In light of recent drastic price increases for various types of cement in the market, the Ministry of Trade and Industry has issued a stern warning to traders inflating cement prices. The Ministry cautioned that such exploitative conduct violates the Competition and Fair-Trading Act and stated that necessary action would be taken against traders found engaging in these malpractices.
This public advisory follows a recent spate of concerns regarding price hikes for both imported and domestically produced cement. The Ministry emphasized that such exploitative practices are detrimental to consumers and potentially harmful to the national economy.
In an effort to understand the underlying cause of the cement shortage and its subsequent market impacts, the Ministry engaged with local manufacturers. The manufacturers attributed the main cause of the shortage to limited access to foreign exchange, which has significantly affected the importation of essential raw materials for cement production such as gypsum, center, and coal.
In response to this challenge, the Ministry has been actively engaging with the Reserve Bank of Malawi, encouraging the prioritization of forex supply to cement manufacturers to mitigate the ongoing issue. The Ministry remains committed to ensuring a fair and competitive market environment and protecting the welfare of consumers across the country.
The Ministry of Trade and Industry is closely monitoring the situation and urges the public to report any suspected malpractices to the relevant authorities. The Ministry remains steadfast in its commitment to ensure that the nation’s trading practices are aligned with the standards set by the Competition and Fair-Trading Act.