Macro-economy & structure21 datasets
Annual % change at constant 2017 prices, 2018–2025
Source: NSO · MoFEPD — 2018–2023 are NSO figures. 2024 and the 2025 estimate are from the Ministry of Finance Annual Economic Report 2026. The 2024 report had projected agricultural growth of 1.9% for 20244. Crop production fell by 6.6% in 2024, the drought year, while animal production grew by 9.2%2.
MWK billion at current prices and at constant 2017 prices, 2017–2023 (NSO)
Source: NSO — Current-price value added tripled between 2017 and 2023 while real value added rose by 15.6% (own calculation). No NSO current-price figure for 2024 or 2025 had been published by October 2026.
Agriculture, forestry and fishing, current US$ billion, 2010–2025 (World Bank)
Source: World Bank WDI · IMF — The falls in 2012, 2016 and 2024 coincide with the kwacha's depreciation. The annual average rate moved from 156.5 per US dollar in 2011 to 249.1 in 2012, and from 1,161.1 in 2023 to 1,738.3 in 2024 (IMF to 2023, Reserve Bank of Malawi for 2024).
Annual average of the official rate, MWK per US$, 2010–2025
Source: IMF · RBM — IMF annual averages for 2010–2023 and the Reserve Bank of Malawi's annual averages of the market rate it compiles for 2024 and 2025, as the IMF had not published those years. The Reserve Bank devalued the kwacha by 25% on 27 May 2022, and on 8 November 2023 it changed the operation of the foreign exchange market, after which the official rate moved from about 1,180 to 1,700 per dollar8910.
Agriculture, forestry and fishing, % of employed persons aged 15–64
Source: NSO — The three figures use different definitions and are not a time series. The 2024 survey applies the 19th ICLS standard and excludes people who grew food only for their own consumption and worked under 48 hours. The census figure is an own calculation from Table D8 (3,921,887 of 5,389,463 employed persons).
% of households, Integrated Household Surveys 2019/20 and 2024/25
Source: NSO — Households in which a member engaged in agricultural activity during the survey's reference season.
% of persons below the national poverty lines, IHS4 2016/17, IHS5 2019/20 and IHS6 2024/25
Source: NSO — Cost of basic needs method. The food poverty line was 68.5% of the total poverty line in IHS6 against 61.1% in IHS5, which the NSO says helps explain why ultra-poverty rose while the poverty headcount fell.
% of land area, 2010–2024 (World Bank, FAO data)
Source: World Bank WDI — FAO estimates republished by the World Bank. Agricultural land covered 61,322 km² in 2024, and arable land 4.0 million hectares.
% of holdings by size class, National Census of Agriculture 2025 (2023/24 season)
Source: NSO — Size classes as printed in Table 3.10 of the census report. The average holding was 0.9 ha, self-reported.
% of land, National Census of Agriculture 2025
Source: NSO — The residual category is an own calculation (100 minus the three published shares). 81.9% of agricultural households reported unregistered parcels.
% of agricultural households by production orientation, National Census of Agriculture 2025
Source: NSO
Consumer prices, annual average change, %, 2022–2025 (NSO, December 2021 = 100)
Source: NSO · World Bank WDI — Food has a weight of 53.73% in the basket. The World Bank series, based on the same NSO index, gives annual average inflation of 7.4% in 2010, 21.9% in 2015 and 8.6% in 202021.
Consumer prices, % change on a year earlier, January 2023 – August 2026
Source: NSO — Headline inflation rose from 26.93% in October 2023 to 33.13% in November 2023, the month of the exchange-rate change. Since January 2026 food inflation has been below non-food inflation, which was 31.78% in August 2026.
Headline indicators, 2017–2025
| Indicator | 2017 | 2020 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| GDP, current prices (MWK billion, NSO) | 6,531.2 | 8,821.4 | 15,516.5 | 19,668.1 | 24,760 (preliminary) |
| GDP (US$ billion, World Bank) | 8.94 | 11.77 | 13.36 | 11.31 | 14.92 |
| Real GDP growth (%) | 4.0 | 0.8 | 1.9 | 1.7 | 2.7 (estimate) |
| Agriculture, forestry & fishing value added (MWK billion, current prices) | 1,497.4 | 2,206.7 | 4,479.5 | – | – |
| Agricultural value added (US$ billion, World Bank) | 2.05 | 2.94 | 3.86 | 3.60 | 4.48 |
| Agriculture, share of GDP at current prices (%) | 22.9 | 25.0 | 28.9 | 31.8 (World Bank) | 30.0 (World Bank) |
| Agriculture, share of GDP at constant 2017 prices (%) | 22.9 | 22.6 | 22.2 | 21.8 | 21.5 (estimate) |
| Real growth of agriculture (%) | 5.2 | 3.4 | 0.5 | −0.2 | 1.3 (estimate) |
| Population (million, World Bank) | 18.04 | 19.53 | 21.10 | 21.66 | 22.22 |
| Rural population (% of total, World Bank) | 84.0 | 83.7 | 83.0 | 82.7 | 82.4 |
| CPI inflation, annual average (%) | 11.5 | 8.6 | 28.8 | 32.2 | 28.4 |
| Kwacha per US$, annual average | 730.27 | 749.53 | 1,161.09 | 1,738.34 | 1,750.21 |
| Agri-food exports, HS 01–24 (US$ million) | 760.5 | 714.8 | 865.4 | 864.2 | 855.1 |
| Agri-food imports, HS 01–24 (US$ million) | 318.8 | 385.5 | 279.9 | 390.1 | 457.3 |
Source: NSO · MoFEPD · World Bank WDI · IMF · RBM · UN Comtrade — National accounts on the 2017 base. GDP for 2024 is the NSO expenditure-approach estimate, and 2025 values are preliminary or estimates. Agricultural growth for 2017 is the World Bank figure. Inflation for 2017 and 2020 is the World Bank series, and for 2023–2025 the NSO annual averages. Kwacha rates are IMF averages to 2023 and Reserve Bank of Malawi averages for 2024 and 2025.
Composition of agricultural value added, 2023
| Activity | Share of GDP at current prices (%) |
|---|---|
| Crop production | 16.589 |
| Animal production | 10.808 |
| Fishing | 1.377 |
| Forestry | 0.096 |
| Agriculture, forestry and fishing | 28.869 |
Employment in agriculture, Labour Force Surveys 2013 and 2024
| Indicator | LFS 2013 | LFS 2024 |
|---|---|---|
| Agriculture, forestry and fishing, % of employed | 64.1 | 39.3 |
| Men (%) | 58.5 | 37.7 |
| Women (%) | 69.9 | 41.2 |
| Urban (%) | 16.4 | 8.9 |
| Rural (%) | 70.4 | 49.2 |
| Informal employment in agriculture (%) | – | 97.6 |
| Unemployment rate, broad (%) | – | 19.7 |
Source: NSO — The 2013 survey counted own-use food production as employment. The 2024 survey follows the 19th ICLS standard and excludes people who grew food only for their own consumption and worked under 48 hours, so the two shares are not comparable.
Poverty and inequality, IHS5 and IHS6
| Indicator | IHS5 2019/20 | IHS6 2024/25 |
|---|---|---|
| Poverty headcount, national (%) | 50.7 | 47.3 |
| Rural (%) | 56.6 | 52.6 |
| Urban (%) | 19.2 | 20.9 |
| Ultra-poverty, national (%) | 20.5 | 24.0 |
| Poverty gap (%) | 17.0 | 15.7 |
| Gini coefficient | 37.9 | 39.9 |
| Households engaged in agriculture (%) | 84.7 | 85.7 |
Source: NSO — The IHS6 poverty line is MWK 1,562.6 per person per day and the food line MWK 1,071.1. Regional poverty in 2024/25 was 55.8% in the South, 41.0% in the North and 40.4% in the Centre.
Smallholder agriculture, National Census of Agriculture 2025
| Indicator | Value |
|---|---|
| Average holding size (ha, self-reported) | 0.9 |
| Land under customary tenure (% of land) | 71.8 |
| Freehold (% of land) | 20.9 |
| Leasehold (% of land) | 4.7 |
| Agricultural households with unregistered parcels (%) | 81.9 |
| Irrigated smallholder land (ha) | 69,469 |
| Irrigated smallholder land (% of 3,543,752 ha) | 2.2 |
| Households benefiting from the Affordable Inputs Programme (%) | 26.2 |
Agriculture targets of MIP-1 (2021–2030)
| Indicator | Baseline | Target 2030 |
|---|---|---|
| Agriculture, forestry and fishing, share of GDP (%) | 22.8 (2020) | about 30 |
| Agricultural value addition (MWK billion) | about 403 (2019) | about 680 |
| Area under commercial agriculture (%) | 16 (2020) | at least 40 |
Production, trade & prices21 datasets
Exports and imports of HS chapters 01–24 by partner country, US$ million (UN Comtrade, as reported by Malawi)
Exports · All agri-food products855.1 US$ m
US$ m<0.30.314920+no trade / n.a.Malawi
Top 12 partners · share of total and US$ m
1
Belgium
20%171.1
2
China
7.2%61.4
3
India
5.8%49.5
4
United States
4.9%42.1
5
Egypt
4.2%35.8
6
Poland
3.9%33.4
7
Türkiye
3.8%32.6
8
Zimbabwe
3.5%30
9
South Africa
3.3%28.6
10
United Kingdom
2.9%24.9
11
Russia
2.7%22.8
12
Kenya
2.7%22.7
67 more partners · 300.3 US$ m (35.1%)
Source: UN Comtrade — HS chapters 01–24 (live animals to tobacco). Raw cotton (HS chapter 52) is not included. Partner values are as reported by Malawi, and 2025 is the latest year Malawi has reported to UN Comtrade. Small territories without a shape on the 1:110m world map appear only in the ranked list.
Million tonnes by harvest year, 2010–2026 (Ministry of Agriculture estimates)
Source: FAOSTAT · FEWS NET · IPC — 2010–2023 from FAOSTAT, whose values equal the final round of the Ministry of Agriculture's Agricultural Production Estimates Survey (APES). 2024–2026 are APES final estimates (2,712,578 t, 2,859,949 t and 3,300,618 t) as reported by FEWS NET and the IPC. FAOSTAT's 2024 figure of 3.0 million tonnes is an external estimate and is not used. The 2026 harvest was 5% below the five-year average37.
Area harvested, million hectares, and yield, tonnes per hectare, 2010–2022 (FAOSTAT)
Source: FAOSTAT — FAOSTAT shows the 2023 and 2024 area and yield as estimates or external figures, so the chart ends in 2022. Yields stayed between 1.4 and 2.5 tonnes per hectare.
Production, thousand tonnes, 2010–2023 (FAOSTAT)
Production, million tonnes of fresh roots, 2014–2023 (FAOSTAT)
Source: FAOSTAT
Unmanufactured tobacco, thousand tonnes, 2010–2023 (FAOSTAT)
Source: FAOSTAT — Production basis. Auction-floor sales recorded by the Tobacco Commission are a different series.
Volume, million kg, and value, US$ million, marketing seasons 2022–2026 (Tobacco Commission)
Source: TC — Cumulative sales as stated by the Tobacco Commission. The 2026 figure covers the first 19 weeks of a season that closed on 10 September 2026, against 197.2 million kg worth US$500.4 million in the same period of 2025.
US$ per kg, all types, marketing seasons 2022–2026 (Tobacco Commission)
Source: TC
Thousand tonnes, 2010–2023 (FAOSTAT estimates)
Source: FAOSTAT — FAOSTAT flags the tea series as estimated or imputed and most sugar values as figures from external organisations. Sugar cane production was estimated at 2.65 million tonnes in 2023. Made-tea output and company sugar data were not found in an accessible primary source.
Production, thousand tonnes, 2010–2023 (FAOSTAT)
Source: FAOSTAT
Million head, 2010–2023 (FAOSTAT)
Capture fisheries and aquaculture, thousand tonnes, 2010–2024 (FAO)
Source: WDI
HS chapters 01–24, US$ million, 2015–2025 (UN Comtrade)
Source: UN Comtrade — Own sums of HS chapters 01–24 as reported by Malawi. Raw cotton (chapter 52) is not included. Imports reported for 2022 (US$150.6 million) are about half of adjacent years and lower in most chapters.
Exports by HS chapter, US$ million, 2015–2025
Source: UN Comtrade — Customs export values. Tobacco export values differ from the Tobacco Commission's auction-floor sales, which cover sales in each marketing season. Chapter 07 includes dried pulses such as pigeon peas, and chapter 12 includes soya beans and groundnuts.
HS chapters, US$ million
HS chapters, US$ million
Source: UN Comtrade — Tobacco imports came mainly from Zambia and Mozambique, and cereal imports mainly from Tanzania, Australia and Russia.
National average, MWK per kg, last week of each month, January 2023 – August 2026 (IFPRI)
Source: IFPRI — IFPRI Malawi maize market reports, value stated in each month's report (later reports sometimes revise the previous month). April 2023, April 2024 and April 2026 show old-crop prices. For the final week of April 2026 the May 2026 report gives K75085. The March 2026 report gives K1,041 in the text and K1,043 in Table 1. The national average reached K1,743 per kg on 5–6 March 2025, which IFPRI described as record-beating71.
Crop production estimates (APES), 2022/23 and 2023/24
| Crop | 2022/23 final (t) | 2023/24 second round (t) | 2023/24 final (t) |
|---|---|---|---|
| Maize | 3,509,837 | 2,926,190 | 2,712,578 |
| Groundnuts | 468,045 | 411,279 | 277,591 |
| Rice | 124,344 | 138,711 | 126,981 |
| Sorghum | 126,333 | 102,195 | 81,402 |
| Millet | 49,631 | 37,930 | 33,596 |
| Sunflower | 15,674 | 16,167 | 12,954 |
| Cotton | 13,822 | 8,175 | 6,147 |
| Sesame | 9,686 | 15,031 | 11,031 |
Malawi in world production, 2024
| Product | World rank | Number of producing countries | Malawi production (t) |
|---|---|---|---|
| Pigeon peas | 2 | 26 | 473,662 |
| Sweet potatoes | 2 | 112 | 7,980,473 |
| Unmanufactured tobacco | 8 | 130 | 119,957 |
| Tea leaves | 12 | 47 | 247,670 |
| Cassava | 16 | 97 | 6,278,880 |
| Soya beans | 19 | 108 | 305,000 |
| Groundnuts | 22 | 108 | 350,000 |
| Maize | 37 | 169 | 3,000,000 |
Source: FAOSTAT — Own calculation from the FAOSTAT all-countries file. FAOSTAT's 2024 values for Malawi are imputed or taken from external sources, and the Ministry's APES estimate of maize for 2024 was 2,712,578 t.
Tobacco marketing seasons, 2020–2026
| Season | Volume sold (million kg) | Value (US$ million) | Average price (US$/kg) | Basis |
|---|---|---|---|---|
| 2020 | 114 | – | – | Season total |
| 2021 | 123 | – | – | Season total |
| 2022 | 85 | 182 | 2.14 | Season total |
| 2023 | 120 | 282.6 | 2.35 | Season total |
| 2024 | 132.83 | 395.31 | 2.98 | To 1 August 2024, season closed 2 August |
| 2025 | 221 | 542 | 2.45 | Season total, stated April 2026 |
| 2026 | 142.4 | 282.5 | 1.98 | After 19 weeks, season closed 10 September |
Source: TC — Values for 2020 and 2021 are volumes only, as stated by the Tobacco Commission. On 3 October 2025 the Commission reported 215 million kg sold for US$533.6 million, and the season closed on 24 October 202591. In the 2024/25 licensing round contract farming accounted for 241.3 million kg of the 275.7 million kg licensed, 87.5% (own calculation)92.
Largest agri-food trade partners, 2025
| Partner | Exports (US$ million) | Partner | Imports (US$ million) |
|---|---|---|---|
| Belgium | 171.1 | South Africa | 75.8 |
| China | 61.4 | Mozambique | 72.2 |
| India | 49.5 | Malaysia | 69.0 |
| United States | 42.1 | Zambia | 58.5 |
| Egypt | 35.8 | Tanzania | 58.4 |
| Poland | 33.4 | Australia | 21.1 |
| Türkiye | 32.5 | Kenya | 15.6 |
| Zimbabwe | 30.0 | Russia | 11.6 |
| South Africa | 28.6 | Zimbabwe | 8.7 |
| United Kingdom | 24.9 | Argentina | 8.6 |
| Total, all partners | 855.1 | Total, all partners | 457.3 |
Value chains & food security10 datasets
Input subsidy line in the national budget, MWK billion, fiscal years 2024/25–2026/27
Source: MoFEPD — Financial Statement 2026/27, fiscal years April–March. The line was called the Affordable Inputs Program in 2024/25 and the Fertilizer Input Subsidy Program from 2025/26. Revised estimates are not audited outturns. The approved 2026/27 amount of K111.45 billion is about US$63.8 million at the end-August 2026 rate (own calculation)6.
Vote 190, MWK billion, fiscal years 2023/24–2026/27
People in IPC Phase 3 or above, October–March, million, 2021/22–2026/27
Government minimum price, MWK per kg, 2023–2026 marketing seasons
Mean retail price across WFP-monitored markets, MWK per 50 kg bag, November 2020 – September 2026
Source: WFP VAM / HDX — Own calculation of the mean of market prices in the WFP dataset (urea 69, 32, 79 and 73 markets, NPK 68, 27, 78 and 73 markets). The dataset has no fertiliser prices from November 2021 to February 2025.
Input subsidy budget and beneficiaries
| Fiscal year | Name in the budget | Approved (MWK million) | End-year revised (MWK million) | Beneficiaries |
|---|---|---|---|---|
| 2022/23 | Affordable Inputs Programme | 109,400 | – | 2.47 million (commitment) |
| 2024/25 | Affordable Input Program | 161,285 | 131,585 | 1,270,808 (actual) |
| 2025/26 | Fertilizer Input Subsidy Program | 111,450 | 196,463 | 1.5 million target, 1.0 million preliminary |
| 2026/27 | Fertilizer Input Subsidy Program | 111,450 | – | 1.0 million (target) |
Source: IFPRI MaSSP · MoFEPD — Fiscal years run from April to March. Revised estimates are not audited outturns. The 2025/26 name is as shown in the 2026/27 Financial Statement. FEWS NET assumed about 600,000 beneficiaries for 2026/2797. The farmer contribution was MWK 7,500 per bag in 2021/22 and MWK 15,000 in 2022/2399.
Agriculture in the national budget, 2023/24–2026/27
| Item | 2023/24 | 2024/25 | 2025/26 | 2026/27 |
|---|---|---|---|---|
| Ministry of Agriculture, Vote 190, approved (MWK million) | 360,818.33 | 465,874.44 | 667,750.22 | 971,361.86 |
| Vote 190, revised (MWK million) | 399,800.27 | – | 812,741.69 | – |
| Mega Farms sub-programme, approved (MWK million) | 378.89 | 3,685.23 | 6,498.30 | 44,721.24 |
| Maize purchases, approved (MWK million) | – | 22,000 | 60,000 | 60,000 |
| Input subsidy, approved (MWK million) | – | 161,285 | 111,450 | 111,450 |
Acute food insecurity, IPC Phase 3 or above
| Period | People | Share of analysed population (%) |
|---|---|---|
| Oct 2021 – Mar 2022 | 1,496,394 | 8 |
| Oct 2022 – Mar 2023 | 3,818,554 | 20 |
| Oct 2023 – Mar 2024 | 4,402,000 | 22 |
| Oct 2024 – Mar 2025 (updated) | 6,188,379 | 30 |
| May – Sep 2025 | 2,970,000 | 16 |
| Oct 2025 – Mar 2026 (projected) | 4,002,000 | 22 |
| Apr – Sep 2026 | 1,935,000 | 10 |
| Oct 2026 – Mar 2027 (projected) | 2,613,000 | 14 |
Public maize marketing and reserves
| Date | Item | Value |
|---|---|---|
| June 2024 | Strategic grain reserve stock | 15,000 t (minimum threshold 217,000 t) |
| August 2024 | Purchases by ADMARC and NFRA in the 2024 season | 31,000 t and 35,000 t |
| Nov 2025 – Mar 2026 | Planned maize imports from Zambia | 200,000 t |
| 2026 | Minimum farm-gate price for maize, paid by NFRA | MWK 900 per kg |
| July 2026 | NFRA stocks carried over and purchase target | 82,000 t, target 108,000 t |
Warehouse receipt system of ACE
| Indicator | Value |
|---|---|
| Certified storage sites | 126 |
| Certified capacity (t) | 595,552 |
| Sites owned by farmer organisations | 35 |
| Commodity deposited, 2022/23–2024/25 seasons (t) | 557,322 |
| Receipts financed by eight banks, 2022/23–2024/25 (MWK billion) | 221 |
Climate & environment13 datasets
November–April total, country average, mm, 1990/91–2024/25 (ERA5)
Source: World Bank CCKP — Own calculation, sum of the ERA5 monthly country averages from November to April. The 1991–2020 seasonal average is 1,251 mm. The country average does not show regional dry spells. The 2023/24 season, when drought was declared in 23 of 28 districts, recorded 8.0% more rain than the average at national level.
Country average, °C, 1990–2025 (ERA5)
Source: World Bank CCKP — The 1991–2020 mean was 22.09 °C, against 21.53 °C in 1961–1990 (own calculation). 2024, at 22.75 °C, was the warmest year in the series. The CRU station-based climatology, a separate series, gives 22.02 °C for 1961–1990 and 22.66 °C for 1991–2020106107.
Median change in annual mean temperature against 1995–2014, °C, CMIP6 ensemble
Source: World Bank CCKP
Greenhouse gas emissions by sector, Mt CO2-equivalent, 2010 and 2023 (Climate Watch)
Source: Climate Watch — Industrial processes added 0.42 Mt in 2023. Agriculture accounted for 78.3% of emissions excluding land use and forestry in 2023 (own calculation). The national inventory in the first Biennial Transparency Report uses other methods and gives 5.71 Mt for agriculture in 2022113.
Mt CO2-equivalent, 2010–2023 (Climate Watch)
Source: Climate Watch · FAOSTAT — The FAOSTAT series follows the same path. Enteric fermentation (4.01 Mt), manure left on pasture (2.06 Mt) and synthetic fertilisers (1.51 Mt) were the largest farm sources in 2023114.
Million hectares, 1990–2025 (FAO)
Source: FAOSTAT — FAO Forest Resources Assessment values. Forest area fell by 23.7% between 2010 and 2025 (own calculation), and the annual values after 2020 are interpolated.
Damage and losses, US$ million, Post-Disaster Needs Assessment, April 2023
Source: GoM PDNA — Total effects were US$506.7 million, of which crops, livestock, irrigation and fisheries accounted for US$110.4 million or 21.8% (own calculation). Smaller sectors are not shown.
Thousand hectares, 1990–2024 (FAOSTAT)
Projected change in temperature and rainfall (CMIP6)
| Scenario and period | Temperature, median (°C) | Temperature, 10th–90th percentile (°C) | Annual rainfall, median (mm) |
|---|---|---|---|
| SSP2-4.5, 2040–2059 | +1.40 | +0.97 to +2.10 | −23.7 |
| SSP2-4.5, 2080–2099 | +2.31 | +1.49 to +3.23 | −36.4 |
| SSP5-8.5, 2040–2059 | +1.88 | +1.30 to +2.69 | −34.1 |
| SSP5-8.5, 2080–2099 | +4.58 | +2.64 to +6.15 | −83.7 |
Source: World Bank CCKP — Anomalies against 1995–2014. The rainfall range runs from declines to increases in every scenario.
Malawi's climate commitments
| Item | Updated NDC (July 2021) | NDC 3.0 (June 2026) |
|---|---|---|
| Target years | 2040 | 2030 and 2035, indicative 2040 |
| Coverage | Energy, industry, waste and agriculture (forestry and land use excluded) | All sectors including forestry and land use |
| Unconditional reduction below business as usual | 6% by 2040 | 8% (2030), 12% (2035), 13% (2040) |
| Combined with international support | 51% by 2040 | 30% (2030), 48% (2035), 54% (2040) |
| Estimated cost | US$46,329 million to 2040 | US$7,058 million for 2025–2035 |
| Share conditional on international finance | about 76% | 61% |
| Agriculture measures | Conservation agriculture, efficient fertiliser and manure use | Conservation agriculture on 240,000 ha by 2030, 100,000 ha of agroforestry, 10,000 biogas digesters |
Source: GoM — NDC 3.0 is cited from its final version dated 17 June 2026. Its business-as-usual levels differ between the text and Table 1, so only the percentages are shown.
Cyclone Freddy (2023) and Cyclone Idai (2019), needs assessments
| Item | Cyclone Idai and floods, 2019 | Cyclone Freddy, 2023 |
|---|---|---|
| Damage and losses (US$ million) | 220.2 | 506.71 |
| Recovery needs (US$ million) | 370.5 | 680.4 |
| Agriculture, livestock, irrigation and fisheries (US$ million) | 36.3 | 110.37 |
| Agriculture share of effects (%, own calculation) | 16.5 | 21.8 |
| Deaths | 60 | 679 |
| People affected | more than 800,000 | 2,267,458 |
Source: UNECA ACPC · GoM PDNA — The 2019 figures come from a Government presentation summarising the assessment, at an early response stage. Freddy affected 54,949 ha of crops.
Disaster risk finance instruments
| Instrument | Date | Amount |
|---|---|---|
| African Risk Capacity payout, 2015/16 drought | Announced Nov 2016, received 2017 | about US$8.1 million |
| World Bank DRM Development Policy Financing with Cat DDO | Approved 6 Jun 2019 | US$70 million (US$30 million Cat DDO drawn 10 Apr 2020) |
| African Risk Capacity and AfDB payout | 28 Jun 2022 | US$14.2 million |
| World Bank Growth and Resilience DPO with Cat DDO | Approved 12 Dec 2023 | US$80 million plus US$57 million Cat DDO |
| AfDB and African Risk Capacity payout, 2023/24 El Niño | 2 Aug 2024 | US$11.2 million |
| African Risk Capacity payouts, 2024/25 season | 25 Jul 2025 | US$3,376,783 |
Source: ARC · World Bank · AfDB — The 2023 Cat DDO was shown as fully disbursed in the June 2025 implementation report, which does not give the drawdown date.
The 2024 El Niño drought response
| Item | Value |
|---|---|
| State of disaster declared | 23 March 2024, 23 of 28 districts |
| Maize area severely affected (Government estimate) | about 44% |
| Government response appeal, April 2024 (US$) | 446,739,294 |
| of which agriculture (US$) | 158,609,366 |
| Funding gap at the time of the appeal (US$) | 425,124,797 |
| UN Flash Appeal, July 2024 (US$ million) | 136.5 |
Agricultural finance17 datasets
Commercial bank loans to agriculture, forestry, fishing and hunting, MWK billion, end of year 2014–2025
Source: RBM/RFI — Registrar of Financial Institutions, distribution of gross loans by sector, latest published value for each year. Loans grew by K104.0 billion in 2025.
Commercial bank loans to agriculture, forestry, fishing and hunting, converted at the official end-of-year rate, US$ million, 2014–2025
Source: RBM/RFI · IMF · RBM — Own conversion of the kwacha stock at the official end-of-year MWK/USD rate, from the IMF for 2014–2023 and from the Reserve Bank of Malawi for 2024 and 2025. The rates used are 470.78 (2014), 672.68 (2015), 728.62 (2016), 732.03 (2017), 733.69 (2018), 738.87 (2019), 773.11 (2020), 819.44 (2021), 1,034.67 (2022), 1,697.98 (2023), 1,749.93 (2024) and 1,749.00 (2025). In dollars the stock fell to US$124 million in 2023, after the kwacha's adjustment in November 2023, and rose to US$214 million at the end of 2025.
Official end-of-period rate, MWK per US$, 2010–2025, and end-August 2026
% of private sector credit, December 2014–2025 and monthly January–July 2026 (Monthly Economic Review)
Source: RBM — Different basis from the Registrar's bank loan series. Shares are relative to total private sector credit net of provisions, latest published value for each December. The December 2015 value of 37.5% is as printed. The share was 24.2% in July 2025, 23.1% in February 2026 and 18.8% in July 2026.
NPL ratio, % of gross loans, September 2011 – June 2026 (Financial Stability Reports)
Reserve Bank of Malawi policy rate, %, end of year 2010–2025 and June 2026
Source: RBM — The rate was raised in five steps from 12.0% in April 2022 to 26.0% on 1 February 2024 and cut to 24.0% on 5 March 2026, where it stayed in August 2026.
Reference rate and average maximum lending rate of banks, %, December 2019–2025 and June 2026
Source: RBM — The reference rate replaced the base lending rate in 2019, so the chart starts in that year. In December 2018 the base lending rate was 24.75%.
% of adults aged 15 and over, Global Findex 2011–2024
NEEF collection rate, %, reporting periods 2022–2024
African Risk Capacity payouts to the Government of Malawi, US$ million
Source: ARC · AfDB — The 2016 amount is approximate as published, and the date is that of ARC's announcement. ARC states that Malawi received the payout in 2017129. The 2022 payout covered the 2020/21 season according to ARC, and the 2024 payout, made by ARC and the African Development Bank, the 2023/24 El Niño season.
Bank credit to agriculture, 2025
| Indicator | Value |
|---|---|
| Bank loans to agriculture, forestry, fishing and hunting (MWK billion, end-2025) | 374.5 |
| In US$ million at the end-2025 rate of 1,749.00 (own calculation) | 214.1 |
| Share of bank loans (%) | 15.2 |
| Increase in 2025 (MWK billion) | 104.0 |
| Share of industry credit, June 2026 (%) | 16.5 |
| Bank NPL ratio, June 2026 (%) | 3.6 |
| Policy rate, August 2026 (%) | 24.0 |
| Reference rate, June 2026 (%) | 20.4 |
Monetary policy decisions, 2020–2026
| Decision date | Policy rate (%) | Change | Liquidity reserve requirement, local currency (%) |
|---|---|---|---|
| 6 Nov 2020 | 12.0 | −150 bp | 3.75 |
| 29 Apr 2022 | 14.0 | +200 bp | 3.75 |
| 26 Oct 2022 | 18.0 | +400 bp | 3.75 |
| 27 Apr 2023 | 22.0 | +400 bp | 5.75 |
| 27 Jul 2023 | 24.0 | +200 bp | 7.75 |
| 1 Feb 2024 | 26.0 | +200 bp | 7.75 |
| 3 May 2024 | 26.0 | hold | 8.75 |
| 4 Nov 2024 | 26.0 | hold | 10.0 |
| 5 Mar 2026 | 24.0 | −200 bp | 10.0 |
| 30 Apr 2026 | 24.0 | hold | 12.0 |
| 6 Aug 2026 | 24.0 | hold | 12.0 |
Source: RBM — Meetings at which the rate and reserve requirement were both unchanged are not listed. The rate stayed at 13.5% in the first three meetings of 2020 and at 26.0% in all four meetings of 2025. The reserve requirement on foreign-currency deposits stayed at 3.75%. The Lombard rate is set 0.2 percentage points above the policy rate. The next decision was due on 29 October 2026.
Official kwacha rates used in this profile
| Date or period | MWK per US$ | Source |
|---|---|---|
| End-2023 | 1,697.98 | IMF |
| Average 2023 | 1,161.09 | IMF |
| End-2024 | 1,749.93 | Reserve Bank of Malawi |
| Average 2024 | 1,738.34 | Reserve Bank of Malawi |
| End-2025 | 1,749.00 | Reserve Bank of Malawi |
| Average 2025 | 1,750.21 | Reserve Bank of Malawi |
| End-August 2026 | 1,747.56 | Reserve Bank of Malawi |
Source: IMF · RBM — Middle rates of the market series compiled by the Reserve Bank of Malawi (selected actual market foreign exchange rates), which the IMF republishes for earlier years. The Reserve Bank's posted rate, a second official series, was 1,734.01 (middle) on every day from 9 July 2024 to 16 October 202610. Bureau and parallel-market rates are not used. The Reserve Bank reported the kwacha at K1,697.98 per dollar on 31 December 2023, after the realignment of November 2023208.
Licensed financial institutions, end-2025
| Type | Number |
|---|---|
| Commercial banks | 8 |
| Development finance institutions | 3 |
| Credit reference bureaus | 2 |
| General insurers | 8 |
| Life insurers | 6 |
| Deposit-taking microfinance institutions | 7 |
| Non-deposit-taking microfinance institutions | 30 |
| Microcredit agencies | 140 |
| Financial cooperatives (SACCOs) | 41 |
Source: RBM/RFI — The development finance institutions are the Export Development Fund, the Malawi Agricultural and Industrial Investment Corporation and NBM Development Bank. Financial cooperatives held K156.5 billion of assets and K104.6 billion of loans in 2025.
The state empowerment fund (NEEF, MEDF since February 2026)
| Indicator | Period | Value |
|---|---|---|
| Gross loan portfolio | March 2022 | MWK 41 billion |
| Gross loan portfolio | September 2024 | MWK 61.2 billion |
| Disbursements | April–September 2024 | MWK 31.89 billion |
| Collection rate | September 2024 | 79% |
| Profit or loss after tax | 2021/22 | loss of MWK 13.6 billion |
| Profit or loss after tax | 2023/24 | profit of MWK 814 million |
| Loans disbursed and clients served, as shown on the fund's website (viewed 17 October 2026) | 2026/27 | MWK 8.9 billion, 4,833 clients |
Source: MoFEPD · MEDF — Ministry of Finance Annual Economic Reports and the fund's website. Profit and loss figures are for fiscal years ending in March. The 2024 and 2025 reports give portfolio figures that are not fully consistent with each other. The share of agricultural lending is not published.
Financial inclusion indicators
| Indicator | Value | Year | Source |
|---|---|---|---|
| Adults with an account (%) | 50.4 | 2024 | Global Findex |
| Rural adults with an account (%) | 49.0 | 2024 | Global Findex |
| Adults with a mobile money account (%) | 47.4 | 2024 | Global Findex |
| Adults who borrowed from a formal institution (%) | 6.7 | 2024 | Global Findex |
| Adults formally served (%) | 70.6 | 2023 | RBM financial literacy and capability survey |
| Adults financially excluded (%) | 19.1 | 2023 | RBM financial literacy and capability survey |
| Registered mobile money wallets (million) | 19.9 | End-2025 | RBM payments report |
| Active mobile money wallets, 90 days (million) | 11.7 | 2025 | RBM payments report |
Sustainable finance4 datasets
GCF financing, US$ million, by project
Source: GCF — The GCF country page lists nine projects with US$143 million for Malawi, most of them multi-country programmes. The three single-country grants total US$88.1 million (own calculation).
% below business as usual, all sectors including forestry and land use
Green and climate finance framework
| Instrument | Date | Status |
|---|---|---|
| Environment Management (Climate Change Fund) Regulations | December 2018 | Climate Change Fund within the Environment Management Fund, not yet operational in September 2025 |
| RBM Guidelines on Management of Climate Related and Environmental Financial Risks | October 2024 | Issued to banks and bank holding companies under the Financial Services Act |
| Carbon Market Framework | July 2025 | Policy framework of the Environmental Affairs Department, not regulations |
| Green bonds | – | None issued by December 2024 according to a study for the Reserve Bank |
| NDC 3.0 | June 2026 | Financing need of US$7,058 million for 2025–2035 |
Green Climate Fund projects covering Malawi
| Project | Accredited entity | GCF financing (US$ million) | Approved |
|---|---|---|---|
| FP002 Climate information and early warning systems | UNDP | 12.29 | 5 Nov 2015 |
| FP238 Ecosystem-based adaptation for watersheds and communities | FAO | 42.81 | 18 Jul 2024 |
| FP244 Climate-resilient health and well-being in southern Malawi | Save the Children Australia | 33.00 | 24 Oct 2024 |
| FP257 RE-GAIN food loss programme (seven countries) | AGRA | 75.62 (all countries) | 20 Feb 2025 |
| FP291 ASCENT-GREEN energy access (21 countries) | World Bank | 250 (all countries) | 28 Mar 2026 |
Source: GCF — The GCF lists nine projects with US$143 million of financing for Malawi and US$4.4 million of readiness support.
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AI-assisted content, human-reviewed: This page was generated with the assistance of artificial intelligence and reviewed by a human editor. (last review: October 2026) Despite review, errors or outdated values may remain; please verify critical figures against the linked primary sources before relying on them. Nothing here is investment, legal or financial advice.
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