Dalitso Kabambe, the former Reserve Bank of Malawi (RBM) Governor, has unveiled a groundbreaking 7-point plan to transform Malawi’s economy.
Speaking at the Business In-Detail forum in Lilongwe, Kabambe emphasized the need for radical change to achieve sustainable growth.
“Malawi cannot continue with business as usual; we need a fundamental transformation to unlock our economic potential,” he stressed.
Kabambe’s vision begins with a full-scale reorganization and restructuring of the public service, aimed at enhancing efficiency and effectiveness.
He also advocates for devolving power to districts, enabling them to manage their development and allocate resources effectively.
“Let the districts handle their own development; they know their needs better than anyone else,” he said.
To revamp the district resource base, Kabambe proposes allocating a minimum of K100 billion to each district for a sustained period.
He also emphasizes the need to reposition bilateral and multilateral arrangements to maximize support from development partners.
“We must work smarter with our partners to achieve our development goals,” he noted.
Corruption is a significant obstacle to Malawi’s development, and Kabambe is adamant that it must be eradicated.
“One of the key deterrents to Malawi’s development is corruption; Malawi cannot develop with rampant corruption. I therefore propose the prosecution of all known and reported cases,” he said.
Kabambe’s plan also includes economic diversification to reduce dependence on a single sector and enhance economic resilience.
He also highlights the importance of investing in human capital through education, skills development, and healthcare investments.
“Our people are our greatest resource; we must invest in them to unlock our economic potential,” he emphasized.
The Business In-Detail forum brought together economic experts, entrepreneurs, and business leaders to share insights and shape the future of business in Malawi.
The event was hailed as a success, with organizers praising the valuable suggestions and proposals raised.
Kabambe’s 7-point plan has set the tone for a new era of economic transformation in Malawi, and his vision has inspired hope for a brighter future.
Dr. Kabambe is fondly remembered by all Malawians for bringing stability to the Malawian economy, which resulted in low prices of basic needs and services.
During his time at Reserve Bank of Malawi, he managed to reduce the inflation rate to a single digit within the first year, from 24% to 7.1% in 2017, and effectively managed to keep the exchange rate stable at the rate of K732 to the US$.
He also turned around a projected loss of K4 billion to a profit in excess of K60 billion.
Dr. Kabambe’s vast knowledge and experience have pitied him as one of the presidential hopefuls who is ready to stir the country towards social and economic prosperity from 2025 and beyond, with a promise of nothing but the best economy.
Boma ilooooo akufunika kuwasiyira boma awa.