Minister of Trade and Industry, Vitumbiko Mumba, has warned bakeries across Malawi to lower bread prices or face closure.
The warning serves to protect consumers from price hikes despite reductions in flour prices by suppliers.
Mumba made these remarks on Monday during a follow up visit to Breadtalk Bakery at Crossroads Complex in Lilongwe.
The visit served to verify if the bakery has implemented the agreed-upon price reduction for bread.
“The Ministry of Trade and Industry together with other government departments is making sure that prices for essential goods such as bread and oil do not escalate.
We came here to Breadtalk to confirm whether the prices have decreased as per our agreement, indeed they have from K4100 to K3800, however, we are not satisfied with the reduction as such have given Breadtalk 48 hours to revise the prices further,” Mumba said.
Mumba also visited Capital Foods Limited, a Wheat flour production company, which reduced flour prices from K230,000 to K120,000 per 50kg bag.
He commended their compliance, urging other companies to follow suit.
At Happie Foods, a cooking oil production factory, Mumba expressed satisfaction with the reduced oil price from K 150 ,000 to K100,000 per 20-liter bucket, encouraging other producers and retailers to adopt similar measures.
“We are satisfied that the price has reduced from K150,000 to K100,000 per 20-liter bucket. I am calling upon all cooking oil production companies as well as retailers to reduce their prices and take the example of Happie Foods,” he said.
On his part, Owner of Happie Foods, Happy Nyirenda said the Government’s initiative has enabled him to have access to forex to help his investment.
“I am now selling cooking oil at k100,000 per 20 litre bucket and chances are high that I might decrease the price to K90, 000 as such I am appealing to my fellow Cooking oil producers to further decrease their prices.
“Currently most of these suppliers are selling cooking oil at k120,000 from k 150,000 per 20 litre buckets,” he said.
The government’s move is part of a broader strategy to ensure prices of essential goods do not escalate and affect Malawians.
