Minister talks tough on anti-competitive practices
GOVERNMENT is pushing to finalise legislation that empowers the Competition and Tariffs Commission (CTC) to investigate anti-competitive practices, a Cabinet minister has said.
For years, there has been increasing anti-competitive practices on the market owing to the downturn of the economy resulting in some better capitalised firms having a stranglehold on certain sectors.
Speaking at the 14th anniversary of the World Competition Day commemorations hosted by CTC, Industry and Commerce minister Sithembiso Nyoni said the government wanted to equip the commission.
“Competition cannot thrive without a robust legal framework in place to regulate and monitor market behaviour to ensure compliance,” Nyoni said, in a speech read on her behalf by the ministry’s chief director, Florence Makombe.
“Our government is committed to strengthening the capacity of our competition authority, equipping it with the necessary tools and resources to investigate and prosecute anti-competitive practices effectively.”
She said the ministry was working to finalise the Competition Amendment Bill to equip CTC with the necessary tools and resources to investigate and prosecute anti-competitive practices effectively.
The amendment will help in governing and safeguarding against monopolies, cartels and other forms of anti-competitive behaviour prevailing on the market.
It will also ensure that no single entity has unwarranted control over a particular industry or market segment, thereby preventing the abuse of market power.
“As the minister responsible for Industry and Commerce, it is my duty to ensure a fair and competitive marketplace that benefits both businesses and consumers is created in our country. My ministry is committed to upholding and strengthening competition law to ensure a level playing field for all businesses,” Nyoni added.
She said it would be important to collaborate with other countries to address issues such as price-fixing, abuse of dominance and unfair business practices.
“We will continue to engage with our international counterparts to share best practices and co-ordinate efforts in combating anti-competitive behaviour. Competition law serves as a safeguard against monopolies, cartels and other forms of anti-competitive behaviour,” Nyoni said.
