Tag Archives: Minister of Finance

AMA, Business

Dr. Ngozi Okonjo-Iweala Headlines African Business Stories Roundtable on Mobilizing Diaspora Investment for Africa’s Growth at World Bank Spring Meetings

Maravi Post Reporter
Dr. Ngozi Okonjo-Iweala, GCON, Director General, World Trade Organization and Ms. Yvonne Ike, Managing Director & Head of Sub-Saharan Africa (Ex RSA), Bank of AmericaKanayo Adibe | Photographer

Washington, D.C. 5 May 2025-/African Media Agency (AMA)/- African Business Stories (ABS) convened the third edition of its Roundtable Series during the 2025 World Bank Spring Meetings, hosting a high-level dialogue titled “Leveraging Diaspora Investment for Africa’s Economic Growth.” The event featured WTO Director-General Dr. Ngozi Okonjo-Iweala and other leading African and global voices in development and finance.

Launched in September 2024 on the sidelines of the United Nations General Assembly (UNGA) in New York, the ABS Roundtable Series convenes influential stakeholders to address critical barriers to scaling African businesses — with a focus on closing Africa’s $42 billion financing gap for women-owned enterprises and fostering sustainable growth.

Held at the Washington, D.C. offices of Akin Gump Strauss Hauer & Feld LLP, the ABS Roundtable was made possible through the generous support of Akin LLP, Bank of America, and Moneda Invest Africa. Their partnership underscores a shared commitment to advancing Africa’s economic growth through innovative investment, strategic collaboration, and inclusive development. Bank of America’s partnership in this event reflects its ongoing commitment to sustainable growth and inclusive finance across Africa. The firm continues to support initiatives that unlock capital, scale entrepreneurship, and build resilient financial ecosystems.

Opening keynote speakers President Admassu Tadesse, Group President and Managing Director of Trade & Development Bank, and Mrs. Zainab Ahmed, Executive Director at the World Bank and former Nigerian Minister of Finance, set a powerful tone — challenging participants to move beyond traditional aid models and strengthen Africa’s investment readiness.

A dynamic panel discussion followed, featuring Joan Manda (UNDP Timbuktoo Initiative), Barbara Iyayi (Unicorn Growth Capital), and Chidi Blyden (Culturally Bound), moderated by Kenechi Eze (Moneda Invest). The conversation centered on building trust, creating credible financial vehicles, and transforming Africa’s 44 million SMEs into engines of scalable investment.

President Admassu Tadesse, Group President and Managing Director, Trade and Development Bank Group , Ms. Florie Liser, President & CEO Corporate Council on Africa, Ms. Zainab Ahmed, Executive Director for Nigeria, Angola & South Africa, World Bank Group, Dr. Ngozi Okonjo-Iweala, GCON, Director General, World Trade Organization, Ms. Akaego Okoye, Founder African Business Stories/Convener ABS Roundtable Series and Ms. Yvonne Ike, Managing Director & Head of Sub-Saharan Africa (Ex RSA), Bank of America.Kanayo Adibe | Photographer

The event culminated in an inspiring fireside chat with Dr. Okonjo-Iweala, moderated by Ms. Yvonne Ike, Managing Director at Bank of America and Head of Sub-Saharan Africa (ex-RSA). Addressing a room of investors, policymakers, and entrepreneurs, Dr. Okonjo-Iweala called for a decisive shift away from reliance on foreign aid, urging African countries to mobilize domestic resources, attract private sector investment, and build institutional trust. She emphasized the pivotal moment Africa faces in the global economy:

“Africa’s opportunity lies not in aid — but in adding value, building trust, and using our resources wisely,” said Dr. Okonjo-Iweala.

She stressed that Africa’s critical minerals must be leveraged strategically to drive industrialization rather than perpetuate dependence on raw exports:

“Our critical minerals are in demand — but instead of giving them away raw, we must negotiate smartly, add value locally, create jobs, and become a true hub of global manufacturing and innovation.”

Dr. Okonjo-Iweala also addressed the impacts of global economic shifts — from trade disruptions to shrinking aid budgets — and stressed the urgency of regional collaboration, transparent governance, and strategic investment facilitation to attract both diaspora and global capital.

Closing the session, Dr. Okonjo-Iweala encouraged African entrepreneurs, leaders, and the diaspora to recognize their individual agency:

“Even solving one problem or building one enterprise can have ripple effects across the continent. Everyone has a role to play in building Africa’s future.”

“Events like this roundtable are vital platforms to foster collaboration, deepen trust, and unlock the entrepreneurial potential that exists both within Africa and among its global diaspora,” said Yvonne Ike, Managing Director and Head of Sub-Saharan Africa (ex-RSA) at Bank of America. “It was an honor to join this important dialogue and help shape conversations that will drive long-term impact.”

Participants committed to deepening collaboration with the African diaspora, creating credible financial structures, and expanding access to capital for the continent’s 44 million SMEs—key pillars for long-term growth.

Akaego Okoye, Founder of African Business Stories and Convener of the ABS Roundtable Series, added:

“Diaspora investment is not just about capital; it’s about building ecosystems and reshaping Africa’s economic narrative. We are proud to create a platform where action-oriented conversations drive real change.”

Distributed by African Media Agency (AMA) on behalf of African Business Stories

About African Business Stories

African Business Stories (ABS) is a platform dedicated to unlocking investment for women-led businesses in Africa by telling their stories and connecting them to investors, resources, and key decision-makers. Through storytelling, strategic convenings, and ecosystem-building initiatives, ABS creates high-impact pathways that accelerate the growth and visibility of female entrepreneurs across the continent.

Press Contact

To explore collaboration opportunities or learn more about the ABS Roundtable Series, contact info@africanbusinessstories.com or visit www.africanbusinessstories.com.

Source : African Media Agency (AMA)

AMA, Environment

World Leaders and Institutions Convene at First FRLD High-Level Dialogue to Advance Climate Resilience and Support for Vulnerable Nations

Maravi Post Reporter
Ibrahima Cheikh Diong, Executive Director of Fund for responding to Loss and Damage (FRLD)

Washington, D.C, 2 May 2025 -/African Media Agency(AMA)/- Today, the Fund for responding to Loss and Damage (FRLD) held its inaugural High-Level Dialogue on the sidelines of the World Bank-IMF Spring Meetings, convened under the leadership of the FRLD Board and in coordination with the United Nations Secretary-General.

Under the theme “Strengthening Response(s) to Loss and Damage through Complementarity, Coherence, and Coordination”, the Dialogue brought together senior representatives of partner governments, multilateral development banks, international financial institutions, UN agencies, climate funds, philanthropic organizations, risk financing and insurance entities and civil society actors to foster collective action in response to the growing impacts of climate change.

The Dialogue welcomed high-level speakers, including COP29 President H.E. Mukhtar Babayev, Ministers from Pakistan, South Africa, and Germany, as well as other senior representatives. In opening remarks, the Co-Chairs of the FRLD Board, Jean-Christophe Donnellier and Richard Sherman, welcomed participants and emphasized the spirit of global solidarity that led to the creation of the Fund. They noted that the Dialogue comes at a critical juncture in the Fund’s development and called for strengthened cooperation to deliver timely and effective support to the most vulnerable nations.

“This Fund was launched to strengthen our global capacity to respond to loss and damage, and this requires a response that is timely, adequate, comprehensive and efficient. It is therefore crucial that we work together to streamline our collective global response,” emphasised Donnellier.

Muhammad Aurangzeb, Minister of Finance of Pakistan

The Minister of Finance of Pakistan, Muhammad Aurangzeb, added the need for speed in responding to loss and damage: “Climate change is an existential threat; we are living it. Even before the floods of 2022. As the Fund becomes operational, our request is for simplicity and agility. We are dealing with our own internal bureaucracies in our own countries. We can’t have decisions to take years; what we need are speedy disbursements.”

A key milestone of the event was the presentation of Proposed Actionable Commitments on Accelerating Action on Climate-Induced Loss and Damage by the Executive Director, Ibrahima Cheikh Diong, on behalf of the Fund and peer financial institutions. He reaffirmed a collective commitment to unify global responses and reduce fragmentation in funding streams: “Today marks the beginning of a new era of coordinated action driven by global solidarity and leadership. We reaffirm our collective commitment with our partners and stakeholders to reduce fragmentation in funding streams and ensure that resources are delivered effectively to those who need them most. Our shared goal is clear: to ensure that the most vulnerable nations affected by climate-induced loss and damage, receive timely and effective support that reflects their priorities and realities”.

This laid the foundation for two roundtables that explored how institutions can better align mandates, close funding gaps, and build strategic partnerships.

Participants discussed opportunities to streamline access to finance, support national readiness and pre-arranged financing mechanisms, and enhance collaboration among funding arrangements such as the Climate Investment Funds, the Adaptation Fund, the Santiago Network and Global Shield. The issue of prevention was brought up, including better use of data and technology. With the gap between the financing available and the needs, prudent and smart approach is necessary.

“The Santiago Network and FRLD are linked by design but also purpose. One of our core functions is to enable access to finance, technology and capacity building. The Santiago Network brings an existing toolbox, technical guidance and technical assistance platform and a regional presence with 15 members ready to provide support. This is a call to expand our collective response to Loss & Damage. We need to collaborate but also act in synchronicity” said Carolina Fuentes Castellanos, Director of the Santiago Network Secretariat.

The event concluded with reflections and recommendations on the way forward, highlighting the FRLD’s ambition to begin disbursing an initial $250 million primarily delivered in grants to support bottom-up, country-led and community-driven interventions, with at least 50% of funding earmarked for Small Island Developing States (SIDS) and Least Developed Countries (LDCs). The Co-Chairs reaffirmed the Fund’s commitment to being an inclusive and coordinating force within the climate finance ecosystem.

The full outcomes from this dialogue will be included in the FRLD’s annual report that will be presented at the upcoming COP and CMA, shaping future climate finance policies. The dialogue will set the stage for continuous engagement, ensuring sustainable and inclusive financial mechanisms for affected communities.

Distributed by African Media Agency. on behalf of IC Publications

About the FRLD:

The Fund for responding to Loss and Damage (FRLD) addresses the urgent and growing needs of vulnerable communities in developing countries facing the irreversible impacts of climate change. It finances initiatives to help vulnerable communities recover from climate-related losses and damage resulting from incidents such as climate-induced extreme weather events, rising sea levels, and other climate-induced crises. These initiatives are tailored to respond directly to country-specific needs and priorities, ensuring that solutions are locally driven and contextually appropriate.

Media Contact:

Giulia Pivetti

Email: g.pivetti@icpublications.com

WhatsApp: +39 340 276 8881

Margaret Mutesi 

Email: mmutesi@frld.org

Mobile: +1 202 6501312

Source : African Media Agency (AMA)

Malawi

Blantyre city south east MP accuses Kabwira of defaming Chakwera

Maravi Post Reporter

By Jones Gadama

A war of words has erupted between Blantyre City South East Member of Parliament, Sameer Suleman, and Minister of Education, Science and Technology, Jessie Kabwira, over allegations of defaming President Lazarus Chakwera.

The controversy began when Suleman accused Kabwira of insulting the President, prompting Kabwira to retaliate by accusing the Democratic Progressive Party (DPP) of embezzling government funds during its tenure.

Suleman, who has been a vocal critic of the current administration, made the remarks while commenting on the 2025/26 budget presented by Minister of Finance, Chithyola Banda.

Jessie Kabwira
Jessie Kabwila: not to report to police any more

Suleman took issue with Kabwira’s response, stating that as a minister, she had no authority to instruct him on what to do.

“She can’t tell me what to do because she isn’t a member of parliament,” Suleman said.

The exchange highlights the growing tensions between the ruling Malawi Congress Party (MCP) and the opposition DPP.

Kabwira’s allegations against the DPP are the latest in a series of accusations traded between the two parties.

The DPP has repeatedly denied any wrongdoing, accusing the MCP of engaging in a witch-hunt.

The controversy has sparked a heated debate, with some calling for Kabwira to apologize for her remarks, while others have defended her right to express her opinions.

The incident has also raised questions about the level of respect and decorum expected of public officials in Malawi.

In related news, Suleman has been in the headlines recently for his involvement in a separate controversy.

He was arrested and later released on bail after being accused of defamation against fellow legislators Richard Chimwendo Banda, Steve Malondera, and Mining Minister Ken Zikhale Ng’oma.

The incident has sparked widespread criticism and accusations of political persecution.

Suleman’s supporters have argued that the charges against him are politically motivated, aimed at silencing his criticism of the government.

As the controversy continues to unfold, it remains to be seen how the situation will be resolved.

One thing is clear, however: the war of words between Suleman and Kabwira has highlighted the deepening divisions within Malawi’s political landscape.

Business

2025-2026 National budget pegged at MK8.5 trillion

Dorica Mtenje

By Dorica Mtenje

LILONGWE Maravipost: 2025-2026 National budget has been revised upwards from MK5.9 trillion to MK8.5 trillion representing 1.01 percent.

The total expenditure for the 2025/2026 financial year is programmed at K8.05 trillion, representing 31.1 percent of GDP. Of the
total expenditure, recurrent expenses are estimated at K6.04 trillion, representing 23.3 percent of GDP and 75.0 percent of total
expenditure.

The overall balance
deficit will be financed through domestic borrowing amounting to K2.33trillion,representing 9.0 percent of GDP and K145.78 billion
estimated at a deficit of K2.47 trillion, which is 9.5 percent of GDP foreign borrowing.

Presenting 2025-2026 Budget on Friday February 28 in the August House, Minister of Finance,Simplex Chithyola said government has allocated MK10 bilion for the new recruits.

Chithyola said pension grants and graduity has been allocated MK170 billion.

He added that the internship program has been revised from MK80,000 to MK150,000.

According to him, based on the thriving parallel forex market and externalization of forex by some exporters, there will be a stricter procedure for tracking export proceeds.

He further said government has also removed Value added Tax (VAT)on Bread and Bans and secondhand clothes with immediate effect the commodities should go down.

He state that despite the economic difficulties December 2024 and January 2025 debt stood at external debt reached K7.39 trillion, while domestic debt amounted K16.19 trillion, representing 86.4 percent of GDP, of which total to K8.79 trillion.

He therefore said among other things K5.1 billion has been earmarked for Mining Regulatory Authority; K4 bilion for the establishment of the Mining Company; K4.1 billion for Mining and Geological Services; and K1billionfor the Mineral Laboratory.

Development

Malawian Economic and Health experts take on government on budget preparation

Dorica Mtenje

By Dorica Mtenje

LILONGWE (MaraviPost): In preparation of 2023-2024 budget, Economic and Health Experts have challenged  government to come up with a realistic microeconomic framework that can easily be aligned with the Malawi 2063 pillars for the betterment of the country.

The experts made the remarks in Lilongwe during Budget consultation meeting with the Minister of Finance, Sosten Gwengwe.

On his part , LUANAR Economist, Henry Kakwamba has asked government to register every small business as one way of generating tax.

Kakwamba said the country should stop looking at Agriculture as a farm activity.

He said their need to link producers and farmers to the market.

On health perspective, Malawi Health equity Network (MHEN), George Jobe has call upon government to allocate part of toll gate correction to health sector.

Jobe said there is need of health budget increase from 10 percent to 15 percent to meet Abuja budget declaration.

He said there is need of introducing a levy on Visa in line with health sector financial out cry.

He call upon government to allocate a carbon tax pay to the health sector as they lobby for it.

He also call for an increase in sexual reproductive Health funds to 1.5 billion.

He said there is need for special budget for wash project to contain the further spread of cholera which has highly hit the country.

Minister of Finance , Sosten Gwengwe said very impressed with the inputs as they will help in the diversity of the budget.

Budget Review pegged at MK2.852 trillion for 2022/23

Gwengwe said going forward they will be taking the inputs and use them as an assumption in the budget.

He said the suggestions will help the ministry to come up with a budget that is of the interest of all Malawians.

This is second budget consultation meeting by the Ministry of Finance as it was first held in Blantyre, seconded by Lilongwe to be finalize in Mzuzu.

Business, Regional, Top News

IMF nods to Malawi economic performance

Lloyd M’bwana
Written By Falles Kamanga
LILONGWE-(MaraviPost)-The International Monetary Fund (IMF) on Friday says completed its assessment of Malawi’s performance on its Extended Credit Facility (ECF), giving a positive rating that the southern African nation’s economy is growing and progressing to the right direction.
Speaking to the media in Lilongwe, the IMF Mission Chief for Malawi, Pritha Mitra said they reached a staff-level agreement with the authorities of Malawi on the completion of the first review under the ECF, a lending arrangement that provides sustained programme engagement over the medium to long-term in case of protracted balance of payment problems, which is subject to the approval of the IMF Executive Board in Washington.
Mitra said Malawi’s moderate economy is on track and is likely to grow up to four per cent in 2019 followed by a rise to 6-7 per cent in medium term.
“Malawi’s economy continues to grow while inflation remains on a declining trend. Moderate economic growth is likely to strengthen to about 4 percent in 2019, followed by a rise to 6-7 percent over the medium term,” she said.
The IMF official said economic growth will be backed by improved electricity generation, better irrigation infrastructure and cropping techniques, greater access to finance, and an improved business climate.
“Inflation is expected to reach 9.5 percent at end-2018 before gradually converging to around 5 percent over the medium term,” she said.
IMF said performance under the ECF program has been “good.”
She said the most quantitative performance criteria (QPC) for end-June were met, with the criteria on international reserves and the Reserve Bank of Malawi’s holdings of government securities significantly over performing.
Malawi’s growth and development strategy (MGDS) III lays out ambitious goals for infrastructure projects designed to accelerate growth and poverty reduction.
Therefore Mitra said it was important to ensure that the finance preserves debt sustainability.
Mitra told reporters that while the country is facing challenges including power outages and high level internal debt, the government is implementing appropriate fiscal policies.
She said a number of set targets have been met by end of June this year which include an improvement in international reserves and the Reserve Bank of Malawi’s holding of government securities.
The IMF team met with Minister of Finance, Economic Planning and Development Goodall Gondwe, Governor of the Reserve Bank of Malawi (RBM) Dalitso Kabambe, other senior government and RBM officials, a broad range of national stakeholders outside government, as well as representatives from Malawi’s development partners.
Gondwe described the IMF positive review as having the potential to boost donor confidence.
“They have given us an advice on what we should do and we will do that. We will do better next time they come,” said Gondwe.
Gondwe said Malawi is doing better than most of the African countries in terms of economy but said government will try to improve the economy to a better percentage, hence much more needs to be done.
He also said there is a possibility that the budget might be reduced whereby some things such as allowances and travels will be cut off so that there should be a match between the available resources Malawi has and the expenditure on the budget.
“The cut will be probably on some of the projects which were not a high priority,” Gondwe said.
President Peter Mutharika is on record saying that  his government took painful steps to stabilize the economy and the currency, the kwacha, and brought inflation down from a peak of 24 percent to single digit and reduced interest rates from 25 per cent to 16 per cent.
Mutharika said when he took over power in 2014, he inherited a deficit that was almost equal to the annual national budget and Malawi was going bankrupt.
“I found GDP Growth Rate at 2.4 per cent when I started leading Malawi four years ago. Now we expect growth at 4 per cent in our 2018/2019 financial year. And we expect this growth to rise to 6 percent in 2019,” he said.
Incessed by revelations of mismanagement of public funds at Capital Hill, widely known as Cashgate in 2013, Malawi’s key donors—who contributed about 40 percent to the recurrent budget—withdrew their direct budgetary support worth $150 million, leaving behind a huge fiscal gap.
Agriculture, Politics, Top News

Malawi’s Finance Minister Gondwe says 2018-2019 FISP budget is for DPP campaign

Maravi Post Reporter

Minister of Finance, Economic Planning and Development Goodall Gondwe has admitted that government’s increase of the Farm Input Subsidy Programme (Fisp) allocation is to win votes in the 2019 Tripartite Elections and achieve food security.

In an interview on Monday, Gondwe said there was nothing wrong in seeking votes from the people.

He said: “If it’s a campaign year and we give people more to eat, what is wrong with that? We want both the votes and at the same time after crops were attacked by fall armyworms in the last growing season, we want people to have food and if we don’t give farmers enough fertiliser, there will be less food.”

The minister added that while most stakeholders suggest long-term approaches such as development of irrigation systems, Fisp is addressing food security challenges in the short-term for the underprivileged.

Said Gondwe: “For the long-term they are right, we should channel more funds towards irrigation and resilience.”

He further conceded that government will at some stage need to abolish the programme.

In the proposed 2018/19 National Budget, the Ministry of Agriculture, Irrigation and Water Development has been allocated K151.9 billion, K41.5 billion of which is for Fisp, representing 27.3 percent of the ministry’s total budget allocation.

This is an increase from the 2017/18 revised allocation of K33.2 billion for 900 000 beneficiaries.

This year’s Fisp is also targeting one million beneficiaries.

This has not gone down well with some stakeholders who have been asking government to abolish Fisp and channel the funds towards irrigation development and promotion of medium and large-scale farming.

According to Farmers Union of Malawi (FUM) president Alfred Kapichira Banda, government has increased the Fisp allocation to raise funds for the campaign period.

“Fisp is for government and not us farmers. It is clear that funds from this year’s programme will be used to fund the campaign and not to benefit the farmers.

This is why they have increased the number of beneficiaries and the money,” said Kapichira.

According to him, Fisp has not achieved its intended purpose of benefitting smallholder farmers as they still sell crops at low prices.

Business, Malawi

Malawi begs Japan for more aid: Finance Mnister says MK1.3bn grant will not be ‘Cashgated’

Maravi Post Reporter 1 Comment

Minister of Finance, Economic Planning and Development Goodall Gondwe has asked Japanese Government to consider increasing financial assistance to Malawi on Economic and Social Development Programme.

Speaking during the signing ceremony of 200 million Japanese Yen (KI.3 billion) Grant Aid on Wednesday in Lilongwe, he observed that Japan’s financial assistance to Malawi has since been reduced.

“Japan used to give us more money in the past, but now it has been reduced,” Gondwe noted.
The request comes amid Japan’s dwindling financial assistance to Malawi through the said window over the years since 1988 when the country started benefiting from the grants.

The resources have been utilised to assist a wide range of small and medium enterprises (SMEs) to acquire, through loans, various operating or capital goods, plant or equipment purchased from abroad.

The Minister attributed reduction of the financial assistance to low and non repayment of the loans acquired from the package by some small and medium entrepreneurs in the country.

He explained that the development led to the disappointment of the donor.

Gondwe noted that once the assistance is increased it would enable the country to implement various projects without difficulties and pledged to properly account for the funds and use the resources in a transparent manner.

“I would like to assure Your Excellency that on our part, we will use the assistance solely on the intended purpose,” he assured.

The Finance Minister appealed to beneficiary companies that still owe the programme money to speed up payments.

“Please note that the new grants to the country will depend very much on how quickly beneficiary companies pay back their loans,” he added.

Japanese Ambassador to Malawi, Kae Yanagisawa said the Grant Aid is intended to compliment the country’s efforts to promote economic and social development and eliminate poverty.

The Ambassador said the grant would be used by Malawi Government to procure goods and equipment to support small and medium enterprises (SMEs) in enhancing their business operations.

The grant, previously known as Non-Project Grant Aid, has been provided to the country since 1988 and has now totaling US$ 45 million (MK33 billion), including the just signed agreement of K1.3 billion.

Lifestyle, Top News

Goodall Gondwe warns ‘Take action now to curb explosive population growth’ or suffer the consequences

MaraviPost 1 Comment

Goodall Gondwe
The Minister of Finance, Economic Planning and Development, Goodall Gondwe

If Malawi does not take serious action on the country’s explosive population growth, the development gains she has made in recent years will be in vain.

 

At least these were the statements of The Minister of Finance, Economic Planning and Development, Goodall Gondwe and the US Embassy Charge d’affaires, Andrew Herrup at the opening ceremony of the 2016 National Population and Development Conference in Lilongwe. Continue reading Goodall Gondwe warns ‘Take action now to curb explosive population growth’ or suffer the consequences →