- November 14, 2022
- Posted by: admin
- Categories: Business Development Unit, Current News
Knowledge of the financial aspects on an organisation is a requisite for board members and senior officials in any organisation as this aids their decision-making process. In this regard, board members and senior officials from non-finance backgrounds should get acquainted with the financial statements and management accounts, and be able to analyse them in order to have a better appreciation of the performance and soundness of the organisation. This will help them to make better decisions on how to reduce costs, price products and evaluate financing options, for instance.
It is against this background that the Reserve Bank of Malawi invited the MEFMI Business Development Unit to conduct face-to-face training on Finance for non-Finance Managers for its Board Members and Executive Management from 13 – 15 September 2022. The workshop was held in Lilongwe, Malawi.
The workshop was officiated by Mrs. Mercy Kumbatira, the Executive Director of Corporate Affairs of the Reserve Bank of Malawi. In her opening remarks, Mrs. Kumbatira, highlighted that the training would assist the governance body of the Bank to better understand financial statements which would ultimately enhance effective decision-making.
The following topics were covered during the training: basic financial terminologies and developments in the accounting environment; understanding key financial statements (income statement, statement of financial position, income and expenditure accounts and cash flow statements); working capital management in the current environment; cash flow management and long-term cash flow strategies; as well as budgeting and forecasting.
The training was attended by a total of seven (7) participants, comprising three (3) Non-Executive Board Members and four (4) members of the Executive Management of Reserve Bank of Malawi. Of the seven (7) participants, 71 percent (or 5 participants) were female while 29 percent (or 2 participants) were male.
The workshop was facilitated by Mr. Jonathan Dube, an Independent Consultant from Zimbabwe.