Malawi
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Business Owners Shun The Market In Malawi Over Devaluation

Following the 25% devaluation of Kwacha announced by the Reserve Bank of Malawi weeks ago, some business owners see it as an advantage of hoarding consumer items to create shortages.

The reporter of the story was on a check spot in Mulanje and Thyolo districts more especially at Nkando, Chinakanaka, Chonde and Luncheza trading centres where she found out that some business owners are hoarding goods with the aim of creating shortages so that they can later charge unfair and expensive price for various consumer goods.

According to Chisomo Chikondano, Luncheza Community resident said some of the consumer products such as soap, cooking oil, sugar and other essentials have been missing in most of the shops at the trading since the Reserve Bank of Malawi (RBM) announced the devaluation of kwacha in the country.

“I can assure you that the products that are missing on the markets are in large numbers in their stocks but they are waiting for the right time to strike, these people knows that anytime soon they will have an increase in the price due to the devaluation,” she said.

A community member at Chinakanaka trading, Josephy Alimoyo admitted that a lot of business owners in the country are hoarding goods in their stores with the aim of raising prices when they are in small amounts because they know that that is the only time they can make more profits from the goods they have.

“Business people in the country are keeping the goods in order to sell at a high price when they are out of stoke, be in towns and communities this act of  keeping goods is everywhere,” Alimoyo said.

However, the business owners in the Country are not paying attention to the government warning of dealing with traders found engaging in the prohibited malpractices in the Country.

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