As part of efforts to streamline the rollout of the mandatory acquisition of local marine insurance by importers in Ghana, the Cargo Insurance Committee, made up of the Ghana Shippers’ Authority (GSA), the National Insurance Commission (NIC), the Institute of Chartered Shipbrokers (ICS), and the Customs Division of the Ghana Revenue Authority (GRA), is set to engage the shipping and insurance authorities in some selected countries on the continent to learn best practices.
To this end, the Committee will engage its counterparts in Nigeria, Kenya, Tanzania, and Rwanda, all of whom have successfully rolled out the mandatory acquisition of local marine insurance.
Engagement has become imperative following challenges faced by the NIC with the initial rollout of the program, which was done on September 1, 2022, despite a nationwide sensitisation program.
Consequently, the Cargo Insurance Committee was mandated to oversee the smooth implementation of the policy.
Since its constitution, the committee has held a series of meetings to discuss input from stakeholders and brainstorm strategies for implementation to ensure full compliance.
During one of such meetings at the Shippers’ House in Accra on Thursday, May 4, 2023, the Chairman of the Committee and Head of the Freight and Logistics Department of the GSA, Mr. Fred Asiedu Dartey, said: “If we are able to gather information from the authorities in these countries, it will go a long way to guide us in the best practices for the smooth implementation to ensure compliance.”
For him, the policy is in the interest of the shipper and should be rolled out in a manner that would not be seen as an additional cost but as an avenue to ensure that cargo of shippers are protected.
A Senior Manager in Charge of Marketing and External Relations at the NIC, Mr. Charles Ansong Dankyi, used the opportunity to clarify some concerns raised by members of the Ghana Union of Traders Association (GUTA) on items covered in each category of cargo insurance.
“For the insurance coverage, we have the port-to-port cover, which covers the goods from the port of loading to the port of discharge. We also have the warehouse-to-warehouse cover, which covers goods from the warehouse of the port of loading to the warehouse of the port of destination, which is purposely for transit cargo. So, the onus is on the importer to declare which insurance coverage they desire,” he noted.
Members of the Committee agreed to intensify sensitisation on the layers of insurance coverage for goods to enable shippers to make informed decisions.
