Update: Parliament has concluded its recent sitting without tabling the Public Accounts Committee findings on the controversial K128 billion Amaryllis Hotel acquisition by the Public Service Pension Trust Fund. According to Malawi24, the failure to present the report has renewed public demands for accountability regarding the transaction. Lawmakers adjourned before the document reached the National Assembly, leaving citizens waiting for answers on how the pension funds were allocated and managed.
In regulatory news, the Reserve Bank of Malawi has directed all employers to comply with the mandatory occupational pension scheme or face severe financial penalties. Malawi24 reports that the Registrar of Financial Institutions issued a formal notice warning that non-compliant companies could be fined up to K100 million under the Pension Act of 2023. Employers are required to enroll eligible workers and remit a minimum five percent employee contribution to a pension fund within 14 days after the end of each month.
Meanwhile, a new National Accounts Report from the Reserve Bank of Malawi indicates that the manufacturing and trade sectors have lost economic ground over the past decade. Nation Online reports that manufacturing's contribution to the gross domestic product dropped from 11.3 percent to 11.1 percent, while wholesale and retail trade fell from 12.6 percent to 10.6 percent. Both sectors have posted stagnant annual growth rates since 2023. Trade experts noted that the decline threatens the industrialisation goals outlined in the Malawi 2063 development strategy, as the national economy remains heavily dependent on exporting raw agricultural commodities.