Former President of the Ghana Union of Traders\u2019 Associations (GUTA), Joseph Obeng, has stated that the association did not consent to the Marine Cargo Act during his tenure, distancing the group from ongoing discussions about its implementation.<\/p>\n
In a statement, Mr. Obeng said GUTA, under his leadership, never endorsed the Act, which requires all goods imported into Ghana to be insured locally through insurance companies licensed by the National Insurance Commission (NIC).<\/p>\n
The Marine Cargo framework is intended to retain insurance premiums within Ghana and strengthen the domestic insurance industry. However, Mr. Obeng said significant concerns raised by the trading community remain unresolved.<\/p>\n
He questioned why importers who fail to use local insurance services should face custodial penalties, describing such measures as excessive and unjustified.<\/p>\n
\u201cI have asked them to let us know why an importer should be punished with a custodial penalty for not using the service of an insurance company in Ghana,\u201d he stated, adding that assurances for responses to his concerns were not fulfilled.<\/p>\n
Mr. Obeng also called on regulators to provide proof of the capacity of local insurance companies to handle marine cargo insurance effectively. He further requested details of foreign intermediary insurance partners and explanations on how the policy would avoid increasing the time and cost of doing business.<\/p>\n
According to him, insurance services should not be imposed on businesses but should instead be made attractive through competitive pricing, proven capacity and efficiency.<\/p>\n
He said stakeholder consultations on the matter were inconclusive and that the concerns of importers had not been adequately addressed.<\/p>\n
Mr. Obeng also noted that many suppliers have insurable interest in goods shipped to Ghana, often under existing credit arrangements, and may prefer insurance providers of their choice in line with standard international trade practices.<\/p>\n
\u201cIt is morally wrong for the law to impose custodial punishment on businesses that do not insure in the country,\u201d he said, arguing that punitive measures could undermine confidence within the business environment.<\/p>\n
He further contended that local insurance firms have yet to sufficiently demonstrate the experience, capacity and competitive pricing required to manage marine cargo insurance at scale. According to him, the limited patronage by Ghanaian businesses reflects concerns about cost, efficiency and global trade realities.<\/p>\n
Mr. Obeng maintained that until these issues are fully addressed, it cannot be said that GUTA endorsed or consented to the Marine Cargo Act.<\/p>\n
Officials from the National Insurance Commission were not immediately available for comment.<\/p>\n
Source: www.kumasimail.com<\/strong><\/p>\n <\/a><\/strong> <\/a><\/p>\n","protected":false},"excerpt":{"rendered":" … consent to the Marine Cargo<\/span> Act during his tenure, … Commission (NIC). The Marine Cargo<\/span> framework is intended to retain … insurance companies to handle marine cargo<\/span> insurance effectively. He further … required to manage marine cargo<\/span> insurance at scale. According …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-85978","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/85978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/comments?post=85978"}],"version-history":[{"count":0,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/85978\/revisions"}],"wp:attachment":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/media?parent=85978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/categories?post=85978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/tags?post=85978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}