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.
Agriculture

Community resistance threatens Banana restoration exercise in Thyolo

Malawi News Agency (MANA)
Banana Restoration in Malawi
File:Malawi’s Banana.

Government has expressed concern over pockets of resistant by banana farmers in Thyolo to uproot fruit trees that were affected by Banana Banctops.

Assistant District Agriculture Development Officer Boniface Kautale told Mana Thursday in Thyolo that so far his office with assistance from community leaders managed to uproot 38, 138 hectares of banana.

“The exercise has delayed as people were reluctant to uproot till they saw the banana crop down.Thanks to Traditional leaders who took a leading role to sensitize the community to understand the importance of uprooting the crops so that they should be given a clean crop,” he said. Continue reading Community resistance threatens Banana restoration exercise in Thyolo →

Business, Religion

Islamic Banking system approved in Malawi

Special Absalom
The Malawi Muslim community and those who like the Islamic banking system can now afford a smile after government officially approved the system.
Among the importance of the system, is that it doesn’t demand any interest from the borrowers as is the case with non-Islamic banking systems.
Registrar of Financial Institutions Dr. Dalitso Kabambe, who is also Reserve Bank Governor, wrote in the approval document and seen by Maravi Post, that this will only be through “Window Model Only.”
“This shall entail banks offering Islamic (non-interest) Banking products, alongside conventional banking facilities,” says Kabambe.
He says in this regard, bank supervisors will shortly be engaging with each bank to provide guidance on reporting requirements of Sharia-compliant products and services.
“Once developed, the guidelines will be shared with each bank,” Kabambe said.
The International Monetary Fund (IMF) said in its recent report that Islamic Finance has the potential to spur inclusive growth, but calls for its proper regulation and supervision.
In relation to this, the Muslim Association of Malawi recently invited an expert in Islamic Finance and during the meeting facilitated by South African Mufti Ismail Ebrahim Desai, a renowned scholar in Islamic Finance and Banking.
Key features of Islamic banking include a prohibition on interest, an emphasis on ethical standards that embrace moral and social values, and the overarching principle of fairness when handling liability and business risk.
The system’s popularity in many North African and Middle Eastern countries, stems from the less speculative nature of its products.
Business

IMF recognised for gender equality at workplace

Maravi Post Reporter
The International Monetary Fund (IMF) this week received the ASSESS level of Economic Dividends for Gender Equality (EDGE) Certification, in recognition for its commitment and progress in monitoring, benchmarking, and achieving workplace gender equality.
According to a press release issued on Tuesday, receiving the ASSESS certification means the Fund has achieved landmark progress in ensuring that diversity and equality are an integral part of its work and values.
“We are honoured to be credited for our commitment to diversity and inclusion at the IMF.
“The diversity of our staff is inherent in who we are, and building inclusion is integral to what we do. We are proud of the progress we have made and we are determined to do more.
“We will continue to raise the bar on our performance, accountability and transparency in these important areas,” said IMF Managing Director Christine Lagarde.
The Fund said it promotes full participation of women in the workforce globally as one way of empowering women, and making sure that women are fully represented in the institution’s own staffing.
“Benchmarks for women representation have been in place since 2003, and significant progress has been made with women now accounting for 44 percent of the IMF’s total staff and 28 percent of senior management,” said Lagarde.
Co-Founder for EDGE Certified Foundation, Aniela Unguresan commended IMF on its commitment to gender equality and its important leadership.
“The IMF, by becoming EDGE Certified, is sending a powerful message to not only its 189 member countries, but also to the rest of the world, that gender equality is a global imperative for economic growth,” he noted.
Business, Entertainment

Tay Grin “Nyau King” unveiled as Astro Mobile ambassador; signs MK8m deal

Lloyd M’bwana
LILONGWE-(MaraviPost)- Malawi’s multi-award winner, Limbani Kalirani, popularly trading as Tay Grin, was on Wednesday, pronounced as Astro Mobile brand ambassador in a MK8 million deal.
Tay Grin, also popularly known as Nyau King said the Astro mobile’s agreement is a result of shared values in African culture.
The branding is a motivation to better the lives of Africans by providing the platform for the citizens to communicate easily.
Before being branded Astro Mobile Ambassador, the Nyau King, was already inspired by the story of Astro Mobile’s founder and Chief Executive Officer, Munyaradzi Gwatidzo.
Gwatidzo was an orphan, with love for mobile phones, who turned his passion for technology into a business empire.
In an exclusive interview with The Maravi Post after concealing the brand deal, Tay Grin said he will fill the gap in Malawi for those who are looking for amazing phones but have limited budget.
The rapper disclosed that he will use his ambassadorial role to connect local artists with international music superstars for exposung and pioneering African culture.
“I believe in Astro Mobile’s mission to give a voice to millions of Africans. Astro delivers eye-catching, top performance, and affordable Smartphones to its customers. This is also an opportunity for me to link up local artists with those international superstars for music collaboration”, assures Nyau King.
Astro Mobile General Manager Micheal Gova, ustified why engaging Tay Grin as a brand ambassador is a perfect match of giving Africa the best products.
Gova said the Nyau King was chosen as a brand ambassador due to his strong influence amongst the youth and connections across the continent, where the company was providing services.
He assured Malawi that the company’s products are 14-months guarantee once the customer acquires their product.
“Astro defines itself as an Afrocentric mobile and electronic solutions provider and Tay Grin brand is a proudly Afrocentric one. The artist’s passion for Malawian culture is unprecedented, and can be heard in his musical and lyrical prowess.
“Tay Grin will therefore present a successfully commercialized African brand, which any progressive business entity cannot ignore. Our products match with the artist’s Afrocentric powerhouses and limitless possibilities,” said Gova.
Established in 2012, Astro is a rapid expanding e-commerce company and a mobile and electronic solutions provider that operates in Zimbabwe, Zambia, Mauritius, Tanzania, South Africa, and Malawi. It provides employment to 2000 employees.
Business

Airtel Airtel pleads for calmness amid erratic network due to system upgrading

Maravi Post Reporter
BLANTYRE-(MaraviPost)- One of Malawi’s leading telecomunication company, Airtel Malawi this week pleaded with its customers to remain calm in the face of erratic network caused by system upgrading it is conducting.
Airtel is upgrading its network infrastructure that started in May this year.
The company therefore admis it is facing challenges in the ongoing network upgrade exercise, which has compromised service delivery to subscribers.
On their part, Airtel subscribers claim the company’s services have been erratic since August.
The services include dropped calls, no network availability, and slow Internet, among others.
Airtel Managing Director, Charles Kamoto, acknowledged that the development is frustrating for customers using the company’s network, however said Airtel engineers are working nonstop to finalise the upgrade.
Kamoto said the network upgrade is the largest project the company has ever undertaken since its establishment in Malawi.
He added that the exercise includes replacement of old equipment with the new ones, and advanced technology on all Airtel towers.
“Bear with us a little longer, as we continue to work around the clock to improve your experiences. I would like to thank you all for your unwavering support, patience, and understanding rendered to us throughout this period.
“We truly do not take it for granted and I can assure you that we are almost through and very soon your experience on the Airtel network will be great again,” Kamoto said.
Kamoto said due to the upgrade exercise the company had to stop its expansion to the rest of the country in order to rectify some unforeseen system issues that erupted in the initial phase, including Lilongwe, Blantyre and Mzuzu.
Business

Botched Escom US$74 Generator deal will cost Malawians more blackouts

MaraviPost

BLANTYRE-(MaraviPost)-Malawians have all reasons to be angry now with continuous and shameless electricity blackouts following revelation that utility body Electricity Supply Corporation of Malawi (ESCOM) messed up on procurement of new heavy-duty generators.

The generators were expected to add about 80 megawatts to the national grid when

The deal went sour when ESCOM board chairperson Dr. Perks Ligoya pushed for awarding of a US$74 million contract to a South African firm Aggreko contravening procurement procedures. Continue reading Botched Escom US$74 Generator deal will cost Malawians more blackouts →

Business

Reserve Bank of Malawi miantains policy rate at 18 percent

Lloyd M’bwana
LILONGWE-(MaraviPost)-The Reserve Bank of Malawi (RBM) has maintained policy rate at 18 percent, a decision made at the Monetary Policy Committee (MPC) and the Liquidity Reserve Requirement at 7.5 per cent in trying to keep with the latest developments in the economy and the need to keep the inflation firmly on the downward path.
The announcement has come through a statement made by MPC after it conducted a review meeting for global and domestic economic developments and it has been signed by Chairman of the committee, Dr Dalitso Kabambe, who is also Reserve Bank of Malawi Governor.
This policy stance will help consolidate the gains achieved so far in reducing the inflation rate to ensure that it remains at single digit for a longer period to guarantee sustainably low interests rates, thereby enhancing private sector investments and economic growth.
“By maintaining the tight monetary policy stance it will mean entrenching the stability of the kwacha exchange rate by moderating demand for foreign exchange, thereby allowing the central bank to accumulate foreign reserves,” the statement reads in part.
The global growth was estimated at 3.1 percent in 2016 and this year it is estimated to accelerate at 3.5 per cent. The pickup in global economic activity is driven by developments in emerging and developing economies.
According to the statement, the real Gross Domestic Product (GDP) growth is projected to rebound to 6.4 per cent this year from 2.7 per cent last year, a feat that is coming on the back of favourable weather conditions and improving microeconomic environment.
The statement further said the bank continued to withdraw excess liquidity from the banking system and consequently conditions in the money markets remained tight as evidenced by the interbank rate being kept close to the Policy Rate.
Business

Malawi’s new oil and natural gas laws debate resumes; revised policy ready November

Maravi Post Reporter

LILONGWE-(MaraviPost)– Malawi in the past week revamped the debate to have the new law that guides the extractive industry particularly on oil and natural gas.

This comes as the country is using outdated 1983 Petroleum Act, which is not meeting the current needs in the sector.

The release of the revised Petroleum Policy, though delayed, is now expected to take place in November this year.

Some 60% of designated acreage, divided into six blocks, lies on land adjacent to Lake Malawi, with several already allocated under regulations promulgated in 2009. Continue reading Malawi’s new oil and natural gas laws debate resumes; revised policy ready November →

Agriculture

MITC calls for responsible agriculture investment to avert economic tumoil

Lloyd M’bwana

LILONGWE-(MaraviPost)- The Malawi Investment and Trade Centre (MITC) this week emphasized on the need for the public to embrace responsible agriculture investment if Malawi is to avert economic misfortunes it is encountering.

The agenda will be pushed through new agriculture investment guidelines, which serious investors are required to follow.

These guidelines, which were developed by the Committee on World Food Security (CFS), includes fostering gender equality and women’s empowerment, engaging youth and empowerment, respect tenure of land, fisheries, forests, cultural heritage, access to water, and support diversity and innovation, among others.

The new guidelines are being championed by MITC with its partner the Food Agriculture Organization (FAO) in sub Saharan Africa.

Speaking in an interview with MITC Chief Executive Officer, Clement Kumbemba, after hosting the Responsible Agricultural Investment (RAI) conference in Lilongwe, he said that the move will help to close gaps and propose ways of strengthening the process to ensure a more coherent screening process for agriculture investments.

Kumbemba said that there are projects that have stalled due to misunderstandings between communities and investors on land which could be avoided if the country had sound investment guidelines.

He added that Agriculture being the mainstay of Malawi’s economy, which supports the livelihoods of about 80 percent of the population, responsible and sustainable investments in agriculture will improve those livelihoods and accelerate socio-economic development.

“Quite a number of investment projects have stagnated a bit because we are still trying to reason with the communities so that they can make available the amount of land that those investments are requiring.

“In Salima, we have an investor who is looking for 20,000 hectares of land and this far, we have only managed to negotiate about 5,000 hectares, but we are still engaging the communities to allow the investor to commence operations,” Kumbemba said.

In her remarks, FAO Country Representative, Florence Rolle, said the move is pertinent considering that the Malawi economy is agro-based.

Rolle said it is very important because Malawi is having more and more agriculture investment proposals.

“So they will be properly screened and ensure the nation benefits. It is part of the process and there are many other things that are needed,” Rolle said.

Responsible investment in agriculture and food systems is essential for enhancing food security and nutrition, and supporting the progressive realization of the right to adequate food.

Agriculture, Business

Government to scale up industrial hemp trials

Maravi Post Reporter

MZUZU-(MaraviPost)-Following the successful industrial hemp trials at Chitedze Research Station in Lilongwe, Government has approved the trials conducted in other environments.

The Station has so far tested 10 varieties acquired from Europe, China, and Australia to assess if they have low levels of the substance that drive people crazy when they smoke marijuana.

The trials, which started in 2015, are expected to end this year.

Speaking during presentation of the findings at this year’s annual review and planning meeting in Mzuzu this week, Department of Agriculture Research Services’ (DARS) chief scientist Laurent Pungulani, disclosed that the trials have established that the varieties have lower levels of the substance, compared to the limit set by the international community.

Pungulani said that following the Chiteze Research Station trials., DARS has given the green light to have the varieties tested in other places.

“I have in mind Chitala Research Station, which has a completely different environment from Chitedze because it is very hot. Probably, we will have to have another trial where temperatures are low and a good example could be Bvumbwe Research Station, because it is cooler and receives high rainfall,” said Pungulani.

InveGrow director Tanya Clarke, whose company is a stakeholder in the trials, said some foreign investors are already inquiring about the industrial hemp, although some are confusing it with marijuana.

“We are getting a lot of interest coming our way from international investors, but there is still confusion on marijuana and industrial hemp.

“We are now explaining this to international companies and making sure that they are not thinking that it is marijuana,” Clarke said.