Former Reserve Bank of Malawi (RBM) governor Dr. Dalitso Kabambe has criticized Malawi’s leaders for lacking creativity in addressing the country’s unemployment crisis, particularly among young graduates.
Speaking at the Malawi College of Accountancy’s Class of 2024 finale dinner in Blantyre, Dr. Kabambe emphasized the need for innovation in the job market.
“While the world is busy trading in ideas and technology, as seen with successful entrepreneurs like Mark Zuckerberg, Malawi is still relying on outdated business models focused on tobacco and tea, which no longer dominate the markets,” Dr. Kabambe said.
He challenged the students to conduct a survey to determine how many wealthy individuals rely on the tobacco business, suggesting that none do.
Dr. Kabambe stressed the importance of adapting to modern market modules to drive progress.
Furthermore, Dr. Kabambe urged the students to collaborate in combating corruption, a major obstacle hindering Malawi’s development.
He encouraged the young graduates to take an active role in shaping the country’s future.
As former Governor of the Reserve Bank, Dr. Kabambe played a crucial role in providing strategic direction and leadership, ensuring accurate economic advice to the government, and effectively managed monetary and exchange rate policies to tame inflation.
With a wealth of experience in economics and public service, Dr. Kabambe has held various positions in the Malawi Government Economic Service, including Principal Economist, Chief Economist, and Budget Director.
He also served as Secretary for Foreign Affairs and International Cooperation.
Dr. Kabambe’s academic credentials include a PhD and Master’s Degree in Development Economics from Imperial College – University of London, and a BSc Degree from the University of Malawi.