Malawi’s President Lazarus Chakwera has conceded defeat to predecessor Peter Mutharika, pledging a peaceful transfer amid economic hardship.

Malawi’s President Lazarus Chakwera has conceded defeat in this month’s presidential election to his rival and predecessor, Peter Mutharika, following a vote dominated by frustration over economic hardship in the Southern African nation.

“It is only right that I concede defeat out of respect for your will as citizens and out of respect for the constitution,” Chakwera, 70, said in a national address. He acknowledged that Mutharika had built “an insurmountable lead” and pledged a peaceful transfer of power. “In the days that remain, I want you to know that I am committed to a peaceful transfer of power,” he added.

The Electoral Commission was due to release the full results later on Wednesday, but tallies so far showed the 85-year-old former president with a commanding lead. Last week’s vote was widely regarded by analysts as one of the tightest contests in Malawi’s recent history, pitting the leaders of the country’s two largest parties against each other.

Economic woes were at the centre of the campaign. Since Chakwera’s election in 2020, Malawi has faced soaring inflation, stagnant growth, and worsening poverty. Inflation has climbed to 33 percent, while the prices of food staples such as maize and fertiliser have surged. The World Bank estimates that nearly three-quarters of Malawians live on less than $3 a day, and almost half the population does not consume the minimum calories needed for adequate nutrition.

Chakwera rose to power promising to crack down on corruption, but critics accused his government of acting slowly and selectively on cases. His handling of the economy, combined with severe fuel shortages and rising living costs, further eroded public confidence.

Mutharika, a former law professor, previously served as president from 2014 to 2020. During his tenure, he was credited with expanding infrastructure and lowering inflation, though critics accused him of favouritism and cronyism, allegations he denied. His 2019 re-election was annulled by a constitutional court after evidence of irregularities, including tampered results sheets, led to a historic re-run in which Chakwera claimed victory.

With Mutharika’s apparent return to power, Malawians now face another political transition, amid hopes that his leadership will provide stability but lingering doubts over whether he can deliver the economic relief the country urgently needs. (ARISE NEWS)