The Centre for Democracy and Economic Development Initiatives (CDEDI) has issued a statement accusing Cabinet ministers, top government officials, and the ruling elite of capturing Malawi’s economy and exploiting the disparity between the official and black market exchange rates for personal gain.
According to CDEDI Executive Officer Sylvester Namiwa, this has led to a further weakening of the local currency against the US dollar, with the powerful individuals accessing foreign exchange from commercial banks and the Reserve Bank of Malawi (RBM) under false pretences, only to sell it on the black market at inflated rates.
“Malawians may wish to know that at the height of this forex crisis, a senior Cabinet minister and influential Malawi Congress Party figure, whose name we have but will withhold for now, has the luxury of buying real property in US dollars.
“Just recently, the flamboyant politician applied for $450,000 at one of the commercial banks, which is about K788 million at the official rate, but took the money directly to a Malawian businessperson of Asian origin, where he sold the dollars at K4,200, translating to about K1.8 billion, making an instant profit of almost K1 billion,” stated Namiwa.
Namiwa condemned this “illicit business” and called on Malawians to stand up against it, saying as per the wording and spirit of Section 12 of the Republican Constitution, Malawians should not feel helpless or intimidated, rather they should stand up to address the crisis that is threatening their survival.
CDEDI has launched an initiative dubbed “The People Power Forum” to expose those involved in this corruption and to give back power to the people. The forum will allow citizens to nominate public officers whose lifestyle, wealth, and property are not commensurate with their legitimate earnings.
CDEDI has engaged a reputable international institution to manage the ‘nomination process’ in a manner that does not give room for manipulation.
“By the end of the day, Malawians will be allowed to distinguish between honest and corrupt public officials,” he added. “It is sad to note that after voting, Malawians have nothing that gives them leverage to invoke the powers contained in the Constitution.”
The organization is urging Malawians within and outside the country, groups and institutions to come forward and provide both technical and material support to help make this dream of bringing back people power a reality.
