Chakwera Warns at RBM Anniversary: Time for Action

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Chakwera Warns at RBM Anniversary: Time for Action
Chakwera Warns at RBM Anniversary: Time for Action

Africa-Press – Malawi. President Lazarus McCarthy Chakwera has sounded a powerful call to action during the 60th Anniversary celebrations of the Reserve Bank of Malawi (RBM), urging a break from complacency and declaring that the era of endless conferences and “paralysis of analysis” must give way to bold, results-driven leadership.

Speaking at the Bingu International Convention Centre in Lilongwe after touring the RBM premises, Chakwera used the occasion not just to mark the bank’s milestone, but to launch a scathing rebuke of past corruption, institutional decay, and weak economic management, while charting a vision for a robust, reformed central bank.

“When I took office in 2020, the central bank had become a playground for political parties and their financial supporters,” said Chakwera. “Unethical and potentially criminal activities had taken place—there was misreporting, manipulation of forex, and deception of global institutions like the IMF.”

The President said the rot at RBM was so deep that he had to commission a forensic audit, which confirmed widespread misconduct. But he stressed that his administration’s priority since then has been to restore the bank’s institutional integrity and return it to its rightful role as a pillar of economic resilience.

A Stronger RBM for a Stronger Malawi

In a speech that mixed both warning and inspiration, Chakwera made it clear that Malawi cannot afford a weak central bank. He outlined a series of pressing national imperatives:

Stabilizing the national currency and managing inflation

Finding permanent solutions to forex shortages that have crippled trade and industrial productivity

Supporting recovery from economic shocks caused by climate change, pandemics, and global recessions

Enabling SMEs and boosting credit access through digitization and institutional coordination

“Where are the doers who will roll out universal digitization of our financial system instead of just talking about it?” he challenged, emphasizing that Malawi needs bold actors to drive real economic transformation.

A Call for Courage and Urgency

Calling on central bank staff, policy makers, and economic players, Chakwera demanded courage and collaboration across sectors. He promised full presidential support for those ready to rise to the challenge.

“This is a time for men and women of action. The time has come for doers to rise again.”

The 60th anniversary, themed “60 Years of Excellence: Promoting Stability and Sustainable Development in Malawi,” was not just a nostalgic occasion, but a political and economic turning point.

Chakwera’s remarks serve as both a celebration and a stark warning: the central bank must now embody integrity, innovation, and impact—or risk failing the nation.

As Malawi heads deeper into the Malawi 2063 development agenda, the message from the top is clear: talk is no longer enough. It’s time to act.

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