The Small and Medium Enterprises Development Institute (SMEDI) has advised entrepreneurs to remain agile as they navigate economic challenges affecting businesses in Malawi.

SMEDI Acting Chief Executive Officer Chezani Otaniele observed that since the Covid-19 pandemic, businesses have faced numerous hurdles, further exacerbated by the country’s ongoing forex shortages.

Otaniele made the remarks in Lilongwe during the launch of the "Phuka SME Awards" by Standard Bank, an initiative designed to recognize the critical role of small businesses in job creation and economic recovery.

"Entrepreneurs must remain agile and innovative to navigate the tough economic conditions. The resilience of SMEs is critical to ensuring sustainable growth," Otaniele stated.

Speaking at the launch, Standard Bank Head of Business and Commercial Banking Graham Chipande underscored the importance of supporting SMEs as key contributors to economic development. He noted that the awards are intended to encourage Micro, Small, and Medium Enterprises (MSMEs) to take advantage of opportunities in Malawi’s economy through entrepreneurship and innovation.

"Entrepreneurship thrives on responding to challenges and solving complex economic and societal problems. Through these prestigious awards, Standard Bank Plc seeks to recognize and partner with MSMEs that are stepping up to address Malawi's economic challenges through innovative solutions," said Chipande.

He further revealed that the awards will feature five categories, including a newly introduced category dedicated to the Arts industry, highlighting the sector’s growing contribution to the economy.

SMEDI and Standard Bank have since called on Malawi’s SMEs—who number over 16 million and contribute approximately 47 percent of the country’s GDP—to capitalize on available opportunities and leverage support systems to strengthen their businesses amid ongoing economic hardships including forex shortages.

Ends