Accra, Feb 1, GNA – The Ghana International Trade Commission (GITC) is working towards reviving the domestic manufacturing industry to ensure less reliance on import-competing goods.
This is to be achieved through the reduction in incidences of unfair trade practices and the development of additional layer of empirical analysis for application of effective tariff levels for domestic industry through the Effective Rate of Protection (ERP) model.
The Commission said this in a summary report at a conference in December, 2022, under the theme, “Enhancing the competitiveness of the Domestic Industry in Ghana”.
It noted that unfair trade practices, which included dumping, subsidisation, and surges in imported goods, were distortive as they retarded growth and undermined the competitiveness of the domestic industry.
“As a quasi-judicial body, the GITC receives petitions from domestic industry in Ghana on matters relating to unfair trade practices in the course of international trade.
“The consequential impact is evidenced by a reduction in market shares, decline in profitability, jobs losses and even collapse of businesses” the report stated.
Nana Adu Gyamfi, Board Chairman of the Commission, said to promote economic transformation and grow the local economy, the GITC would regularly engage all stakeholders towards the growth of the manufacturing industry.
Dr Ayim Darke, the National President of the Association of Ghana Industries, commended the GITC for the foresight and achievements over the past few years.
Mr Herbert Krapah, Deputy Minister for Trade and Industry, pledged Government’s support to the activities of GITC, and its drive to ensure that domestic industry played major role in Ghana’s economic transformation.
Mr Frank Agyekum, Executive Secretary, GITC, in an overview of the core functions of the Commission, said it offered key services such as Safeguard Measures, Countervailing Measures, Anti-Dumping Duties, Tariff Review, and Dispute Settlement on matters relating to trade and industry.
He said it was also mandated to offer policy advice to Government on trade issues.
GNA