The Competition and Fair Trading Commission (CFTC) has in the past two weeks been meeting the business community and journalists to sensitise them on the new Competition and Fair Trading Act (CFTA).
During the sensitization meetings which took place in Mzuzu, Blantyre and Lilongwe, the CFTC highlighted the changes that have been made to the CFTA, an Act which entered into force in July this year.
Speaking in Blantyre during one of the media sensitization meetings with journalists, CFTC Chief Executive Officer, Lloyds Vincent Nkhoma said it was important that the media and of course the business community and consumers were well versed with the new provisions of the Act.
“We are not here not to punish companies. CFTC is there to encourage competition and private sector development that is why the Commission is under the Ministry of Trade and Industry. This is why we have taken the effort to meet the media and of course the business community to raise awareness on the new CFTA,” said Nkhoma.
He added that there a number of changes that have been made to the Act in order to make it relevant to the currently business environment and to fill gaps that were there in terms of enforcement.
Among some changes include definition of consumer, penalties and violations, buyer power, appointment of Commissioners, settlement and leniency.
The activities were funded by the GIZ under the support programme to the African Continental Free Trade Area.
