The Economics Association of Malawi (ECAMA) Annual Economic Conference underway in Mangochi has underscored the importance of homegrown solutions for Malawi’s economic challenges.
In his address, the Minister of Finance and Economic Affairs Simplex Chithyola Banda, emphasised the need for practical, locally-driven approaches.
“Theories that do not contribute solutions to our economic challenges are not worth pursuing,” Chithyola Banda asserted, encouraging participants to contextualise global economic models to Malawi’s reality.
The minister spoke candidly about the country’s vulnerabilities, including climate shocks and post-pandemic economic stagnation, which have hindered progress towards the Malawi 2063 vision.
“We cannot ignore the impact of these challenges,” he said, “but we must meet them with innovative and sustainable approaches.” He also pointed out the potential of carbon credits as a means of boosting economic resilience.
The minister acknowledged the expertise within the conference, urging attendees to tap into domestic capacities. He lauded technocrats like Professor Steve Dunga from School of Economic Sciences, North-West University in South Africa for contributing valuable insights, hinting at the need for comprehensive assessments.
“The solutions we overlook today may become the remedy we need for tomorrow,” Chithyola Banda remarked, reinforcing the urgency of exploring untapped opportunities.
Discussions at the conference included enhancing agricultural productivity, fostering international partnerships, and diversifying into value-added sectors, focus on crafting an economic path that leverages its strengths and builds resilience.
Concluding his address the Minister of Finance called for unity and action, saying, “Let us come together to build an economy that serves not only the present but paves the way for a resilient and prosperous future.”
The conference underscored that while challenges remain, strategic, community-centred solutions could unlock sustainable growth.
The 2024 ECAMA Annual Economic Conference, is themed: “Economic Priorities for a Vulnerable Economy.”
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