The Ghana Union of Traders Association (GUTA) has strongly criticised the government’s decision to introduce a compulsory local cargo insurance directive, describing the move as unilateral and lacking adequate consultation with key stakeholders.
In a statement dated January 28, 2026, and signed by its Secretary-General, Richard Amamoo, GUTA expressed concern that the directive was rolled out without meaningful engagement with traders and industry players. The association argued that compelling businesses to procure cargo insurance solely from local providers, without broad-based dialogue, risks undermining confidence in the policy.
GUTA noted that the directive places additional financial and administrative burdens on traders at a time when many businesses are already struggling with high operational costs. The association also raised doubts about the preparedness of local insurance companies to fully take on cargo insurance responsibilities, citing concerns over limited competitiveness, capacity challenges, and insufficient track records in managing large-scale cargo risks.
According to GUTA, it would be unfair to penalise traders for non-compliance when local insurers may not yet have the technical expertise or financial strength to effectively absorb and manage such risks. The association warned that sanctions under these circumstances could negatively affect businesses and disrupt trade activities.
GUTA has therefore called on the National Insurance Commission (NIC) and other relevant regulatory bodies to suspend the implementation of the directive. It is urging authorities to engage in broader consultations with traders, insurers, and other stakeholders to address existing concerns and develop a more inclusive and practical policy framework.
