Thebizportal.com, September 26, 2014
Ghana will soon have a Competition law as well as a Competition policy, the Ministry of Trade and Industry (MOTI) has revealed.
According to the MOTI Director, Legal Affairs, Mr. Kofi Amenyah, competition cannot be achieved automatically but needs to be nurtured through the introduction and propagation of a competition regime.
He said firms are pushed to be innovative and find better and more efficient ways to produce and distribute goods and services in competitive environments and noted the ministry is committed both in theory and practice to make sure that Ghana gets a Competition Law and Policy.
Kofi Amenyah was speaking at the launch of Cuts International’s Compad Project dubbed: Advocating for a Functional Competition Regime for Ghana at the Coconut Grove Hotel on Thursday.
“A functional competition regime consists of a national competition policy and a competition law implemented by a well-resourced competition authority. We will learn from international best practices and make sure that our markets become more dynamic and competitive” he noted.
He said the aim of law and policy will ensure a wider consumer choice in markets for goods and services through innovation and efficient resource use by the stakeholders to promote economic welfare.
The Chairman for launch, Mr. Joe Tackie, who is also the CEO of the Private Sector Development Strategy II, Office of the President, underscored the importance of a strong collaboration between government, private sector and civil society.
He said having a well-developed competition regime will strengthen competition and the power of the consumer.
“It will further enable us to appreciate issues which have to do with bankruptcy and corporate rescue and promotion of new avenues for consumer’s protection,” he added.
The main goal of the Compad Project is to complement Government of Ghana’s efforts towards evolving a functional national competition policy and law in the country, through an informed process which incorporates the views of key actors and also gaining support from Ghanaian businesses and consumers.
CUTS would be working closely with senior policymakers, parliamentarians and business leaders to deepen their understanding on the benefit of a functional competition regime.
The project is being done in collaboration with the Ministry of Trade and Industry with funding the Business Advocacy Challenge (BUSAC) Fund.
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