The government is to inaugurate the Ghana International Trade Commission (GITC) to check unfair trade practices in the country.

The Vice President, Dr. Mahamudu Bawumia disclosed this at the closing ceremony of the National Policy Summit held in Accra.

Held under the theme “The Transformation Agenda of Ghana,” the two-day programme was to interact with stakeholders in the business community on the government industrial agenda.

Dr. Bawumia explained that the objective of the GITC Act 926 was to promote and enhance the competitiveness of the local private sector and contribute to making Ghana the Industrial hub of the sub-region.

“The GITC would provide for the regulation of international trade in Ghana in conformity with the rules and regulations of the World Trade system,” he said.

The Veep indicated that the GITC would enquire into and determine complaints by the private sector in relation to safeguarding measures, subsidization of imported products by foreign governments, dumping of imported products in the domestic market and tariff adjustments.

Dr Bawumia explained that the Commission would also settle disputes between importers and Customs Division of the Ghana Revenue Authority in respect with the classification and valuation of products that are imported and any other measure that would affect fair trade.

He said to make the private sector competitive, government has abolished a number of taxes. They include the 17.5 per cent Value Added Tax (VAT)/National Health Insurance Levy (NHIL) on financial services, 17.5 VAT/NHIL on airline tickets and the 5 percent VAT Rate on Real Estate.

Dr. Bawumia said government was putting systems in place to automate the Tema Port to make the clearance of goods paperless all in a bid to promote businesses

The event brought together gurus in the Trade and Industry sector. Among them included representatives of the Cement Manufacturers Associations of Ghana led by the Chairman, Dr. George Dawson-Ahmoah who in an interview with the media expressed joy about the inauguration of the GITC as he believed had come at the opportune time to provide trade Contingency Measures, which has legal backing to protect the local industry.

Dr. Dawson-Ahmoah who doubles as the Strategy and Corporate Affairs Director of Ghacem and the Chairman of the Tema Branch of the Association of Ghana Industries was optimistic the bill would ensure fair competition for persons engaged in domestic production and international trade, and protect the domestic market from the impact of unfair trade practices in the course of international trade.

“This Act comes as a remedy to the various injurious practices against local Industries in Ghana and with its enforcement there will be hope for the survival of most Industries in Ghana. We are therefore happy to hear this good news from our Vice President and cannot wait to be witness the actual inauguration ceremony”