Government Panicking With Traders Hoarding Goods

The government through the Ministry of Trade & Industry says some business entities in Malawi are accumulating goods to create unnecessary shortages so that the companies should subsequently charge unfair and excessive prices.

Minister of Trade Mark Katsonga said in a statement on Thursday that some businesses are deliberately hoarding goods such as sugar, cooking oil, bread, and soap following the announcement of the 25% devaluation of the Kwacha by the Reserve Bank of Malawi,

Katsonga has warned businesses that the conduct is a violation of the Competition and Fair-Trading Act and therefore those involved in this malpractice to stop immediately.

He added that the Ministry in collaboration with relevant institutions will be carrying out monitoring exercises throughout the country and will not hesitate to take necessary actions to deal with the traders found engaging in prohibited malpractice.

“The Ministry is also imploring all local manufacturers of essential and daily use commodities to provide to all their traders and also publish the recommended prices of their goods sold on the domestic market in order to guide the consumers accordingly,” said Katsonga.

He has since encouraged Consumers to be at liberty and demand from traders to check and confirm prices against the recommended price list of any commodities that they suspect to be unfair or excessively priced.