First things first and congratulations are in order to Dr Dalitso Kabambe for his appointment to the position of Governor of the Reserve Bank of Malawi (RBM) replacing Charles Chuka who has served in that office for the past five years.
It is quite a distinguished achievement to be considered for such a high office which demands the highest form of integrity and level-headedness to execute the economic affairs that are at the heart of every Malawian.
Looking at Kabambe’s Curriculum Vitae, we believe, at face value, he has what it takes to execute the demands of that office and succeed.
But now let us move to the real bread and butter issues. For a long time, Malawi’s economic policies have not essentially translated into an improvement in people’s well-being as evidenced by rising levels of inequality with the rich getting richer and the poor becoming poorer.
But hopes are high with the new appointment and the belief is that Kabambe will use his expertise and vast experience in the field of economics to provide fiscal and monetary policy direction so that the country can wean its dependence off donors and international organisations to provide solutions to the challenges facing the country.
For a long time, the Malawi economy has been seasonal, relying on rainfall patterns and the tobacco market to tame inflation and prop up the kwacha. We need new ideas to develop sustainable economic
policies that will move the economy on a permanent path to recovery and Kabambe will be at the centre of it all.
By now, it is an open secret that as a country, we have not done a good job in courting substantial foreign direct investment based on poor fiscal policies that have not succeeded in positioning Malawi as a destination of choice to many investors.
Being a trained economist and admirable public servant who has served the Malawi government for over 19 years, our expectations are that Dr Kabambe, as our new governor, will implement sound monetary policies to harness the positive trajectory that the economy has taken in recent times.
At the moment, Malawians can only watch.
But Malawians do not want to see the last of the improvements in most key macro-economic indicators that include inflation as well as the loss of gains if Kabambe allows his office to be, compromised by other more superior powers that be at the expense of the poor person whom he has been called to serve.
The new governor must rise up to these challenges and we can only wish him well.
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