Vice President Saulos Chilima has promised the Competition and Fair Trading Commission (CFTC) that he will step in to help fast tracking the amendment of the Competition and Fair Trading Act.
The promise was made when the commission appeared before the Public Reforms Committee headed by the Vice President.
Writing on his Facebook page, Chilima said he was convinced with the CFTC presentation and assured the Commission that he will step in to ensure that progress is fast tracked to achieve effective, consistent and harmonised law enforcement.
“CFTC’s presentation was easy to follow and clearly outlined a portrait of their state of affairs as an institution as well as the organisation’s financial health showing a healthy working capital as well as an upward trend in equity which was encouraging,” Chilima said.
The commission made their presentation in three folds; legal, regulatory and administration reforms.
The issue of the Act was the main agenda on the legal reforms.
CFTC Executive Director, James Kaphale, said in an interview that the Act amendment is very important in improving its enforcement.
“The process already began and we submitted our proposals to the Ministry of Justice but it stalled along the way. The act for example, provides under section 27 that we must have a levy on some business transactions so we are looking at ways and means on how this levy can be imposed,” Kaphale said.
CFTC, a public protector on trade and commerce, is mandated to regulate, monitor, control and prevent acts or behaviors which are likely to adversely affect competition and fair trading in Malawi.
Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk.
He is however flexible as he also writes about current affairs and national issues.