By Francis Kobena Tandoh
A three-day seminar organized by the Economic Community of West African States (ECOWAS) Regional Competition Authority (ERCA), the European Union (EU), and other stakeholders commenced in Accra, the Ghanaian capital, on Monday.
The National Information and Awareness Seminar on Competition Law and Policy in West Africa, which has brought various stakeholders together, is to discuss combating anti-competitive practices within the sub-region.
In a speech read on his behalf at the opening ceremony, the Executive Director for ERCA, Simeon K. KOFFI, said the overarching objective of the establishment of the ECOWAS is the creation of a unified and competitive regional market where goods, services, capital, and people can move freely.
He underscored the critical role that competition policy plays in ensuring markets function efficiently and that the benefits of integration are equitably shared.
“In today’s increasingly interconnected economies, competition law is not merely a regulatory tool; it is a driver of economic growth and innovation. Competition and consumer protection are indispensable pillars of an efficient, inclusive, and resilient economy. Competitive markets stimulate innovation, improve productivity, attract investment, and encourage businesses to deliver better products and services at competitive prices,” said KOFFI.
“Effective consumer protection builds confidence in markets by ensuring that consumers are treated fairly, receive accurate information, and have access to effective mechanisms for redress,” the ERCA executive director added.
West African bloc ECOWAS is mandated to promote economic integration among its member states through the implementation of development policies that enhance economic growth and competitiveness.
One of such policies is competition policy, which aims to support the establishment of an open, transparent, and competitive market.
Michael Opoku, who represented the Minister for Trade, Industry, and Agribusiness said Ghana is set to introduce a competition law to deal with the activities of cartels and price-fixing to protect consumers.
Opoku observed that the ministry was in the process of merging the draft competition and consumer protection bills into one institution to regulate the sectors.
The passage of the draft bill, according to him, is an obligation of Ghana in terms of being part of the Economic Community of West African States (ECOWAS) Regional Competition Authority (ERCA).
“The thinking at the ministry now is to push forward a competition and a consumer protection authority who will legislate on both competition and consumer protection. It is important that we have a comprehensive competition law that seeks to bring into view the right processes in terms of dealing with mergers, acquisitions, cartels, and price-fixing,” said Opoku.
Despite efforts at introducing the new law, Opoku emphasized that the West African country has over the years been able to strengthen its regulatory institutions that play their roles in their individual sectors.
The ECOWAS is mandated to promote economic integration among its Member States through the implementation of development policies that enhance economic growth and competitiveness. One of these policies is competition policy, which aims to support the establishment of an open, transparent, and competitive market.
In this context, ECOWAS has developed legal and institutional frameworks, notably through the ECOWAS Regional Competition Authority (ERCA), to combat anti-competitive practices.
Despite these efforts, several challenges remain in Ghana including institutional and governance weaknesses, an evolving legal and regulatory framework, limited capacity of investigative and judicial authorities, and low awareness and culture of competition among market participants.
The Competition and Consumer Protection Support Programme (PACoSPro) aims to improve the business environment and competitiveness in West Africa. In this regard, it places particular emphasis on awareness-raising and dissemination of competition rules.
This national seminar in Ghana is part of this effort and seeks to strengthen understanding and ownership of competition rules among public and private stakeholders in Ghana. Enditem
Source: Ghana Eye Report
