Malawi Broadcasting Corporation
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GOVERNMENT WARNS TRADERS AGAINST OVERPRICING, HOARDING GOODS

The Ministry of Trade and Industry says it has noted with great concern that some

manufacturers, traders and suppliers of goods and services have taken advantage of the Kwacha alignment by raising prices of goods and services unreasonably.

According to a statement signed by the Principal Secretary in the ministry, some traders have even temporarily closed their businesses to adjust prices for old stocks that were already in shelves and warehouses before the devaluation.

It is against this background that the ministry wishes to inform the traders and the general public that hoarding of goods and services to take advantage of price increase is tantamount to unconscionable conduct against consumers.

The statement further says equally the selling of goods and services at excessive and unreasonable prices is a gross violation of the
Competition and Fair Trading Act (CFTA) and as such the Ministry of Trade and Industry and the Competition and Fair Trading Commission (CFTC) will not hesitate to take necessary action to deal with traders found engaging in such malpractices.

Meanwhile, the Ministry and the CFTC say they have intensified market surveillance on prices of goods and services across the country to establish and gather evidence of possible violation of the CFTA.

The Ministry is also encouraging the general public to be very proactive in reporting with immediate effect any such possible violations through the following numbers:

● Mr Mayeso Msokera (Ministry of Trade and Industry), on +265 999 150 618;
● Mr. Innocent Helema, (CFTC) on +265880725075.

Reported Mayeso Chikhadzula.

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Author

  • Mayeso Chikhadzula joined MBC in 2006, he's an Investigative Journalist and Principal Reporter. He's also a News Anchor, Presenter, and producer.

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