Accra, Feb 18, GNA - Stakeholders in trade and industry in Ghana on Wednesday began a two-day workshop in Accra to deliberate on the proposed National Competition Law and its implications on trade and industry.
The workshop, being addressed by resource persons from the World Trade Organisation (WTO), is looking at the basic concepts and definitions of Competition, the overview of the linkages of Competition Policy as an underpinning of economic development, and the current Challenges and opportunities of Competition policy in Ghana.
Competition policy is a set of clearly defined national rules and guidelines by which both local and international firms compete and prevent unfair modes of operation and practices in business arena. It aims to promote healthy competition and regulates the market to ensure that new firms are not crushed by the incumbent or giant firms through unfair and underhand practices.
The Ministry of Trade, Industry and President's Special Initiative (MOTI & PSI) is organising the workshop for stakeholders from the academia, the business sector, public policy formulators, and members of the Consumer Protection Association and the Ghana Union of Traders Association.
The workshop is in response to a demand of the WTO, to provide enhanced support for technical assistance and capacity building in the area of competition policy.
It is reviewing the role and importance of competition policy in developing countries, with particular focus on issues of concern to African countries.
It would also examine the relationship of competition policy to the multilateral trading system and the possibilities that exist for enhanced co-operation in the WTO.
Mr Kwadwo Affram Asiedu, Deputy Minister of Trade, Industry and PSI, who opened the workshop, noted the participation of a number of firms in the markets, which had emerged as a result of trade liberalisation and globalisation.
He said, however, that experience had shown that certain firms engaged in anti-competitive practices that had grave consequences for national and global economic growth and development.
He mentioned price fixing, bid rigging, market sharing and deliberate dumping, as some practices which completely distorted the market system. Mr Asiedu said there was, therefore, a crucial need for national governments to restore and sustain confidence in business at both the national and international levels, by putting in place appropriate policy and legislation to combat anti-competitive practices. He said the lack of effective institutions in developing countries against the developed to contain and clamp down on the negative effects of anti-competitive activities of firms had made developing countries vulnerable to the negative practices.
Mr Asiedu announced that work had been completed on a draft Competition Bill, which he said, was undergoing the necessary administrative and legislative procedures.
Professor Frederic Jenny, Chairman of the WTO Working on the Interaction between Trade and Competition Policy, said there was the need for African countries to prepare their economies and put in place mechanisms to meet the competition in their markets.
Professor Kofi Nti, of the School of Administration, Legon, said the Competition Bill, currently with the Attorney-General's Department, would have a grand role in attracting investment into the country.
