Minister of Trade and Industry, Vitumbiko Mumba, has revealed the worst forms of cartels operated by unscrupulous businessmen, who claim to control the economy for their selfish interests.
The minister among other things said the business people planned to trade the US dollar at K10,000 by the end of this month.
He said the aim was for Malawians to blame the Chakwera led government for the mess.
The revelation follows recent business premises inspections conducted by the Ministry of Trade and Industry, alongside officials from the Competition and Fair Trading Commission (CFTC) and the Malawi Bureau of Standards (MBS).
The Ministry, in collaboration with its stakeholders, has been conducting inspections to check business compliance with laws affecting their operations, such as the Control of Goods Act, the Competition and Fair Trading Act, and the Business Licensing Act.
During the recent operations, Mumba noted a wide range of malpractices, including cooking oil manufacturing companies illegally pressuring other producers to increase prices using unorthodox means.
He also highlighted the act of hoarding essential commodities such as sugar with the aim of selling them at a higher price, as well as the illegal exportation of these goods.
Mumba further expressed the government’s commitment to enforcing the Essential Goods and Services Act, the Economic Sabotage Act, and reviewing the Business Licensing Act of 2012, among others.
