By Loness Gwazanga
Blantyre, Mana: Competition and Fair Trading Commission (CFTC) says it will soon start external consultations as the Competition and Fair Trading Act of 1998 is currently undergoing a review process.
CFTC acting Executive Director Apoche Itimu disclosed this on Tuesday in Blantyre during a business clinic for journalists where she also described the media as an essential partner in terms of advocacy and sensitization for the general public.
Itimu said the current Act had serious gaps that among others affected consumer welfare issues. She then said the review will help in making sure that consumers do not fall victim of unfair trading upon completion.
“It was enacted in 1998 and it is out of date. There are serious gaps that affect our ability to enforce competition and consumer welfare issues in the current Act. One of the gaps includes the jurisdiction of the commission. We want to have a greater impact to protect more consumers but the definition of the consumer is somewhat limiting. We also want a wider arm beat of the unfair trading practices.
“Another key factor is on penalties. We can issue a fine of K500, 000 for violation but it is not enough. The amount may have been a lot in 1998 but not now in 2022, as such there is need for revision.
“To that end we have drafted a Competition and Fair Trading Bill and regulations that will contain procedures that will implement substantive provisions under the bill. We will now be engaging external stakeholders from next week”, explained Itimu.
Speaking on behalf of the media, Times Group’s Chimwemwe Mangazi described the engagement as crucial saying it will enable the journalists report facts only for the betterment of the general public.
“We really need to understand some of these issues to report better on the same. We appreciate that you understand and acknowledge the media and this shows that you really want us to work better. However, we cannot achieve what we want to achieve CFTC wise if this engagement is once off, there is need for continued engagement,” said Mangazi.
CFTC was established under the Competition and Fair Trading Act to regulate, monitor, control and prevent acts which are likely to adversely affect competition and fair trading in the country.
The main objectives of the Act are to encourage competition, promote efficiency as well as protect consumers in the economy.