Government, through the Ministry of Trade and Industry, says it will take necessary steps against manufacturers, traders and suppliers of goods who are taking advantage of the devaluation to raise prices of goods and services unreasonably.
In a statement signed by the secretary of Trade and Industry Ministry Christina Zakeyo, government says some traders have even temporarily closed their businesses in order to adjust prices for old stocks that were already in shelves and warehouses before devaluation.
“The Ministry wishes to inform the traders and the general public that hoarding of goods and services in order to take advantage of price increase is tantamount to unconscionable conduct against consumers.
“In the same regard, selling goods and services at excessive and unreasonable prices is a gross violation of the Competition and Fair Trading Act (CFTA) and as such the Ministry of Trade and Industry and the Competition and Fair Trading Commission (CFTC) will not hesitate to take necessary action to deal with traders found engaging in such malpractices,” she said.
In dealing with such malpractices, the Ministry and the CFTC will intensify market surveillances on prices of goods and services across the country to establish and gather evidence of possible violation of the CFTA. The Ministry is also encouraging the general public to be very proactive in reporting with immediate effect any such possible violations through the following:
