Minister of Finance, I would immediately set out to stop the extravagance at Reserve Bank of Malawi (RBM) where the salary of the governor and other senior officials is reported to have tripled within three or so years.
If I were bwana Mlusu, I would appreciate that such remunerations are a luxury for a country such as Malawi battling a severe economic squeeze.
Oh yes, if I happened to be the Minister of Finance, I would come up with proper structures to ensure that the central bank meets appropriate corporate governance standards.
I would appreciate that when RBM governor doubles as board chairperson, then something is terribly wrong in the institution’s set-up; hence, it needs urgent attention.
When the Reserve Bank Act states that the governor shall be answerable to a board to which he or she is the chairperson, then it is prone to abuse of power.
I would realise that the central bank is supposed to be in the forefront in setting the best corporate governance principles.
But I am not one Felix Mlusu.
