Support the FTC!

THE EDITOR: It is a positive development that the Fair Trading Commission (FTC) has recently found itself the subject of significant public attention. Maybe now the professional and dedicated staff of this public sector institution will receive the support they require in terms of adequate budgetary support and expert staffing.

Despite the high expectations placed upon the commission to address any anti-competitive conduct, it continues to operate without a board, unlike several other state agencies.

I do not believe that the management of any state-funded entity should be expected or encouraged to embark upon major undertakings such as an investigation without the clear authority and direction of a duly appointed board. Why? Because such exercises involve complex legal processes, significant financial implications, and potential personal and professional consequences for staff.

Without proper governance oversight, the risks to both the taxpayer and the institution itself are unnecessarily heightened. The sooner a board is appointed, the sooner any investigative mandate can proceed in a structured, protected, and accountable manner.

Efforts to lower retail prices for all goods, especially pharmaceuticals and food, are laudable objectives of any government. However, prices and price formation follow a complex process shaped by both international and domestic factors which must be carefully considered.

Internationally, factors such as global market concentration, supply chain, patent regimes, and shipping costs all play significant roles, especially for small economies. Domestically, issues of market structure, licensing frameworks, firm size, regulatory efficiency, cost of doing business must also be weighed.

While anti-competitive behaviour by any local monopoly is an important factor to be queried, it is only one factor in the process of price formation.

Public sector institutions must be properly resourced and yes, they must be held accountable too. But accountability must never be confused with public disparagement. Public servants perform their duties within institutional constraints often beyond their personal control. They should not be disrespected by anyone, especially by those who hold high office.

RONALD RAMKISSOON

economist