Former Finance Minister Goodal Gondwe has died, his party Democractic Progressive Party (DPP) announced on its platforms late Tuesday night.
Gondwe served as Finance Minister under two Mutharika brothers and is credited with economic recovery and stabilisation during his tenure.
Gondwe was born on 1st December, 1936, in Kayiwonanga Village. The village is in the area of traditional authority Chief Mtwalo in Mzimba, a town in northern Malawi. He is a Fellow of the Institute of Bankers (FIB). He also holds a B.Sc. in Economics from the University of London.
Mr. Gondwe served in the Government of Malawi since 2002. He began his political career serving as economic adviser to President Bakili Muluzi. He continued to serve in the subsequent government under President Bingu wa Mutharika.
He elected member of the Malawi parliament in 2005, serving Mzimba – North until 2014 when he lost his seat.
In August 2011 he was appointed as the Minister of Natural Resources, Energy and Environment Affairs. He served until 26 April 2012 after the new political party under the new President, Mrs. Joyce Banda, reshuffled cabinet positions. He was also appointed as Party Vice-President of the Democratic Progressive Party (DPP) on August 1, 2011, by the President at the time, Dr. Bingu wa Mutharika and the party’s National Governing Council.
Prior to this, Mr. Goodall Gondwe served as Local Government and Rural Development Minister. It was from June 2009 to August 2010. And prior to this position he served as Malawi’s Minister of Finance (2004 to June 2009), a post he is most noted for in his country’s service.
In 2008 Gondwe was voted as Africa’s best Finance Minister of the Year at the African Banker Awards, held at the Willard Intercontinental Hotel in Washington DC, USA.
Under his stewardship the rate of inflation fell from 30% in 2005 to 6% by 2008 and the economy grew by same margin.
Gondwe was the Director of Africa Department at the International Monetary Fund (IMF), in Washington DC, USA. He served in the IMF for 22 years. He was also the Vice President of the African Development Bank (ADB).
As IMF Director of Africa Department Mr Goodall Gondwe was responsible for conceiving and supervising the Fund’s regular stabilization and structural adjustments in the region as well as for developing and implementing new programs to facilitate adjustment and long term growth in the poorest and highly indebted countries.
He personally advised and negotiated with the highest level political and economic leaders including heads of states, central bank governors, and key cabinet members. As a result, during his 22 years with the IMF, he has developed a unique and acute knowledge of African economies and has direct personal relations with the key country officials. And, he is intimately familiar with the policies and standards of the major multilateral institutions
Details of his funeral will be announced later.