CFTC Warns Traders Against Cashing-in On Coronavirus Threats

 James Kaphale (Center) CFTC Executive Director addressing the media James Kaphale (Center) CFTC Executive Director addressing the media

The Competition and Fair Trading Commission has warned traders and companies that are taking advantage of the corona virus to promote certain products as cure and treatment for the virus.

While the global pandemic of Corona virus continues to cause great worry amongst nations, the World Health Organization has put in place measures that are supposed to be followed in order to reduce chances of getting the COVID-19virus amongst them is personal hygiene.

With no known registered Corona virus case in Malawi, people are being encouraged to practice social distance, Frequent hand washing with soap and water and where these are not readily available use of alcohol based hand sanitizers is being encouraged.

In other cases, people are resorting to use of masks and gloves in order to stay safe.

But, in the wake of the pandemic the Competition and Fair Trading Commission says it has received complaints from consumers that some merchants are taking advantage of the situation to excessively price sanitation products.

A statement from the commission released Thursday and signed by Executive Director James Kaphale, the commission has also threatened of penalizing any trader or merchant found representing that their product can cure Corona virus as that would be violating the Competition and Fair Trading act and also the Consumer protection act.

“We have complaints from consumers, that there are some shops which have all of the sudden raised the price of sanitizers, and we have since written these shops to say that this is not good trade practice as they are taken advantage of the situation,” said Kaphale.

Meanwhile neighboring Tanzania and Zambia have also registered COVID19 cases, with worlds registered cases hitting 225,254 and 9,276 deaths recorded.

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Last modified on Friday, 20/03/2020

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