The Economics Association of Malawi (Ecama) and the Bankers Association of Malawi (Bam) on Tuesday welcomed the appointment of MacDonald Mafuta Mwale as the new Governor of the Reserve Bank of Malawi (RBM).
President Lazarus Chakwera appointed Mafuta Mwale as the Central Bank governor on Monday, replacing Wilson Banda, who has led the RBM since 2020.
Chakwera also appointed Kisu Simwaka as the RBM Deputy Governor.
In an interview on Tuesday, Ecama president Bertha Bangara-Chikadza said the professional body of economists congratulates Mafuta Mwale on his appointment as RBM Governor.
“As an economist with a wealth of knowledge gained over the years, including his extensive time in the bank holding various positions, such as Secretary to the Treasury and, more recently, as the Deputy Governor of the Reserve Bank of Malawi, he is uniquely positioned to navigate complex policy decisions and foster continuity within the Central Bank.
“Ecama believes that Mafuta Mwale will continue to steer the bank in the right direction, implementing policies that will lead Malawi to economic stability and growth,” she said.
On his part, Bam president Philip Madinga said the bankers’ body is looking forward to working with the new RBM leadership.
“We look forward to working with the new leadership of the Central Bank and exploring how we can collaborate beyond the mandate of price and financial stability but also how we can support socio-economic national development and economic growth,” Madinga said.
Mafuta Mwale holds a PhD in Economics from Aberdeen University, Scotland, a Master of Science degree in Economics and Econometrics from Nottingham University, England and a Bachelor’s Degree in Social Science (Economics) from Chancellor College, University of Malawi.
He is a seasoned economist with vast experience gained from RBM and the civil service.
According to the RBM Act, the governor is responsible for the day-to-day management of the bank and is answerable to the board for his actions and decisions.
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