HomeBusiness and FinanceTCF affects business activities in first quarter of 2023

TCF affects business activities in first quarter of 2023

PUBLISHED BY

Local business captains have singled out Tropical Cyclone Freddy (TCF) as the biggest setback that affected business activities to thrive in the first quarter of 2023.

Assessing the just-ended first quarter of the year, President of the Indigenous Business Association of Malawi (IBAM), Mike Mlombwa said this year, business started on a higher note but ended on a lower note in the first quarter due to TFC.

However, Mlombwa said the second quarter of the year looks promising owing to the starting of the agricultural marketing season.

“The first quarter of the year has affected all things that started on a positive note, with the coming in of Tropical Cyclone Freddy, business activities were greatly affected, a lot of markets were affected and also people stopped doing their business due to the heavy rains that the country experienced.

“From past experience, the business usually picks up after Easter Holiday, now things look brighter as we have seen people selling their agricultural produce,” he said.

Mlombwa: we expect that business will improve in the second quarter

Mlombwa, therefore, commended government for buying a lot of products from local people which is helping the locals to recover and boost Malawian businesses.

“We have seen that government is very serious on issues of promoting Malawian businesses, I’m calling on business owners in the country to take the opportunity seriously and be honest, with that, we will build the trust between the locals and government,” he added.

In a separate interview, National Chairperson of the National Association of Small and Medium Enterprises, William Mwale said that businesses did not make enough sales compared to the same period in 2022 because buyers were putting money in other ventures such as fertilizers and school fees for their wards.

“Demand has been low for most products during the period, which has created a lot of competition among sellers. Some of the few that thrived were because of carry-over orders from last year.

 “We are expecting to see business booming and Malawi making steady progress on international trade by exporting the legumes and we have seen banks giving out soft loans which is a sign that business will be well this time around,” he said.

Tropical Cyclone Freddy hit Malawi in March this year and disturbed several business activities and washed away 15,000 hectares of crop fields in five districts of Chiradzulu, Blantyre, Phalombe, Mulanje and Mangochi.

Enter your comment

RELATED ARTICLES

Chakwera dangles carrots to SA-based Malawian investors

Malawi President Dr. Lazarus McCarthy Chakwera has called upon Malawian investors based in South Africa to consider ploughing their investments back to their native country, assuring that his administration is creating a conducive environment for social and economic growth.

NEEF applauds faith leaders on loan repayment

The National Economic Empowerment Fund Limited (NEEF) says it is very impressed with the way faith leaders have been repaying loans that they accessed from the company.

Chakwera saluted for being true democrat

Small and medium business operators in Lilongwe have saluted President Dr. Lazarus McCarthy Chakwera for demonstrating to be a true democrat and practicing civilized politics.

Malawi poised to qualify for ECF as IMF releases MK195bn financing Staff Monitored Program

Malawians can now hope for the better following the decision by the International Monetary Fund (IMF) to approve US$174 million (approximately MK195 billion) of financing to the Malawi Government.

Latest Posts

popular posts

Mchinji’s agriculture committee emphasises on collaboration

Mchinji District Agriculture Extension Coordination Committee (DAECC) has stressed the need for strong relationships and collaboration among stakeholders to sustain agriculture initiatives being implemented in the district.

Woman drags Nankhumwa to court over child maintenance issues

A little known woman, Letina Kamwamba, has dragged Leader of Opposition and Democratic Progressive Party (DPP) presidential aspirant, Kondwani Nankhumwa, to court over child maintenance issues.

2024 Aviator Strategy and Tips to Win (TESTED AND VERIFIED)

With the recent surge of users on Premierbet Malawi Aviator; we keep seeing many Facebook and Twitter posts about whether there’s a strategy of some sort for the Aviator game. We haven’t seen any definite answers to this which pushed us to answer this, using a program that compiles the results and gives you an idea of different strategies and numbers to try on Aviator.

MCP publicist Reverend Maurice Munthali resigns

Publicity Secretary for the Malawi Congress Party (MCP) Reverend Maurice Munthali has resigned from his position, citing the prevailing governance atmosphere marred by persistent corruption allegations and related scandals as reasons for his resignation.

MK17.28bn Mzuzu Civic Office Complex construction at 45%

Plem Construction Limited (PCL) has disclosed that progress of the construction of the first ever Mzuzu Civic Office Complex is at 45 percent.
Nthanda Times

Discover more from Nthanda Times

Subscribe now to keep reading and get access to the full archive.

Continue reading