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DatabankFebruary 11 2020

What will follow Malawi's moment of democratic triumph?

Malawi’s judiciary has stood up for democracy, but it is unclear what is in store next for this small east African economy. Marie Kemplay investigates.
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In early February, Malawi’s constitutional court overturned the results of the country’s 2019 presidential election, stating that there had been widespread irregularities. The official tally of the May 2019 poll had placed incumbent Peter Mutharika in the winning position with 38% of the result, but both the main opposition candidates cried foul. The constitutional court’s investigation uncovered systematic tampering, including the use of white correction fluid on voting tallies.

There was considerable pressure for the court to simply rubber-stamp the result. The fact that it did not is a significant step for a country that long been regarded as one of the more peaceful corners of Africa. The court has now ordered that a fresh election must take place within 150 days, although the decision may yet be appealed in the supreme court.

What this will mean for the future direction of the country, which has a population of 19 million and a largely agrarian economy, is as yet unclear.

Malawi’s banking sector has struggled a little in recent years. Three of its largest banks, Standard Bank Malawi, National Bank of Malawi and NBS Bank, saw their profits decrease year-on-year between 2017 and 2018, although all three also steadily increased their Tier 1 capital between 2016 and 2018. In recent years Malawi has been seeking increased foreign direct investment, and if these efforts pay off there may be an uplift for the country’s economy and banking sector. 

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