Small Business Owners expresses worry over devaluation of Kwacha

Small business owners in this country have criticized the government for devaluing the kwacha, saying that this decision will undermine their business and economic activities in the country.

The director of the Small-Scale Business Operators Association of Malawi, Tennyson Mlimbula said that the decision will cause the price of goods to rise, which will also cause people who have limited income to be unable to order goods for their business.

Mlimbula also said that costumers will not be able to buy these goods as they will be sold at a high price, as a result sellers will not be able to get the profit they need to take care of their daily lives and their families.

The Director of the Voice for Reason group, Edward Kambanje, said that this idea means that those who will suffer are people who are already poor.

This comes when the Reserve Bank of Malawi has announced that from today the kwacha currency will be sold at the price of 1700 kwacha per dollar from the price of 1180.29 kwacha which represents the fall in the strength of kwacha out of every 100 kwacha.