Parliament has passed the Economics Society of Malawi (ESOMA) bill, creating a legally recognised body to oversee and uphold standards in the Economics profession.

According to Minister of Finance Joseph Mwanamvekha, the Economics Society of Malawi (ESOMA) will be an autonomous institution of economists responsible for registering, regulating, and disciplining economists in Malawi.

He explains that the economics profession in Malawi has historically been led and driven by the Economics Association of Malawi (ECAMA), an organisation established as a public trust under the Trustees Incorporation Act (Cap.5:03), which has limited authority.

“This Bill therefore intends to address that gap by establishing an independent, self-governing and self-regulating body that will be responsible for registration, regulation and discipline of professional economists in Malawi, just as is the case with other professions,” said Mwanamvekha.

Malawi Congress Party (MCP) spokesperson on the bill, Member of Parliament for Dowa Phunzu, Arthur Sungitsa, stated that the bill is timely given the importance of economists.

He believes the new law, once enacted, will give direction to the profession and enhance professional standards. 

Chairperson of the Parliamentary Budget and Finance Committee, Sosten Gwengwe, says the bill is critical as it will ensure that there is sanity in the way its members operate while recognising the professionals. 

He adds that ECAMA, as a simple association of professionals, generally lacked the legal power to register and discipline economists, leaving the profession largely unregulated