First Lady challenges accountants to offer solutions to economic challenges

First Lady Madame Monica Chakwera has called on the Institute of Chartered Accounts in Malawi (ICAM) and Zambian Institute of Chartered Accountants (ZICA) to be solutions to some of the economic challenges escalated by Covid-19 pandemic.

Madam Chakwera made the call on Monday at Sun ‘N’ Sand Holiday Resort in Mangochi when she opened an Inter1 Executive Retreat jointly organized by ICAM and ZICA to discuss ways of building the future in the uncertain world and finding solutions to current economic challenges.

The First Lady expressed optimism that the collaboration between ICAM and ZICA would provide solutions to some of the economic challenges, citing corruption and other economic challenges that have a negative bearing on the economy of the two countries.

“Let’s join hands in the fight against corruption in whatever form it may take,” she said. “I would also like to call on the two chartered accountant bodies to lead in the fight since the profession is better placed in the fight.”

First Lady Madame Monica Chakwera
Chakwera: ICAM and ZICA coordination would provide solutions to some of the economic challenges. -Pic. by Abel Ikiloni, Mana

“We’re living in a world where uncertainty has become certain. The Covid-19 pandemic also continues to contribute to the present economic challenges which need urgent solutions to bring the economy back on track for 1 benefit.”

Madam Chakwera who is also a chartered accountant observed that days of doing business as usual are gone, emphasizing that was the time for professional bodies like ICAM and ZICA to provide innovative and lasting solutions to the economic hiccups that impact the economy.   

ICAM President, Phyles Kachingwe commended the First Lady for gracing the 2022 Malawi Inter1 Executive Retreat, saying it was also a marvel that the first lady was a chartered accountant.

Kachingwe said the two chartered accounting institutes met in Malawi to discuss and acquire knowledge towards attaining resilience in the economy in the two countries.  

“We’re the architect of the future, hammers and chisels and we’re the head that should carry our country to the destination of our choice,” Kachingwe said, adding that the retreat would also focus on issues around the theme to find solutions in the uncertainty world of economic challenges.    

Institute of Chartered Accounts in Malawi (ICAM)
Madame Chakwera receives a gift from ICAM and ZICA Presidents, Phyles Tatha Kachingwe (c) and Cecelia Zimba (L)-Pic. by Abel Ikiloni, Mana

Kachingwe, therefore, disclosed that Malawi will host Professional Women Conference and later in the year hold the 2022 ICAM Lake Shore Conference to discuss economic issues and further announced that Malawi is expected to attend leadership Indaba in Cape Town, South Africa to discuss the regional economy.    

ZICA President, Cecelia Zimba said the institute was delighted to participate in the 2022 Inter1 Executive Retreat which is expected to discuss a wider range of economic issues.

Zimba said the two institutes have a role to contribute to building resilience as one way of responding to economic challenges amidst the Covid-19 pandemic that has also affected the general livelihood of citizens.

She said she has confidence in the coordinated coalition that aims at making strategies toward solutions to the current economic challenges.

“Let’s be agile and rapidly respond to a fragile economy and we need to be innovative to reach out and re-engage and pull in one direction to generate new innovations,” Zimba said.

She called on chartered accountants to embrace digital technology and other workable solutions to the current economic challenges that have also been worsened by the Russian-Ukraine crisis.

Associate Professor at the University of Cape Town, Professor Kosheck Sewchurran in his presentation, ‘Leading in crisis in wisdom and compassion,’ called for a mentality of resilience among citizens in the face of economic challenges.

The joint ICAM and ZICA retreat which goes on to Tuesday, April 12, this week is being conducted under the theme: ‘Unwavering, steadfast in the new today and the uncertain tomorrow.’