Malawi's President Lazarus Chakwera concedes defeat

Malawi's President Lazarus Chakwera. [AFP]

Malawi's President Lazarus Chakwera conceded defeat Wednesday in last week's election, saying in an address to the nation that it was clear his rival Peter Mutharika had an "insurmountable lead".

The former pastor took power in the 2020 elections when he defeated the then-president Mutharika, a constitutional law expert from the Democratic Progressive Party.

"A few minutes ago, I called Professor Mutharika to wish him well," Chakwera said just hours before the election authority was due to announce the final results of the September 16 election.

Ahead of the announcement, "it was clear that my rival Peter Mutharika has an insurmountable lead over me," said Chakwera, 70, from the Malawi Congress Party (MCP).

The dire state of the economy dominated the election in the small southern African country, with critics accusing Chakwera of mismanagement and indecisiveness and also failing to tackle corruption and deliver on promises to create jobs.

During his term, costs soared in the agriculture-dependent and rural nation, with inflation reaching 33 percent and the price of staple food maize and of fertiliser jumping, a key talking point at the poll.

"In the days that remain, I want you to know that I am committed to a peaceful transfer of power," Chakwera said. "I know that many of you who supported my campaign for reelection will be disappointed."