LafargeHolcim plans second plant for soil bricks in Malawi - News - GCR

LafargeHolcim plans second plant for soil bricks in Malawi - News - GCR: Switzerland-headquartered cement giant LafargeHolcim has announced plans to increase production of its Durabric product with a second plant in Malawi, claiming it brings affordable housing while saving trees.
Durabric is made from soil, sand, cement and water and does not require firing like commonly-used clay bricks do. The company says that even without firing the Durabric is three times stronger than traditional bricks.

Malawi gets K27bn boost on Nacala road project – The Nation Online

Malawi gets K27bn boost on Nacala road project – The Nation Online: Minister of Finance, Economic Planning and Development Joseph Mwanamvekha has committed to prudent use of $36.7 million (about K27 billion) for the Multinational Nacala Road Corridor Development Project phase five.

The minister said in Lilongwe during the signing of the agreement with African Development Bank (AfDB)� group that government will endeavour to implement the project in accordance with the provisions of the financing agreements as well as Malawi’s own Public Finance Management rules.

Mkango Resources has a ravenous appetite for rare earths

Mkango Resources has a ravenous appetite for rare earths: TSXV and AIM-listed Mkango Resources sits in a rather unique position amongst its junior rare earths peers – who are focused on bringing mines into production but struggling to secure funding to do so.

Not only does Mkango Resources have the financial backing of a prestigious partner – Talaxis – the company is investigating the potential to bring a large-scale mine to market as well as the delivery of separated rare earth metals, CEO WILLIAM DAWES tells LAURA CORNISH.

Mkango’s Songwe Hill rare earth project, located in southern Malawi, could potentially move into construction towards the start of 2021 – upon completion of a bankable feasibility study (BFS) – which is currently underway – and a positive set of results.

Reserve Bank of Malawi speaks on eco growth constraints - The Times Group Malawi

Reserve Bank of Malawi speaks on eco growth constraints - The Times Group Malawi: The Reserve Bank of Malawi (RBM) said the local economy has remained vurnerable to various shocks for years due to its historical overdependence on agriculture as its mainstay.

RBM Governor Dalitso Kabambe said Malawi’s economy could extremely grow if the country diversified its revenue base.

Slow response to investment – The Nation Online

Slow response to investment – The Nation Online: �Malawi’s investment inflows continue to move at a snail’s pace with figures showing only 35 companies out of 105 2018 investment pledges have materialised, a move Malawi Investment Trade Centre (Mitc) has linked to a challenging business operating environment.

Available figures indicate that Mitc received investment pledges worth $1.4 billion (K1.083 trillion) from 105 companies in 2018 and $234.7 million (K175.5 billion) investment pledges at August this yea

Malawi News Agency Online - Wealth creation critical in new Vision agenda for Malawi

Malawi News Agency Online - Wealth creation critical in new Vision agenda for Malawi: Lilongwe, November 20, 2019: National Planning Commission (NPC) has emphasized the need to aim at prioritizing wealth creation in the development of�� Vision 2063 agenda for the country.��

NPC Director General, Dr. Thomas Munthali said this Tuesday during Vision 2020 Review Validation workshop held at Crossroads hotel in Lilongwe.

Malawi's economy needs an overhaul - The Maravi Post

Malawi's economy needs an overhaul - The Maravi Post: MZUZU-(MaraviPost)-The Reserve Bank of Malawi (RBM) Governor says if the economy of the country is to flourish, players in the economy need to diversify rather than relying on sector.

Speaking on Thursday at the opening of a two day media training on economic and business reporting in Mzuzu, the RBM boss, Dr Dalitso Kabambe, said Malawi’s economy has heavily relied on rain fed agriculture for so so long.

IMF gives Malawi USD $40 Million (K29 billion) in Direct Budget Support - The Maravi Post

IMF gives Malawi USD $40 Million (K29 billion) in Direct Budget Support - The Maravi Post: Malawi will get resources amounting to US$40.0 million (Approximately, MK29 Billion) from the International Monetary Fund (IMF) in direct budget support, the first time this has happened since 2013 when it was suspended.

Minister of Finance, Economic Planning and Development, Joseph Mwanamvekha, disclosed this Saturday afternoon during a media briefing at Capital Hill in Lilongwe.

Treasury sticks to5% GDP target – The Nation Online

Treasury sticks to5% GDP target – The Nation Online: Ministry of Finance, Economic Planning and Development has maintained that the economy will this year grow by five percent regardless of weather-related shocks, lower tobacco earnings and intermittent power supply.

The ministry’s spokesperson Davis Sado said in an interview on Tuesday said the projected growth is premised on favourable weather conditions in the last growing season and its spillover effects to other sectors.

Government to buy back K40.7 billion securities - The Times Group Malawi

Government to buy back K40.7 billion securities - The Times Group Malawi: he government will from Thursday buy back securities worth K40.7 billion from individual and institutional investors as a public debt management strategy.

The move is, however, likely to fuel a sharp surge in money supply which could trigger inflation.

According to the Reserve Bank of Malawi, the reverse auction will take place in two tranches with the Thursday auction targeting K20.7 billion and another auction slated for December 5 targeting K20 billion worth of securities.

USAID launches K51.5 billion project | Malawi 24 - Malawi news

USAID launches K51.5 billion project | Malawi 24 - Malawi news: Amid continued efforts to reduce levels of food insecurity at household level in the country, USAID has launched the $70 million (MK 51.5 billion) Titukulane Project.

Inflation rises to 9.6% in October - The Times Group Malawi

Inflation rises to 9.6% in October - The Times Group Malawi: Malawi’s headline inflation inched up by 0.4 percentage points to 9.6 percent in October 2019 from 9.2 percent in September, latest figures from National Statistical Office (NSO) show.

The NSO figures show that food inflation went up from 13.9 percent in September to 16.0 percent.

Non-food Inflation decreased to 4.3 percent from 5.4 percent in the preceding two months.

National Planning Commission engages industry on development plan - The Times Group Malawi

National Planning Commission engages industry on development plan - The Times Group Malawi: The National Planning Commission (NPC) on Monday engaged industry captains for their input on the next national development plan.

Over a month before 2020, the commission is soliciting views to be incorporated into a successor blueprint of Vision 2020, which many agree, failed to meet objectives.

Government to buy back K40.7 billion securities - The Times Group Malawi

Government to buy back K40.7 billion securities - The Times Group Malawi: The government will from Thursday buy back securities worth K40.7 billion from individual and institutional investors as a public debt management strategy.

The move is, however, likely to fuel a sharp surge in money supply which could trigger inflation.

According to the Reserve Bank of Malawi, the reverse auction will take place in two tranches with the Thursday auction targeting K20.7 billion and another auction slated for December 5 targeting K20 billion worth of securities.

Align reforms to practicalities— World Bank - The Times Group Malawi

Align reforms to practicalities— World Bank - The Times Group Malawi: he World Bank has urged local authorities to be practical when developing business-related policies and reforms.

The call comes as Malawi moved up two steps on the latest World Bank Doing Business Report 2020 released recently.

The country moved from position 111 to position 109, despite registering no reforms this year.

Lilongwe Water Board seeks K382 billion for projects | Malawi 24 - Malawi news

Lilongwe Water Board seeks K382 billion for projects | Malawi 24 - Malawi news: The Lilongwe Water Board (LWB) seeks to raise US$515 Million (about K382 billion) to implement projects that will improve water supply in Lilongwe City.

LWB has developed an ambitious Investment Plan covering a period up to 2045 called the Lilongwe Water Program (LWP) in response to the projected rapid growth in water demand.

MW inflation below Comesa average – The Nation Online

MW inflation below Comesa average – The Nation Online: n 2012, Malawi’s consumer inflation was one the highest in the Common Market for Eastern and Southern Africa (Comesa) region at 21.4 percent, but since then the country has turned the corner reducing inflation to single digits.

By 2017, Malawi’s inflation had inched downwards to 13.1 percent. This year, at 9.5 percent, Malawi’s inflation rate is below Comesa’s 23.4 percent average, according to a recently published Comesa Harmonised Consumer Price Index (CPI) Monthly News Release.

Lindian commences court proceedings over Kangankunde project - The Market Herald

Lindian commences court proceedings over Kangankunde project - The Market Herald: Lindian Resources has finally commenced a High Court hearing to settle disputes over its Kangankunde Rare Earths project.

The company presented a strong case during its first hearing on November 4 and 5, and is confident its case received a fair hearing.

The Kangankunde project has been plagued by litigation claims for over a decade, with most disputes involving South African geologist Michael Saner's refusal to relinquish his project stake.

US offers hope on tobacco ban - The Times Group Malawi

US offers hope on tobacco ban - The Times Group Malawi: The United States (US) Government has said there is a chance that it would lift a ban imposed on tobacco imports from Malawi if it is convinced that forced and child labour in Malawi have ended.

US Embassy acting Public Affairs Officer Bryan Dwyer has said in an email response that child labour is a significant human rights and governance issue and the Government of Malawi should urgently work with partners to eradicate the practice.

Reserve Bank of Malawi upbeat on private sector credit growth - The Times Group Malawi

Reserve Bank of Malawi upbeat on private sector credit growth - The Times Group Malawi: The Reserve Bank of Malawi (RBM) has reiterated that recent pick-up in the economy coupled with declining interest rates would see continued growth of credit to private sector.

This, the central bank says, would spur productivity and help in creation of job opportunities.

The annual growth rate of private sector credit stood at 17.7 percent in September 2019 compared to 18.8 percent and 8.7 percent in the preceding month, and corresponding month of 2018.

South African Airways strike affects Malawi | Malawi 24 - Malawi news

South African Airways strike affects Malawi | Malawi 24 - Malawi news: Malawi has been affected by the cancellation of South African Airways (SAA) flights in South Africa.

The state owned airline has cancelled “nearly all” flights scheduled for Friday and Saturday because of a strike over wages planned by a majority of employees, television news channel eNCA said.

Malawi Gets K113bn Financing for M1 Road Rehabilitation - Mwanamvekha Says Project to Generate Economic Benefits - allAfrica.com

Malawi Gets K113bn Financing for M1 Road Rehabilitation - Mwanamvekha Says Project to Generate Economic Benefits - allAfrica.com: Malawi government, the European Investment Bank (EIB) and the European Union has today signed a financing agreement worth 139 million euros (about K113 billion) for the rehabilitation of the 346 Kilometer stretch along M1 road.

Minister of Finance Mwanamvekha signed the facility on behalf of Malawi government at Capital Hill, through a televised signing ceremony.

RBM decries low per capita GDP – The Nation Online

RBM decries low per capita GDP – The Nation Online: Reserve Bank of Malawi (RBM) Governor Dalitso Kabambe says Malawi’s per capita gross domestic product (GDP) remains ‘very low and flat’ compared to other countries in the world.

The governor has blamed the situation on rapid annual population growth rate at 2.9 percent.

He also said Malawi remains with a huge section of the population trapped in abject poverty as the little output that the country is producing in terms of nominal GDP is thinly shared or spread among the estimated population of 17.6 million Malawians

Treasury records K90 billion deficit in first quarter - The Times Group Malawi

Treasury records K90 billion deficit in first quarter - The Times Group Malawi: reasury recorded a budget deficit of K90.61 billion during the first quarter of the 2019/20 financial year, a development rated by economists as worrisome.

Figures contained in the Reserve bank of Malawi (RBM)’s Monetary Policy Public Report for November 2019 show that total revenues in the first quarter were recorded at K296.20 billion, representing 4.96 percent of Gross Domestic Product (GDP).

Of the amount, K276.93 billion was domestic revenues while K15.52 billion was grants.

New soybean variety set for release in December - The Times Group Malawi

New soybean variety set for release in December - The Times Group Malawi: Chitedze Research Station has unveiled plans to release a new soybean variety that will enable farmers realise bumper yield.

The new variety is said to be tolerant to harsh weather conditions.

Chitedze Research Station Legume Specialist, Florence Ngwira said the new seed, TGX1991 22F, is early maturing.

Mera cautious on global oil price decline impact – The Nation Online

Mera cautious on global oil price decline impact – The Nation Online: Malawi Energy Regulatory Authority (Mera) says although a decline in global oil prices is good news, its trickle-down effect largely dwells on whether the economy can hold some of its macroeconomic fundamentals.

Mera chief executive officer Collins Magalasi said in an interview on Tuesday that global decline in oil prices could potentially ease consumers’ burden, but other factors, including exchange and inflation rate and freight prices could as well affect potential gains the economy could accrue from the price decline.

Three counters boost MSE in October—report – The Nation Online

Three counters boost MSE in October—report – The Nation Online: The 14-counter Malawi Stock Exchange (MSE) registered a positive return on index in October as reflected in the upward movement of the Malawi All Share Index (Masi) buoyed by price gains� in three counters.

The latest MSE Market Report for October 2019 indicates that the shares market was bullish as Masi moved from 29 546.27 points in September to 30 344.49 points in October on account of price gains in National Bank of Malawi plc, Icon Properties plc and NBS Bank plc.

Sovereign Metals finds high-grade rutile at Malawi - The Market Herald

Sovereign Metals finds high-grade rutile at Malawi - The Market Herald: Sovereign Metals has identified a potentially substantial zone of shallow, high-grade rutile mineralisation at the Railroad Prospect.

Results from the prospect include 6 metres at 1.25 per cent rutile, 5 metres at 1.16 per cent rutile, and 13 metres at 1.08 per cent rutile.

These results confirm that Sovereign's ground holding in Malawi has the potential to host a new, globally significant rutile province.

"The first quantitive results from our drilling program show a significant zone of rutile mineralisation at Railroad," Managing Director Dr Julian Stephens commented.

Our Comments on Idle Pension Funds

Is Malawi suffering from the embarrassment of riches? We seem to have accumulated huge savings through our national pension fund now at  (K825.3 billion, representing 16.3 per cent of the Gross Domestic) . RBM projects that by end 2020  pension assets would swell to K1.1 trillion. However, we apparently have no clue what to do with the money.SEE HERE

The Governor of the Central Bank has complained about the low rate of translation of money into a growth-enhancing investment. Only a few days ago, Mr Chihana RBM Chief Examiner for Life Insurance and Pension Funds, said growth in assets has not translated into investments in infrastructure.

 “We have done very well to accumulate the savings but to translate them into infrastructure investment has been a bit of a challenge,” he said.

The new buzzword in development circles is "domestic resource mobilisation" instead of the debilitating focus on attracting aid. We will dance up and down because an IMF mission is coming when we can't find a use for the resources we already have. 

This is not a minor failure. It suggests gross incompetence on the part of those managing our pension funds. The head of the pension fund once suggested that we should export our funds to other countries apparently because there were no investment opportunities Malawi. This calls for a complete overhaul of the management of the pension fund to bring financial experts with some ideal of the great developmental potential of such funds. management of pension funds is not confined to simply receiving funds but also in investing the funds intelligently.  The levels of incompetence in our major financial institutions are simply mindboggling.

Pension assets at 16% of Gross Domestic Product - The Times Group Malawi

Pension assets at 16% of Gross Domestic Product - The Times Group Malawi: ension assets have been growing in the past eight years and now stand at K825.3 billion, representing 16.3 percent of the Gross Domestic Product, figures from the Reserve Bank of Malawi (RBM) show.

The passing of the Pensions Act in 2011 has seen a substantial rise in pension remittance.

Germany gives Malawi €45.3 million - The Times Group Malawi

Germany gives Malawi €45.3 million - The Times Group Malawi: The German government has given Malawi €45.3 million (about K37.3 billion) as part of its development support.

The money will be used in social security, improving health and private sector development in rural areas, among other sectors.

Head of the German delegation to the bilateral negotiation on development cooperation in Malawi, Alois Schneider said the fund is adding to a sum of €91 million Germany has been committing since 2017

Hope for legume farmers as new buyer seeks deals – The Nation Online

Hope for legume farmers as new buyer seeks deals – The Nation Online: Produce buyer, Care Agro Investment has partnered with Lilongwe-based Agricos, to enter into contract with farmers so that there is a ready market for their produce, especially beans.

The company said contractual agreements with farmers will be for the production of red kidney beans and red speckled beans.

Share value drops by 32.68% in October - The Times Group Malawi

Share value drops by 32.68% in October - The Times Group Malawi: The Malawi Stock Exchange (MSE) registered a 32.68 percent drop in share value in October, figures from the local bourse show.

A monthly market performance report for the month indicates that the market transacted a total of 185,453,439 shares at a total consideration of K2,495,407,311.96 in 243 trades compared to 154,699,117 shares at a total consideration of K3, 706,719,389.44 in 246 trades in September.

Firm set to invest K37bn in agriculture – The Nation Online

Firm set to invest K37bn in agriculture – The Nation Online: Pyxus Agriculture Limite, a non-tobacco crops dealer, has announced that it will invest $50 million (about K37 billion) in the country’s agriculture sector in the next five years.

The firm, which started its operations in April this year, is a subsidiary of United Kingdom-based company Pyxus Agriculture Holding Limited, and it focuses on groundnuts and sunflower value addition ventures.

Speaking during a press conference in Lilongwe on Tuesday, Pyxus managing director Ronald Ngwira said the initial asset base investment was $11 million (K8 billion).

US firm dangles k740bn financing – The Nation Online

US firm dangles k740bn financing – The Nation Online: The Overseas Private Investment Corporation (Opic), the development finance institution of the United States government, says Malawi’s private sector can benefit up to $1 billion (about K740 billion) financing opportunity from the agency.

Opic managing director Nancy Rivera said this on Thursday in Lilongwe when she and her delegation held discussions with Reserve Bank of Malawi (RBM) and other officials on the implementation of 30 megawatts (MW) solar project in Nkhotakota.

Speaking at a private sector dinner hosted by RBM in Lilongwe, Rivera said Opic is delighted to provide finance to the Nkhotakota Power Project to contribute to solving the country’s power challenges.

Malawi News Agency Online - Developed road networks are vital to economic development

Malawi News Agency Online - Developed road networks are vital to economic development: Salima, September 24, 2019: �Roads Fund Administration (RFA) has said developed and maintained roads are key condition for accelerating economic development and social transformation in southern Africa region.

Chairperson for RFA Board of directors, Chancy Gondwe made the remarks Tuesday when he opened a four day African Road Maintenance Funds Association (ARMFA) Southern Africa Focus Group (ASAFG) meeting at Sunbird Livingstonia in Salima whose theme is “Ensuring Value for Money in Road Works”.

He noted that Roads Funds play a critical role of ensuring that sustainable road financing by guaranteeing availability of funds for road construction and maintenanc

Reserve Bank of Malawi maintains bank rate at 13.5 percent - The Times Group Malawi

Reserve Bank of Malawi maintains bank rate at 13.5 percent - The Times Group Malawi: Monetary Policy Committee (MPC) of the Reserve Bank of Malawi (RBM) Wednesday resolved to maintain the policy rate – the country’s indicative cost of borrowing – at 13.5 percent.

The MPC also maintained Lombard Rate at 0.4 percent above the policy rate, and the Liquidity Reserve Requirement at 5 percent and 3.7 percent on local and foreign currency deposits, respectively.

Germany gives Malawi €45.3 million - The Times Group Malawi

Germany gives Malawi €45.3 million - The Times Group Malawi: The German government has given Malawi €45.3 million (about K37.3 billion) as part of its development support.

The money will be used in social security, improving health and private sector development in rural areas, among other sectors.

Head of the German delegation to the bilateral negotiation on development cooperation in Malawi, Alois Schneider said the fund is adding to a sum of €91 million Germany has been committing since 2017.

Malawi's Disputed Election Was Not Stolen With White-Out

Malawi's Disputed Election Was Not Stolen With White-Out: RGUMENT
Malawi’s Election Was Not Stolen With White-Out
A disputed presidential poll in the small southern African country has led to upheaval. International observers must release key data rather than staying silent if they want to promote stability and trust in the electoral process.

(4) George K Mwale - CONSTRUCTION OF A 60 MW SOLAR FARM ADVANCES IN...

(4) George K Mwale - CONSTRUCTION OF A 60 MW SOLAR FARM ADVANCES IN...: Construction of the 60MWAC solar project in Salima has advanced, months following the ground breaking ceremony by President Professor Arthur Peter Mutharika in December 2018.

A Visit to the site by Cables witnessed that construction works were underway and tens of thousands of solar panels are still arriving on site for installation of the first ever Solar Farm in Malawi and one of the largest in the Sub Saharan Africa.

US suspends tobacco imports from Malawi over forced child labor allegations US suspends tobacco imports from Malawi over forced child labor allegations - CNNPolitics

US suspends tobacco imports from Malawi over forced child labor allegations US suspends tobacco imports from Malawi over forced child labor allegations - CNNPolitics: Washington (CNN)The United States on Friday suspended imports of all tobacco and tobacco products from Malawi for alleged forced labor practices -- including child labor.

Customs and Border Protection, which holds the authority to detain imports, has recently ramped up its efforts to hold companies and suppliers accountable for forced labor practices. The agency issued a "Withhold Release Order" on tobacco from Malawi on Friday, allowing it to detain goods believed to have been produced with forced labor.
"Malawi tobacco is one of those areas where we are trying to send a message," CBP Office Of Trade Executive Assistant Commissioner Brenda Smith told CNN.
Forced labor in Malawi has been well documented. Despite some advancement in preventing child labor, children in Malawi are still engaged in the worst forms of child labor, including in the harvesting of tobacco and in commercial sexual exploitation, according to the US Department of Labor.
Children working with tobacco risk illness from nicotine absorption, including "green tobacco sickness," the Labor Department states. They are also exposed to pesticides, chemicals, and harsh weather conditions.
This type of enforcement is rare for the US, but has significantly increased over the past few years.