Importers have been encouraged to insure their commercial cargo with local insurance companies to protect their businesses against financial losses and facilitate quicker claims settlement when goods are damaged or lost during transit.
Mrs Gertrude Adjoa Ohene Asienim, Executive Director of Whitestone Shipbrokers Limited and the West Africa School of Shipping, said although Ghana’s Insurance Act made marine cargo insurance mandatory for commercial imports, many importers were yet to fully appreciate its broader value to business operations.
She said local cargo insurance should be regarded not only as a legal requirement but also as an essential risk management tool that supports business continuity.
Mrs Asienim made the remarks during a media forum organised by the Ghana Ports and Harbours Authority (GPHA) in Tema.
She noted that businesses involved in international trade were increasingly exposed to risks such as geopolitical tensions, supply chain disruptions, cyber threats and climate-related events, making comprehensive cargo insurance more important than ever.
According to her, incidents including conflicts affecting key global shipping routes, flooding, piracy and transport accidents could lead to shipment delays, cargo damage and substantial financial losses.
Mrs Asienim explained that importers who insured their cargo overseas often faced challenges related to foreign jurisdictions, language barriers and delays in claims settlement.
She said importers who insured locally could benefit from Ghana’s regulatory framework, with local insurers operating under the supervision of the National Insurance Commission, enabling policyholders to seek regulatory support where necessary.
She further stated that compensation from shipping lines was often limited because international conventions capped carriers’ liability for lost or damaged cargo.
However, she said local marine cargo insurance provided broader protection by compensating importers in accordance with the terms and conditions of the insurance policy.
Mrs Asienim advised importers to consult licensed insurance companies or insurance brokers before shipping goods to ensure they secured appropriate cover based on the nature of their cargo and mode of transportation.
She added that marine cargo insurance covered commercial imports entering Ghana through seaports, airports and land borders and could also be extended to protect goods while in transit to inland warehouses where required.
