By Burnett Munthali
The Public Service Pension Trust Fund (PSPTF) has identified the ongoing foreign exchange shortage in Malawi as a key challenge affecting the timely construction of the K43 billion Cresta Lifestyle Hotel in Blantyre.
According to George Jim, the Principal Officer for the Trust Fund, the scarcity of forex has significantly disrupted the importation of crucial construction materials needed for the project.
Jim made the remarks on Thursday when the Minister of Tourism, Vera Kantukule, visited the project site to assess its progress.
He reported that, despite efforts, construction works at the site currently stand at only 18 percent completion.
The delay is largely due to the inability to secure foreign currency required to procure materials from international suppliers.
Linda Poya, representing Old Mutual—managers of the PSPTF fund—highlighted the scope of the hotel project, which includes the construction of 107 guest rooms and a 300-seater conference facility.
Poya stated that the hotel is intended to be completed by the year 2027, but emphasized that timely access to forex will be critical to staying on schedule.
In her remarks, Minister Kantukule expressed appreciation for the PSPTF’s investment in the tourism sector, acknowledging the strategic importance of the hotel project.
She assured the Fund that government would provide support in securing foreign exchange to ensure the smooth continuation of construction works.
The Cresta Lifestyle Hotel is expected to play a vital role in boosting Blantyre’s hospitality capacity, creating jobs, and enhancing the city’s appeal as a tourism and business destination.
With construction momentum now hinging on macroeconomic factors like forex availability, stakeholders are urging for coordinated efforts between the government and the private sector to mitigate delays and deliver the project within the projected timeframe.
