20 companies face penalties for unfair price hikes after devaluation

Officials from the Competition and Fair Trading Commission (CFTC) say they are investigating 20 companies and traders who raised prices of their commodities soon after the infamous 44 per cent Deva of the Malawi Kwacha.

CFTC spokesperson person Innocent Helena said the CFTC board is expected to hand down its verdict to the companies and traders soon.

They are accused of excessive pricing.

Helema said the commission has been investigating the companies, following complaints raised against them concerning overpricing linked to the 44 percent Kwacha devaluation.

After the announcement of the devaluation, President Dr Lazarus Chakwera, ordered the consumer rights body to monitor market developments, ensuring protection against customer exploitation.