Consumers to report anti-competitive practices —CFTC

Competition and Fair Trading Commission (CFTC) has called on consumers in the country to report trading practices that might prevent and restrict competition in the market, saying such practices eliminate innovation.

CFTC executive director Charlotte Wezi Malonda made the remarks at a workshop with business journalists in Mzuzu on Friday.

Malonda said CFTC was instituted to protect the welfare of consumers through elimination of agreements, decisions, and practices that result into prevention, restriction or distortion of competition in trade.

She said such anti-competitive practices are punishable by the Competition and Fair Trading Act (CFTA) of 1998 which was enacted by an Act of Parliament.

“Competition is crucial in all businesses because it brings about fair prices and innovation; thereby, benefitting consumers.

“We want consumers to lodge complaints officially to us and we will take up such complaints seriously in line with the CFTA,” she said.

The CFTA is an Act that encourages competition in the economy by prohibiting anti-competitive trade practices.

Through this Act, the CFTC was established with the appointment of Commissioners and establishment of a secretariat.

The Commission regulates, monitors, controls and prevents acts or behaviour which are likely to adversely affect competition and fair trading in the country.