NASSAU, BAHAMAS — There will be no penalty or enforcement for businesses as they adjust to the addition of some 38 items to price control regulations, according to the Ministry of Economic Affairs.
In a statement, the ministry advised that it values public consultation with stakeholders regarding the understanding or impact of Government policy announcements and changes.
“The Ministry of Economic Affairs will continue to consult broadly with the Retailers and Wholesalers Associations regarding the Government’s recent announcement and price control enforcement as per the amendment of the Price Control Act Chapter 339 Additional Items Regulations 2022,” it read.
The statement continued: “The changes to the Price Control regulations come into full effect on October 17th, 2022. However, the Ministry of Economic Affairs and The Price Control Commission recognize the need for an extended period to phase in the price control adjustments and will forgo any penalties and enforcement during the adjustment period.
“The Ministry of Economic Affairs and The Price Control Commission will continue to review this recent change in the regulation while maintaining an open channel of consultations in the interest of consumers, retailers, and wholesalers.”
