Malawi has introduced the Competition and Fair Trading Act (CFTA 2024), a significant overhaul of its trade regulations, to create a fairer and more competitive business environment. The new law addresses critical gaps in the 1998 legislation, enhancing consumer protection and clarifying ambiguities.
Lloyds Nkhoma, Executive Director of the Competition and Fair Trading Commission (CFTC), explained that the CFTA 2024, which came into effect on July 1, provides a more effective framework for regulating business practices in Malawi. The law strengthens consumer protection, promotes fair competition, and holds enterprises accountable for their actions.
Nkhoma emphasized that the new law prohibits enterprises from abusing their buyer power, protecting vulnerable farmers and small businesses from exploitation. He also noted that penalties and enforcement mechanisms have been strengthened, and parliamentary scrutiny of commissioner appointments and removals ensures accountability and transparency.
Nkhoma called on journalists to champion awareness about the newly enacted Competition and Fair Trading Act, 2024, to ensure a well-informed public.
