Malawi Parliament passes ESOMA Bill to regulate economics profession

LILONGWE-(MaraviPost)-Malawi Parliament has passed the Economics Society of Malawi (ESOMA) Bill, paving the way for the establishment of an independent body responsible for registering, regulating and disciplining economists in the country.

Presenting the Bill in the Parliament, on Thursday August 6,Minister of Finance Joseph Mwanamvekha said the legislation will strengthen professionalism in the economics sector and ensure that economic advice guiding national policies is provided by qualified and regulated practitioners.

Mwanamvekha said the establishment of ESOMA marks an important milestone in promoting accountability, professionalism and higher standards within the economics profession.

The new body will address gaps that existed under the Economics Association of Malawi (ECAMA)which operated as a professional association without the legal mandate to register and discipline economists.

Meanwhile, Malawi Congress Party (MCP) Dowa Mphuzu legislator Arthur Sungitsa said the establishment of ESOMA should be guided by data and professionalism rather than politics.

Sungitsa said ECAMA deserves recognition for its contribution to the economics profession, adding that the law should provide clarity and serve the interests of all economists.

“No one should pretend to be an ESOMA member to protect the criminal minds of pretenders. The institution must also be affordable so that everyone can be part of the team,” said Sungitsa.

He further called for ESOMA to partner with the University of Malawi and other public universities in training economists.

UTM spokesperson Felix Njawala said economics plays a critical role in national development and therefore requires a strong regulatory framework like other professions.

Co-Chairperson of the Budget and Finance and Legal Affairs Committees Sosten Gwengwe said all economists and corporate bodies offering economic services will be required to register and obtain licences under ESOMA.

Gwengwe said certification will provide assurance that economists and corporate bodies meet required professional standards and are recognised to provide economic services.