Former Reserve Bank Governor Dalitso Kabambe has lamented the high levels of corruption in Malawi, saying it is affecting the youth’s ability to rise in politics and other sectors of the economy.
Speaking on the sidelines of the University of Malawi’s Catholic Students Organisation (CSO) Choir album launch in Zomba on Sunday, Kabambe said: “There is too much corruption in Malawi which, among others, is affecting the youth to rise in politics.”
He noted that it is not inspiring that Malawians are yet to believe in youthful leadership in different sectors of the economy.
“We are supposed to empower young people from college so that when they graduate, they are able to take up challenging positions. 75 percent of Malawi’s population is below 35.
Look at Singapore, China, and others, they are the youth developing their countries because they know that a larger population comprises them,” he said.
Kabambe, a senior member of the Democratic Progressive Party (DPP), emphasized the need for a candid discussion on what needs to be done to revive Malawi’s economy.
He said the economy needs to start growing, which in the long term will ensure many youths are absorbed into the labor market.
“Our economy is failing to create and generate jobs for the youth, and as they finish school, there is no one to employ them. This is something that we need to quickly address in the labor market,” he said.
Kabambe also stressed the need to change the structure of the government from a top-down to a bottom-up approach, channeling resources to the district level instead of mainly being controlled at the central government level.
This, he said, is one of the key points in his seven-point plan aimed at turning around the country’s economic fortunes.
He emphasized the importance of an honest discussion about the current state of the economy, with a strong fight against corruption.
“We need to start changing the structure of the government from a top-down to a bottom-up approach, meaning that resources should be channeled to the district level instead of mainly being controlled at the central government level,” he said.
Kabambe thanked the UNIMA students for inviting him as a guest of honor during their album launch and noted with pleasure that today’s university students are believing in their self-esteem.
Dr. Kabambe is fondly remembered by all Malawians for bringing stability to the Malawian economy, which resulted in low prices of basic needs and services.
During his time at Reserve Bank of Malawi, Dr. Kabambe managed to reduce inflation rate to a single digit within the first year from 24% to 7.1% in 2017 and effectively manage the exchange rate, keeping it stable at K732 to the US$.
His achievements have left a lasting impact on the country’s economy and have made him a respected figure in Malawi’s financial sector.
