By Twink Jones Gadama
Ilovo Sugar Company has expressed disappointment over the artificial price hike of sugar by some traders, despite the company’s recommended price of K2600 per kilogram.
Acting Chief Executive Officer, Kondwani Msimuko, revealed that the company is engaging with the Ministry of Trade and Industry to intervene in the matter and regulate the price of the commodity.
Speaking after the company’s general meeting in Blantyre, Msimuko assured the nation that Ilovo has sufficient sugar stocks and consumers should not panic about scarcity.
He emphasized that the company is committed to providing affordable sugar to Malawians, but the artificial price hike by some traders is undermining this effort.
Board Chairman, Jimmy Lipunga, attributed the challenges faced by the company in the 2023/24 financial year to cyclones and foreign exchange shortages.
Despite these challenges, Lipunga expressed optimism about the company’s prospects, citing its commitment to investing in the local sugar industry.
The artificial price hike of sugar has raised concerns among consumers, who are already struggling with high prices of essential commodities.
The government’s efforts to regulate prices have been met with resistance from some traders, who argue that the prices are driven by market forces.
However, Ilovo’s commitment to providing affordable sugar is a welcome development, and the company’s engagement with the Ministry of Trade and Industry is expected to yield positive results.
The company’s assurance of adequate sugar supply is also expected to calm fears of scarcity and stabilize the market.
As the government continues to grapple with the challenges of regulating prices and ensuring adequate supply of essential commodities, Ilovo’s efforts to provide affordable sugar are a step in the right direction.
The company’s commitment to investing in the local sugar industry is also expected to have positive spin-offs for the economy and create jobs for Malawians.
Ilovo’s condemnation of the artificial sugar price hike and its assurance of adequate supply are welcome developments.
The company’s engagement with the Ministry of Trade and Industry is expected to yield positive results and stabilize the market. As the government continues to grapple with the challenges of regulating prices, Ilovo’s efforts to provide affordable sugar are a step in the right direction.
