President Peter Mutharika has approved reforms for the competition and consumer protection regime as part of the ongoing public service reforms in the country.
Executive director for Competition and Fair Trading Competition (Cftc), Charlotte Malonda, confirmed the approval in a statement released today.
She said the reforms are key to creating a competitive and fair market environment for the benefit of consumers and the business community.
Among the approved reforms is the amendment of the Competition and Fair Trading Act (CFTA) to eliminate existing gaps and provide for on-spot fines for some violations of consumer protection laws.
Malonda said the Consumer Protection Act (CPA) will also be amended to harmonize it with the CFTA.
“Under this reform, the CFTC will be designated with the power to administer and enforce the CPA. This will remove overlaps and duplications, hence substantially lessen the financial burden on government funding,” she said.
Another reform is the alignment of sectoral laws to the CFTA, which Malonda said will create synergy and complementarity between the two.
She said the alignment will also reduce conflicts and duplication of efforts.
Malonda has since pledged Cftc’s commitment towards working with Ministry of Industry and Trade, key stakeholders and the general public to ensure that the reforms are implemented for the benefit of the business community and consumers.