By Burnett Munthali
Illovo Sugar Malawi has expressed concern over the rising price of sugar in the market, emphasizing that the officially approved retail price remains at K2,600 per kilogram.
The company has questioned the actions of some traders who are selling sugar at inflated prices, creating unnecessary panic among consumers.
Speaking on the matter, Illovo Sugar Malawi’s Corporate Affairs Manager, Kondwani Msimuko, stated that the company is engaging the Ministry of Trade to intervene, as it is the responsible authority for price regulations.
He emphasized that Illovo itself does not set market prices but follows the government’s guidance on pricing.
Msimuko made these remarks after the company’s annual general meeting held in Blantyre.
He reassured Malawians that there is no shortage of sugar in the country, as Illovo has sufficient stock to meet the national demand.
He urged consumers to remain calm and avoid panic buying.
Meanwhile, the Chairperson of the Board of Illovo Sugar Malawi, Jimmy Lipunga, reflected on the challenges the company faced during the 2023/2024 financial year.
He highlighted adverse weather conditions, particularly cyclones, and foreign exchange shortages as major factors that affected production and operations.
Despite these challenges, Illovo Sugar Malawi remains committed to ensuring that sugar remains accessible and affordable to Malawians.
The company continues to work closely with relevant authorities to stabilize the market and prevent artificial price hikes.
