High hopes on Joseph Mwanamveka – The Times Group

Accelerating Malawi’s Economic Growth: What Joseph Mwanamveka’s Vision Means for Business

Post was last updated: October 7, 2025

Key Business Points

  • Minister of Finance Joseph Mwanamveka’s return brings a wealth of experience as an economist and banker, which could be beneficial in addressing Malawi’s current economic challenges.
  • Rising inflation and public debt pose significant threats to the country’s fiscal space, with inflation at 28.7 percent and public debt over 90 percent of the GDP, making it essential for Mwanamveka to implement effective reforms.
  • Financing food importation and addressing fuel supply challenges are among Mwanamveka’s first assignments, as announced by President Mutharika, which will require careful management of the country’s limited resources and "kupanga bizinesi" (doing business) in a challenging environment.

As Malawi’s business community welcomes the return of Minister of Finance Joseph Mwanamveka, they are aware that he faces a totally different environment compared to his previous term in 2019. At that time, he inherited a relatively stable economy with inflation at 9.6 percent and a manageable public debt. However, the current situation is more complex, with rising inflation and public debt tightening the fiscal space. Mwanamveka’s experience as an economist and banker, having worked at the Reserve Bank of Malawi and Ministry of Finance as Secretary to the Treasury, will be crucial in addressing these challenges.

Economist Dalitso Kubalasa has reacted positively to Mwanamveka’s appointment, citing his expertise and track record. However, Kubalasa also emphasized the need for Mwanamveka to rally political and technical backing to implement tough reforms and address the country’s economic challenges. The public is expected to stay alert and monitor the measures that will be implemented, given the delicate situation and the promises made by President Mutharika.

Mwanamveka’s first budget in 2019 was an expansionary K1.7 trillion, with a focus on the education sector and a record share of local resources allocated to the development budget. However, the current situation requires careful management of resources, and Mwanamveka will need to balance the need to finance food importation and address fuel supply challenges with the need to reduce public debt and control inflation. As Kubalasa noted, "kuli chikwi chikwi kwa anthu" (there’s a real connection between what’s promised and what’s delivered), and the upcoming months will reveal whether the new administration can genuinely earn the trust of citizens and implement effective reforms.

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Vanessa Banda
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