Africa-Press – Malawi. As UTM President Dalitso Kabambe stood before a crowd at Masintha Ground over the weekend, he once again pointed fingers at the current administration for Malawi’s economic woes — rising inflation, forex scarcity, and the unbearable cost of living. But what he didn’t say is far more telling. Behind the polished speeches and economic jargon lies a trail of deception, dangerous borrowing, and a house of lies that nearly brought this country to its knees.
One of Kabambe’s favourite talking points is the claim that during his time as Reserve Bank of Malawi Governor, the country had four months of import cover. What he doesn’t say is how that cover was built — and at what cost. Malawi has for decades imported three times more than it exports. While exports hover around US$1 billion, imports exceed US$3 billion annually. That gaping trade imbalance leaves a permanent current account deficit. So how does a broke country stockpile four months’ worth of forex?
The answer is not policy brilliance. It’s reckless borrowing — US$850 million worth. That’s how Kabambe pumped up forex reserves. But even that wasn’t enough. He allegedly lied to the International Monetary Fund to mask the true state of the economy — a crime for which he was arrested in December 2021, alongside two others. Independent audits confirmed the misrepresentation. This was not politics. It was fraud, dressed as economic competence.
He claimed the money was for major infrastructure — the rehabilitation of railway lines linking Malawi to Mozambique and Zambia, fixing Kamuzu and Chileka airports, and improving the Lakeshore Road. Grand visions. But where are the results? Where are the trains? Where are the roads? Where are the modernized airports? Malawians saw none of it. The money, it seems, vanished into the mist.
To make matters worse, the loans Kabambe took weren’t just massive — they were poisonous. While most poor countries borrow from Bretton Woods institutions at 0–1% interest, Kabambe’s loans averaged 8% with criminally short grace periods — some just nine months before repayment. And now, the same government he vilifies is left holding the bag. They’ve had to repay nearly half, restructure the rest, and keep the economy from collapsing — all while facing cyclones, global fuel shocks, and post-COVID recovery.
The result of Kabambe’s economic sorcery? Pain. Real pain. Ordinary Malawians are paying the price through tax, inflation, unemployment and diminished public services. His so-called legacy of “stability” was nothing more than a mirage propped up by borrowed billions and bogus numbers. He didn’t build an economy — he mortgaged one.
Now, astonishingly, he wants to be president. He wants to manage the entire country after leaving behind a fiscal time bomb at the central bank. This is not just galling — it’s dangerous. Dalitso Kabambe is not the economic messiah he claims to be. He is a revisionist trying to whitewash his record with bombastic speeches and finger-pointing.
Malawians deserve honesty. They deserve accountability. They deserve leadership that won’t sell dreams with one hand while signing billion-dollar debt deals with the other. Kabambe didn’t save Malawi’s economy. He sabotaged it. And no rally — however loud — can drown out that truth.
For More News And Analysis About Malawi Follow Africa-Press
