A fresh audit report has raised serious questions over the management of the Malawi Enterprise Development Fund (MEDF) during the tenure of former Chief Executive Officer Thom Mdyetseni, after uncovering a K144.966 billion loss.
The audit for the financial year ending March 31, 2026, cites weak governance, poor loan management, procurement irregularities and lending to borrowers with poor repayment records as some of the factors behind the losses.
Auditors also flagged billions of kwacha paid for solar-powered water pumps and agricultural inputs that were either not delivered or could not be properly accounted for.
Meanwhile, Centre for Social Accountability and Transparency Executive Director Willy Kambwandira said the findings point to serious management failures,
On the other hand, People’s Federation for National Peace and Development Executive Director Edward Chaka called for swift action on the recommendations.
The auditors have since recommended independent investigations into the irregularities, recovery of lost funds where possible, and legal or disciplinary action against those found responsible.
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