THE highly concentrated nature of the South African economy means that even when cartels are broken up this often has no material effect on prices, says Competition Commission acting deputy commissioner Hardin Ratshisusu.The public did not see much change because the dominant players remained and there was still no competition in the market.Ratshisusu and commissioner Thembinkosi Bonakele briefed the media on the commission’s work on the sidelines of the annual competition law, economics and policy conference focusing on competition policy and economic growth.Economic Development Minister Ebrahim Patel will address delegates on Thursday, with speakers and panelists from the US, Brazil, Russia, Australia, the UK and Europe. Representatives from the World Bank will also be attending.Bonakele said cartels in SA were particularly damaging. They imposed price premiums much higher than the world average of about 10%, starting at their lowest point of about 15% and sometimes reaching as hi...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.