Africa-Press – Liberia. The ECOWAS Regional Competition Authority (ERCA) in collaboration with the Ministry of Commerce and Industry, has convened a three-day workshop in Monrovia aimed at enhancing the competition framework in Liberia.
The workshop, which began on Monday, May 20, 2024, at a local resort in Sinkor, focuses on advocacy and sensitization regarding competition and consumer protection laws in the country.
Key attendees at the opening ceremony of the workshop were Ambassador Josephine Nkrumah, Resident Representative of the ECOWAS Commission to Liberia, Wilmot Reeves, Deputy Commerce Minister for Commerce and Trade Services, and Dr. Simeon Koffi, Executive Director of ERCA.
The workshop seeks to bolster Liberia’s economic landscape through robust competition and consumer protection frameworks, aligning with regional standards and enhancing market dynamics.
The attendees discussed strategies for effective enforcement, monitoring, and compliance with competition and consumer protection laws, focusing on innovative approaches that integrate technology and community engagement.
Ambassador Josephine Nkrumah stressed the objective of creating awareness around competition and consumer protection policies, aiming to establish a comprehensive competition framework in Liberia and promote fair competition within the West African market.
She highlighted the importance of the initiative with a view to the effective implementation of the community competition Rules and ECOWAS Directive on consumer protection.
It is within the mandate of ERCA, she noted, to accompany and assist member States in the development of a competition policy framework and the establishment of a national body in charge of competition—adding that consultation with all Stakeholders aimed to bring all of the players of the market around this initiative to have an inclusive framework that will lead to the achievement of the objectives of promoting healthy and fair competition in Liberia and within the West African market.
“The consultant and all the stakeholders aim to bring all the players in the market around this initiative to have an inclusive framework that would lead to the achievement of the objective of promoting healthy and fair competition in Liberia and within the West African market,” she said.
Nkrumah also reaffirmed ECOWAS’ commitment to support the government’s agenda.
“As the government agenda includes putting in place right and effective institutions for the development of Liberia, I would like to reiterate the willingness of ECOWAS to support this move and I believe that actions towards the promotion of a competitive environment with the establishment of competition framework and authority could contribute to the achievement”, she re-emphasized.
Deputy Minister Wilmot Reeves highlighted the significance of competition law in promoting innovation, protecting consumer interests, and ensuring fair trade practices.
“Our gathering here is timely,” he added. “The global economy is rapidly evolving, influenced by technological advancements and shifting market dynamics.”
In this context, Reeves said, Liberia’s pursuit of a well-defined competition policy is not merely an option but a necessity.
“As emerging economies around the globe have demonstrated, effective competition law is a cornerstone of economic development. It ensures a level playing field, prevents monopolistic practices, and opens up opportunities for small and medium enterprises to thrive,” he said.
Reeves stressed that the workshop represents a crucial step toward aligning Liberia with internationally recognized standards and practices. He indicated that the draft Project Cooperation and Funding Agreement, which outlines a three-year collaborative effort between ECOWAS and the Government of Liberia, is a blueprint for Liberia’s commitment to the cause.
“This agreement will catalyze the development of legal frameworks that are essential for promoting competition and safeguarding consumer rights,” he said. “The consultation sessions planned over the next few days are structured to harness the wealth of knowledge and experiences each of you brings to the table.”
The Deputy Minister urged ERCA and ECOWAS to consider the broader implications of their work by strengthening Liberia’s competition laws, and they are setting the stage for more foreign investment, which is often attracted to markets that are regulated by clear and fair rules
Dr. Koffi emphasized the importance of collaboration between ERCA and member states to strengthen competition frameworks and enhance capacity-building among stakeholders. He indicated that his Institution has a mandate to establish an active competition framework in all ECOWAS Member State
Meanwhile, the ERCA workshop also aimed to not only draft laws but also envision Liberia’s economic future through internationally recognized standards and practices. The establishment of a Special Investigation Committee and collaborative efforts with ECOWAS demonstrate a commitment to legal frameworks that promote competition and safeguard consumer rights in Liberia.
The collaborative efforts between ECOWAS, ERCA, and Liberia underscore a shared commitment to promoting economic fairness, innovation, and growth through effective regulatory frameworks.
Many stakeholders are of the view that the workshop represents a pivotal step towards aligning Liberia with global, continental, and regional standards in competition and consumer protection, fostering a competitive market that benefits consumers and businesses alike.
The engagement between stakeholders and authorities signifies a united effort towards creating a regulatory environment that supports economic development and social equity in Liberia.
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