Malawi’s private sector credit is now growing mainly because households are borrowing more money, not because businesses are investing in production. He added that household credit boosts spending but does not build productive capacity, since little is invested in assets like machinery, farming inputs or factories. He said rising household borrowing shows better access to banking and short-term consumer confidence, but also reveals a weak productive base. He warned that when credit growth is driven by consumption instead of investment, economic growth becomes fragile. These goals require strong business investment, not just household spending.