Keep the money in Ghana - Gov't enforces local cargo insurance
Prof Ransford Gyampo, CEO of the Ghana Shippers' Authority, justified the government's decision to enforce mandatory local insurance for all imports on Wednesday in Accra. He described it as a "critical step to retain financial resources within Ghana and strengthen the domestic insurance industry." According to Prof. Gyampo, Cassiel Ato Forson's directive requires the Ghana Revenue Authority and the Bank of Ghana to enforce the policy under Section 222 of the Insurance Act, 2021.
Prof. Gyampo said that industry data indicates that an average of about 1,500 to 2,000 containers are lost at sea annually. He also stated that research has revealed that although the majority of import shipments into Ghana are transacted on Cost-Insurance-Freight (CIF) basis, only about 6% of imports are insured locally. He added that approximately 75% of importers have little or no knowledge of the insurance cover on their cargo. He warned that reliance on foreign insurers continues to drain critical resources.
Prof. Gyampo urged all importers, shipping service providers, and insurers to embrace the directive as a shared responsibility.
Quick Summary
The Ghana Shippers' Authority is working with the government to enforce local cargo insurance for imports. This initiative aims to bolster Ghana's financial resources-but what challenges might it address?
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