REFRAIN FROM UNFAIR PRICE INCREASES, BUSINESSES WARNED

MBABANE – Local businesses have been warned to refrain from unjustified price increases.

The Minister of Commerce, Industry and Trade, Manqoba Khumalo, said scores of emaSwati raised concerns on the high increases in prices of food and services at the recently held Sibaya. Khumalo was speaking during the launch of the Tinkhundla Consumers Awareness Campaign that will be carried out in the different tinkhundla centres in the country. The campaign is meant to empower citizens and businesses at the tinkhundla level with information on consumer protection and welfare. Khumalo said his ministry together with the Eswatini Competition Commission (ESCC) will do everything in their power to ensure that those who, without justification, increase prices excessively to the detriment of consumers, are dealt with in terms of the law. “As a Ministry responsible for Commerce, Industry and Trade, we want to encourage all Eswatini businesses to observe and respect consumer rights to increase their client base, sales and business credibility,” said the minister.

He further stated that the legislative and policy framework regulating competition and consumer issues in the Kingdom of Eswatini, is currently under review. He said the government supports the development of a robust policy framework and an effective legislative framework that will improve the ease of doing business and further promote consumer welfare and protection. Khumalo said the legislative review is meant to ensure that the kingdom’s competition and consumer policy framework is in line with developments in the Southern African Development Community (SADC), the Common Market for Eastern and Southern Africa (COMESA) and the African Continental Free Trade Area (AfCFTA). The minister said the improved legal framework would also make provisions that would safeguard consumers who transact in the digital marketplace and the artificial intelligence space, to minimise the risks to consumers.

He said it was very important that businesses in rural areas have exposure to consumer-related awareness sessions to improve their services and gain an advantage over competitors by being responsive to consumer needs and welfare. The minister also highlighted the importance of small and medium-sized enterprises (SMEs) as they played a pivotal role in driving economic growth across the globe, stimulating development, innovation and competitiveness. He noted that according to the World Bank, in emerging markets SMEs generate seven out of 10 jobs and contribute up to 40 per cent of national income. “I strongly believe that now, more than ever, SMEs must keep pace with both the positive and negative developments brought about by globalisation and the slow economic growth caused by the after-effects of the COVID-19 pandemic, global conflicts impacting supply chains and unpredictable weather patterns,” he said.

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