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LILONGWE-(MaraviPost)-The opposition Democratic Progressive Party (DPP) Finance spokesperson, Joseph Mwanamveka has described President Lazarus Chakwera’s Tonse Alliance 2024-2025 fiscal plan as hypocritical and deceitful.
Mwanamveka observes that the budget does not give the nation hope economically but rather “Taking Malawians to dark days of poverty, hunger and poor road networks”.
In his response to the national budget in Parliament on Monday, March 11, 2024, DPP Finance spokesperson Mwanamveka said the budget pretends to achieve something which is impossible amid heavy debts Chakwera Tonse government has accumulated in four years.
Mwanamveka said, “The budget is a sham, over-ambicious and unrealistic as most of the targets and assumptions will not be achieved”.
He observed further saying budget has a number of contradictions on fiscal and monetary inconsistencies “and it is a ticking bomb awaiting to explode”.
Mwanamveka added that Tonse government presented rosy budget with total lies.
He adds, “It is common knowledge that the Chakwera’s Tonse Alliance government has failed to take Malawians to Canaan.
“If you ask Mr. Mulwafu in Chitipa, Mr Chirwa in Mzimba, Abiti Che Mussa in Mangochi, Mr. Phiri in Lilongwe, anambewe in Phalombe and Mbuya Dimingu in Nsanje, they will tell you they are suffering and experiencing unbearable pain, which they have never experienced since independence in 1964,” said Mwanamveka.
He observes further that the budget statement acknowledges the existence of a huge debt standing at MK12.56 trillion and the pressure government has in order to service the debts.
He therefore said government is bent on increasing unnecessary public expenditure through increased travel and leakage through corruption and mis procurement.
Leader of the house, Chimwendo Banda rebukes DPP for keep on changing finance spokesperson “That’s why is failing to present proper sentiments to the house that will help malawians”.
Chimwendo therefore called upon DPP to bring out issues that will help to shape the budget than keep on emphasizing on hate speeches.
LILONGWE-(MaraviPost)-Standard Bank has been ranked as the most valuable banking brand in Africa in 2024.
This is the third consecutive year that Standard Bank has been ranked first in Africa Brand Finance’s annual ranking of the world’s Top 500 Banking Brands.
The bank also increased its brand value by 12.4% in the last year to reach over US$1.9 billion US dollars.
This places Standard Bank as first in Africa and 138th in the world, up 7 places from 145th in 2023.
Every year, Brand Finance assesses 5 000 of the biggest brands across the world, and publishes nearly 100 reports, ranking brands across many sectors.
The world’s top 500 most valuable and strongest banking brands are included in the annual Brand Finance Banking 500 ranking.
Sim Tshabalala, Standard Bank Group Chief Executive says: “We are honoured to receive this accolade, which affirms our commitments to providing consistently excellent service for our clients and to driving Africa’s growth”.
The Standard Bank Group, also trading as Stanbic Bank in other markets, is the continent’s largest financial services provider by assets and has a brand presence in 20 African countries and 6 international centres.
“The Standard Bank brand is a trusted symbol of growth across Africa, and for it to be deemed the most valuable bank brand for a third consecutive year is a proud moment for all our people and our clients.
“This tangible and independent valuation confirms who we are and what we do as a brand is meaningful and relevant to the people, businesses, and communities that we serve,” said Margaret Nienaber, Standard Bank Group, Chief Operating Officer.
Meanwhile, Sim Tshabalala is ranked in the 10 Top Bank CEOs.
In addition to the bank’s accolade, Sim Tshabalala has been listed as one of the 10 Top Bank CEO in the Brand Guardianship Index.
He has been particularly recognised as a champion for gender equality and women’s empowerment.
According to the Brand Guardianship Index, CEOs are evaluated on their capacity to generate long-term corporate value while taking into account the needs of all parties involved, including employees, investors, and the general public.
The Brand Guardianship Index said that “under his leadership, Standard Bank has become an invaluable partner in supporting initiatives such as the Top Women Conference, which celebrates the achievements of women leaders and organisations that empower them”.
The bank’s work to drive increased digitisation to innovate in response to evolving customer needs through organic and targeted partnerships was also acknowledged as helping drive the organisation’s leading role.
“We strongly believe in the potential of this continent and these awards re-emphasise our commitment to continue to provide services that are tailored to meet our clients’ needs,” concludes Nienaber.
DJIBOUTI City, Djibouti 11 March 2024 -/African Media Agency(AMA)/- One of the fastest growing economies in the world is rolling out the red carpet for international investors this May. The Sovereign Wealth Fund of Djibouti (Fonds Souverain de Djibouti) has today announced the dates for its upcoming Djibouti Forum – Gateway of Opportunities, taking place the 12 to 14 May at the Djibouti Palace Kempinski.
“This inaugural Forum will showcase the potential and investment opportunities of Djibouti as well as the African continent. It will bring together CEOs, investors and developers to foster collaboration amongst like-minded individuals, catalyse strategic investments for the whole subregion, and facilitate dialogue between the Fund and the institutional investment community,” says Sovereign Wealth Fund of Djibouti CEO, Dr Slim Feriani.
Recent investments in ports and logistics, hospitality and renewable energy provide a blueprint for investors. The country’s 2035 plan provides a clear roadmap and under the leadership of H.E. Ismail Omar Guelleh, President of Djibouti, the country offers numerous incentives to private sector players.
The event is being overseen by the pan-African media and communication group, IC Publications, publishers of African Business magazine. They expect an impressive roster of high-level speakers who will provide key insights for decision-makers looking for opportunity – as well as excellent networking opportunities with other institutional and business leaders in strategic sectors from Europe, the US, Asia and the African continent itself.
“According to the African Development Bank, Djibouti’s economy is set togrow 6.5% this year. There is a clear opportunity for first-mover advantage in this country that is not only strategically located, but has one of the most sophisticated logistics hub on the continent, and with ten undersea cables, can become a hub for data centres and other technology related activities. And these are just two sectors. Hospitality, renewable energy – the country aims to be the first to be 100% clean energy dependent by 2030 – and finance are all low hanging fruits,” adds Omar Ben Yedder, Managing Director of IC Publications.
“We have a stable, convertible currency, a stable political and economic environment and a supportive government. The country attracted more than USD 2.3 billion in FDI between 2000 and 2020, predominantly in infrastructure investments. This is an opportunity for people to see it with their own eyes and accompany us on this journey,” added Feriani.
Djibouti Forum 2024 Highlights
The Power of Ports: Situated at the crossroads of major shipping routes, Djibouti’s world-class ports are critical links in global trade routes. The Forum offers an opportunity to share insights into how investments in Djibouti’s ports can drive economic growth, enhance logistics, and facilitate international trade.
Investing for Tomorrow: The event will delve into Djibouti’s key sectors in greater detail, including logistics, energy, telecommunications, and tourism, and the lucrative investment opportunities that they present.
Uniting Continents: Djibouti serves as a gateway to both neighbouring countries on the African continent and the Middle East. The Forum will showcase the unique investment opportunities that this presents, including the potential for cross-border collaborations and investments, and fostering economic integration.
A World of Contacts: The event promises extensive networking opportunities, connecting you with high-profile delegates, potential partners, and government officials from around the globe.
Economic Growth: Djibouti’s government is committed to creating a conducive environment for investors. The Forum will shed light on the progressive policies and initiatives aimed at facilitating foreign investments, ensuring a mutually beneficial relationship between investors and the host nation.
About the Sovereign Wealth Fund of Djibouti (Fonds Souverain de Djibouti)
Established in March 2020, the Sovereign Wealth Fund of Djibouti has been created to help improve governance and catalyse greenfield investments in strategic sectors of the economy. These include sustainable natural resources and energy, telecommunications and digital infrastructure, financial services, general infrastructure, technology, tourism, healthcare and education.
The Fund aims to diversify and modernise the country’s economy as well as boost its growth by relying on a competitive private sector and generating wealth for future generations. Key state-owned enterprises from utilities, and logistics to telecommunications now feature in its portfolio to drive modernisation.
The Sovereign Wealth Fund’s mission also consists of increasing investment and developing economic partnerships in the entire Horn of Africa region.
About Dr Slim Feriani
The Sovereign Wealth Fund of Djibouti is under the stewardship of its CEO Dr Slim Feriani. He has more than 25 years of experience in international capital markets and has previously served as a Minister in Tunisia where he held two portfolios focusing on industry and SMEs as well as energy, mining and renewable energy.
About The Djibouti Government’s VISION 2035
Vision 2035 is a long-term strategic plan for the Republic of Djibouti. Its objective is to position the country as a vital hub for the regional and continental economy. It was developed in tandem with Djiboutian youth, political parties, civil society, the private sector, and international development partners, and therefore reflects economic, political, and social goals for the whole of society.
About IC Events & African Business
IC Events is the events division of IC Publications – the leading Pan-African media and communications group. It organises some of the most important events in the African calendar for private sector decision-makers, government policy-makers, thought leaders, entrepreneurs and change makers.
African Business is IC Publications’ flagship publication online and in print. Its award-winning editorial team is hugely respected for its integrity and excellence. The magazine provides all-important tools that enable readers to maintain a critical edge in a continent that is changing the world. Its readers are affluent and cosmopolitan Africans as well as global investors and Africa-watchers.
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BLANTYRE-(MaraviPost)-In a historic moment for the residents of Likoma Island, FDH Bank Plc is set to make its mark with the launch of its first-ever banking infrastructure on the island.
The introduction of banking services on Likoma Island marks a significant step towards addressing the decades-long struggle faced by the people on the island in accessing essential financial services.
For years, residents of Likoma Island have had to contend with the challenge of traveling to the mainland to access banking services, incurring significant costs in terms of transport, food, and accommodation.
The lack of a local bank branch has not only been an inconvenience but has also hindered the economic development of the island as residents were forced to rely on informal financial channels.
The arrival of FDH Bank Plc on Likoma Island is a welcome development that is set to bring a wave of positive change to the local community.
The bank’s decision to establish a branch on the island is a testament to its commitment to financial inclusion and its recognition of the unique needs of underserved communities.
The launch of the FDH Bank Plc branch on Likoma Island is being met with enthusiasm and excitement by the local residents, who see it as a game-changer for their daily lives.
No longer will they have to endure the hardships of traveling long distances to access banking services, as the bank will now be right on their doorstep.
The significance of this milestone is not lost on the high-profile dignitaries expected to attend the launch ceremony. Minister of Finance, Simplex Chithyola Banda, and FDH Bank Plc board chairperson, Ms. Charity Mseka, are set to grace the occasion and mark this momentous occasion with their presence.
The establishment of the FDH Bank Plc branch on Likoma Island is poised to have far-reaching benefits for the local community.
In addition to providing convenient access to banking services, the bank is also expected to stimulate economic activities on the island, enabling residents to save, invest, and access credit more easily.
The impact of the bank’s presence on Likoma Island goes beyond just the financial aspect.
It represents a symbolic gesture of progress and development, signaling a new era of growth and prosperity for the local community.
The bank’s investment in the island is a testament to its belief in the potential and promise of Likoma Island as a vibrant and thriving community.
As the residents of Likoma Island prepare to welcome FDH Bank Plc with open arms, there is a sense of optimism and hope in the air.
The launch of the bank’s branch on the island marks a new chapter in the history of Likoma, one that promises greater opportunity, accessibility, and prosperity for all who call this beautiful island home.
The arrival of FDH Bank Plc on Likoma Island is a momentous occasion that underscores the power of banking to transform lives and drive positive change.
The launch of the bank’s branch on the island is a testament to the bank’s commitment to financial inclusion and its dedication to serving all communities, no matter how remote or underserved.
As Likoma Island prepares to embrace this new chapter in its history, the future is filled with promise and possibility, thanks to the arrival of FDH Bank Plc.
LILONGWE-(MaraviPost)-The ministry of Trade has sealed some sugar selling outlets in Lilongwe and will continue to seal such outlets across the country if found to be overcharging sugar.
Ministry of Trade publicist Patrick Botha told The Maravi Post on Friday, March 8, 2025 that the the sealed shops include Romana Trading and Chou Chou shops in Area 2 (Bwalo Lanjovu) and Shalom Shop in Area 25 (Nsungwi) because were selling sugar at exorbitant prices .
He adds that Simama General Dealers in Area 25 (Nsungwi) has also been closed for holding sugar.
He said the sugar recommended price is MK2,200 per kilogram on retail while the whole bale is supposed to be sold at MK37,500.
“The joint exercise confirmed that some wholesalers are selling a 20 x1kg packet bale of Illovo Sugar at MK69,000.00 which is way far much higher than the manufacturer’s recommended price of MK37,500.00,” said Botha.
He said anyone selling sugar beyond the said price is breaching the Competition and Fair-Trading Act and the Business Licensing Act, 2012.
He further said Illovo Sugar Limited is strongly urged to provide recommended prices to their distributors and the consumers have liberty to demand manufacturers recommended prices to avoid being overcharged.
He called upon the general Public not to panic as the Ministry has issued adequate licences for importation of sugar to increase sugar availability on the domestic market.
He therefore said, “Ministry is warning all traders against this malpractice as anyone found overcharging sugar will have their shops closed and face the long arm of the law or have their licences revoked”.
MZUZU-(MaraviPost)-Earlier on Saturday, March 9, 2024, President Reverend Lazarus Chakwera was warmly welcomed by Mzuzu vendors during his visit to the Central and Vigwagwa markets.
Later in the day Chakwera reciprocated with an invitation to the State Lodge where he continued with discussions.
Major issues that formed part of the discussion were vendors’ concerns around access to capital, adequate trading space, stalls, paved passages and lights within market premises.
On the issue of trading space, Chakwera said his administration was already engaging all stakeholders to see to it that Mzuzu vendors get modern facilities for their daily endeavours.
The President has reiterated his assurances on business financing, similar from meetings of this nature in Blantyre and Lilongwe, that initiatives such as the National Empowerment Economic Fund (NEEF) are convenient means of business transformation for vendors.
LILONGWE-(MaraviPost)-NBS Bank Plc Deputy Chief Executive Officer (DCEO) Temwani Simwaka’s commitment towards girl’s mentorship earned her an award as one of the inspiring leaders during this year’s Wealth Woman Summit held in Lilongwe.
The Bank runs a mentorship program where some of its female managers mentor girls under the mentorship program.
Wealth Magazine Managing Executive and CEO of Malawi Roundtable, Harry Chima, whose organization organized the event, said Simwaka was recognized for her consistency in championing the girl-child initiatives.
“Besides the other criterion, she has been a consistent and inclusive leader in as far as mentoring the girl child including resourcing for those economically challenged with re-usable pads is concerned,” he said.
In her remarks, Simwaka said the award will help push her effort in mentoring the girl child in the country.
“I am honored to receive this award and for my efforts about girl child inclusion to be recognized. As we continue commemorating International Women’s month, I implore all Malawians to continue celebrating women for their contributions and achievements in society,” said Simwaka.
The event brought together Malawi’s phenomenal corporate and community leaders, super achievers, the legendary and students with varying experiences in different fields.
BLANTYRE-(MaraviPost)-National Bank of Malawi (NBM) Plc says it has made strides in empowering women to grow professionally and financially in the country.
One of the Bank’s Directors, Bernadette Malunga, said in an interview ahead of the International Women’s Day (IWD) commemoration, which falls on 8 March (today), that promoting women in leadership positions and building their capacity is one of the Bank’s priorities.
“If they want to improve their education, we provide training opportunities so that they can further their studies, which in the long run may push them to acquire leadership positions within the company.”
“The Bank has several initiatives to promote women’s leadership. We try to ensure that each department has equal representation of both men and women. Further to this, females who are seen to be lagging behind are allowed to further their education ,” said Malunga.
This year’s IWD is being celebrated under the theme ‘Inspire Inclusion’ and is meant to emphasize the importance of diversity and empowerment in all aspects of society.
Malunga further said through a social media campaign termed ‘Inspiring Inclusion’, NBM plc seeks to celebrate strides made by female employees at different levels, female members of its Board of Directors and female customers.
“The Bank hopes that this will serve to encourage other women to keep striving for greatness in all their endeavors,” said Malunga.
One of NBM Plc’s employees Hlupikire Phalira, an accounts officer, also shared the progress made on her career path since she joined the Bank.
“At National Bank Plc, we have policies that promote equal opportunities for both men and women. When I joined the Bank, I only had a Diploma in Accounting but because of the Bank’s policies I got a degree from the University of Malawi, furthermore, I am studying to become a chartered accountant with the ACCA,” said Phalira.
Apart from empowering female employees, NBM Plc also has female customers at heart as they offer tailor-made services to support women entrepreneurs.
Owner of Mikos and Milkshake Dessert Parlor, Chisomo Munthali said she managed to access a loan that helped boost her business.
“I can confidently say that National Bank of Malawi Plc has been a very positive support in my journey and my dreams. Back in 2021, I needed financing and I approached my Bank with all hopes that they would find something to help me, and truly I was included in the ‘Amai Angathe’ program. I managed to access financing to help boost my business,” she said.
CAPE TOWN, South Africa, 7 March 2024/African Media Agency/-Africa’s financial technology leaders are gathering in Washington DC, US, on the sidelines of the IMF/World Bank Spring Meetings on April 17, 2024. The Africa Fintech Summit, Africa’s most influential bi-annual confluence of regulators, policymakers, founders, investors, and entrepreneurs from across the globe, is excited to be back in the US Capital, hosting 2024’s first event at Halcyon House in Historical Georgetown.
The fintech industry in Africa has witnessed considerable innovation and development over the past 20 years. The Africa Fintech Summit drives the mission to support meaningful financial inclusion and sustainable economic development via fintech innovation across all industries in Africa, from Cape to Cairo.
Since 2017, the Africa Fintech Summit has led trade missions, bilateral partnerships, ecosystem tours, investment initiatives, and launches with startups, multinational corporations, and governments alike.
AFTS at IMF/WM 2024 is an exclusive gathering of 150+ ecosystem movers, policymakers, finance and treasury ministries, and industry-moving technology executives representing billions in investment capital. The focus for this edition of AFTS is 2024’s theme: Fintech in Every Industry.
“We are very pleased to host AFTS at the IMF/WB Spring Meetings here in Washington. We will be focusing on the role financial technology is playing across industries including, ClimateTech, Artificial Intelligence (AI), cross-border trade, and investment under AfCFTA as well as US-Africa fintech connections,” stated Zekarias Amsalu (Managing Director, Africa Fintech Summit).
This April’s summit takes place on the first anniversary of Prosper Africa’s Tech for Trade Alliance, a multi-billion dollar initiative launched at last year’s AFTS in Washington DC. The summit will also delve into the tractions, impacts, and trajectories of the alliance and its member’s activities across Africa.
April 17th’s AFTS precedes the 11th Africa Fintech Summit which is coming to Nairobi, Kenya on September 4-6, 2024 and will welcome over 1,000 delegates to the newly opened JW Marriott at the Global Trade Centre.
AFTS is the premier global initiative dedicated to the African fintech ecosystem. Traditionally hosted in Washington, D.C., each April during the World Bank/IFC annual meeting week and a different African city each November (most recently in Lagos, Addis Ababa, Cairo, Cape Town, and Lusaka), the summit now adopts a hybrid format, offering both in-person experiences at the selected venue and virtual access to a global audience.
Supported by an advisory board of thought leaders and fintech pioneers, AFTS is a unique space where innovative ideas are debated, investments mobilized, partnership deals signed, and collaborations formed across sectors and geographies. The summit is co-organized by two Washington, D.C.-based firms, Dedalus Global, a strategic advisory group, and Ibex Frontier, a Pan-African consultancy advisory firm.
About Halcyon
Halcyon accelerates the impact-driven future of business. We believe there’s a competitive advantage to having a social mission in your DNA, and that impact-driven businesses represent a powerful opportunity to drive equity and inclusivity in the workplace and society.
Halcyon is the community supporting impact-driven businesses and their founders through space, community, and access. Our programs offer fellowships for social entrepreneurs and funding vehicles to help them scale their ventures. www.halcyonhouse.org.
LILONGWE-(MaraviPost)-Presidents Nana Akufo-Addo of the Republic of Ghana, William Samoei Ruto of the Republic of Kenya and Hakainde Hichilema of the Republic of Zambia have issued a joint statement in the ‘Economist’ Magazine, on the need to reform the global financial system that must treat Africa fairly.
Below is the statement:
The conversation on reforming the global financial architecture has often felt more like Africa against the rest of the world, but the tide is turning. Governments north and south agree that there is something fundamentally wrong with the system and it must be fixed. As the leaders of Ghana, Kenya and Zambia, we have first-hand experience of the precarious financial situation facing many African countries, especially when it comes to debt and development finance. And we are all too familiar with the flaws in the system that is in place to confront these challenges.
The current system needs more than just adjustment—it needs an overhaul. Africa must be at the centre of these reforms, but our criticisms have for too long fallen on deaf ears. Now that the world is beginning to listen, we must go beyond criticism and do what is needed for our economic development and emancipation. Several things are critical to this agenda.
First, African leaders must be bold in promoting their ideas and participating when decisions are being made that affect the continent. The three of us have made it clear that we will not sign on to global regulations and agreements that are not shaped with our input.
We are committed to being a strong voice for Africa. We need to ensure that lower-income countries have sufficient access to concessional finance through the World Bank’s International Development Association (ida).
To that end, Kenya has agreed to host the ida21 conference in April and we are working hard to drive the fundraising for this critical form of finance. Kenya has also agreed to co-lead two bodies to tackle the climate challenge in developing countries. The first, in conjunction with the African Union (au), Antigua and Barbuda, Barbados, Colombia, the European Commission, France and Spain, looks at opportunities to tax sectors, activities and transactions that could yield billions in climate finance for the countries most affected by climate change, many of which are in Africa. The second is a coalition of experts convened with Colombia, France and Germany, looking at how unsustainable debt is keeping many developing countries from investing in climate and conservation, and what can be done about it, including innovations like “debt-for-nature swaps”: debt relief in exchange for green initiatives.
Second, Africa must look within for solutions. We must invest our borrowing in the continent’s growth, job creation and revenue generation rather than in consumption that will not pay us back in the long run; make sure development projects are high-quality, priced correctly and finished on time; and start looking to each other as major trading partners rather than overseas.
It is time for a serious conversation about the high cost of capital that burdens Africa, which is based on unfair risk premiums and inaccurate valuation of our economies. Many African countries have assets that are not reflected on our balance-sheets. We have to strengthen African institutions, and we expect those strengthened institutions to assist in valuing our economies correctly, working with international financial institutions to get this right.
The three of us recently helped to launch the Africa Club, an alliance of African multilateral financial institutions that will serve as a powerful negotiator on behalf of the continent, co-ordinate with global financial institutions and leverage African countries’ balance-sheets to increase investment and jobs. It is critical that these institutions have the full weight of au member states behind them and the appropriate capital to continue serving Africa’s development. To this end, Ghana has proposed that each African country go beyond its existing paid-in capital and invest a minimum of 30% of its sovereign reserves in African multilateral institutions.
Third, we must bring the world to Africa. We have spent the past few years attending summits in a variety of countries that want to do business with our continent. Now it is time for our fellow world leaders to come to us. In that spirit, Ghana has proposed, and we all support, an annual African Economic Summit involving heads of state and government from around the world. Our hope is that this becomes the fulcrum around which we will deal with our major growth and development issues. Kenya will host the first summit in 2025, then Zambia in 2026 and Ghana in 2027.
Finally, we must speak with one voice on our reform agenda. Over the past three years a coalition of African policy institutes, the au, the un, finance ministers and civil society have been working together to define and advocate a collective African agenda for improving the global financial architecture. This coalition has identified key areas for action. They include charting a green growth-and-investment path for the continent; increasing concessional finance; channelling special drawing rights currently held at the imf to African financial institutions so they can be leveraged for development finance; finding a robust solution to the debt crisis, which will require overhauling the Common Framework, a debt-restructuring blueprint introduced by the g20 in 2020; and increasing Africa’s role in global decision-making.
These are ambitious but achievable targets. We have already seen progress, for example in gaining a seat for the au at the G20, making it the G21. It is up to Africa to use that seat wisely and present a clear vision for global reform.
There is a line in scripture: “Faith without works is dead.” You cannot believe in something and do nothing about it. 2024 is the year to move from talk to action, and to insist on a fairer global system that works for Africa.
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