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PRESS RELEASE: Chamber Gets Down To Business of Price Control

A review of the price control legislation as well as the items on the Price Control List and the mark-up permitted were all part of the discussions held when the Department of Commerce, Price Control Division and members of the Chamber met on Wednesday at the Chamber’s “Getting Down to Business” session.

Understanding the intention and objectives of the price control regime and the impact on consumers and businesses was facilitated by open discussion to make the system more relevant, work more efficiently and achieve the intended objectives.

The Department of Commerce representatives wished to hear the challenges the regime and its current operations placed on businesses as well as proposed solutions which could be offered by Chamber members.

The meeting was reminded that items on the Price Control List are generally placed there to achieve some specific objectives including, among others, to maintain reasonable prices on items which are seen as critical inputs for agricultural production, as well as items that are seen as staples in the basket of goods of the most vulnerable.

It was further expressed that some of the language in the Act needed to be revised as well as in some cases, particularly with agricultural inputs, some changes were needed as some of the goods were no longer being produced.

The Ministry agreed to conduct a thorough stakeholder analysis on the Price Control List items. Additionally, improving the processes involved in administering the regime through the use of technology.

It was agreed that another meeting of the parties should be convened within the next two months to continue and support the process of review and enhancing the system.

The “Getting Down to Business” series continues next Wednesday with discussions on the Import License Regime.

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