- UN marks World Competition Day today
A Civil Society Organization Consumer Unity and Trust Society (CUTS) Ghana, in partnership with other stakeholders in the business fraternity, are advocating the passage of a Competition Law in the country.
Despite efforts by Parliament to pass the law in 2014, that deadline was missed due to unexplained circumstances.
Country Director of CUTS Ghana, Mr. Appiah Kusi Adomako, told the Goldstreet Business that an absence of a Competition Law in Ghana, has the possibility of killing investor confidence, as competition in business brings value for money.
The organization is therefore collaborating with other stakeholders to see the competition bill passed into law by next year.
“The Trade Ministry will actually take it to parliament but a few amendment will be made to the draft document that was submitted since 2007,” Mr. Adomako said.
Instructively, CUTS will host a roundtable discussion as part of this year’s UN World Competition Day, which is today December 5, 2018.
The event will host high profile officials from the Ministry of Trade, Chamber of Telecom, Chamber of Petroleum, National Petroleum Authority, Private Enterprise Federation, Bank of Ghana, the Securities and Exchange Commission, NCA, ISSER, AGI, telecom operators, regulators, banking institutions among others.
Mr. Adomako disclosed that the policy dialogue will focus on Competition in general, the need for an effective competition law in Ghana, delays in passage of the law and the dangers of government becoming a referee and player in the market place.
In many countries, competition law exists to lessen competition in the market, tackle abuse of dominance position, and regulate mergers and acquisitions as a way of controlling excessive dominance in the market and the promotion of competition culture through advocacy.
In Africa, a couple of countries including Rwanda, Nigeria, Senegal, Gambia, Kenya, South Africa and others have a competition law.
By Wisdom Jonny-Nuekpe