Consumer protection advocate Appiah Kusi Adomako warns that Ghana's 24-Hour Economy initiative faces exploitation risks without proper competition legislation. The West African Regional Director of Consumer Unity and Trust Society argues that anti-competitive practices could undermine the policy's transformative potential. Competition laws prevent cartels, price manipulation, and market dominance abuse while ensuring fair business practices. Politically connected enterprises might capture investment opportunities in agriculture, manufacturing, and infrastructure without regulatory frameworks.
Adomako emphasizes that competition legislation protects smallholder farmers from buyer cartels and unfair pricing schemes. The policy targets 1.7 million jobs by 2028 and 5.2 million by 2034 through competitive markets fostering innovation and efficiency. Ghana maintains only a draft competition bill from 2007 despite renewed political commitment indicated in budget statements and party manifestos. Effective competition laws would attract foreign investment, improve supply chains, and address persistent price fixing by cartels refusing to pass currency gains to consumers.
Adomako emphasizes that competition legislation protects smallholder farmers from buyer cartels and unfair pricing schemes. The policy targets 1.7 million jobs by 2028 and 5.2 million by 2034 through competitive markets fostering innovation and efficiency. Ghana maintains only a draft competition bill from 2007 despite renewed political commitment indicated in budget statements and party manifestos. Effective competition laws would attract foreign investment, improve supply chains, and address persistent price fixing by cartels refusing to pass currency gains to consumers.
