I found a broken economy, but now Malawians are buying cars and motorbike kabanza

Malawi President Peter Mutharika says he found a broken economy when he took over government from Joyce Banda in 2014.

In his New Year’s message, Mutharika says his sound leadership has turned the economy around that people are now able to buy second hand cars and motorbike kabanza.

“Four years ago, our economy was broken. Our country was nearly bankrupt. Businesses were closing. But we fought out of the economic crisis. We fought national disasters of floods, drought and hunger.

“Only four years ago, we found our economy suffering severe pains of mismanagement. We began with a crisis. Donors had withdrawn.

“Inflation was high and prices were rising. Interest rates were high and the cost of borrowing was very high. Our currency was unstable and fragile. Businesses were failing. Poverty was rising. And suffering was growing.” said the President.

Mutharika said, with his leadership, “the country has taken the right direction to development” to the point where young people are able to buy motorbikes for the kabanza taxi business.

“Today, we have seen the economy improving. We can see more Malawians opening new businesses. More Malawians building better houses! We can see our quality of life improving. Everywhere, we can see Malawians buying cars more than ever because they have disposable income. We can see more and more Youths buying motorbikes because they can afford”.

Through the Kabanza business, President Mutharika said young people are able able save lives.

“As a result, our Youths are saving lives because they can rush to hospital our mothers and fathers in the village whenever life is in danger.”

In his New Year’s speech, Mutharika also elevated village banks (banki mkhonde) which he said has empowered women economically and independently to engage in businesses and build houses for themselves.