Three former executives at Press Corporations Limited (PCL) which include —former Group Chief Executive Officer George Partridge, former Group Financial Controller Elizabeth Mafeni, and former Company Secretary Bernard Ndau—are demanding compensation for alleged unfair dismissal in 2021. Their claims, currently before the Industrial Relations Court (IRC),...
The disparity between the official exchange rate and the black market rate for the US dollar in Malawi continues to widen. According to a recent snap survey by Times publications, reported that black market traders in Lilongwe and Blantyre are trading dollars between MWK2,950 and MWK3,000....
Malawi’s government is seeking $309 billion in unpaid taxes and royalties from Columbia Gem House, a U.S.-based gemstone company, for rubies exported over the past decade. Attorney General Thabo Chakaka Nyirenda alleges that Columbia Gem House under-reported the value of the exported rubies, leading to significant...
Illovo Sugar Malawi plc has announced the appointment of Mr Kondwani Msimuko, FCCA, as its Interim Managing Director, effective January 1, 2025. This follows the transition of Mr Lekani Katandula, who assumes the role of ABF Sugar Chief Financial Officer. Mr Msimuko, who joined Illovo Sugar...
Malawi’s headline inflation rate continues to show signs of improvement down 540 basis points(bps) to 27.0% as of November 2024 from 32.4% in September 2024. The decline was primarily driven by a drop in food inflation from 40.3% to 33.7% and non-food inflation from 21.2% to...
After months of queuing at fuel stations, Malawians might finally see relief. The Malawian government has announced a transition from the open tender system to a government-to-government (G2G) arrangement for fuel procurement, aiming to address the country’s persistent fuel shortages. President Lazarus Chakwera outlined the new...
It has been about 6 months since the International Monetary Fund (IMF) last visited Malawi to discuss matters related to the Extended Credit Facility (ECF). The absence of communication from the IMF regarding conclusion of the first review of the ECF raises questions whether the country...
The Reserve Bank of Malawi (RBM) conducted its latest foreign exchange auction on Thursday, 14th November 2024, with three Authorized Dealer Banks (ADBs) participating. The auction, which offered USD $150,000, concluded with all bids accepted at a rate of MWK 1,751.00/USD, mainting the official market price....
Source: NSO Malawi’s headline inflation rate is down 190 basis points(bps) to 32.4% as of October 2024 from 34.3% in September 2024. The decline was primarily driven by a drop in food inflation from 43.5% to 40.3% and non food inflation from 21.8% to 21.2%. Although...
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