By Domingo Dargbeh
The Ministry of Commerce and Industry (MoCI) concluded a two-day validation workshop with focused on the draft competition and consumer protection Act.
The workshop was held with the intention to address the need for a robust consumer protection framework. Commerce Deputy Minister for Administration, Tarnue N. Jeke, underscored the significance of a strong consumer protection regime in fostering economic competition, enhancing efficiency, attracting investment, and spurring innovation. Jeke said, a vibrant consumer protection regime not only builds trust, but enhances market confidence; safeguarding the welfare of stakeholders within the economic landscape.
He added: “The outlined elements form the foundation of inclusive and sustainable economic growth.” Jeke also highlighted the integral role of consumer protections in development.
While aligning with President Joseph Nyuma Boakai’s vision for national development, Mr. Jeke recommitted the Commerce Ministry to advance private sector growth; strengthen regulatory frameworks, and deepen regional economic integration. He called on the participants to draw upon their collective expertise to create a legal framework that would be practical and forward-looking, capable of withstanding future challenges and delivering measurable benefits to the economy. Jeke acknowledged the support of various partner institutions, including ECOWAS, the African Continental Free Trade Area (AfCFTA), and the Mano River Union, which have been instrumental in advancing the initiative.
Assistant Minister for Commerce and Trade, Kelvin D.J. Mattaldi, spoke of the validation process importance. Mattaldi recalled how the Ministry has actively engaged stakeholders to address issues related to effective trade and consumer protection regulations.
The draft national competition and consumer protection Act, developed with the support of the ECOWAS Regional Competition Authority, aims to repeal the existing 2016 Competition Law.
The new legislation seeks to establish a robust legal and institutional framework to promote a free, fair, and efficient market system.
The workshop marks a step to enhance consumer rights, and foster a competitive economic environment, ensuring that Liberia’s market system can sustain growth and innovation in the years ahead.