Africa-Press – Malawi. Malawi Energy Regulatory Authority (Mera) Chief Executive Officer (CEO) Henry Kachaje says the country is facing fuel and forex shortage as a result failure to double generation of forex despite demand for forex going up.
He made the sentiments on Saturday September 17, 2022 when he was briefing the joint parliamentary committee, comprising of committees on Natural Resources and Climate change, Statutory Corporations, Transport and Trade, Industry and Tourism that called for an emergency meeting with Ministry of Energy, National Oil Company of Malawi (NOCMA), Malawi Energy Regulatory Authority, Petroleum Importers Limited (PIL) and Mount Meru and other stakeholders in the fuel sector to discuss fuel challenges that the country is facing.
Kachaje said for fuel alone, the country needs US$600million per year but tobacco, which is the major forex earner for the country, only brings in about US$200 million.
He said the country needs to have a conversation on how it will double forex generation. Kachaje observed that without doubling forex generation any measures being put in place are just cosmetic.
The MERA CEO concluded that borrowing is not a solution as at the end will still need to pay back and at the end, the country will still be under pressure. Currently, Malawi has no enough forex and fuel, a situation that has led to high cost of living and multiple development challenges.
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