Africa · Southern Africa · MWI
A stable, landlocked democracy with acute foreign-exchange scarcity, where the emerging critical-minerals story is the main reason for commercial attention.
Malawi combines genuine political stability with one of the region's most difficult macroeconomic environments: chronic dollar shortages, kwacha devaluation and import compression. The strategic development is mining — rutile, rare earths, graphite and uranium — supported by the Nacala corridor to Mozambique. Clients should assume FX rationing as the central operating constraint and structure accordingly.
Political and security risk are low; the risk register is macroeconomic. Foreign-exchange scarcity, kwacha devaluation and fuel supply disruption are the exposures that actually affect operations. Price in FX convertibility risk, hold minimal local-currency balances, secure offtake in hard currency where possible, and monitor IMF programme reviews and reserve cover as the leading indicators.
We publish dimension-level ratings only where our analysts have completed an assessment. Unrated dimensions are issued as part of a commissioned country assessment.
Critical minerals development
Rutile, rare earths, graphite and titanium projects attracting non-Chinese supply-chain capital.
Agro-processing and export crops
Macadamia, pulses, tea and soya processing with certified export routes to the EU and Gulf.
Solar and grid infrastructure
IPP generation and distribution investment reducing hydrological dependence.
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Last updated 2026-09-03. Compiled from official and institutional sources, including:
