Government has given Illovo Sugar Malawi Limited seven days to reduce the prices of sugar in the country.

The ultimatum follows an engagement that the government had with the company last Sunday.

During the meeting, the government was represented by the minister of Trade and Industry Simplex Chithyola-Banda and finance minister Sosten Gwengwe whilst Illovo had its board chairperson Jimmy Lipunga and the Managing Director Lekani Katandula.

According to a statement issued Wednesday morning by Chithyola-Banda, government wants Illovo Limited reduce the price of sugar within a week for the benefit of both consumers and industries that use sugar as a raw material.

Reads the statement: “The engagement was called to resolve the outstanding matter on imports of industrial sugar into the country.”

The trade and industry minister adds that the major sugar producing company is committed to reducing the price within seven days, effective from the date of Wednesday’s press statement.

“Government has since stressed that should Illovo not comply to reduce the price of sugar within a week, it will have no option but compelled to issue more import licences to more industry players to help cushion the prices of commodities that use sugar as raw materials using relevant provisions in the Control of Goods Act 2018,” said Chithyola-Banda.

He said the Ministry highly appreciates the cordial atmosphere in which the discussions have taken place and looks forward to close cooperation with the Sugar Industry in Malawi for a more inclusive and prosperous country.