The Importers and Exporters Association of Ghana has indicated it will kick against a new law by the National Insurance Commission (NIC) which imposed custodian sentences for importers who do not comply with their mandatory Marine Insurance Policies.
The group said “Our latest agitations stem from a careful analysis of the new Ghana Insurance Act 1061, which we deem as an imposition to importers in the country and this could affect importation of goods into the country”.
“We are not against the idea for importers to insure their goods when it arrives in the country, but the motive to monopolize the system and impose this new act of importers, is what we are kicking against” the statement signed by Executive Director Sampson Asaki Awingobit said.
The statement also directed the general public to take cognizance of the new Ghana Insurance Act 2021, section 222 which states that “A person who imports goods, other than personal effects into the country shall insure the goods with an insurer licensed under the Act. Whereas Subsection 2 also prohibits offshore Marine Cargo and Hulk Insurances with the exception of Reinsurances with approval by the regulator,” it added.
The Importers and Exporters Association also considered clause (b) of Act 1061 in the new law as detrimental to the growth of the marine sector. The clause which according to the group makes provisions for custodian sentences to be imposed on Importers who fail to comply with the compulsory marine insurance act.
The Importers and Exporters Association therefore called on the Trade minister of Ghana and the Parliamentary select committee on Trade, to as a matter of urgency review the new law which they believe does not represent the vision of the current government to create an enabling environment for the trading sector.
“We also sounding a word of caution to the National Insurance Commission and it partners who are determined to get this law approved, to halt any further engagement and revisit the negotiation table with the various stakeholders, to ensure all the various parties are satisfied” the statement concluded.
