Malawi Leader Vows to Aid Vendors, Boost Economy
The president told vendors his administration will address concerns over access to affordable loans and reducing tax and regulatory burdens.
LILONGWE, Malawi — Malawi President Lazarus Chakwera pledged support for the country’s vendors and small businesses in a meeting with 900 Lilongwe traders on Tuesday, saying they are key to the economy, writes Esther Banda.
Chakwera vowed to address vendors’ concerns over access to loans, high taxes and regulations.
He said his government allocated K82 billion to the National Economic Empowerment Fund to help vendors expand.
“I have heard your concerns and will look into these matters,” Chakwera said at Kamuzu Palace. He urged vendors to balance prices and repay loans to prosper together.
Vendors said collateral requirements make loans nearly impossible to obtain for small businesses. Chakwera agreed the policies are unfair.
“Only the rich have advantages to get richer,” he said.
Local Government Minister Richard Chimwendo Banda said increasing vendor loans could create over 2 million jobs. He thanked Chakwera for giving vendors hope.
Vendors representative Hardwell Kachibekete said Malawi Revenue Authority tax rates are too high for small businesses. He appealed for loan amounts to be raised so vendors can import more goods in bulk.
Used car dealer Aubrey Teputepu said the 2024-2025 budget ignored their association despite months of consultations.
He asked Chakwera to intervene and help clear unsold imported vehicles stuck at the Songwe border.
“We have lost all our capital and jobs,” Teputepu said.
“It’s unfair to threaten auctioning our cars when loans need repayment.”
Chakwera urged using designated market spaces, not streets. He advised vendors to be responsible and cooperate.
Officials said engaging traders shows commitment to inclusive growth. Vendors employ millions in Malawi's large informal economy.
Chakwera aims to aid recovery from economic woes. Inflation recently topped 25%, with elevated food, fuel and currency volatility prices.
The president told vendors his administration will address concerns over access to affordable loans and reducing tax and regulatory burdens.
He called for collective action.
“Let us all float together, no one should sink during this journey of prospering together,” Chakwera said to applause.