Secretary to Treasury Betchani Tchereni has expressed optimism about Malawi’s economic future, citing significant progress in key sectors.
He highlighted the signing of mining development agreements, a first in Malawi’s history, which will bring in four major mining companies. This is expected to generate $2 billion annually. He further said the agricultural sector is also poised for growth, with increased tobacco production and mega-farm projects.
Tchereni, who was speaking on Friday at the opening of the Annual General Meeting of the Association of Business Journalists (ABJ) in Mangochi, revealed that the manufacturing industry is growing, with SMEs investing in machinery to produce cooking oil, cornflakes, and maize flour. The fishing industry is also on the rise, with investments in dams and infrastructure.
His projections indicate a promising future, with the mining, commercial agriculture, and tourism sectors driving growth. Malawi’s economy is expected to grow by 6 per cent, with inflation targeted at 5 per cent.
“The future is very good. Having four big mining companies operating in Malawi means that by the end of next year, we should begin to see a lot of foreign exchange coming into the country. For example, it will be able to provide us with somewhere around 500 million U.S. dollars per annum.
“So if one company can do that, suppose that’s the average, and you’ve got four companies, that’s 2 billion U.S. dollars per annum. That should give you a lot of hope that the country’s economy is going to go somewhere,” said Tchereni.
He also expressed gratitude that a lot of people have now applied to be part of the Mega Farm unit within the Ministry of Agriculture, saying the application alone is giving the nation a lot of hope that more food is expected to be produced.
