Vice-President Saulos Chilima has challenged industry captains to change their mindset, saying this is one of the key ingredients for fostering personal development and wealth creation.
The Veep, who is also Minister of Economic Planning and Development; and Public Sector Reforms, said this on Friday in Blantyre during a wealth creation conference organised by Sycamore Consult.
Chilima said the citizenry lags behind on state of readiness, adding that this costs the economy in terms of wealth creation drive.
He said: “It is important to always be in a state of readiness to embrace the things that are coming.
“We need as a country to get involved with what is happening in the country and stop blame-shifting, but take responsibility for what happens around our environment. This is what is going to drive wealth creation.”
During the conference, industry captains and experts called for collective efforts among Malawians, observing that wealth creation could help the country to move away from abject poverty.
National Planning Commission director general Thomas Chataghalala Munthali, who was one of the presenters at the conference, said Malawians should focus on inclusive wealth and self-reliance to attain real development.
He said: “For us to achieve what we want, first is mindset change which includes having a positive value system.
“We will also need private sector dynamism, which is cutting across all the pillars like commercialisation, urbanisation, economic infrastructure which includes energy, transport and information communication technology; environmental sustainability and finally human capital development.”
On her part, Sycamore Consult founder and director Audrey Mwala said time has come for Malawians to change their mindset towards wealth creation.
“We can be poor or rich depending on how our mind is programmed. We, thus, need to de-programme our mind and give it a view to realise that we are responsible for our life and fortunes,” she said.
On his part, Bishop Abraham Simama, who is also an entrepreneur, gave an example of two people who started business with the same amount of money, but got different returns.
He said there is no one formula for savings and investment success, but the key is risk-taking and taking baby steps.
In his presentation titled Creating Business and Personal Wealth on the Stock Exchange, Malawi Stock Exchange chief executive officer John Kamanga said setting aside money for investment is beneficial in many ways, highlighting that the exchange provides a platform for cheaper capital.
“It is important to develop an investing culture,” he said.
Through Malawi 2063, Malawi, ranked among the poorest countries in the world with around 70 percent of its population living below the international poverty line of $1.90 (about K1 554.20) per day.