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NIC, GSA, GRA sign MoU to improve domestic cargo insurance penetration
The National Insurance Commission, Ghana Shippers Authority and the Ghana Revenue Authority have signed a Memorandum of Understanding (MoU) towards improving Ghana’s maritime sector.
The MoU will see to it that cargo coming and leaving the country is insured with a local insurance company.
Dubbed the Marine Cargo Insurance Protocol, it will complement the implementation of the Insurance Act to offer a major boost on insurance penetration and revenue mobilisation efforts.
Speaking at a signing ceremony in Accra on Wednesday, December 23, Commissioner of Insurance, Dr. Justice Yaw Ofori explained the implementation of the protocol will help reduce foreign exchange repatriation to overseas insurance companies.