As the ECOWAS Regional Competition Authority (ERCA), it is essential to provide details of ongoing investigations on a frequent basis for a number of reasons.
Publishing information about current investigations promotes openness and accountability in the Economic Community of West African States (ECOWAS) region’s implementation of competition law and policy. By making this information available to the public, ERCA displays its commitment to administering competition law and policy in a fair and consistent way and contributes to the openness and transparency of its processes and procedures. This can assist develop trust and confidence in the Authority among companies and other stakeholders, and guarantee that ERCA’s judgments are viewed as trustworthy and valid.
Sharing information about ongoing investigations on a frequent basis also helps to ensure that companies and other stakeholders are aware of the legal and regulatory framework under which they operate and how it is being implemented in particular circumstances. This can promote a more competitive business climate in the region by leveling the playing field. It may also assist firms in comprehending their rights and responsibilities under competition law and policy and in taking the necessary procedures to guarantee compliance with these regulations.
In addition to educating companies and other stakeholders on competition law and policy in the ECOWAS area, the publication of information regarding active investigations can also aid in this endeavor. By describing the specific concerns and challenges being addressed in these investigations, ERCA may raise awareness of the significance of competition law and policy and the ways in which it benefits regional firms and consumers. This can foster better knowledge of competition law and policy among enterprises and other stakeholders, as well as increase compliance with these regulations.
In addition to encouraging openness, accountability, and comprehension of competition law and policy, routinely revealing facts of ongoing investigations can also serve to dissuade anticompetitive behavior. Businesses and other stakeholders may be less inclined to participate in acts that might be regarded as anti-competitive if it is made evident that ERCA is actively monitoring and implementing competition laws and policies in the region. This can assist establish a more favorable business climate and contribute to the region’s economic growth and success.
To enhance openness, accountability, and knowledge of competition law and policy in the ECOWAS area, it is essential for ERCA to periodically disseminate information on ongoing investigations. It is a crucial step towards building a more favorable business climate and contributing to the economic growth and prosperity of the region.