Price Control Regime Expansion- Part 2

As you may be aware there are proposals being considered to expand the number and range of good on the Price Control Order. The Chamber is pleased to advise that our request for time and space to conduct an assessment of the impact of the proposals on business has been provided by Government. The Chamber is appreciative of the positive consideration given to our request by the Cabinet of Ministers. The Prime Minister and the Minister of Commerce were both influential in the granting of this tome and space.

We had agreed to meet on Tuesday 24^th of May to discuss the next steps, alternative proposals to help achieve the objective of minimizing the impact of the global price escalation on consumers and businesses and as such we invite you to join us at this important meeting.

The preliminary assessment and analysis of the proposals suggests that the impact can be significant and can spill over to other support sectors like banking, if the impairment is as severe as early indications suggest. The food retail, pharmacy and building suppliers may be on the frontline of the impact, but the many dependent and interconnected sectors to can be impacted. As such please join us at this all- important meeting.

We have gotten wind that the policy as proposed has been put on hold, but that “amended policy prescription” will be implemented on June 1^st, 2022, where the service charge will be suspended on price control items and the list of price control items will be extended by removing the size specificity of the list. While we await official word from the Ministry of Commerce, I ask members to commence assess the impact of this amended policy as well.

Thanking you for your attention and attendance and as indicated at the Meeting held  last week, please advise if you need help in conducting the impact assessment and share your suggestions on alternative measures that the private sect could recommend to government.  

Survey to assess impact of proposed price control measures may be accessed here.

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