Govt to table Mergers & Acquisitions Bill for fairer consumer landscape – Walrond

In its bid to protect consumers and promote fairness in the competitive landscape, the Guyana Government will be tabling the Mergers and Acquisitions Bill this year in the National Assembly. Industry and Commerce Minister Oneidge Walrond made this announcement on Friday in observance of World Consumer Rights Day.
She also disclosed that plans are in process to harmonise the Consumer Affairs Act with the Caricom Model Bill, in order to enhance consumer benefits, clarity, investigation processes, and priority methods for resolution.
She added that efforts are underway to complete and implement regulations governing the rules of procedure for the Consumer Competition and Affairs Commission, in order to ensure transparency and fairness in investigations and adjudications.
The theme for World Consumer Rights Day 2024 was “Fair and responsible AI for consumers” – communicating the reality that Artificial Intelligence is dawning, while recognizing that it can be leveraged for the benefit of consumers.
Walrond drew attention to the fact that consumers in Guyana are already interfacing with AI engines deployed by both local and international businesses.
“We recognise that such AI deployment presents both opportunities and challenges for business and commerce. The Government is therefore already examining policy and legislative measures that will enable Guyanese to harness the power of Artificial Intelligence for collective benefit, while maintaining appropriate safeguards to our rights,” she disclosed.
At the forefront of consumer protection efforts is the Guyana Competition and Consumer Affairs Commission (CCAC), which plays a vital role in advocating for consumer rights and awareness. In 2023, the CCAC reviewed 492 complaints, amounting to over $480 million, and successfully resolved 85 percent of those cases, recovering $305,788,496 for consumers.
Additionally, the CCAC conducted 1283 inspections and issued approximately 154 compliance certificates, which the Minister said further demonstrated its commitment to consumer protection.
Another important entity in Guyana’s consumer protection framework is the Department of Consumer Affairs, which continually conducts price-tracking activities across various regions of Guyana; providing valuable insights into price fluctuations, and guiding policy decisions.
Many relief measures that the Government has instituted have been informed by the findings of this Department.
Minister Walrond explained, “These initiatives underscore the Government’s dedication to ensuring fair practices and informed decision-making in consumer affairs. We continue to enhance the regulatory framework through our legislative agenda. A relatively recent legislative measure was the enactment of the Hire Purchases Bill in 2022. This legislation created a fair and balanced framework for consumers and sellers engaged in hire purchase, credit, and conditional sales agreements.”
The CCAC was established in 2011 to enforce consumer rights and ensure competition within markets under the Consumer Affairs Act and the Competition and Fair-Trade Act. Its functions include investigating complaints made by agencies and consumers, and determining if there has been a contravention of the Competition and Fair-Trading Act of 2006; and the CAA takes prescribed action should there be a contravention of the law, in order to eliminate anti-competitive agreements.
The functions of the CCAC include investigating complaints made by agencies and consumers; taking prescribed actions should there be contravention of the law; eliminating anti-competitive agreements; providing information to consumers on their rights, and enabling them to make informed choices; and instituting and supporting proceedings before a court of law, including bringing prosecutions where the Commission deems fit, among other functions.
The CCAC operates out of two locations: the Sophia Exhibition Complex in Georgetown, and at Linden in Region 10 (Upper Demerara-Berbice). (G12)