News Africa01 Mar 2021

Ghana:Local insurers urged to do more for international traders to turn to them for coverage

01 Mar 2021

Insurance companies in Ghana should focus on building their capacities and make attractive offers for importers and exporters who ship cargo through the country's ports, according to the president of the Ghana Union of Traders Association, Dr Joseph Obeng.

This call was made in the wake of propositions by a tripartite committee involving the National Insurance Commission, the Customs Division of the Ghana Revenue Authority and Ghana Shippers' Authority to encourage adherence to the law that mandates importers to purchase Ghanaian insurance policies for all imported cargo, according to a report in GhanaWeb.

Speaking on Eye on Port, a maritime current affairs TV programme, Dr Obeng said, “They have tried to sell their products to us, but they are not succeeding because they overprice the premium. Also, they claim that there are some items they can’t provide insurance covers for. Sometimes, they simply do not have the capacity.”

He says that local insurers should consider a form of insurance that would insure cargo transported overland from the port to the destination of the goods, so that they can build up a niche before advancing the argument for insuring all imports. He explains that, upon successful implementation of such onshore insurance activities, importers will have confidence in local insurers and procure their policies even for their offshore transactions.

On his part, the chairman of the Commission on Trade Facilitation of the International Chamber of Commerce-Ghana, Mr Joseph Agbaga says that while purchasing local insurance policies will help boost the national insurance industry and Ghana's economy generally, there is work to be done to convince the trading community to conduct business with local insurers.

He advises insurers to assure the trading public that they are going to solidly stand by their customers so that the latter would be able to go back to their suppliers to express the desire to let insurers in Ghana provide the insurance cover for international trade.”

 

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