CFTC Issues Cease and Desist Trader Order to 16 Cement Traders
The Competition and Fair Trading Commission (CFTC) has issued a cease and desist order to 16 traders for over charging cement. CFTC Spokesperson Innocent Helema has told Zodiak Online that this follows ongoing investigations into the matter as tasked by the Ministry of Trade.
“The commission conducted market surveillance on the availability and pricing of cement last week when we found the 16 selling cement above K16,000. These traders will therefore be required to write to the Commission providing explanation and proof,” he said.
The ministry of Trade last week warned all traders against selling cement at more than 16 000 Kwacha, but despite the order cement prices have remained on the higher side, with some areas reaching as high as 21 000 Kwacha.
The traders argue that the price of cement has gone up following the country’s ongoing forex crisis, which is making it difficult for manufactures to import key ingredients.
Ministry of Trade spokesperson Mayeso Msokera says CFTC will continue to monitor the situation.