By Burnett Munthali
Former Reserve Bank of Malawi Governor, Dr Dalitso Kabambe says all what is needed for the country to develop is already available but the nation lacks thinking that can turn the resources into wealth.
Speaking to the audience at the Business Talk event in Lilongwe, Kabambe said the country is still depending on the wisdom of the British who came to set up tea and tobacco estates in Malawi, calling the youth to rise up and change the course with new ideas as there is so much more that can be turned into meaningful wealth enough to uplift the economic status of the country.
He further said there is too much concentration of resources at Capital Hill, proposing that district councils should be given, at least K100 billion, for development if the districts are to transform.
He said government’s obsession on borrowing is what is killing the country, taking up much of the resources that the private sector needs to borrow at low cost for industrial investments.
Kabambe called for a serious spul searching in the country to turn the potential of the country into meaningful change the country needs.
The event, which offered lectures on doing business, also attracted firms that showcased their products and services for the entrepreneurs’ appreciation. Businessman Napoleon Dzombe was expected to make his presentation but did not show up.
To ascertain immediate economic benefits for the people of Malawi arising from this strategic shift, the MGDS will in the next five years place emphasis on six key priority areas of agriculture and food security; irrigation and water development; transport infrastructure development; energy generation and supply.
Countries become wealthy by specializing in economic activities which embody increasing returns, technological change, and synergies with other industries in the economy.
If a country’s debt crisis is severe enough, it could result in a sharp economic slowdown at home that impedes economic growth elsewhere in the world. Rising costs of food and other goods and services due to inflation as a government prints money to support its expenditures.
Business plays a fundamental role in driving economic growth by creating jobs, generating income, and fostering innovation. It contributes to the overall prosperity of a nation by providing goods and services that meet the needs and desires of consumers.
The following are the roles of the businesses in society: It provides many job opportunities to the people living in the society. The business helps in generating income in the economy. Businesses help in the supply of goods and services which the people demand to fulfill their needs.
Businesses need to treat their stakeholders ethically and with respect by believing in corporate citizenship, in which they show commitment to ethical behavior by balancing stakeholders’ needs and protecting the environment.
Good citizens work to ensure that democracy is instilled, so that power is not displaced but rather dispersed among more than one center of power. When the people are heard, change can be made. But when the people actively take part, society can work to become a more inclusive, tolerant space for all people.
