2024-11-13

Competition and Fair Trade Commission (CFTC) Chief Executive Officer Lloyds Vincent Nkhoma told reporters at the commission’s Lilongwe headquarters that the new law aligns with international best practices for competition and consumer protection.

“The coming of the new law has actually cleared the hurdles which we had in terms of the actual investigations, the actual determinations, and all other aspects of the enforcement work,” Nkhoma said.

The CEO addressed concerns about lengthy determination periods, explaining that commissioners meet quarterly to review cases due to cost considerations. He assured the public that all investigated cases within each period are handled and determined.

Key changes in the new act include:

– Enhanced consumer protection measures

– Stricter competition regulations

– Provisions against abuse of buyer power

– Increased penalties for violations

– Parliamentary scrutiny of commissioner appointments

Nkhoma emphasized the CFTC’s commitment to ensuring compliance among companies through educational programs and internal compliance officers.

The new legislation, passed by Parliament on April 5 and signed by President Lazarus Chakwera on May 19, replaces the 1998 act.

It aims to fill gaps in the previous law and strengthen the CFTC’s enforcement capabilities.

The commission urged businesses to adopt voluntary compliance to avoid legal breaches under the new regulatory framework.

This update to Malawi’s competition law marks a significant step in the country’s efforts to modernize its economic regulations and protect consumer interests.

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