• Malawi votes in high-stakes presidential election Tuesday
• Economic crisis, inflation dominate voter concerns
• Chakwera faces Mutharika, Banda in tight rematch race

Malawi is holding its general elections this Tuesday, September 16, with the presidential race as the main event. Incumbent President Lazarus Chakwera is facing challengers, including his predecessor Peter Mutharika and former head of state Joyce Banda.

According to the Malawi Electoral Commission (MEC), 7.2 million voters are registered to cast their ballots for mayors, members of parliament, and the president for the next five years. While observers anticipate a two-way contest between Chakwera and Mutharika, a repeat of the 2020 election, many view the 2025 vote as a potential referendum on the economy, which has heavily impacted the daily lives of Malawians.

For several years, the country has faced significant economic headwinds, with the International Monetary Fund (IMF) reporting an average growth of just 1.5% between 2022 and 2024. However, it is the cost of living and access to basic necessities that have fueled the most frustration. At 27.3% in July 2025, Malawi's inflation rate is one of the highest on the continent, in contrast to neighboring economies like South Africa and Angola, where inflation is receding. Food inflation, in particular, has reached 31.6%, according to the central bank.

The staple food, maize, illustrates the crisis. Its production fell from 3.5 million tons in 2023 to 3.1 million in 2024 due to an El Niño-related drought, according to the Food and Agriculture Organization (FAO). The price of maize peaked at 924 kwachas ($0.53) per kilogram at the end of 2024, a record high that has strained millions of households.

Meanwhile, gross foreign currency reserves have plummeted from $201 million in 2023 to $149 million in 2024, with a projection of just $118 million this year, covering only 0.3 months of imports. Debt has exacerbated the pressure, with public debt amounting to 88% of GDP at the end of 2024 and interest payments nearing 7% of GDP, leaving little fiscal room to maneuver. This situation directly contributes to the persistent fuel shortages that have paralyzed the country.

In response to the criticism, President Chakwera, who made the fight against corruption a cornerstone of his economic recovery plan, recently accused corrupt officials of sabotaging the petroleum market. He also announced a cash transfer program of 500,000 kwachas for newborns, which they will be able to access upon adulthood. At 70 years old, the former opposition leader will soon find out if Malawians still trust him enough for a second term, while his 85-year-old predecessor mounts a campaign to highlight the failures of the past five years.

Moutiou Adjibi Nourou