There is hope that businesses and the country’s economy will thrive as government has now gazetted the long awaited Control of Goods Act.
Principal Secretary in the Ministry of Trade, Kiswell Dikamau, announced this through a statement.
The Act became operational on July 10, 2020 following its publication in the government gazette of the 16th July 2020.
Among other things, the Act prioritizes predictability, certainty and transparence which will enhance investment into various sectors of the economy without interruptions.
The statement stated that: ” Under the new act, traders will be required to obtain an import or export license from the ministry of trade and failure to do so will be punishable by law.”
Commenting on the development, national chairperson for National Small and Medium Enterprises (Nasme), William Mwale commended government for the move.
Mwale said the move will give more room to indigenous business players to fully benefit from the trade industry.
“This is good news for Malawians because there will now be control of cash as the reserve bank will be mandated to trace all the returns of every exports and imports, this will definitely influence the economy’s growth,” explained Mwale.