By Wendy Mkandawire
Economic Expert Happy Chirwa has urged Malawi to increase local production and reduce it’s dependence on imported goods amid growing economic pressures
Chirwa remarks comes due to report from International Monetary fund IMF warns that the country will face rising coast of food and fuel prices, that will pressure on households and businesses, while rising fertilizer prices could further increase the cost of food production making increased local production and economic diversification.
According to Chirwa, the shortage of foreign exchange is one of the major factors affecting Malawi’s productivity.
He said businesses are struggling to access raw materials and other essential inputs, which will push commodity prices higher as supply fails to meet demand.
Chirwa identified agriculture, mining, and tourism as key sectors that can help increase production and generate much-needed foreign exchange.
He, therefore, welcomed government efforts to empower Malawians to produce locally, citing initiatives aimed at increasing domestic production of agricultural inputs such as fertilizer.
Chirwa said such interventions should be expanded to other sectors to strengthen Malawi’s productive capacity and reduce pressure on the country’s foreign exchange reserves.
