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What next after Power Market Limited dissolution?

What next after Power Market Limited dissolution?

Business
By Kandi Padambo: During the reform of power sectors in the capacity range of the Malawi Power Market Limited and even those with far bigger installed generation capacities such as Malaysia (34,600 megawatts), Egypt (60,073mw), Republic of South-Africa (64,500mw), Kenya (3,483mw), Tanzania (3,704mw) and Zambia (3,365mw), the role of Single Buyer has been assigned to the national power utility. All the mentioned power markets are dominated by State-owned vertically integrated power utilities and characterized by a sizeable number of privately owned Independent Power Producers (IPPs) responsible for a significant proportion of total power supplied to the market. The preference for this model by policymakers is underpinned by considerations of both electrical engineering and ele...
MUBAS Engage Parents, Guardians On Student Welfare

MUBAS Engage Parents, Guardians On Student Welfare

Business
The Malawi University of Business and Applied Sciences (MUBAS) says it is exploring ways that will address the problem of shortage of accommodation for its students. The university has over 7,000 undergraduate students but it has accommodation which is enough for 900 students only and the rest operates from rented houses within Blantyre. Speaking during a parents orientation meeting at Comesa Hall in Blantyre as the school received the new cohort of first-year students, Vice Chancellor for MUBAS, Nancy Chitera, said talks are at an advanced stage with some organisations that have shown interest to come and build hostels at the campus. As an immediate solution, MUBAS is targeting the construction of hostels that will accommodate 10,000 students while for the long-term so...
Cannabis Regulatory Authority Dumps Hemp Farmers

Cannabis Regulatory Authority Dumps Hemp Farmers

Business
Some industrial hemp farmers in Thyolo have accused the Cannabis Regulatory Authority (CRA) and an off-taker, United States Cannabis Association in Malawi (USCA) of dumping them despite the agreement to buy their hemp. Speaking after a media tour, Kumvana Limited Company chairperson, Fatsani Chakwana, which claims to have so far invested over K40 million since 2021, alleges that the two entities are not forthcoming on the future of the farming and the market. Chakwana says the 46-member company agreed with CRA that USCA would buy their hemp, but now, no one seems to be interested, adding that they are even lacking advisory services since the extension workers also abandoned them. CRA Director General, Dr Ketulo Salipira says the authority is aware of several contractual c...
FDH Bank partners Joyce Banda Foundation To Ease Access To finance

FDH Bank partners Joyce Banda Foundation To Ease Access To finance

Business
FDH Bank plc and Women in Marketing Activities and Initiatives (Mwai) have signed a five-year strategic partnership that will provide an avenue for women small and medium enterprises (SMEs) to easily access finance. Mwai, which is under the Joyce Banda Foundation International, is the brainchild of former president Joyce Banda who ruled Malawi from 2012 to 2014. Mkulichi (L) and Banda display the MoU documents Speaking during the signing of a memorandum of understanding (MoU) in Blantyre on Tuesday, FDH Bank plc managing director Noel Mkulichi said the partnership will enable women in groups and as well individuals to access up to K3 million in loans to support their businesses. He said: “FDH Bank believes in promoting and facilitating growth through various initiatives in the...
Former Finance Minister Mwanamveka Fault Reserve Bank Of Malawi On Foreign Exchange Auctions

Former Finance Minister Mwanamveka Fault Reserve Bank Of Malawi On Foreign Exchange Auctions

Business
Former Finance Minister Honourable Joseph Mwanamveka has faulted the Reserve Bank of Malawi on the introduction of foreign exchange auctions,Mwanamveka said the press statement made by the Reserve Bank of Malawi on the introduction of foreign exchange auctions is a wrong decision as it will lead to further massive devaluation or loss of value for the Malawi Kwacha.This policy regime was pursued by the Reserve Bank of Malawi in early 1990s up to 1995 during the Structural Adjustment Programmes (SAPs). I was at the Reserve Bank of Malawi at that time and was working in Financial Market Operations Department and was part of the team managing this policy regime but It failed miserably and was later ambandoned. At that time, the auctions system of foreign exchange was meant to improve the c...
Chingeni, Kalinyeke Toll Plaza Generate k4.2 Billion

Chingeni, Kalinyeke Toll Plaza Generate k4.2 Billion

Business
By Malawi Freedom Network The Roads Fund Administration (RFA) has disclosed both the Chingeni toll plaza in Ntcheu and Kalinyeke tollgate in Dedza along the Lilongwe-Blantyre M1 road have generated a combined 4.2 billion kwacha as of 31 December, 2022 over a year the country commenced road tolling in November 2021. Speaking to Malawi Freedom Network Online Wednesday, RFA spokesperson, Masauko Mngwaluko has attributed this performance to compliance of motorists in embracing road tolling. Governance commentator, Willy Kambwandira says it is high time the M1 road,which is in bad shape, started benefiting from the toll funds now. According to previous projections from the RFA before the toll fees were revised, the two facilities were expected to be raising about five billion kwa...
Forex shortage affecting public service delivery—World Bank

Forex shortage affecting public service delivery—World Bank

Business
Persistent foreign exchange shortages in the country have had adverse effects on public service delivery and the wider economy, the World Bank has said. In its recent country economic analysis, the bank said the effects on the retail fuel sector are the most visible symptom of much wider challenges. Reads the analysis: “In a context where many businesses are unable to access foreign exchange allocations from commercial banks, a black market for US dollars and other foreign currencies has emerged. “However, organisations importing essential commodities, such as the Central Medical Stores Trust, must rely on official channels. Despite efforts to prioritise these essential imports in foreign exchange allocations, there have been widespread reports of shortages.” In his 2022/2...
MTL, Access Malawi Risks Licences Revoked For K3.3 Billion Unpaid Debts

MTL, Access Malawi Risks Licences Revoked For K3.3 Billion Unpaid Debts

Business
Malawi Telecommunications Limited (MTL) and Access Malawi risk having their Licenses revoked if they fail to pay MACRA debt amounting to K3.3 billion. Daud Suleman, Director General for Malawi Communications Regulatory Authority (MACRA) has told the Public Accounts Committee this afternoon that the two companies have already been engaged in discussions for them to pay their license fees but they are yet to do so. Suleman has told the Committee that the two companies are owing MACRA a combined amount of K3.3 billion and the Authority has set May this year to conclude on this matter. "The two should clear their debt because if they fail to do so, their licenses will be revoked," Suleman has said. He has also told the Committee that MTL's license is already under renewal but MACr...
Lilongwe City Council Orders Closure Of Wakawaka Market, Central Poultry Plant

Lilongwe City Council Orders Closure Of Wakawaka Market, Central Poultry Plant

Business
Lilongwe City Council has ordered the closure of Wakawaka Market and Central Poultry processing plant in area 36 with immediate effect due to lack of hygiene in the face of rising cholera cases. The closure comes after the Mayor of Lilongwe City, Richard Banda, inspected the market and poultry establishment today Banda said by Wednesday, no merchandise should be sold at the market and the poultry plant as fears of cholera spread in the city continue to grow. Wakawaka Market is a popular shopping centre for city residents but lacks basic hygiene facilities. Central Poultry on the other hand is one of the largest processors and sellers of chickens. The poultry company breeds and rears its stock, fed from its feed mills. The company processes, distributes and markets fresh ...
Kwacha Depreciation To Continue—EIU

Kwacha Depreciation To Continue—EIU

Business
The Economist Intelligence Unit (EIU) says the kwacha will depreciate further against the dollar to trade at K1 048.50 by year end. In its forecast for Malawi contained in the latest Nico Asset Managers Report, the EIU said the kwacha is expected to continue depreciating as exports continue to underperform coupled with lack of monetary stability and high inflation. Kwacha has been losing ground to the dollar Reads the report in part: “The currency will remain overvalued going by the real effective exchange rate with the transition to a market-led exchange rate in 2024 which is likely to induce volatility. “Furthermore, the lack of monetary stability and high inflation in Malawi relative to its trading partners will cause the kwacha to continue to depreciate against the dollar ...