Indian-Owned Shops in Lilongwe Shut Down as Silent 23% Kwacha Devaluation Sparks Unrest

In Lilongwe, businesspeople hoping to shop in Indian-owned stores found themselves stranded outside closed doors, as a 23% devaluation of the Malawian Kwacha, quietly implemented by the government on Monday, November 4, 2024, forced many shops to remain shut.

According to store owners, the sudden devaluation has left them recalculating prices, delaying the opening of their businesses as they work to adjust prices across various products.

Some stores that did open on Monday doubled their prices overnight, a shock that left many customers unwilling or unable to buy, waiting instead outside the shops for further clarification.

Mr. Arnold Kapiseni, who traveled from Kaphatenga-Kamuzu Road in Salima, criticized the government for this unannounced devaluation, pointing out a previous 44% Kwacha devaluation not long ago. Kapiseni expressed disappointment in President Lazarus Chakwera, accusing him of failing to communicate with citizens on the economic challenges and the reasons for these currency devaluations.

Reflecting on past leadership, Kapiseni said, “Former President Dr. Bakili Muluzi would address the nation on critical issues. But President Chakwera seems indifferent to the struggles of Malawians.”

Echoing this sentiment, Mrs. Ethel Chalimbakatha argued that the recent devaluations and unmet promises have tarnished Chakwera’s reputation ahead of the 2025 elections. “President Chakwera has essentially campaigned for opposition leader Mutharika by failing to fulfill his promises,” Chalimbakatha remarked, suggesting that voters may turn to the Democratic Progressive Party (DPP) in response.

Chalimbakatha concluded, “Malawians have suffered under Chakwera’s administration. If he seeks re-election, it could be a grave error. He’s the worst president we’ve had since 1994.”