A report by international financial experts reveals that the Malawi Kwacha has lost about 35% of its value under the leadership of President Peter Mutharika, pinning it one of the worst currencies in Africa.
The report, published by US Financial aggregator, Bloomberg, shows that Malawi kwacha is just 2 places from the bottom of the Continent’s worst currencies hit by inflation. Slightly trailing the Kwacha is the Angolan currency. The Kwacha’s namesake in Zambia is anchoring the log.
Since his election in May 2014, Mutharika has presided over one of the worst rising inflation in Malawi, a development the report shows as one factors that has lead to “a slump in investor confidence”.
Value of Malawi Kwacha dropped to its record lowest point this month sending a shockwave of price increases on goods and commodities. Bloomberg also reports that Africa’s biggest economies such as South Africa, Ghana and Nigeria are also dancing to the same tune as that of Kwacha.
But unlike the three countries which are putting in place practical measures to counter rising inflation risks and deteriorating growth, Malawi’s Finance Minister Goodall Gondwe announced that only the miracle hand of God could save the Kwacha from its nosedive.