Sunday, May 26, 2024

Luthando Holdings Director, Laher, bemoans unjustified price hikes, outlines unjustified exploitation by foreign business community

One of the indigenous entrepreneurs in the motorbikes industry, Luthando Holdings, has, since the recent devaluation of 44%, displayed a remarkable posture of patriotism, aiding a case of why Government needs to support indigenous business with focused priority.

The Government, through the Ministry of Trade and Industry issued a statement cautioning traders against unjustified price hikes that would seek to take advantage of the situation and perpetuate exploitation on the citizenry. So far, it appears the government has found a true friend in Luthando Holdings who seems to advocate for welfare of consumers in the country through championing ethical business conduct.

The news of the devaluation induced a wave of price hikes across the transactions sphere with most traders adjusting their prices with 44%. But Luthando Holdings submits that in most cases, the price increases on most items are without justifiable basis and merely reflects an attitude of propensity to exploiting the poor.

He argues that, the business community has been accessing the forex at between K1,800 and K1,900 for US$ 1 and that recent announcement is a mere alignment to the economic reality, further stating that the business community has been merchandizing while factoring that rate.

Mr. Laher has relayed sentiments calling upon citizens to be careful in their attitude, informing that the business community will feel backed and engage an unjustified profiteering gear to the disadvantage of the local economy.

One of Luthando Holdings showroom in Lilongwe breathing Yamaha motorcycles stock

“My request to my fellow citizenry, siyani kuchemelela kuti kwacha yagwa. Mukuzipwetetsa, mukuzikwezela mtengo wa zinthu nokha. My fellow citizensy, by accepting this situation and think this is devaluation that must apply across, you are punishing yourself. You are doing yourself injustice”, he says.

“Kwacha yangochitika alighn, inagwa kale kale, ma price anapanganso kale kale adjust. Ma traders have been buying dollar at K1,900 way before. Mukapitiliza chibwana chimenechi akukazingani, anabwela kuno kuzapanga ndalama. They don’t care of what you are going through. You just meet them in their shops and restaurants, musatsogoze zoti akukazingeni,” tips Laher.

Addressing opposition-oriented people who have weaponized the devaluation for their political beating on the government, Laher had the following to say: “Don’t think you are punishing and bullying the leadership. You are doing yourself injustice and punishing yourselves”.

“I made a visit to Malangalanga this morning where I met fellow indigenous traders. We had some talk too, and we spoke about kwacha adjustment to dollar again. Everyone that I met accepted we have been sourcing dollar at about K1,900 way before and our price tag was based on the same. I pleaded with them that we should be cautious and consider our fellow citizens on price hikes. If anything, with the duty adjustment at least not more than 8% increase would be fine”.

“I told them that my fear is that in our economy, businesses are 85% controlled by foreigners. What this means is that if we accept that Kwacha has been devalued with 44% and prices be increased by 44%, the biggest winner is a foreigner, and few 15% of us the Indigenous Malawian traders. The biggest victim of all is the poor fellow indigenous citizen. This is not alright”.

“I asked my fellow traders to consider the plight of fellow citizens. Tiyeni izi tisapange nawo, ma foreigners awapweteka a Malawi, chifukwatu olo charger ndi head phone amagulisa pa mseu ija akwezanso, chifukwa kowoodako ma foreigners akwezanso when in natural fact, they are not supposed to”.

The local entrepreneur elevated his concern to the foreign business community. “warning to my fellow 85 % traders in Malawi. We know how businesses operates as we are all in the same industry. We know you don’t have any grounds to justify the price hike with 44%. You don’t have to adjust prices with 44%. Perhaps 6% would be justifiable. We know you have been purchasing your stocks at an equivalent of K1,900 for one Dollar rate all along”.

“We will do everything possible to prove that any price increase at 44% is unjust, genocide, an economic crime against humanity, fraud and taking advantage of Malawians’ ignorance. The only commodity that is supposed to be increased with 44% are those who have been importing through the banks at the TT rate as it is evident that they have an immediate direct impact from this alignment. These commodities include fuel and few other commodities”.

“Pomaliza to all our valuable clients and general public: Don’t accept to be duped. It is high time we needed to fix this country together. Luthando Holdings is here to serve you with dignity and respect. We belive in honest proceeds. Be mindful that all trucks that load foreign goods are not for Malawians. Zimakhala zaku Mozambique kapena ku South Africa komko, nde palibe nkhani yoti azinena transport increase. Palibe wakweza transport ku Mozambique ndi ku South Africa”.

Luthando Holdings receiving consignment of Yamaha motorcycles on Saturday, 11 November 2023




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