Malawi's Trade Ministry Cracks Down on Unscrupulous Businessmen

Malawi's Minister of Trade and Industry, Vitumbiko Mumba, has blown the whistle on a sinister plot by cartels to manipulate the economy for their own selfish interests. These unscrupulous businessmen aimed to artificially inflate the US dollar exchange rate to K10,000 by the end of March, with the ultimate goal of scapegoating the Chakwera-led government for the economic chaos.



The minister's revelation comes on the heels of a series of business premises inspections conducted by the Ministry of Trade and Industry, in collaboration with the Competition and Fair Trading Commission (CFTC) and the Malawi Bureau of Standards (MBS). These inspections uncovered a web of malpractices, including:


Price-fixing: Cooking oil manufacturing companies were found to be illegally pressuring other producers to increase prices using unorthodox means.

Hoarding: Essential commodities like sugar were being stockpiled with the intention of selling them at inflated prices.

Illegal exportation: Goods were being exported illegally, further exacerbating the economic crisis.


In response to these findings, the government has pledged to enforce the Essential Goods and Services Act, the Economic Sabotage Act, and review the Business Licensing Act of 2012, among other measures. This crackdown on cartels is a significant step towards restoring economic stability and protecting the interests of Malawian citizens.

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