The Importers and Exporters Association of Ghana (IEAG) has accused the National Insurance Commission (NIC) of desperately trying to make money at the Expense of helpless importers.

The Association, meanwhile, expressed disappointment at the announcement by the National Insurance Commission on no clearance for all commercial shipments into Ghana without Local Marine Insurance starting from September 01, 2022.

“The NIC attempts to ride on the Insurance Act 2021 (Acts 1016) is not only a desperate move to make money at the expense of the ordinary Importer but also an act of insensitivity to the struggling business community.”
IEAG

The NIC indicated that it has earmarked September 01, 2022, for the implementation of the compulsory local marine insurance policy, indicating that without Local Marine Insurance cover, all commercial shipments into the country cannot be cleared.

Reacting to the scheduled implementation, the IEAG in a statement signed by Mr. Samson Awingobit Asaki, Executive Secretary, described the policy as a lazy approach by the NIC to rake in revenue.

The Onus Lies on the Supplier

Mr. Samson Awingobit noted that per the maritime trading environment, the onus is on the supplier to insure goods that are being transported to a local receiver. As such, he questioned how a receiver could insure goods that are on high seas. He also added that in some instances, some marine shipments that are cleared at Ghana’s port came with Cargo Freight Insurance value (CIF), meaning they had already been insured by the supplier.

“The NIC should rather focus its strengths and powers on being innovative in ways of making revenues, without hiding behind an LI to rip local Importers of their sweat. The move by the NIC, if not reviewed or scrapped, will rather come back to hurt local businesses, since any additional cost in insuring already insured cargo, will be passed on to the consumer.”
IEAG

The Executive Secretary expressed surprise and accused the Ghana Shippers Authority, which is mandated to act in the interest of Shippers, as rather championing the policy with the help of the Ghana Revenue Authority, and the Ghana Insurance Commission to allegedly rip off the group of people they were mandated to fight for.

According to the IEAG, the timing of the implementation of the compulsory insurance policy is misplaced considering the hardship local businesses and importers are facing due to the economic downfall.

The Association, therefore, called on the NIC to shelve the marine insurance policy and revisit the negotiating table with stakeholders to take their inputs and suggestions to make it a win-win for all.