By Business Editor
ZIMBABWE is amending the Competition Act to stamp out cartels, restore industry viability and protect consumer interests.
Consultations for the process have started with the Competition and Tariff Commission seeking to ensure effectiveness on companies flouting merger regulations and ensuring consumers get the right share of their purchasing power.
“That is the right way to go we need reforms aligned to the current processes to ensure success,” said Cornelius Dube, the Confederation of Zimbabwe Industries Chief Economist.
“We need efficiency and transparency so enforcement is key to success if our input is accepted,” said Christopher Kamba, the Spokesperson for the Consumer Council of Zimbabwe.
CTC Assistant Director for Restrictive Practices, Cecilia Mashava spoke on the effects of effective competition legislation.
“It will enable us to have more power on stamping out the irregular practices while ensuring the sustainability of policies,” she explained.
The main objectives of the Competition Act is to provide the framework for the establishment of the Competition Commission which is already operational in Zimbabwe, seeks to prevent monopolies and to promote competition in the market, also to protect the freedom of trade for the participating individuals and entities in the market
In a related development, Zimbabwe on Monday joined the rest of the global community in celebrating the World Competition Day.