GUTA said the policy was implemented without adequate consultation
The Ghana Union of Traders Association (GUTA) has expressed strong opposition to a new local cargo insurance directive by the National Insurance Commission (NIC).
According to the body, the policy was implemented without adequate consultation and raises several critical concerns.
In a statement released on January 28, 2026, and signed by its Secretary General, Richard Amamoo, the body stated that the directive is forcing businesses into purchasing local insurance services and ignores the preferences of the business community.
“The business community cannot be coerced into purchasing insurance services. This undermines the principles of free market economics,” the body said.
Marine cargo insurance implementation takes off February 1
It further argued that suppliers tend to have specific international insurance arrangements which should be respected.
“Our suppliers often have insurable interest in imported goods due to credit arrangements and should be allowed to maintain their existing insurance arrangements.
“Suppliers typically have preferred insurance companies and terms, which should be respected,” the statement added.
According to GUTA, forcing businesses to patronise local insurance companies is “morally wrong.”
The body instead questioned the quality, affordability and capacity of local insurance companies and instead called for them to enhance their services to be more competitive to attract customers.
“Instead of relying on regulatory fiat, local insurance companies should focus on making their services attractive to gain patronage from the business community,” it added.
See the full statement below:
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