Category Archives: Business

The Maravi Post is a leading source for reliable Business news and analysis on Business. Top African Business like  Dangote  Group in Nigeria, Mulli Brothers in Malawi

The 10 Greatest Living Business Leaders In Africa Today
  • Sheikh Mohammed Al-Amoudi, Ethiopian.
  • Raymond Ackerman, South African.
  • Aliko Dangote, Nigerian.
  • Manu Chandaria, Kenyan.
  • Onsi Sawiris, Egyptian.
  • Brian Joffe, South African.
  • Strive Masiyiwa, Zimbabwean.
  • Wale Tinubu, Nigerian.

Chakwera, First Lady tour A.R. Issa cattle ranch

By Leah Malimbasa

CHIKWAWA-(MANA)-President Lazarus Chakwera and the First Lady, Madame Monica Chakwera have on Monday toured A.R. Issa’s Private Cattle Ranch in the Lower Shire district of Chikwawa.

President Chakwera praised the role of private sector investments in enhancing the country’s socio-economic growth.

As a gesture of appreciation, Rashid Issa, the owner of the ranch which has about 5,000 cattle, presented a gift of a cow to the President for taking time to visit the livestock farm.

After the tour of the ranch, Chakwera proceeded to Nguluwe village in Nsanje district, where he is expected to power on the Malawi Rural Electrification Programme (MAREP).

Later in the day, the Malawian leader will also have a discussion with primary education advisors from Chikwawa and Nsanje before interacting with the business community from Chikwawa district at Nchalo Sports Club.

Excitement as Chakwera announces removal of China’s punitive tariffs on Malawi Goods

BLANTYRE-(MaraviPost)-President Lazarus Chakwera announced a significant development on Saturday upon his return from Beijing.

At a welcoming event held at Chileka International Airport in Blantyre, Chakwera revealed that China has agreed to remove all punitive tariffs imposed on Malawian products.

The announcement comes after President Chakwera’s participation in this year’s Forum on China-Africa Cooperation (FOCAC), where he engaged in high-level discussions aimed at enhancing trade relations between Malawi and China.

This pivotal move is expected to open new avenues for Malawian goods in the Chinese market, potentially boosting the country’s exports and fostering economic growth.

Chakwera on arrival from China

In his remarks, President Chakwera expressed his gratitude for the positive outcome of his diplomatic efforts and highlighted the importance of this decision for Malawi’s economic development.

The removal of these tariffs is anticipated to provide a significant boost to Malawian businesses by improving their competitiveness and access to the expansive Chinese market.

The President’s announcement was met with enthusiasm as it promises to alleviate some of the trade barriers that have previously hindered Malawian exports.

With this development, Malawi is poised to strengthen its economic ties with China and explore new opportunities for growth and trade.

Chakwera satisfied with FOCAC 2024 outcomes

By Chikondi Chimala

BEIJING-(MANA)-President Lazarus Chakwera has described the Forum on China-Africa Cooperation (FOCAC), as a highly successful Summit.

Chakwera said the 2024 Summit exceeded his wildest dreams as it produced tangible results that would help transform Malawi in areas that need support including infrastructure development, trade and agriculture among others.

“It was pleasing and exciting to note that China has opened up its huge market with 1.4 billion people as Malawi we will take advantage of this with our Agriculture, Tourism and Marketing (ATM) key priority areas to get a slice of the cake to achieve our much-needed development goals.”

We will take up the initiative focusing on agriculture mechanization, modernisation, industrialisation, and value addition to create a base for driving up our export potential,” said Chakwera.

In an interview with the Malawi News Agency (Mana), President Chakwera said he was going back to Malawi a happy person and would not rest on his laurels but make sure that Malawi claims a fair share of the cake as promised by Chinese President Xi Jinping.

Delivering his keynote address during the opening session of the Summit, Xi Jinping, promised that China would open up its huge market to African exports and also provide support to Africa in 10 technical areas to help improve trade and cooperation between China and Africa as well as offering over $51 billion to support implementation of the specified areas.

Said Xi Jinping: “To implement the ten partnership actions, the Chinese government will provide RMB360 billion yuan of financial support through the next three years. This breaks down into RMB210 billion yuan of credit line, RMB80 billion yuan of assistance in various forms, and at least RMB70 billion yuan of investment in Africa by Chinese companies. In addition, China will encourage and support Africa in issuing panda bonds in China to enhance our results-oriented cooperation in all areas.”

The president also met the management of the Global Energy Interconnection Development and Cooperation Organisation (GEIDCO) at their headquarters in Beijing who he requested to consider investing in Malawi’s energy sector. 

“Malawi has enormous potential to generate more energy from solar, wind and geothermal sources,” said President Chakwera, who is in China to attend the 2024 Forum on China-Africa Cooperation (FOCAC) summit. 

“Your expertise could provide us with the alternative sustainable power sources that we need. We believe that partnering with GEIDCO is crucial for Malawi to further develop the energy sector by utilizing clean energy sources,” he added. 

President Chakwera emphasized that energy is critical for Malawi to realize its Vision 2063, which is being driven through the ATM strategy (Agriculture, Tourism, and Mining). He stated that a minimum electricity demand of 2,200 megawatts for mining, manufacturing, and domestic consumption is necessary.

GEIDCO Chairman and President of the China Electricity Council Xin Baoan said his organisation is ready to collaborate with the Malawi government to create a better future. 

Baoan said his organisation is already exploring opportunities to develop Malawi’s energy interconnections to foster integrated growth across the “power-mining-metallurgy-manufacturing-marketing” sectors. 

Chakwera successfully returns from China-Africa Summit

By Arnold Namanja

BLANTYRE-(MANA)-President Lazarus Chakwera on Saturday arrived in the country from the Forum on China-Africa Cooperation Summit which was held in Beijing, China.

The aircraft carrying President Chakwera and the First Lady, Madame Monica Chakwera, touched down at exactly 2:55pm.

The first couple were welcomed on arrival at Chileka International Airport in Blantyre by different senior government officials, traditional leaders as well as political leaders.

Some of the notable people who welcomed Chakwera at the airport included Vice President, Dr.  Michael Usi; Deputy Secretary to the President and Cabinet, Janet Banda; Army Commander, Major Velentino Phiri; Inspector General of Police, Marylene Yolamu and Minister of Education, Madalitso Kambauwa Wirima.

Speaking to the media, Chakwera said the tour to China was successful because he had an opportunity to negotiate a number of trade deals with the host country as well as other countries which participated in the summit.

Chakwera disclosed that some of the benefits of the working tour to China, which has been very crucial partner to Malawi’s development programme, include signing of a US$200 million construction of a judicial complex in Lilongwe and reduction of export duty on agricultural produce.

“It is quite pleasing that we have successfully struck two major deals; one of which is the grant for the construction of a court complex at City Centre, Lilongwe and that most of the crop produce from Malawi be exempted from export duty.

“Farmers will now have a readily available market for their produce in China which is a very significant milestone for the Malawi 2063 whose pillars are agriculture, tourism and manufacturing,” he said.

Meanwhile, Chakwera is scheduled to fulfil a number of engagements while in the southern region such as inspection of some development projects in Nsanje and Chikwawa districts.

265 Energy opens new gass distribution sites in Mzuzu, Lilongwe

LILONGWE-(MaraviPost)-One of the country’s leading provider of energy solutions in Malawi, 265 Energy Limited has opened two new gas distribution sites in Mzuzu and Lilongwe.

The move aims at helping in provision of modern, environmentally friendly cooking solutions to households and businesses across the nation.

In an interview with 265 Energy Public Relations Officer Phillip White on Friday, September 6, 2024 said that that the new branches in Mzuzu and Lilongwe’s Area 10 will ease customer’s access to clean cooking gas.

“Both branches are now operational, offering the same high-quality gas products and expert advice that
customers have come to expect from 265 Energy Ltd.

“The company remains committed to supporting
Malawi’s transition to sustainable energy sources, helping to ensure a brighter, greener future for all”, he said.

White adds, “Opening these new satellite sites will help our customers save both time and money that would have otherwise been spent traveling far distances to purchase gas.

“But more importantly, this expansion aligns with our broader mission of promoting modern, sustainable cooking practices that are in harmony with Malawi Vision 2063’s environmental goals.”

265 Energy Ltd is a leading provider of energy solutions in Malawi, specializing in the distribution of gas and
related products.

The company is dedicated to delivering safe, reliable, and affordable energy, while also contributing to the nation’s long-term environmental goals.

NBS Bank plc starts system upgrade

LILONGWE-(MaraviPost)-Listed NBS Bank has started the process of migrating to a new FLEX-CUBE system with an assurance of improved service delivery.

The ‘Caring Bank’ announced plans to start the upgrade from the current T24 core banking system to FLEX-CUBE today (September 6) from 6pm to Saturday, 7th September at 6am when all services will not be available.

The Bank’s Acting Head of Strategy, Products and Marketing Inqxhuiniso Dzoole-Mwale said the transition will introduce new functionalities and customer-friendly features aimed at enhancing cost efficiency and flexibility. 

“The new banking system will mark a significant upgrade from the T24 system to the FLEX-CUBE core banking system, offering modernized technology, scalability, performance improvements, and enhanced cost-effectiveness and flexibility for customers.”

“Additionally, all NBS Bank Service Centres will not be operational from Saturday 7th of September until Monday 9th of September 2024. Our ATMs, POS Machines and local cards services will resume at 06:00 AM on Saturday 7th of September until 06:00 Am on Sunday 8th of September 2024 following which our ATMs will not be accessible on Sunday from 06:00 AM until 10:00 AM,” said Dzoole-Mwale.

“With the coming of FLEX-CUBE, NBS Bank plc has set a new standard in banking services, ensuring that customers benefit from the latest innovations in the industry. The Bank’s proactive approach to communication and security highlights its dedication to providing a seamless and secure banking experience,” he said.

Landt Foundation hands over school to Anglican Church

BLANTYRE-(MaraviPost)-The German Landt Foundation has handed over a modern St. Paul’s Anglican Private Secondary School it has constructed in Blantyre to the Anglican Diocese of the Southern Region.

The foundation constructed the school with modern classrooms, library and laboratory in the area of Traditional Authority (T/A) Chigalu in Blantyre rural and will cater for about 360 students from form 1-4.

Speaking after handing over the facility, Landt Foundation Chief Executive officer (CEO), Aaron Landt expressed optimism that the school will be a beacon of hope for the students around the area.

“We have been in Malawi for two years running multiple projects. Our focus is the development of education in Malawi. The plan is to continue supporting this school depending on how the students will take care of it. Otherwise, we are happy with our partnership with the Anglican Church, the contractor, and even members of the community who worked so hard to ensure the project is completed in good time,” said Landt.

Bishop Alinafe Kalemba of the Anglican Diocese of Southern Malawi commended the Landt Foundation for partnering with the Church and their passion to develop education in the country.

“Our mission as a Church is to serve human beings both in the spirit and the body. What Landt Foundation has done is to complement our mission to serve people well as we promote universal access to education. I ask the members of the community to take care of this school so that it serves generations to come,” he said.  

South West Education Division Manager, Mary Dziko M’mangisa also hailed Landt Foundation for the school saying it will help ease the distance challenges students face to access education in the area.

“The biggest problem in this area is distance for students to travel to Namikasi Secondary School and Mlambe Community Day Secondary School. With the construction of this school, it will provide an option for such students to access education,” she said.

The first cohort, which was selected by the Malawi National Examinations Board (MANEB) and the Ministry of Education, will start classes this academic year and has been offered a four-year scholarship by the Landt Foundation.

Member of parliament for Blantyre North, who was also the guest of honour, Francis Phiso echoed Bishop Kalemba’s sentiments, by asking the students to take full responsibility in taking care of the new facility.

Facts check: List of loans obtained by Malawi Government between 2004 and 2024

Here is the list of loans obtained by Malawi Government between 2004 and 2024:

  1. 2004
  • IMF PRGF: $10 million (Source: IMF)
  • National Bank of Malawi: MWK 10 billion (Source: Reserve Bank of Malawi)
  1. 2005
  • World Bank IDA: $50 million (Source: World Bank)
  • African Development Bank: $20 million (Source: African Development Bank)
  • EU European Investment Bank: €15 million (Source: EU European Investment Bank)
  • Standard Bank Malawi: MWK 5 billion (Source: Standard Bank Malawi)
  1. 2006
  • EU European Commission: €30 million (Source: EU European Commission)
  1. 2007
  • World Bank IDA: $70 million (Source: World Bank)
  • OPEC Fund for International Development: $20 million (Source: OPEC Fund for International Development)
  1. 2008
  • African Development Fund: $30 million (Source: African Development Fund)
  1. 2009
  • EU European Commission: €30 million (Source: EU European Commission)
  1. 2010
  • China Exim Bank: $100 million (Source: China Exim Bank)
  • World Bank IDA: $100 million (Source: World Bank)
  • Ecobank Malawi: MWK 3 billion (Source: Ecobank Malawi)
  1. 2011
  • Arab Bank for Economic Development in Africa: $30 million (Source: Arab Bank for Economic Development in Africa)
  1. 2012
  • IMF Extended Credit Facility (ECF): $156 million (Source: IMF)
  • African Development Bank: $50 million (Source: African Development Bank)
  • China Development Bank: $200 million (Source: China Development Bank)
  1. 2013
  • EU European Investment Bank: €50 million (Source: EU European Investment Bank)
  1. 2015
  • India Exim Bank: $20 million (Source: India Exim Bank)
  1. 2018
  • China Exim Bank: $500 million (Source: China Exim Bank)
  1. 2019
  • World Bank IDA: $150 million (Source: World Bank)
  • African Development Bank: $70 million (Source: African Development Bank)
  • EU European Investment Bank: €60 million (Source: EU European Investment Bank)
  1. 2020
  • IMF Rapid Credit Facility (RCF): $100 million (Source: IMF)
  • World Bank IDA: $200 million (Source: World Bank)
  1. 2021
  • African Development Bank: $100 million (Source: African Development Bank)
  • EU European Investment Bank: €80 million (Source: EU European Investment Bank)
  1. 2022
  • China Exim Bank: $300 million (Source: China Exim Bank)
  • India Exim Bank: $50 million (Source: India Exim Bank)
  1. 2023
  • World Bank IDA: $250 million (Source: World Bank)
  • African Development Bank: $120 million (Source: African Development Bank)
  1. 2024
  • IMF Extended Credit Facility (ECF): $200 million (Source: IMF)
  • EU European Investment Bank: €100 million (Source: EU European Investment Bank)

“No fuel prices adjustment”-MERA

By Hastings Yobe

LILONGWE-(MNANA)-Malawi Energy Regulatory Authority (MERA) has announced that there will be no adjustments to the current fuel prices.

This decision comes amidst widespread speculations about potential price hikes.

In an official statement released on Wednesday, MERA confirmed that the prices per litre for petroleum products would remain unchanged.

“The current rates are Petrol at MK2,530, Diesel at MK2,734, and Paraffin at MK1,910.,” reads the statement.

MERA has since urged the public to disregard any contrary information and assured that it will keep stakeholders and the general public informed about any developments in energy regulation through official channels.

Fuel Price Hike Speculations Spark Long Queues in Blantyre Despite MERA’s Reassurance

By Twink Jones Gadama

Motorists in Blantyre have formed long queues at filling stations amidst speculations of a pending fuel price hike, despite the Malawi Energy Regulatory Authority (MERA) refuting the rumors.

The queues, which started forming on Tuesday, have caused congestion on the roads, with some motorists expressing frustration over the uncertainty surrounding the fuel prices.

MERA, in a statement released on Wednesday, reiterated that the prices for petroleum products remain unchanged. “The price for Petrol remains at K2,530, Diesel at K2734, and Paraffin K1,910,” the statement read. The authority advised the general public to “disregard any information to the contrary.”

However, the reassurance from MERA has not calmed the nerves of motorists, who are still anxious about a possible fuel price hike.

A few days ago, the Natural Resources and Climate Change Committee of Parliament recommended that MERA increases the fuel price, citing the rising cost of fuel on the international market.

“We are worried that the fuel prices might go up, and we want to fill up our tanks before it’s too late,” said one motorist, who preferred to remain anonymous. “We can’t trust MERA’s statement, given the recommendation from the parliamentary committee.”

The queues at filling stations have also sparked concerns about the availability of fuel in the country. Some motorists have expressed fears that the fuel might run out, given the high demand.

“I’ve been driving around for hours, trying to find a filling station that has fuel,” said another motorist. “It’s frustrating, and I’m worried that I might run out of fuel before I find a station that has some.”

MERA has, however, assured the public that there is enough fuel in the country.

“We have sufficient fuel stocks, and there is no need for panic buying,” the authority said in a statement.

Despite MERA’s reassurance, the queues at filling stations continue to grow, with some motorists spending hours waiting to fill up their tanks.

The situation has also sparked concerns about the impact of a fuel price hike on the economy.

“A fuel price hike will have a ripple effect on the economy, given that fuel is a critical component of production costs,” said an economist. “It will lead to higher prices for goods and services, which will affect the poor and vulnerable the most.”

The government has not commented on the recommendation from the parliamentary committee, but observers say that a fuel price hike is imminent.

“The government will have no choice but to increase the fuel price, given the rising cost of fuel on the international market,” said a political analyst. “However, the government needs to find ways to mitigate the impact of the price hike on the poor and vulnerable.”

As the queues at filling stations continue to grow, motorists are advised to remain calm and avoid panic buying.

MERA has also urged the public to report any filling stations that are hoarding fuel or engaging in other unfair practices.

The speculations surrounding a fuel price hike have sparked long queues at filling stations in Blantyre, despite MERA’s reassurance that the prices remain unchanged.

The situation has sparked concerns about the availability of fuel and the impact of a fuel price hike on the economy.

Motorists are advised to remain calm and avoid panic buying, as the government and MERA work to address the situation.