Competition Law at Sierra Leone
Sure! Here’s an overview of Competition Law in Sierra Leone:
Competition Law in Sierra Leone
1. Legal Framework
Sierra Leone's competition law framework is primarily governed by the Competition and Consumer Protection Act, 2022. This Act is the key legislation designed to regulate competition, prevent anti-competitive practices, and protect consumer rights in the country.
2. Objectives
Promote and maintain competition in markets.
Prevent monopolies, abuse of dominant positions, and restrictive trade practices.
Protect consumers from unfair business practices.
Encourage economic efficiency and innovation.
3. Regulatory Authority
The Act establishes the Competition and Consumer Protection Commission (CCPC), an independent body responsible for enforcing competition law, investigating anti-competitive conduct, and ensuring compliance.
4. Prohibited Practices
Anti-competitive Agreements: Includes cartels, price-fixing, market division, bid-rigging, and other collusive behaviors.
Abuse of Dominance: Dominant firms are prohibited from abusing their market power (e.g., predatory pricing, exclusive dealing).
Mergers and Acquisitions: Certain mergers or acquisitions that substantially lessen competition require prior approval from the CCPC.
5. Consumer Protection
The Act also integrates consumer protection provisions, including protection against unfair trade practices, misleading advertising, and ensuring product safety.
6. Enforcement and Penalties
The CCPC has powers to investigate, impose fines, issue cease and desist orders.
Failure to comply can lead to significant financial penalties and corrective measures.
There may be criminal sanctions for severe offenses.
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