LILONGWE-(MaraviPost)-Economy experts and business captains have welcomed President Chakwera’s decision to fire Reserve Bank of Malawi (RBM) Governor, Wilson Banda, as way of reinvigorating the country’s economy.
Banda has been let go some seven months before the end of his contract.
His departure has brought a sigh of relief to stakeholders in the sector who view it as step in the right direction to align the economy to the country’s development agenda.
“The Central Bank needed this change as soon as yesterday. Wilson Banda failed to steer the ship in the direction of the Vision Malawi2063 agenda.
“There will now be a positive trajectory from all sector players,” says a University of Malawi economics lecturer who chose to remain anonymous.
Save for economic reasons, Banda is also said to have been fired for his failure to adhere to an orders aimed at stabilizing forex shortages.
“As head of regulatory entity, Banda employed a laissez-faire attitude towards finding lasting solution to forex crisis. He was incompatible to the agenda of the administration,” notes another official from one of the Malawi Stock Exchange (MSE)-listed leading banks.
Insiders say Banda has stakes in fore bureaus such that he was an interested party in enforcement of the executive orders.
“He owns shares in certain forex bureaus in Lilongwe and Blantyre. He was, therefore, reluctant to effect the proposed changes.”
Meanwhile, Chakwera is expected to appoint a new governor any time from now.
LILONGWE-(MaraviPost)-In a bold and uncompromising move, President Lazarus Chakwera has sacked Reserve Bank of Malawi (RBM) Governor Wilson Banda, signaling his growing frustration with the economic standing and his determination to take radical action.
Banda’s dismissal, announced today, comes seven months before the expiry of his contract—a clear statement that Chakwera is done tolerating mediocrity and he taking radical actions to serve the interests of Malawians.
The decision, insiders reveal, stems from Chakwera’s growing exasperation with Banda’s inability to implement sweeping monetary reforms demanded by the President as far back as June last year.
Despite repeated calls for bold measures to stabilize the economy, Banda’s RBM has demonstrably failed to implement monetary policies needed to help nurture an economy that reflects the will of the President which is to lift more Malawians from the depth of poverty.
“Banda was given the mandate to serve Malawians by fixing our monetary policies, but the results have been painfully slow and far from the transformative changes the President envisioned,” a high-ranking source close to State House disclosed.
Malawi’s economy is in recovery. Inflation is still high, at about 30 %, eroding the purchasing power of ordinary citizens and sending the cost of living through the roof.
The local currency, the Kwacha, has suffered repeated devaluations, and foreign reserves have plummeted to historic lows, leaving businesses and households unable to import essential goods.
The agricultural sector, the backbone of the economy, is struggling due to erratic rains and lack of adequate investment, while unemployment continues to rise as industries buckle under the weight of an unstable economic environment.
“The President understands the gravity of the situation. Malawians are suffering, and their patience is wearing thin. It’s not just about firing Banda—it’s about signaling a new chapter in the country’s economic management,” the source explained.
Chakwera is reportedly “gravely amused” by the dismal performance of those entrusted with steering the economy, prompting him to embark on a comprehensive shake-up of his economic team. According to insiders, Banda’s firing is just the beginning.
“More heads are expected to roll in the coming days. Chakwera is tightening his grip on the economy and making it clear that failure will no longer be tolerated.
He is assembling a team of fresh thinkers and doers—people who will prioritize the interests of Malawians above all else,” the source added.
This no-nonsense approach underscores Chakwera’s resolve to restore stability and growth to an economy that has been battered by years of mismanagement and corruption.
Arguably, Chakwera’s actions signal an urgent recognition of the need for decisive leadership. The people of Malawi are crying out for relief from relentless hardship, and the President appears determined to deliver it, no matter the cost.
With Banda out of the picture and more changes on the horizon, Chakwera is sending a strong message: the time for excuses is over, and era of holding leaders accountable is becoming increasingly evident.
Coming hot on the heels of a major Cabinet reshuffle, this latest move signals a strong start to the year for Chakwera as he tightens his grip on the country’s economic and governance agenda.
By holding failing officials accountable, Chakwera is sending a clear message: underperformance will not be tolerated, and complacency is not an option.
This bold posture is likely to set a high standard for Banda’s successor and other officials, invigorating the President’s economic team to rise to the challenge.
The pressing priorities are clear—effecting tighter spending controls, crafting a robust budget, attracting critical investments, and ensuring the International Monetary Fund (IMF) program stays on track.
Malawians will be watching closely to see if this wave of accountability translates into tangible progress for the economy.
If sustained, Chakwera’s assertiveness could mark the turning point in delivering the reforms and results the nation urgently needs.
LILONGWE-(MaraviPost)-The country’s central bank, Reserve Bank of Malawi (RBM) Governor Wilson Banda on Friday, November 24, 2023, disputed reports that the bank plans to introduce a new MK10,000 banknote.
Banda has described such rumours as FAKE and that the bank is not even contemplating of the move.
The governor was addressing the news conference at the bank’s headquarters in the capital Lilongwe arguing what is circulating on social media is an old MK10 note with three zeros added to it.
Banda therefore asked local media to be factual and accurate when reporting financial matters saying misrepresentation of the same can attract reactions on the market which could pose a burden on the consumers.
The governor cited an article from one of the local newspapers which misquoted the current US Dollar exchange rate against kwacha as MK2700, instead of its official rate of MK1,700.
This follows a 44% devaluation of the Malawi Kwacha currency two weeks ago.
He said such misrepresentation is dangerous as it has the potential of moving traders to adjust prices which has a direct effect on the consumers.
“People trust the media and take whatever has been published seriously, if you are not sure, my office is readily available to provide you with the actual figures,” said the Central Bank governor, who said despite a few misrepresentations, the media continues doing a great job.
On the realignment of the local currency, Banda described the move as necessary, saying the misalignment was punitive on the side of the exporters, as they were paid less.
He then said the realignment has come as an incentive to the exporters who were losing before due to misalignment.
The Central Bank governor said the increase in prices of imported goods and goods with imported contents is a true reflection of their value as the currency used to import them is trailing at a required rate.
He noted with concern an increase in prices of goods beyond the percentage at which the kwacha was devalued, as well as an increase in prices of locally produced goods without foreign content, saying such is unjustifiable.
LILONGWE-(MaraviPost)-The country’s central bank says there is no enough gold to realize much needed foreign exchange .
Reserve Bank of Malawi (RBM) Governor Wilson Banda told journalists on Thursday, September 29, 2022 in the ongoing 2022 Monetary Policy Conference currently underway in Lilongwe that the bank has not bought enough Gold to make an impact on the Foreign exchange situation.
This comes barely a week after the Central Bank Governor told Parliament that the Bank has bought 130 kilograms of Gold which is worth US$89 million.
RBM Governor Banda
Banda observes that though RBM is buying Gold but is not in large quantities to stabilize forex shortage as anticipated.
“What we’re currently buying is small scale alluvial Gold but we are considering increasing so that we start buying in large quantities. Yes, we have made some progress but we can do more,” said Banda.
Banda however said Malawi has not achieved the economy recovery due to uncertainties such as COVID-19, Russia Ukraine War, debt crises, volatile commodity prices and climate change.
The governor added further that country’s appetite for imports has also exerted pressure on the country’s foreign exchange reserves.
According to Banda, currently, Malawi is importing US$3 Billion worth of goods and exporting US$1 Billion goods representing a US$2 trade gap.
“While the RBM remains committed in ensuring price and financial stability through its implementation of monetary policy, the general public and the private sector are expected to aide in achieving of these objectives by among other things, enhancing particularly foreign exchange generation which has remained very weak for a long time. Let us also embrace our domestic products where we can to ensure that we preserve our foreign exchange,” adds governor.
Gracing the conference, Labour Minister Vera Kamtukule expressed need for Malawi to come up with hardcore, tangible, practical and unconventional solutions to keep the economy afloat.
Kamtukule observes that conference gives an opportunity to interrogate the traditional monetary policy approaches and also have conversations that may in the long run challenge the way central bank operates moving forward.
“In the monetary sector, the recent devaluation to re-align the external value of the Malawi Kwacha has fueled inflation.
“The Reserve Bank’s attempt to deal with inflation through contractionary monetary policies has raised the reference interest rates severely constraining access to finance for investment. It is important to deliberate on these factors,” said Kamtukule.
Under the theme, “Monetary policy in the 2020’s runs runs from September 29 to 30, 2022 at Bingu International Convention Centre (BICC) in the capital Lilongwe.
President Lazarus Chakwera has messed up big time at Malawi Central Bank, Reserve Bank of Malawi (RBM) after being with lied upon ascending to presidency in June 2020.
Currently, Malawi is ran out of forex for importation of essential goods including medicines, agricultural inputs and among others.
Why?
Prior to June 2020 Presidential Elections, Vice President Saulos Chilima was busy exposing ills happening at RBM while giving hope to Malawians that Tonse administration was fix the economy.
Chilima even told the nation that he would be Finance Minister which Chakwera did not offer him instead took charge of Economic and development portfolio which was later removed from him for less impact on Malawi economy.
Chakwera mess up at Reserve Bank of Malawi (RBM)
Chilima noisy on RBM prompted Chakwera to bring his own team to the central bank raging from directors to the board.
First mistake Chakwera did was to fire Dalitso Kabambe as RBM governor when his contractual agreement with the bank was intact remaing with two years.
Chakwera brought in Wilson Banda, a person who left the bank a year prior to the appointment contrary to the practice at the central bank.
Wilson Banda including Secretary to President and Cabinet Zangazanga Chinkhosi (old man that went into retirement) and Thabo Chakaka Nyirenda, current Attorney General (who happened to be RBM legal advisor) mislead Chakwera to fire Kabambe and his Deputy Henry Mathanga.
Chakaka Nyirenda is doubling as AG and RBM legal advisor while recentry pushed for his appointment as the bank’s director which does not happen at the central bank.
Nyirenda came into limelight and Chakwera favourite when he won already lost election case of two Malawi Electoral Commission (MEC) commissioners Jean Mathanga (a wife to Henry Mathanga, deputy RBM governor) and Linda Kunje
Chakwera as a leader listened to amatures; Nyirenda, Chinkhosi and Banda to fire the two while tagging them with staged deloit foresic audit report on bank during thier time.
Chakwera failed to summon the duo while appreciating their work at the bank instead paid attention to his Malawi Congress Party (MCP) zealots who suspected Kabambe and Mathanga as opposition Democratic Progressive Party (DPP) financiers.
The MCP leader who is Chakwera with personal vendatta towards DPP, fired Kabambe without basis, the time Malawi economy was performing well.
Chakwera fired Kabambe contrary practice of his predicessors who waited such political appointment done when contracts expires to avoid compasations upon unfair dismisal.
Like his predicessors the late Bingu Wa Mutharika found Dr. Elias Ngalande as the Governor and allowed him to run his contract which had some months to go. Bingu later appointed Perks Ligoya as RBM Governor.
Came, Joyce Banda (JB) found Ligoya as a Governor and she allowed him to run his contact until the end which had a year and some few month to go. Banda appointed Peter Tchuka as central bank governor.
JB appointed Tchuka whom Arthur Peter Mutharika (APM) found in 2014 and allowed him to run his contract to 2017.
APM therefore after appointed Kabambe as RBM Governor to 2022.
It’s only Chakwera who fired a central bank governor immediately on assuming power without understanding its consequencies.
Now, Malawi economy is crambling couppled with forex shortage when Chakwera trusted failed Wilson Banda.
Soon after Wilson Banda assumed power at RBM, he fired and demoted all directors while puting his own peoples in position.
Wilson Banda even directed reduction of salaries to RBM directors without the bank’s board approval to be seen doing good job to Chakwera.
Wilson Banda financed staged deloit forensic audit aimed at criminising Mathanga and Kabambe that their fanancial base be dwindling.
Embattled Wilson Banda who has also messed up at Export Development Bank (EDB), RBM’s baby branch with Tonse leadership terminated contract between Exb-Bank on provision of forex for country’s operation cost on inputs which government used to access the funds through FDH bank.
Chakwera and his ego MCP zealots thought that FDH could finance opposition DPP for fear of coming back to power.
Soon after terminating that contract, Malawi started struggling to source forex for agriculture inputs for Agriculture Input Program (AIP) hence failure for its implementation in 2021/2022 growing season.
Now, Chakwera Tonse adminstration faces cought battles of the two; Kabambe and Mathanga whom are to be paid billions of kwachas for unfair dismisal.
Malawi is in economic mess up over Chakwera’s impencience while promoting nepotism on running affairs of the state.
LILONGWE-(MaraviPost)-Employees of the Reserve Bank of Malawi (RBM) have reported RBM Governor, Wilson Banda, to Anti-Corruption Bureau (ACB) for lying under oath as public officers by defending fraudulent recruitment of Gerald Nsomba.
This is against laid down procedures when the Governor and EDF Board were summoned to appear before the Public Appointment Committee (PAC) of Parliament on November 4, 2021.
Wilson Banda under fire for fraud
Banda has been reported in his capacity as shareholder of EDF and the Board of EDF.
The Governor and Export Development Fund (EDF) Board are being accused of appointing Fredrick Chanza as acting managing director of EDF without following fit and proper assessment procedures prior to the appointment as required by the RBM Directives.
The Governor and EDF Board are further being accused of floating a deliberately misrepresented advert for the recruitment of EDF CEO in order to facilitate another fraudulent recruitment of the EDF CEO.
The RBM employees have since requested the office of the Ombudsman to direct that the said newspaper advertisement for the recruitment of the Managing Director of EDF, be withdrawn, investigated and revised.
“The applicant must have a track record working in either a financial institution with a minimum of ten (10) years work experience as Director/ Head of Department or at senior management level” as was the case with the newspaper advertisement of February 2017 when the position was once advertised in 2017 as required of strategic positions of this nature and not the phrase “with a combined work experience of at least ten (10) years” only as indicated recent fraudulent advert,” reads part of the complaint letter.
“The RBM employees have also informed Honorable Ombudsman, that the said newspaper advert for the recruitment of the Managing Director/CEO was floated by the EDF following resignation of Mr Gerald Nsomba who was being investigated by your office for unprocedural recruitment to the position of CEO.
“Notwithstanding that he did not possess the prerequisite qualification and experience for entry for the job which was at least a relevant Master’s Degree and ten (10) years experience as Head of Department according to Human Resources Policy of the Group and the local daily newspaper advertisement of February 2017 when the position was once advertised in 2017 but nobody was recruited,” the letter adds.
The complaint is that:
experience and core competences requirement for entry for the job in the as captured in most recent newspaper advert is not only strange and suspicious, but it is also materially distorted when compared to the one floated by EDF in the local daily newspaper of February 2017 when the position was once advertised as well as the most recent EDF job adverts as per attached. The requirement is also materially different from the industry best practices when compared to adverts of similar positions floated in the local daily newspaper by a sample of parastatal organisations as per attached.
the current advert has been deliberately misrepresented by stating that experience and core competences required for the entry of the job is combined work experience of at least ten (10) years only instead of a minimum of ten (10) years work experience as Director/Head of Department which is in line with Human Resources Policy of EDF and the RBM Group. We understand that this deliberate misrepresentation of facts has been made in order to facilitate another fraudulent and unprocedural recruitment of the Executive. Reference is made to item number (5) QUALIFICATIONS AND CORE REQUISITE COMPETENCIES of the said advert where, apart from academic qualifications, the applicant is required to have a track record working in either a financial institution or other public policy related jobs with a combined work experience of at least ten (10) years only.
the extract of the advert underlined above is not only clear as regards to minimum number of years of work experience of the applicant required at this strategic position but it is also not in line with the Human Resources Policy of EDF and the RBM Group as well as industry best practices. The advert has been deliberately misrepresented by the Board of Directors of EDF in order to facilitate another fraudulent and unprocedural recruitment of the said Executive.
The letter states that the position of a Managing Director of a serious strategic institution like Export Development Fund, a subsidiary of the Central Bank, could not just have a combined work experience of at least ten (10) years only. This is not only meant to cheat Malawians at large, but also executive fraud practices.
Therefore, we would like your office to direct that the said advert be immediately withdrawn, investigated, and revised by clearly stating that “the applicant must have a track record working in either a financial institution or other public policy related jobs with a minimum of ten (10) years work experience as Director/ Head of Department or at senior management level” as was the case with the newspaper advertisement of February 2017 when the position was once advertised. The advert to be circulated should be the to be appropriately revised.
The letter further claims the advert itself is manifestation of executive fraud which starts from manipulation of entry requirements for the job as well as recruitment procedures in order to legitimise subsequent planned fraudulent recruitment of the executive, as was the case with Mr Nsomba, and make it difficult to challenge by Malawians of good will.
The Board of Directors of EDF and indeed the Governor of the Reserve Bank of Malawi, Dr Wilson Banda, in his capacity as Shareholder of EDF are not willing to learn from the current investigations by your office of unprocedural recruitment of Mr Gerald Nsomba and administer objective and generally accepted laid down recruitment procedures as evidenced by the approval of an advert which is deliberately intended to facilitate another fraudulent recruitment of the Executive.
It states that according to the weekend newspaper article titled PAC QUIZZES RBM ON EDF BOSS HIRING which appeared in Malawi News dated Saturday 6th November 2021, page 2, the Board of Directors of EDF and indeed the Governor of the Reserve Bank of Malawi.
Dr Wilson Banda, in his capacity as Shareholder of EDF were quoted as defending recruitment of Mr Nsomba indicating that it followed the laid down procedures of Reserve Bank of Malawi Group and its subsidiary, Export Development Fund, which demand a merit-based competitive selection process when in fact the recruitment was fraudulent.
The letter has requested Honorable Ombudsman, to note that it was clear that the RBM Governor, as a public officer, instead of accepting that there was a problem with recruitment of Mr Nsomba and take leadership in correcting the matter.
He lied before the Public Appointment Committee defending that it followed the laid down procedures of RBM Group and its subsidiary EDF, as evidenced by the newspaper article quoted above, while he was fully aware that in fact the recruitment was fraudulent.
Accordingly, the Governor together with his accomplices, as public officers, must face the law.
The letter claims that the behavior of the RBM Governor and EDF Board could only mean that the affairs of EDF and indeed the RBM were being run by wrong people, at both Board of Directors and Shareholder levels, bent on fraud and corrupt practices as well as capable of facilitating fraud directly or indirectly.
The current Board of Directors of EDF was still composed of some long standing members who were also in the previous Board of Directors and formed part of the Board that facilitated fraudulent recruitment of Mr Nsomba in similar fashion having been re-appointed to the Board of EDF by the same Governor.
In addition, Mr Neil Nyirongo who is the current Board Chairman of EDF is a home boy, long time close friend of the Governor of the Reserve Bank of Malawi, Dr Wilson Banda and former colleague in the Bank.
Therefore, the employees claim that they have observed serious tendencies of collusion on matters of recruitment and serious deficiencies of good corporate governance practices.
It is therefore, not surprised with the mess being created by the Governor and his friend. It is clear that Dr Wilson Banda in his capacity both as Governor of the Reserve Bank of Malawi and indeed Shareholder of EDF does not have the RBM vision under which the Bank created EDF to form part of the National Export Strategy (NES) in the country.
It was expected the Governor and the Board of EDF to be above reproach in terms of morality in managing this matter right from the beginning.
Indeed, the Reserve Bank Governor and the Board of EDF are supposed to have unquestionable integrity.
The RBM employees have requested the Chairperson of Parliamentary on Public Appointment Committee (PAC) Joyce Chitsulo, the Director General of the Anti-Corruption Bureau Martha Chizuma and the Secretary to the President and Cabinet, ZangaZanga Chikhosi to also take appropriate action.
LILONGWE-(MaraviPost)-Malawi government through the office of the president and cabinet has forced the Governor of the Reserve Bank of Malawi (RBM) Wilson Banda to use his prerogative and appoint the Attorney General (AG), Thabo Chakaka Nyirenda who is on secondment in the Ministry of Justice to a position of a Director which is against the Banks promotion policy.
Thabo Chakaka Nyirenda caught greedy
Chakaka who was part of the legal team that represented President Chakwera while he was working at Reserve bank during the court appearances, which resulted into a re run was promoted from a position of supervisor to that of a manager after Malawi Congress Party (MCP) leads Tonse government took over power in 2020. This was a thank you as a token of appreciation for representing well MCP.
After being appointed Attorney General Chakaka has been pressuring office of President and Cabinet to appoint him a Director at the Reserve Bank of Malawi, as a way of securing his future at the central bank after serving the office of the Attorney general.
No employ from Reserve bank of Malawi is promoted while on secondment, the setting is that when one returns from secondment, he or she can ably be promoted but not when in secondment at another government department, ministry of agency.
Questionable appointment
The Governor of the Reserve Bank has been promoting his relatives in the Bank and those of his close associates.
Sources within the bank reveal that Wilson Banda has been recruiting sons and daughters of politicians just to secure his tenure and that of his political associates.
At the rate of appointments happening at Reserve Bank, members of staff have vowed to sabotage his tenure by allowing the kwacha to lose value through deliberately twisting figures.
LILONGWE-(MaraviPost)-It was all Machinga in the third draw of Airtel Kuufira Summer Bonanza as two subscribers emerged lucky winners.
Wilson Banda, the farmer and Agnes Maliri on Wednesday became the third millionaire and MK200, 000 richer respectively after emerging the lucky winners following the weekly draw in Airtel Kuufira Summer Bonanza.
So, far 18 subscribers have emerged lucky winners in three week since the launch of the bonanza which lasts for 13 weeks.
Both Banda and Maliri could not take their breath after received calls from Airtel that they were lucky winners.
They lauded Airtel for the promotion saying their lives will never be same hence encouraging other customers to patronise the promotion.
“Will make sure that this one million kwacha won is channelled directly to my farming that much proceeds are realized,” excited Banda.
Maliri chipped in by encouraging other airtel customers to patronise the promotion saying the bonanza is the life changer.
Airtel Malawi Customer Service Director Sibusiso Nyasulu told news conference in the capital Lilongwe after the draw that KUUFIRA SUMMER BONANZA strive to change people’s lives for the better
Nyasulu disclosed that since the bonanza was launched, there has been increase usage of airtime which has boosted the company’s business.
She therefore encouraged subscribers to continue buying more credit that they become millionaires saying the promotion is real.
The country’s leading Smartphone and network provider Airtel Malawi early this month excited its customers with additional promotion products for the coming festive season; Christmas and New Year.
The promotion products introduced including free data for a day when a customer top up with a minimum of MK250 airtime and above.
Using Airtel money, ATMs, direct top up or recharge card, the customer will automatically enter to win daily cash prizes of MK200, 000.00 to five lucky customers every week.
On top of that a subscriber will win MK1 million weekly that all participating customers qualify for the chance to win the grand cash prize of MK5 million, MK3 million and MK2 million at the end of the promotion in 13 weeks.
Customers therefore will continue enjoying 15 free minutes to call other Airtel numbers from 10pm until 4am (by topping up with MK100) to the already exciting 100 free SMS when they send 1 SMS.
Dowa man jailed eight years for defiling and impregnating granddaughter
DOWA-(MaraviPost) – The Dowa first grade magistrate court on Monday, convicted and sentenced a 52-year old Wilson Banda to eight years imprisonment with hard labor, for defiling and impregnating his 15-year old granddaughter.
According to Dowa Police Station spokesperson Richard Kaponda, the court heard that the suspect committed the crime between the months of December 2016 and January 2017, when his wife was at her home village as she was expectant.
Kaponda said the suspect took advantage of his wife’s absence when he started sexually assaulting the girl who was doing all the house chores.
The police publicist added that some elderly women from the village, noticed the girl’s body changes, following which they quizzed the girl to reveal who was responsible for the pregnancy. The girl said it is the grandfather, Wilson Banda.
The matter was reported to the police, who eventually, arrested the grandfather. He was charged with the offence of Defilement Contrary to section 131 of the Penal Code.
In his mitigation, the convict asked the court for leniency, saying he agreed with the victim that he will marry her. He also added that no one will take care of his maize garden and his children.
“But state prosecutor Agnes Mphinga, asked the court for no mercy saying the convict, being the grandfarther, was supposed to protect the girl, not impregnate her.
“First grade magistrate Amulani Phiri, agreed with the state, saying it is questionable for someone to marry his own granddaughter, that the victim will not live a happy life, because the experience went through.
Consequently, Magistrate Phiri sentenced Banda to 8 years imprisonment with hard labor. This is to deter other would-be offenders, police said.
The convict Banda hails from Mtukwa village, Traditional Authority (T.A) Msakambewa in Dowa district
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