The CEO of Standard Bank in Malawi, Phillip Madinga, had this to say on Mining in Malawi when commenting on 2022-2023 Budget Statement:

Q4: The budget has underlined mining and quarrying as some of the contributors to the projected GDP growth. Are these sectors the new economic frontiers? What opportunities does the bank see in those sectors.

PM: We see an opportunity to diversify export proceeds and bolster the foreign exchange reserves position. Recently we have seen some positive strides with regards to improving the country’s capacity to better manage its natural endowments. For instance, the Reserve Bank of Malawi has started buying gold through its subsidiary, the Export Development Fund. We also note that a new owner has stepped in to restore affairs of Kayelekera Uranium mine in Karonga. Malawi has long suffered trade deficits due to lack of productive capacities. What we are seeing in the mining sector is an encouraging indicator that there is an opportunity to create jobs and partner with the investors for the benefit of Malawi.