By Burnett Munthali
Former Finance Minister, Joseph Mwanamvekha, has raised serious concerns about the rising cost of essential goods and the country’s growing national debt. According to Mwanamvekha, the surge in commodity prices is having a significant impact on the average Malawian, with the cost of maize, fuel, and basic food items continuing to rise at alarming rates.
Mwanamvekha pointed out that the price of maize, a staple food in Malawi, has skyrocketed to K50,000 per 50kg bag. This increase, he said, is putting a strain on families who rely on maize for their daily sustenance, making it increasingly difficult for many to afford basic food.
“The price of maize has increased drastically, and this has made life harder for ordinary Malawians. Many families are struggling to meet their daily food needs,” Mwanamvekha said. He also highlighted the sharp rise in the cost of fertilizer, which has increased from K18,000 to K120,000, further impacting agricultural productivity and food security.
In addition to food prices, Mwanamvekha expressed concern about the rising cost of fuel, which is driving up transportation costs and the price of goods across the board. He noted that fuel prices, along with the prices of essentials like cooking oil, bread, and soap, have all increased, adding to the financial burden on Malawians.
Mwanamvekha also highlighted the escalating national debt, which he said has grown from K4.1 trillion to K15.1 trillion. He warned that the country’s mounting debt is unsustainable and could have serious long-term consequences for the economy.
“The country’s debt is spiraling out of control, and this is a major cause for concern. We cannot continue to borrow without a clear plan for repayment and without tangible returns for the Malawian people,” he cautioned.
The former minister called on the government to take urgent steps to address the rising cost of living and to implement policies that would promote economic stability. He emphasized the importance of investing in agriculture, improving the business climate, and adopting sustainable fiscal policies to reduce the national debt.
Mwanamvekha’s remarks come at a time when Malawians are facing growing economic challenges, with inflation on the rise, basic goods becoming more expensive, and the government struggling to balance its budget. The situation is prompting calls for urgent reforms to tackle these issues and ensure that the country’s economy can support the needs of its people.
