Photo Credit: Illovo Malawi Facebook Page

Illovo Sugar Malawi , one of the sugar manufacturers operating in the country, has committed to reduce the price of sugar within a week, government has confirmed.

Minister of Trade and Industry, Simplex Chithyola Banda confirmed the development in a press statement made available to the publication.

Chithyola said illovo agreed to reduce the price during a meeting between him (Minister of Trade), Minister of finance and Illovo Sugar Limited officials on Sunday.

He further said government will be compelled to issue more import licences to more industry players to help cushion the price of commodities that use sugar as raw material, if the company does not reduce the price.

Illovo Malawi, which is one of two sugar producers operating in the country, supplies more than 60% of its total sugar sales into the domestic consumer and industrial markets, and a portion of the balance exported regionally within the sub-continent

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