The Ghana Traders Union Association (GUTA) has appealed to government to reconsider its decision to implement the National Insurance Act 2021, which was passed recently.
According to the association, the implementation of the Act will have an adverse impact on the businesses of its members.
President of the Ghana Traders Union Association, Dr. Joseph Obeng said Section 222 of the National Insurance Act 2021 failed to consider how import trade is transacted.
He said businesses will collapse if the government goes ahead to implement the Act.
“Act 222 of the National Insurance Act 2021 states that, a person who imports goods other than personal effect into the country shall insure the goods with an insurer licensed under the Act. Whereas Sub -Section 2 also prohibits offshore marine cargo and Hull insurances with the exception of reinsurances with approval by the regulator.
“And this section has woefully failed to consider how import trade is transacted, “he stressed.
Mr. Obeng revealed that, stakeholders were not engaged before the law was enacted and called on government not to implement the law because it will create problems in the import sector.
However, he called on the government to relook at issues relating to insurance in international import trade properly.
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