"MoU on cargo insurance signed by NIC, GSA and GRA"

" \n A Memorandum of Understanding (MoU) aimed at growing Ghana's maritime sector has been signed between the National Insurance Commission (NIC), Ghana Shippers Authority (GSA) and the Ghana Revenue Authority (GRA). \n \n\n \n According to the NIC, the tripartite MoU will see to it that cargoes coming and leaving the country are insured by local insurance companies. \n \n\n \n Dubbed the Marine Cargo Insurance Protocol, this will complement the implementation of Section 37 of the Insurance Act, 2006 to offer a major boost on insurance penetration and revenue mobilisation efforts. \n \n\n \n Speaking at a signing ceremony in Accra on Wednesday, December 23, Commissioner of Insurance, Dr. Justice Yaw Ofori explained that the implementation of the protocol will help reduce foreign exchange repatriation to overseas insurance companies. \n \n\n \n \u201cThis will thereby reduce the pressure of the Ghanaian cedi. The Marine Cargo Insurance Protocol will introduce transparency in customs revenue thereby assisting the Ghana Revenue Authority with projections based on market data,\u201d he noted. \n \n\n \n Justice Ofori added that his outfit has commenced work on the Marine and Aviation database which will electronically safeguard data on all marine and aviation insurance policies issued in Ghana. \n \n\n \n \u201cThis is expected to enable the Customs Division of the GRA to verify the authenticity of all marine insurance documents submitted to them by importers in compliance with the Insurance Act hence the protocol,\u201d he added. \n \n\n \n Chief Executive of the Ghana Shippers Authority, Benonita Bismarck indicated that a successful implementation of the protocol will occupy an important place in overseas trade and commerce. \n \n\n \n \u201cThe successful implementation of the protocol is hugely dependent on the capacity of the insurance companies in Ghana, both human and financial and there have been assurances from the NIC on their preparedness to institute a transparent and well-regulated system,\u201d Ms. Bismarck said. \n \n\n \n Commissioner General of the Ghana Revenue Authority, Rev. Ammishaddai Owusu-Amoah, on his part said the MoU had come at an opportune time as his outfit is embarking on aggressive revenue mobilisation. \n \n\n \n \u201cWe warmly welcome this initiative that will further empower the Customs Division with compliance and ensure that cargo leaving and coming into the country is insured with local insurance companies,\u201d he said. \n "

"MoU on cargo insurance signed by NIC, GSA and GRA"

Cocoa Sector Sees Recovery in 2024/25 Season on Strong Prices, Productivity InterventionsAMP

Ghana’s Energy Sector Shortfall to Hit $2.2bn by End-2025 as IMF Warns of Mounting Fiscal StrainAMP

Ghana’s Poverty Rate Drops to 25.9% in 2024 Amid Growth in Services, Expanded Social Spending – IMFAMP