The ex-Jomo Cosmos midfielder enjoyed a successful campaign with the Absa Premiership champions in 2016/17, playing a key role in the club winning the MTN8 as well.
With the club having been active in the transfer market by strengthening the squad as they look to defend their titles, Monare believes the new signings will only bring healthy competition.
Wits have brought in attacking midfielders Daylon Classon, Kobamelo Kodisang and Steven Pienaar, and defenders Slavko Damjanovic and Bokang Tlhone, who signed a pre-contract in January.
"Competition makes for good players. Healthy competition makes a player compete and do the best of his ability, so it's good," Monare said.
"Great signings by the club. Good competition, that's what makes us good players."
Monare, who played 29 matches for the Clever Boys in all competitions last term, was nominated for the Midfielder of the Season at the PSL Awards on Monday night and said he was pleased that he played a role in the club winning two trophies.
"Being nominated for Midfielder of the Season was the cherry on top. At the end of the day, my job was done and we won the league and the MTN8, so I'm very happy with that.
"It was a great season, we worked hard as a team and we are happy with what we achieved."