Insurance World

Ghana: Implement Marine Insurance Protocol- Commissioner 

Dr. Justice Yaw Commissioner. Justice Yaw Commissioner

The National Insurance Commission (NIC) will collaborate with stakeholders to implement the Marine Insurance under the National Insurance Act (Act 1061) which mandates importers to buy Marine Insurance locally for imported cargoes.Commissioner of the National Insurance Commission, Dr Justice Yaw Ofori, who disclosed this in an interview with the Ghanaian Times, said only about six per cent of importers bought Marine Insurance locally for their imported cargoes into the country.Dr Ofori indicated that the NIC would collaborate with the Ghana Revenue Authority and the Ghana Union of Traders Association to ensure compliance of the Marine Insurance, which enjoined importers to buy insurance locally for their imported cargoes.The Commissioner of NIC stressed that Nigeria and Kenya strictly went by their Marine Insurance laws and ensured that any goods entering into the two countries had local insurance covering them, saying same must be applied in Ghana.

Among other benefits, Dr Ofori said compliance with the Marine Insurance would save the country a lot of foreign exchange.He also said the buying of insurance locally by importers for their imported products would reduce the pressure on the cedi, since Marine Insurance was priced in cedis.



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