“SAVE TODAY – LIVE BETTER TOMORROW”
The Reserve Bank of Malawi has called on the general public to start investing their finance in order to make themselves and the country independent.
RBM governor, Dr Wilson Banda made the remarks on Monday 06th November 2023 during the launch of this year’s Savings Awareness Week held under the theme “Save Today – Live Better Tomorrow” in the Capital Lilongwe.
Dr Banda cited that the country is not saving much as compared to other countries in the SADC region which makes the citizenry to continue being poor especially when they meet unforeseeable events such as funerals.
“Our saving rates are very low, translating to low investments and hence the low GDP. We need to have savings for the rainy day,” highlighted Dr Banda.
Dr Banda has pleaded with the public especially those that earn less monthly to start investing the less they get saying this will help them to boost their finances.
“At any level of income, there’s room to save. The mere fact that your salary is low, should in itself be a motivational for you to save. Because once you save, you basically built your wealth. From that wealth you generate more income,” concluded Dr Banda.
In his remarks, Chief Executive Officer for Malawi Stock Exchange, John Kamanga disclosed that they are meeting with the general public through various initiatives which are aimed to address them the need for them to save whatever they have.
Kamanga cited that the country can easily develop economically if the citizenry put their attention in saving whatever they gain.
“Once you participate in these products, you are also part and parcel of the economic development of the country. What happens is that you be in apposition to create wealth of your own but at the same time you’ll be in apposition to distribute wealth to among many Malawians who will be participating in the capital markets,” said Kamanga.
The 2023 Savings Awareness Week has been organized by the Reserve Bank of Malawi in order to let the citizenry understand what savings really means.
Among activities which will be practiced during the week includes arranging meetings in schools and markets.
By Eric Norman Mkwaira