LILONGWE-(MaraviPost)-The continual depreciation of Malawi Kwacha currency is said to be crippling fishing industry while affecting locals livelihoods’s income.
This follows a media tour which PACT Malawi in injunction with the Association for Environmental Journalists in Malawi (AEJ) organised on Tuesday, March 26, 2024 at Lilongwe central market.
The tour is part of the long-week media training on effective fisheries reporting and orientation to Restoring Fisheries for Sustainable Livelihoods in Lake Malawi (REFRESH) underway at Chikho Hotel, Mponera in Dowa district.
USAID is funding Refresh Project’s series of activities including media tours and trainings across the country
Tuesday’s media visit at Lilongwe’s main market established that fish sales have gone down following Malawi Kwacha devaluation.
A fish seller at Central Market Dry-Fish Austin Duwa told journalists that the purchasing power has declined now since he takes five days to complete stock which is different from how it was before devaluation saying the stock only took two days.
“I was making a profit of MK10, 000 per bucket before devaluation while now I am making a profit of K5, 000 only. This shows how pathetic is the situation at the moment because fish business involves a lot of work.
“I am putting extra capital without proper returns for new orders and I am not getting the same quantity as I used to because it is expensive”, he said.
Duwa further noted that the 44 percent devaluation continues to affect his family as the income base from the fish business in profits has been reduced.
Echeoing the same, Lilongwe Central Market Dry-Fish Vice Chair, Fredrick Chimbalanga said revenue collection for the site has also decreased because few people are operating the business due to the effects of devaluation.
“Things are really bad now, revenue collection has gone down because few individuals are operating the business unlike before devaluation.
“This has also contributed to revenue evasions because the few that are still in the business are getting few proceeds,” Chimbalanga.
A transporter who operates from Salima district Chimwemwe Nkhoma said the business has also been affected by Malawi kwacha depreciation.
“In the past, I was using MK70, 000 to fuel my vehicle transporting fish from Lifuwu in Salima to Lilongwe but now the same route I buy fuel of MK100, 000 which is affecting my profit.”
He said from a single trip he makes MK70,000 to MK150,000 as gross in returns, which when he deducts MK120,000 as expenditure that he remains with MK30,000 profit which he said is inadequate considering the hustle of the business.
REFRESH is a USAID funded project implemented by Pact (Malawi | Pact (pactworld.org) working
directly with the Malawi government through the Department of Fisheries (DoF) to promote
Ecosystem Based Fisheries Management.
AEJ is strategic partner of the REFRESH project supporting awareness campaigns, and capacity
building activities for the media and communicators.