Business Enterprises (SME s) instead of foreign companies.

“This country has a tendency of trusting foreign investors and these investors are given a big chunk of opportunity at the expense of Malawians hence the country loses forex,” said Mlombwa

In his remarks, foreigners are taking advantage of the crisis to taste and use the country for their own benefits.

Speaking to The Malawi Star, Mlombwa hinted that government consider views by IBAM and intervene with the central bank to reduce bank interest rates to smooth business operations for local business people.

He further cited that government should put interests of people at heart and hold to task business sector operations due to unstable prices of goods and services.

“The government needs to check on prices of goods and make a thorough research on when these people purchased their goods because most companies and shops are taking advantage over the depreciating of the kwacha to raise prices unnecessary’, said the business tycoon,” added.

Meanwhile, Economic Association of Malawi (ECAMA) President, Henry Kachaje, has blamed the government for using short term plan to revamp the country’s economy.

“Our government fall short at making policies that are of long term and implement them. The economy can only be brought back into track if government consider the ideas by experts,” explained Kachaje in an interview with this publication.

However, Minister of Finance and Economic Planning Goodall Gondwe during the presentation of the mid -year budget said the country should expect the kwacha to stabilize soon since it has reached its equilibrium.