NBS Bank Chief Executive, Dr. Kwanele Ngwenya was the Guest of Honour at the 2024 ICAM Lakeshore Conference. This is the speech he delivered:

It is an honour and a privilege to stand before you today as the guest of honour at this prestigious 2024 ICAM Annual Lakeshore Conference.

I extend my heartfelt gratitude to the Institute of Chartered Accountants in Malawi for organizing this significant event and for inviting me to share my thoughts on this year’s theme, “Navigating Economic Uncertainties: Strategies for Growth and Resilience.”

This conference brings together some of the finest minds in the financial, business, private, public, NGO, sectors etc. , and it is truly inspiring to be amongst you. As we gather today, I am reminded of the immense responsibility we hold as leaders and professionals, especially in these uncertain times.

Albert Einstein once said…  “In the midst of every crisis, lies great opportunity.” Our gathering today occurs at a critical juncture in Malawi’s journey towards economic recovery and sustainable growth. The theme of this conference resonates deeply with the current global and national economic landscape. As we face unprecedented economic challenges, it is imperative that we strategize effectively to ensure growth and resilience.

As a professional with extensive experience in the banking industry, I have witnessed first-hand how economic fluctuations and uncertainties can challenge business’, organisation’s  and institution’s growth and stability.

Malawi, like many other nations, is navigating a complex economic environment shaped by a variety of factors, both domestic and global. From the lingering effects of the COVID-19 pandemic to geopolitical tensions, climate change, and supply chain disruptions, our landscape is fraught with challenges. The global financial system is in flux, inflationary pressures persist, and there are growing concerns over food security and energy sustainability.

As we reflect on our journey thus far, marked by both challenges and successes, it is evident that navigating economic uncertainties demands astute strategies and unwavering resilience. Our nation stands at a pivotal juncture where fiscal policies, robust risk management frameworks, sound and innovative approaches are imperative for sustainable growth and development.

William Arthur Ward once said,” The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” As such, our economy needs a steadfast approach to the dedication of fostering an environment conducive to economic prosperity. As a nation and professionals, we need to be committed to promoting inclusive growth, enhancing financial literacy, and supporting the emergence of a dynamic public and private sector. As professionals, our efforts should be anchored in principles of transparency, accountability, and the prudent management of resources.

Further, in the midst of challenging times, we need not only to confront only domestic challenges but also global shifts that necessitate agility and foresight in our economic policies. From the impact of technological advancements to the imperatives of environmental sustainability, our strategies must embrace these dynamics to harness opportunities and mitigate risks effectively.

Furthermore, the theme of this conference underscores the importance of collaborative efforts among stakeholders—government, academia, private sector, industry leaders, and civil society. Together, we can leverage our collective expertise to drive innovation, foster entrepreneurship, and create an enabling environment where every Malawian can thrive.

Both the public and private sectors appreciate that ICAM, with its membership of highly qualified professionals, plays a vital role in this endeavor. Your expertise in financial management and accounting is essential for ensuring the efficient and transparent use of resources, both public and private.

This year’s theme also aligns with national priorities, such as the Malawi 2063 Vision, which aims to transform Malawi into a wealthy and self-reliant industrialized upper-middle-income country. Your contributions to policy discussions, fiscal discipline, and good governance will be pivotal in ensuring that we meet these ambitious goals.

For Malawi, in 2024 and 2025, economic prospects remain optimistic as the economy is expected to grow by 3.2 per cent and 4.8 per cent, respectively. The projected superior performance is attributed to anticipated high growth in construction, manufacturing, information and communication, and accommodation and food services as such, I call upon ICAM members to champion this drive to ensure the projects by the government, private sector and our donor partners contribute towards achieving the expected growth estimates.

Here are some key areas I believe deserve your focused attention:

• Promoting fiscal discipline and responsible financial management. This will ensure efficient utilization of public resources and create a stable macroeconomic environment.
• Enhancing domestic resource mobilization. We need to explore ways to increase tax revenue and attract foreign direct investment while creating a conducive business environment.
• Investing in key sectors such as agriculture, infrastructure, and manufacturing. These sectors hold immense potential for job creation and economic diversification.
• Promoting financial inclusion. Expanding access to financial services will empower Malawians, particularly those in rural communities, to participate more actively in the economy.
• Harnessing the power of technology. Technology can revolutionize service delivery, improve transparency, and drive innovation across all sectors.

To uplift our economy from the bad patch, we need to commit to working whether be it… in the private sector, public sector, civil society etc.,  so we navigate through these economic uncertainties. We are confident that, through open dialogue and collaborative effort, we can build a more resilient and prosperous Malawi.

Let us remind ourselves that resilience is not just about survival—it is about thriving in the face of adversity. We must continue to build a future where economic uncertainties are met with preparedness, where risks are mitigated through foresight, and where opportunities are seized through strategic thinking and collaboration.

I am confident that the insights that will be shared during this conference will inspire actionable solutions for navigating the challenges ahead and driving Malawi’s growth and resilience. Together, we have the power to shape a brighter economic future for our nation.

God bless Malawi!

Zikomo Kwambiri.