By Suleman Chitera

Parliament has passed the Economics Society of Malawi (ESOMA) Bill, paving the way for the establishment of an independent professional body that will register, regulate and discipline economists in the country.

Presenting the bill, Minister of Finance and Economic Affairs Joseph Mwanamvekha said the economics profession in Malawi has for many years been led by the Economics Association of Malawi (ECAMA), which was established as a public trust under the Trustees Incorporation Act (Cap. 5:03).

He explained that while ECAMA has played a significant role in promoting the profession, its status as an association limited its legal authority to effectively regulate economists.How Speaker Sameer Suleman Is Transforming Malawi’s Parliament

According to the minister, the absence of a statutory regulatory framework meant that the profession remained largely unregulated, with no legally established mechanism to register practitioners or enforce professional standards and discipline.

Speaking in support of the bill, Malawi Congress Party (MCP) spokesperson on the legislation and Member of Parliament for Dowa Phunzu, Arthur Sungitsa, described the proposed law as timely, saying economists play a crucial role in shaping national economic policies and development.Parliament Launches Investigation Into Saulos Chilima Plane Crash as Committee Begins Probe at Kamuzu International Airport

Chairperson of the Parliamentary Committee on Budget and Finance, Sosten Gwengwe, also backed the bill, saying it will strengthen professionalism and accountability within the economics field.

Gwengwe said the new law will promote ethical conduct among economists while ensuring that only qualified professionals are recognised to practise in Malawi.

The enactment of the ESOMA Bill is expected to enhance professional standards, improve accountability and strengthen public confidence in the economics profession by creating a legally recognised body responsible for regulating its members.

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