By Kondanani Chilimunthaka
LILONGWE-(MaraviPost)-President Lazarus Chakwera’s Tonse government has given Illovo Sugar Limited seven days ultimatum to have price of sugar reduced on the market, failing which, the leadership will be compelled to issue more import licences to more industry players to help cushion the price of commodities that use sugar as raw materials using relevant provisions in the Control of Goods Act 2018
In a press statement made available to The Maravi Post dated June 14, 2023, and signed by the Minister of Trade and Industry, Simplex Chithyola Banda, says the ultimatum comes after engagement meeting which was held on June 11, 2023, centered on the pricing of Sugar by Illovo Sugar Ltd and resolved that the price must be reduced within a period of one week effective 14th June.
Reads part of the Press Release; “The discussions centered on Pricing of Sugar (PoS) by Illovo Sugar Ltd where the company is the sole producer of the commodity (Industrial Sugar). Government wants Illovo to reduce the price of sugar within a week for the benefit of both consumers and industries that use sugar as a raw material.
“In this regard, Illovo Sugar Ltd committed to reduce the price within a week (7 days effective from the date of this Press Release).
During the engagement meeting on 11th June, government was represented by Minister of Finance, Sosten Gwengwe, and Minister of Trade and Industry, Simplex Chithyola Banda, while Board Chairperson for Illovo, Jimmy Lipunga represented Illovo alongside the company’s Managing Director, Lekani Katandula.
Recently the social media was awash with news that Illovo expects to make profits of about 702% in the year, the news that did not go well with consumers of the commodity in the country.