Reserve Bank of Malawi (RBM) Governor MacDonald Mafuta Mwale has called for deliberate and strategic collaboration between government and the private sector to boost domestic production, strengthen foreign exchange reserves, and tame Malawi's persistently high inflation.
Speaking at the Economics Association of Malawi (ECAMA) Annual Conference currently underway in Mangochi, Mwale said enhanced private sector participation in production and export-oriented activities is critical to addressing the country's long-standing macroeconomic challenges.
"We need to work deliberately with the private sector to enhance production, which in turn will help address foreign exchange shortages and reduce the stubbornly high inflation rate," Mwale said.
He stressed that increasing productivity and value addition would not only stabilize the kwacha but also boost revenue and foreign exchange generation, thereby easing the pressure on the economy.
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Mwale further challenged economists and policymakers to think beyond traditional models and develop innovative, practical solutions to restore stability and resilience to the economy.
"We must ask ourselves how the economy has managed to survive the shocks it has faced--and how we can replicate that resilience in the future," he emphasized.
The RBM Governor's remarks come at a time when Malawi continues to battle foreign exchange shortages, rising commodity prices, and a volatile currency, which have together eroded purchasing power and dampened investor confidence.
Mwale said sustained economic recovery will depend on productive partnerships, export diversification, and evidence-based policy interventions that stimulate growth while safeguarding the welfare of ordinary Malawians.
