The Liberian Competition Law was approved on the 14th of June 2016. The law was enacted as part of the Legislative Action Plan (LAP) resulting from the WTO accession and is intended to maintain and encourage an active and efficient free market economy in Liberia. The Law seeks to promote economic growth and development, as well as provide Liberian consumers with competitive prices and a reasonable range of products. In this regard it was deemed necessary to combat unfair trade practices and anti-competitive behaviour to make sure that free and open competition is effectively enforced. Finally it was also considered important to ensure that SME:s have an equitable opportunity to participate in the Liberian economy.
The law is composed of 18 sections and regulates a wide range of unfair trade practices and anti-competitive behaviour, including: