Business News of Tuesday, 29 June 2021Source: www.ghanaweb.com•The Food and Beverage Association are against a compulsory insurance policy• The policy requires imported goods to be insured by local agents• But the association believes it will only help local insurance companies to rake in revenue at the expense of importersThe Food and Beverage Association of Ghana have kicked against a compulsory local insurance requirement within the Ghana Insurance Act 2021, a Business 24 report has said. In an interaction with Business24.com.gh monitored by GhanaWeb, Executive Secretary of the Association, Sam Aggrey, explained that insuring imported goods with local companies should be optional rather than mandatory as required by Act. “When the goods reach, for instance, Tema, because you have insured the goods from the foreign origin, it is only appropriate that it ends there, unless you want to insure the goods through a local insurance agent to its final destination or warehouse. "But what the government is saying is that, even if you are importing from, say, United Kingdom, the local insurance company must insure the goods from its foreign origin to the local port,” he added. He continued, “Even if the local insurance company has a foreign agent from the importing country and I want to insure my goods to Ghana, it should still be optional, not compulsory.

Source: GhanaWeb June 29, 2021 14:15 UTC