Former Reserve Bank of Malawi Governor, Dr. Dalitso Kabambe, has proposed that district councils be given at least K100 billion for development, saying this would help transform the districts and unlock the country’s economic potential.
Speaking at the Business Talk event held at the Bingu International Convention Centre in Lilongwe, Kabambe emphasized that the concentration of resources at Capital Hill is hindering development in other areas.
He believes that empowering district councils with funds would enable them to drive development projects and reduce dependence on central government.
Kabambe also expressed concern over the government’s obsession with borrowing, which he says is stifling the private sector’s access to low-cost loans for industrial investments.
He called for a shift in thinking and a focus on turning the country’s resources into meaningful wealth.
The former RBM governor also urged the youth to rise up and bring new ideas to the table, saying that the country is still relying on the wisdom of the British who established tea and tobacco estates in Malawi.
The Business Talk event, which aimed to promote entrepreneurship and economic growth, featured lectures on doing business and showcased products and services from various firms.
Although businessman Napoleon Dzombe was expected to make a presentation, he did not show up.
Dr. Dalitso Kabambe is a renowned economist and former Governor of the Reserve Bank of Malawi, with a proven track record of promoting economic growth and development.
His presidential ambitions are widely known, and many see him as a potential candidate for the highest office in the land.
Dr. Kabambe’s achievements at the Reserve Bank of Malawi are impressive.
He brought stability to the Malawian economy, resulting in low prices of basic needs and services.
He reduced 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 K 732 to the US$.
He also turned around a projected loss of K 4 billion to a profit in excess of K60 billion.
With his vast knowledge and experience, Dr. Kabambe is well-positioned to lead Malawi towards economic prosperity and development, and many see him as a presidential hopeful who can deliver nothing but the best economy from 2025 and beyond.
