Economist Murry Siyasiya has sounded an alarm over the economic strain caused by Malawi’s reliance on raw material exports.
Siyasiya emphasised that the practice is draining the country’s foreign exchange reserves, as Malawi is forced to repurchase the same resources as processed goods at higher prices.
In a proposed ‘five-point plan’ for economic recovery, Siyasiya, who trains journalists in economic reporting, urged the government to prioritise local production and implement policies that discourage raw material exports.
He is advocating for incentives that attract both local and foreign investors, thereby boosting domestic production capacity.
Additionally, Siyasiya recommended lowering interest rates, adopting import substitution, and focusing on the local production of critical goods, such as fertilisers and essential medicines. He also lauded the government’s stance against corruption saying it ensures sustainable economic growth of the country.
