The Media Network on Tobacco (MNT) has applauded the Malawi Government for its recent decision to harmonise the currency used in tobacco purchases, a move aimed at restoring foreign exchange inflows and boosting the country’s economic stability.
For several years, some tobacco buyers have been purchasing the crop using Malawi Kwacha under agreements made with the government. According to MNT, the arrangement affected farmers while contributing to economic strain due to reduced foreign currency inflows.
The new policy, announced this week by the Government through the Reserve Bank of Malawi (RBM) and the Ministry of Finance, requires buyers to purchase tobacco using foreign currency.
MNT President Alfred Chauwa said the decision marks “a bold and long-overdue step” toward safeguarding the country’s economic interests.
“This decision will help to restock the depleted foreign reserves,” said Chauwa.
“We commend the Government, RBM and the Ministry of Finance for taking this action, and we appeal for full enforcement so the policy achieves its intended purpose.”
He added that MNT, a grouping of journalists from various media houses will monitor implementation to ensure compliance.
Tobacco remains one of Malawi’s top foreign exchange earners, and stakeholders have long argued that sale of the crop in local currency undermines the country’s financial stability.
Chauwa stressed that the new direction gives hope to farmers and strengthens Malawi’s position in the global tobacco market.
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