Gwengwe calls on traders to avoid manipulating prices of goods
Minister of Trade and Industry Sosten Gwengwe has urged traders in the country to engage based on rules and principles that are agreed with the buyers and sellers to avoid manipulation of prices on goods.
Gwengwe made the remarks on Thursday during the commemoration of World Consumer Rights Day held in Kasungu organized by Competition and Fair Trading Commission (CFTC) under the theme: “Disclosure of terms and conditions, traders’ obligations.”
He said unscrupulous traders can take advantage of unsuspecting consumers and buyers by enriching themselves at the expense of innocent buyers.
“In this regard, it is the Commission and the Ministry of Trade who are entrusted with the powers to regulate the market and make sure that trading is being done in the most fair manner,” he said.
Gwengwe said if traders are not playing by the rules then the country will have a situation like the one it is currently grappling with now where Illovo Company as a supplier says a bale of sugar is at K37,500 then the distributor is selling the same at K60,000 or as high as K69,000.
While retail shops are selling a packet at a much higher price as K3000 to K3700 instead of the recommended K2, 250 because of the unfairness.
He, however, disclosed that they will start licensing distributors so that they are subjected to laws within the Ministry of Trade. If they go beyond, then their licences will be revoked.
Chairperson for CFTC, Dr. Jerry Jana said that as a regulator, they will make sure that sanity on the market is maintained and that there are no disruptions but also sustainability.
“There must be fair trading between the seller and consumer so that there is a win-win trade,” he said.
Jana warned that those who are contravening the CFTC laws by hoarding the goods, creating and raising prices, will have their shops closed.
