Insurance in Ghana Blame GRA for non-insured imports - NIC

Speaking at a Dinner and Awards Night programme organised by the Insurance Institute of Ghana, the Commissioner of the National Insurance Commission (NIC) Madam Lariba Bawa the country is losing millions of cedis.

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The National Insurance Commission (NIC) has blamed the Ghana Revenue Authority (GRA) for the challenges that hinder them from insuring imported goods.

Speaking at a Dinner and Awards Night programme organised by the Insurance Institute of Ghana, the Commissioner of the NIC Madam Lariba Bawa the country is losing millions of cedis.

“Even though the insurance Act requires all goods being imported into the country to be insured by Ghanaian Insurance Companies some practices of the Ghana Revenue Authority make it almost impossible to enforce this provision.”

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She said the Ghanaian practice is different from what other African countries do.

“Unlike countries like Nigeria and Kenya where all imported goods are insured locally, the situation in Ghana is such that a very small proportion of imported goods are actually insured in Ghana.”

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“Apart from being a gross violation of the Insurance Act it also robs the insurance industry of a significant source of income thereby hindering growth and profitability."

She, therefore, appealed to the Ministry of Finance to help remove the challenges that hinder insurance companies from insuring imported goods.

"I will, therefore, like to solicit the help of the minister who is hereby ably represented to help us find an amicable solution to this challenge,” she said.

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