
Economic experts, Monday, slammed President Lazarus Chakwera for his indicisiveness and cluelessness that would work to resuscitate the economy.
President Chakwera met a team of economists at the Statehouse in Lilongwe as part of preparation for the State of Nation Address SONA which he is set to deliver on Friday at Parliament.
Cables understand that during the meeting, President Chakwera confessed that one area that is giving him sleepless nights is the state of the country’s economy where he is failing to find solutions to the challenges.
Inflation continues to rise with prices of commodities skyrocketing almost everyday.
A snap survey by Cables News, reveals that a bag of 50kg maize is now selling at MK100,000 while fertilser is at MK136,000 per bag.
During the campaign ahead of the 2020 elections, Chakwera promised Malawians that fertilizer will be sold at less than MK5000 per bag and that food will be cheaper to allow Malawians afford three meals a day.
Forex reserves have been depleted and black markets have flourished pegging the united states dollar at MK4500.
Fuel ques are the order of the day as the country does not have enough forex to buy fuel to meet the country’s growing demand.
Malawi relies on Tobacco as the biggest foreign exchange earner,however there is a huge risk that tobacco growers will smuggle their crop to neighbouring countries so as to benefit from the higher black market rate of MK4500 and not the official rate of MK1751.