Local economists on Tuesday took some time to dissect how Malawi is generating and processing economic data crucial in estimating key economic indicators for business decision-making.
Jointly organised by Economics Association of Malawi (Ecama) and JTI Leaf Malawi, the meeting was attended by officials from Malawi Confederation of Chambers of Commerce and Industry (MCCCI), banking sector, tobacco industry, Treasury, Malawi Revenue Authority, Reserve Bank of Malawi and the academia.
Speaking during the event, JTI Leaf Malawi director of corporate affairs and communications Limbani Kakhome said it was important as a business to organise the forum so that economic gurus brainstorm on how best Malawi can generate credible economic data for critical business decisions.
“One of the key things we require as a business is to consume economic data. This helps us in planning, forecasting and all those kind of business elements that one needs to do,” he said.
Kakhome said since JTI entered the Malawi market, the firm found it challenging to access credible economic data; hence, its decision to go into partnership with Ecama last year.
Ecama executive director Maleka Thula said the economic think-tank and JTI Leaf Malawi will develop a list of macro and microeconomics data and find out who is generating such data.
On his part, MCCCI chief executive officer Chancellor Kaferapanjira stressed the importance of quality data, saying without credible data, it is difficult to make informed decisions.