Malawi’s newly elected president, Peter Mutharika, has reappointed Joseph Mwanamvekha as finance minister, bringing back a familiar hand to steer the country through mounting fiscal distress and economic uncertainty.
The appointment, confirmed in a statement to Bloomberg on Monday, was made late on Sunday and marks one of Mutharika’s first major cabinet choices.
Mwanamvekha returns to a post he held between 2019 and 2020, when he led efforts to stabilise the economy and restore donor confidence.
During that period, he succeeded in reviving direct budgetary support from international partners, including the International Monetary Fund (IMF), after years of strained relations.
His comeback now comes as the IMF has terminated Malawi’s $175 million loan programme after no review was completed for 18 months. Data from the Washington-based lenders shows only $35 million of the facility was ever disbursed under the package.
Banker-turned-politician with IMF ties
A trained economist and former banker, Mwanamvekha began his career in 1990 at the Reserve Bank of Malawi, where he helped establish the Financial Markets Operations Department, now central to implementing monetary policy. He later headed the state-owned Malawi Savings Bank, transforming it from a loss-making institution into profitability.
Between 2010 and 2012, he served as Secretary to the Treasury, a role that placed him at the heart of national fiscal management. His experience also extends to the international stage—he was appointed Chairman of the African Union Group of Experts (Permanent Secretaries) in 2010 and served as Malawi’s Alternate Governor at the IMF in 2009.
Mwanamvekha ministerial experience extends beyond finance. He previously led the industry, trade, and agriculture portfolios, introducing the “Buy Malawi” initiative to promote local goods and formulating the country’s seed policy to revitalise the agricultural sector.
Before his reappointment, Mwanamvekha served as the main opposition Democratic Progressive Party’s vice president for the Southern Region and its spokesperson on finance and economic affairs in Parliament. There, he was a vocal critic of fiscal slippages and consistently pushed for reforms to restore macroeconomic stability.
Academic background
The new finance chief holds a Master of Arts in Economics from the University of Malawi, completed in 1994 through an IMF-sponsored African Economic Research Consortium programme.
He also earned a bachelor’s degree in social science from the same university, alongside executive training certificates in leadership, management, and negotiation from Harvard University and the University of Virginia.
Trying times ahead
Mwanamvekha returns to office amid severe economic headwinds marked by persistent inflationary pressures, severe foreign exchange shortages, mounting debt and slow growth.
Against this backdrop, expectations are high. All eyes will be on Mwanamvekha to see how he restores fiscal discipline, revives donor confidence, and steers Malawi back toward stability.
