Accra: 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.
According to Ghana Web, the statement released on January 28, 2026, and signed by GUTA's Secretary General, Richard Amamoo, pointed out 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 stated.
The marine cargo insurance implementation is set to take off on February 1. GUTA argued that suppliers tend to have specific international insurance arrangements which should be respected. The statement emphasized that 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, the directive forcing businesses to patronize local insurance companies is "morally wrong." The body questioned the quality, affordability, and capacity of local insurance companies and called for them to enhance their services to be more competitive in order 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.