CFTC COMMEMORATES WORLD COMPETITION DAY
On 5th December 2017, the Competition and Fair Trading Commission will lead Malawian consumers in commemorating this year’s World Competition Day.
The Day is commemorated annually to rally support and create awareness regarding the role that consumers play in shaping an effective competitive trading regime.
The commemoration of this day dates back to 5th December, 1980 when the United Nations adopted the international standard for competition laws called the Set of Multilaterally Agreed Equitable Principles and Rules for the Control of Restrictive Business Practices.
The main event to commemorate the day will take place in Blantyre under the Theme “Fight Bid Rigging in Public Procurement, Grow the Economy”. Bid rigging involves a group of firms that conspire to raise prices or pre-designate bid winners with the aim of maximising their own profits.
The theme has been purposefully chosen in acknowledgement of the important role that efficient public procurement systems can play in fostering social and economic development. Studies have shown that about 40% of the Government's annual budget is spent on public procurement of goods and services that are used to deliver public services to the citizenry. Studies have further shown that improvement in public procurement systems can help the Malawi Government save about US$24 million per year.
Therefore, the Commission reckons that an agenda to detect, report, mitigate and fight bid rigging would save a lot of money for the country’s development.
In line with provisions of the Competition and Fair Trading Act, the Commission will investigate all complaints of suspected bid rigging in the market and impose appropriate sanctions to offenders.
The Commission is appealing to all Government Ministries, Departments and Agencies, private sector, consumers, NGOs, international institutions and the general public to join hands in commemorating the 2017 World Competition Day.
Activities on the Day will include a consumer parade from College of Medicine to Trade Fair Grounds, traditional dances from Chichiri Prison Troupe, poetry and drama. The event will be presided over by the Minister of Industry, Trade and Tourism Hon Henry Mussa, MP.
For more information, contact the Commission on 01 759 506/7 or email This email address is being protected from spambots. You need JavaScript enabled to view it. . .
Charlotte Wezi Malonda
EXECUTIVE DIRECTOR