By Arthur Chokhotho
Minister of Mining Thoko Tembo has called on commercial banks to play a critical role in developing Malawi’s mining sector by financing mining operations, value addition and businesses within the wider mining ecosystem.
Tembo made the call in Blantyre when he graced the 17th Bankers Association of Malawi (BAM) Bankers Dinner and Dance, held under the theme “Industrialising Malawi as a Catalyst for Economic Renewal.”
He said Malawi has a remarkable endowment of minerals, including resources with potential applications in the manufacturing of electric vehicles, but stressed that the country must focus on deriving greater economic value from its mineral wealth.
“It is not about having minerals, but what the country does with the minerals. We want a modern, competitive and integrated mining sector that can develop various sectors of the economy,” said Tembo.
The Minister said mining requires support from various businesses and financial institutions, urging banks to look beyond financing mining operations alone and consider the broader ecosystem surrounding the sector.
He said turning Malawi’s geological potential into economic transformation requires capital, particularly to support local participation and value addition.
Tembo said financing value addition will be crucial if Malawi is serious about industrialisation, adding that government cannot transform the mining sector alone.
BAM Chief Executive Officer Lynes Nkungula has emphasised the importance of investing in people as part of efforts to strengthen Malawi’s financial sector and contribute to economic development.
BAM Council Member Thoko Mkavea also expressed the association’s commitment to ensuring that Malawians fully benefit from the country’s mineral wealth by partnering with government.
Mkavea said value addition is crucial if mining is to make a meaningful contribution to Malawi’s industrialisation and economic transformation.
