Malawi Commemorates World Competition Day, Vows to Promote Fair Business Practices
By Michael Martin//Malawi
Malawi joined the rest of the world on December 5, 2024, to commemorate World Competition Day, with a focus on promoting fair business practices and protecting consumer rights.
In a media statement signed by The Cheif Executive Officer for Competition and Fair Trading Commission (CFTC), Liodys Vincent Nkhoma emphasized that day’s theme, “Competition Policy and Inequality,” resonates with Malawi’s efforts to address economic inequalities and promote sustainable development.
“World Competition Day was established in 2010 to promote awareness about the importance of competition policy in promoting economic development and protecting consumer rights.
“The day is commemorated annually on December 5, which marks the anniversary of the adoption of the United Nations Set of Principles and Rules on Competition in 1980,” reads part of the statement.
He said that Malawi’s Commitment to Promoting Fair Business Practices
In Malawi, the Competition and Fair Trading Commission (CFTC) is responsible for promoting fair business practices and protecting consumer rights.
The CFTC has been working tirelessly to promote competition and protect consumers from unfair business practices.
Challenges Facing Micro, Small, and Medium Enterprises (MSMEs)
According to the CFTC, MSMEs in Malawi face significant challenges, including barriers to entry, anti-competitive agreements, and abuse of dominant positions. These challenges can have serious consequences for the development of MSMEs and the economy as a whole.
Statement further said that CFTC’s Efforts to Promote Fair Business Practices.
The CFTC has implemented several initiatives to promote fair business practices and protect consumer rights. These initiatives include:
The CFTC has received international recognition for its efforts to promote fair business practices and protect consumer rights. In September 2024, the CFTC was awarded a global award by the International Consumer Protection & Enforcement Network (ICPEN) and the World Bank for its work in consumer protection, especially through cross-border cooperation with other national and regional enforcement agencies.
As Malawi commemorates World Competition Day, the CFTC reaffirms its commitment to promoting fair business practices and protecting consumer rights. The CFTC will continue to work tirelessly to promote competition and protect consumers from unfair business practices, and to collaborate with other agencies to achieve this goal.
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