Opportunities for growth & financial development amid current economic crisis

AN OPINION

Malawi: Malawi offers numerous opportunities for development. Unfortunately, many people are not well-informed about the various ways to earn more money in practise, writes Chaka Ritchie Phiri.

The vast majority rely solely on wages and salaries. Wages, on the other hand, do not always keep pace with inflation and the cost of living.

Malawians are failing to identify the gaps and entry points that will allow them to shift their focus away from plain currency (paper) and toward trading value. When it comes to "plain" currency, it is now a losing game because when devaluation occurs, the currency suffers rather than the value.

This is why every single "average" employee who works to earn a living is still stuck on the same pay, whereas valued employees can demand based on their current market value; for example, key commodities such as fuel, sugar, and water can raise prices to match the standards set on the owner's value return.

Malawian business owners have had a difficult couple of years. The first 25% devaluation was so severe that foreign companies are threatening to shut down, and our people are too busy complaining to plan and innovate to conquer the markets.

It is clear that as citizens and true owners of this land, we are oblivious to the opportunities that are currently available to us.

There is a strong possibility of another 25% devaluation, which will undoubtedly reduce the supply of foreign products while potentially empowering local producers in all sectors of trade; I regard this as a huge blessing for Malawi as a nation.

Major service providers are already preparing for this possible devaluation; imagine if fellow youths had access to such forecasts and such adjustment strategies in place; imagine the amount of growth in general trade, value, and economic development.

It's no secret that even a 5% devaluation can plunge the country into a serious economic crisis at this point.

However, for those willing to look a little deeper, there are opportunities in this projected crisis that could be missed if we as a nation are willing to step outside of political arenas, comfort zones, and outdated beliefs/protocols that no longer serve the country.

Agriculture, for example, has long been the backbone of this country's economy; however, for even longer, we have relied on cheap imports to help feed our people, rather than using our own resources to produce food locally and commercialise the basic domestic farmers through capacity building and locally sourced start-up grants to empower innovative farming.

Concentrating on this approach will increase demand for locally sourced products, fostering the next generation of conscious millionaires.

Here are three key opportunities that lie ahead of us: 1) Food production is one of the fastest growing industries in the country, with top-tier brands that are yet to be recognised in our markets, 2) the knowledge industry is booming, and the realisation that the general education system is not supporting the average citizen, but technical/practical skills are becoming a key component and an entry point to start trading for value, and 3) branding and digital services are now being recognised as valuable services now that every entrepreneur and business is fighting for visibility, recognition and sales.

For these opportunities to benefit all parties involved (business owners, entrepreneurs, and the government), a flexible landscape for young people must be developed and implemented, with a balance of the following elements: civil liberties (as a conscious element to provoke the desired self-awareness to build an identity suitable to the national agenda MW2063), development strategies (innovative solutions tailored to current and future challenges), intellectual property rights, value and security with an emphasis on value return (our intangible assets have been undermined for a long time, no wonder our government is dependent, making it the largest NGO in the country), and finally the dissemination of business regulations, requirements, and expectations from bodies such as MRA, Ministry of Trade, procurement, banks and the city/district councils.

Here's one way the country can profit from the impending devaluation: 1) market and consumer regulatory bodies must create platforms that will empower all business stakeholders regardless of registration with a trading landscape and trading platforms by providing visibility to attract several opportunities such as international trade, exports, and more business registrations; and 2) market and consumer regulatory bodies must create platforms that will empower all business stakeholders regardless of registration with a trading landscape and trading platforms by providing visibility to attract several opportunities such as international trade, exports, and more business registrations.

Due to the pressure from aspiring business people, this will also prompt validations from governing bodies such as the Malawi Bureau of Standards, and will subconsciously build voluntary enforcement of the buy Malawi policies.

I hope this analysis paints a picture of the opportunities that exist in our midst and ahead of us if we take the appropriate approaches.

I believe we are not a poor nation, and that we have everything we require.

Our mind, on the other hand, has governed a failing system that has now become too overwhelming for anyone to bear.

However, with the right approach, I believe there is still hope for Malawi's economy. There is still hope for our youth.

There is hope for our country.