The 24-Hour Economy (24H+) has been touted as a great initiative that has great potential to drastically transform the country’s economy, but it stands a risk of exploitation without proper competition laws.
This is the call of the West African Regional Director of the Consumer Unity and Trust Society, CUT International, Lawyer Appiah Kusi Adomako.
The consumer protection advocate agrees that the eight interconnected pillars of the 24-Hour Economic and Accelerated Export Development, which include agriculture, manufacturing, infrastructure, logistics, finance, culture, and the rest, hold the key to transformation if properly implemented.
Lawyer Appiah Kusi Adomako says, given the agenda of the 24-Hour Economy, competition laws are very critical to address key legal issues that affect industries, suppliers, and consumers.
In an article titled “Why Competition Policy and Law Matters to the Ghana’s 24-Hour Policy” copied to The High Street Journal, the CUTS International boss made a strong case justifying why competition laws must be prioritized under the flagship.
Competition Laws: What are they?
The lawyer explains that competition law, sometimes referred to as antitrust law, refers to a “set of rules that govern how businesses compete in a market.”
He explains that it prevents anti-competitive conduct that harms consumers, inhibits innovation, or blocks new entrants from competing fairly. This includes cartels, price fixing, abuse of dominance, bid rigging, and collusive tendering.
“Competition law ensures that firms compete on merit rather than through manipulation, exclusivity arrangements, or the exercise of market power. It empowers the competition regulator the authority to investigate, penalise, and remedy market conduct that distorts competition. Ghana has had a draft competition bill since 2007,” he added.
He was, however, quick to add that competition laws are not meant to punish success or stifle growth as perceived. Competition laws, he adds, are not enemies to firms growing in size to become dominant in the market.
Rather, Lawyer Adomako says it is aimed at preventing business practices that are predatory and give unfair advantages to a section of the market to the disadvantage of others.
He says, “competition law does not punish size or success. It is not against firms becoming dominant through efficiency or innovation. It prohibits specific practices such as agreements between competitors to fix prices, share markets, or limit output or an abuse of a dominant position, such as predatory pricing or refusing access to essential facilities.”
“It also makes sure that mergers and acquisitions do not substantially lessen competition or create market concentration,” he added.
How Does Competition Law Matter in Ghana’s 24-Hour Economy
Given the overarching aim of the 24H+ policy, the consumer protection advocate sees a vast opportunity for investment in the areas of agriculture, manufacturing, and infrastructure, among others. This opportunity for people and businesses to heavily invest makes it imperative for the policy to provide a level playing field for all without unfair and undue advantages.
This situation could be a bane on the inclusiveness of the policy as touted by the President. Without a law that regulates competition, the few politically connected businesses are likely to hijack the benefits and opportunities, creating monopolies that trample on the protection of the consumer and ordinary Ghanaians.
“Without a level playing field, the benefits of these investments may be captured by a few entrenched interests, defeating the purpose of inclusive transformation,” he indicated.
Moreover, he also sees the need for laws that ensure that large players do not collude on prices and push out competitors or exploit suppliers. He sees that these are risks associated with the policy and that it requires a formal law to address.
“What happens if large players in the parks collude on prices, shut out competitors, or use their market dominance to exploit suppliers?,” he quizzed, adding “GROW24 aims to strengthen agriculture through the development of agroecological parks (Agbleduwo), improved irrigation, cold chains, and cooperatives.
“But if powerful buyers or intermediaries engage in unfair pricing or buyer cartels, smallholder farmers will not benefit from the value chains. Competition law protects these producers by ensuring buyers compete fairly and prices reflect market dynamics, not collusion.”
Potential Economic Benefits if Competition Law is Passed
The lawyer cum competition economist indicates that competition drives innovation, productivity, and job creation by encouraging firms to become more efficient and invest in better technologies.
Ghana’s 24H+ policy projects the creation of up to 1.7 million jobs by 2028 and over 5.2 million by 2034; however, this dream, he says, can only be possible in an open, competitive market that fosters innovation and entry. A strong competition law is essential for attracting foreign direct investment (FDI), improving supply chains, lowering costs, and enabling export diversification into value-added goods like cocoa butter, pharmaceuticals, and agro-processed foods.
Such a regime would give investors confidence that market rules are transparent and fair.
A Call to Action: Passing the National Competition Law
The CUTS International boss says, despite early efforts, Ghana is yet to enact a functional competition law, with the process stalled for much of the last decade. However, recent signals from the 2025 Budget Statement and the NDC’s 2024 manifesto suggest renewed political will.
International bodies like the AU and ECOWAS are also pushing for stronger competition frameworks, and the AfCFTA Protocol on Competition legally obliges member states to comply.
He says without such a law, Ghana risks being left behind in the African single market. Effective competition legislation would also help tackle issues like price fixing, ensuring consumers benefit from market gains such as currency appreciation.
For him, “Ghana needs a functional competition policy and law. The issue of price fixing by some cartels that have persistently refused to pass on the gains from the cedi’s appreciation against the USD to consumers can be cured by competition law.”
