On 29 June 2012 President Banda opened the National Dialogue on the Economy in Malawi held at the Nkopola Lodge in Mangochi on Lake Malawi. Co-organised by the Johannesburg-based Brenthurst Foundation and the Government of Malawi, the Dialogue was attended by Malawi’s Vice President, Cabinet Ministers, Leader of Opposition, Chief Secretary to Malawi’s Government and staff, captains of industry, Malawi’s development partners, civil society leaders and an array of international experts assembled by the Brenthurst Foundation.

The Dialogue created the Presidential Advisory Committee on the Economy, which President Banda has described as her ‘brain’s trust’. It was formed by the Government of Malawi in collaboration with the Brenthurst Foundation to assist the President on various economic challenges that need to be tackled in order for Malawi to become, in her words, ‘the best small country in the world to do business in.’

In her closing address to the Dialogue on 1 July, President Banda declared that "Our message is clear and simple – Malawi is determined to get through its economic troubles and overcome them. We must do everything possible to win."

In commending the establishment of the PACE to assist Malawi with its economic initiatives and reforms, she stated: "My Government will rely on this partnership as it forges ahead."

PACE members include: [Chairman] Alberto Trejos, former Minister of Trade and Professor: INCAE (Costa Rica); Richard Mkandawire, agriculture expert (Malawi); Esther Chowoko, private sector specialist (Malawi); Molly Phiri, banking specialist (Malawi); Michael Makale, Chief Operating Officer: Investment Climate Facility (Kenya); Michael Spicer, director of companies and former Executive Director: Business Leadership SA (South Africa); Holger Hansen, Professor of African Politics and long-time Danida associate (Denmark); Pablo Rodas, former Chief Economist: Central American regional bank and currently development consultant (Guatemala); Daniel Pinhassi, former diplomat and currently development specialist (Israel); Jeffrey Herbst, President: Colgate University (USA); Nigel Vere Nicol, international tourism expert (UK); Richard Myers, former Chairman of the Joint Chiefs of Staff (USA); Verghase Matthews, diplomat (Singapore); Gidon Novik, former joint CEO of Comair and currently in the financial sector (South Africa); Olusegun Obasanjo, former Head of State (Nigeria); Luisa Dias Diogo, CEO Barclays and former Prime Minister (Mozambique); Jonathan Oppenheimer, director of companies (South Africa); Patrick Esnouf, director of companies in the mining sector (Chile); Soedrajad Djiwando, former Reserve Bank governor and professor (Indonesia).

The Brenthurst Foundation is to act as the Secretariat of the PACE.