One of the commercial banks in Malawi, OIBM has predicted that the business environment of the country will stabilise within the first quarter of next year, saying by then most economic shocks would have been cushioned.
OIBM chief executive officer, Kwanele Ngwenya, said this on the sidelines of an interface meeting with small and medium scale entrepreneurs in Blantyre.
Despite the prevailing economic challenges in the country, Ngwenya said there is still hope for an improved business environment with concerted efforts from government and all other players in the economy.
“We are hopeful as we have no choice but look forward to a better tomorrow. The situation is likely to improve in the short to medium term,” said Ngwenya.
He said Malawi’s economic woes are not an isolated case as most countries across the world are also is going through similar situations and tough times.
“We have seen other global economies revising their growth forecasts downwards for different reasons. South Africa for example is facing its own challenge around the depreciation of the rand,” said Ngwenya.
“So these are the challenges that everyone is going through and the best way out is to remain hopeful and continue to be innovative for a positive future,” he said.
Ngwenya called for resilience among business players as they work with authorities to restore the economy.
Giving a synopsis of the bank’s performance in the year ending, Ngwenya said the bank has been able to grow its clientele and profits base.
“We had some few challenges including some bad loans and some few toxic assets. We are still vigorous and we have so far progressed very well and we hope to walk into the New Year with a clean sheet,’ said Ngwenya.
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