President Lazarus Chakwera Monday appointed Reserve Bank of Malawi (RBM) Deputy Governor for Economics, Macdonald Mafuta Mwale, as the new Governor of the central bank.
Mafuta Mwale, a seasoned central banker, replaces Wilson Banda, who had been at the helm of RBM since 2022.
His appointment did not come as a huge surprise, with many economists predicting he would be appointed as Malawi’s Registrar of Financial Institutions in recent weeks.
In a statement last night, Secretary to the President and Cabinet, Colleen Zamba, said Mafuta Mwale’s appointment is subject to confirmation by the Public Appointments Committee of Parliament.
According to Zamba, Chakwera made the appointment in the exercise of the powers vested in him under the RBM Act.
In a brief interview Monday, the former Secretary to the Treasury described his appointment as a great honour.
“Yes, it is true. It has pleased His Excellency to appoint me as Governor of the Reserve Bank.
It is an honour and I am delighted to serve Malawi in this new capacity…
“I am determined to work with everyone, especially the private sector, to achieve the nation’s aspirations. We have work to do,” Mafuta Mwale said.
Mafuta Mwale holds a PhD in Economics from the University of Aberdeen, Scotland; a Master of Science degree in Economics and Econometrics from the University of Nottingham, England; and a Bachelor’s Degree in Social Science (Economics) from the University of Malawi.
He is a seasoned economist with 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.
Chakwera has also appointed RBM Director of Research Kisu Simwaka as Deputy Governor.
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