As the country’s economic situation continues to deteriorate, Scotland-based economist Velli Nyirongo has suggested the creation of an independent National Economic Advisory Council (Neac) in Malawi to help the authorities to excel with the economic agenda.
But the Economics Association of Malawi (Ecama), an umbrella body for local economists, has said creating an independent economic advisory council may not be necessary for Malawi.
Speaking in an interview, Nyirongo said Neac, a body of independent economic stakeholders established by a government to provide independent expert advice on economic policies and strategies, would help in promoting sustainable development and economic growth.
He observed that the primary goal of the council is to enhance the country’s economic policy-making process by providing informed, independent and strategic guidance.
According to Nyirongo the responsibilities of the Neac would be to analyse the existing economic policies and their impact.
“The council would also have a responsibility to propose new policies to address economic challenges and opportunities in addition to advising on fiscal, monetary, trade and investment policies,” he said.
But Treasury spokesperson Williams Banda on Tuesday said Malawi already has such an institution of officials from the Reserve Bank of Malawi (RBM), National Statistical Office and various ministries, including Treasury.
In a separate interview, Ecama President Bertha Bangara Chikadza said forming the council would imply replicating existing structures.
“For example, we have the Presidential Council on the Private Sector, which is supposed to advise the President on matters of the private sector. This council had one mandate and that was to transform the country within four months.
“We have advisers to the President, especially the Economics Cluster, which is composed of the Ministers of Finance, Trade, Agriculture, Transport and Tourism and National Planning Commission,” she said.
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