Business News of Wednesday, 23 December 2020Source: www.ghanaweb.comNIC, GSA, GRA sign MoU to improve domestic cargo insurance penetrationCargo coming and leaving the country must be insured with a local insurance companyThe 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. The Marine Cargo Insurance Protocol will introduce transparency in customs revenue thereby assisting the Ghana Revenue Authority with projections based on market data,” he noted. “We warmly welcome this initiative [Marine Cargo Insurance Protocol] 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.”Send your news stories to and features to .

Source: GhanaWeb December 23, 2020 15:33 UTC