Joseph Obeng is former President of GUTA
The former President of the Ghana Union of Traders’ Associations (GUTA), Joseph Obeng, has reiterated that the Association has never consented to the Marine Cargo Act, citing longstanding concerns from the business community that remain unresolved.
The Marine Cargo framework, enforced by the National Insurance Commission (NIC), requires that all goods imported into Ghana be insured locally through insurance companies licensed in the country.
The policy is intended to retain insurance premiums within Ghana, strengthen the local insurance industry, and build domestic capacity in marine underwriting. Under the law, importers are expected to obtain marine cargo insurance from a Ghana-based insurer before clearing goods, with sanctions applicable for non-compliance.
We have the capacity – Local insurers on mandatory cargo coverage
However, the former GUTA president insists that the Association has consistently raised objections to aspects of the Act over the years.
“I have always maintained on these reasons why we cannot accept or consent to this Act. I have also asked legitimate questions that had not been answered till today, even though they promised to come back to me and my Association,” Joseph Obeng told GhanaWeb Business on February 11, 2026.
He argued that insurance services should not be imposed on businesses by law, stressing that insurers must earn patronage through competitiveness.
“Insurance service cannot be imposed on the business community. Insurance companies should make themselves attractive for patronage,” he said.
The former GUTA president further indicated that engagement between authorities and stakeholders has not been fully concluded.
“Stakeholder engagement has not been conclusive,” he stressed.
According to him, many foreign suppliers already have insurable interest in the goods imported into Ghana due to existing credit arrangements.
“Our suppliers have insurable interest in the goods we import based on the credit arrangements,” he explained.
He added that suppliers often determine their own insurance arrangements.
“Suppliers have their own preference for insurance companies at any place and on terms of their choosing,” he noted.
Joseph Obeng also criticised provisions that prescribe custodial punishment for businesses that fail to insure locally.
“It is morally wrong for the law to impose custodial punishment for businesses that do not insure in the country,” he argued.
He further disclosed that he had formally requested answers to specific concerns from regulators.
“I have asked them to let us know why an importer should be punished with a custodial penalty for not using the service of an insurance company in Ghana. I have asked them to show proof of their capacity with references, to give us their intermediary insurance companies abroad, and to explain how this policy will not add time and cost to doing business,” he stated.
He also questioned the readiness of local insurers to handle marine cargo insurance competitively.
“Local insurance companies have not shown that they have the capacity, experience, or even any proof of affordability in pricing, hence the lack of patronage by Ghanaian businesses,” he said.
Joseph Obeng maintained that until these concerns and unanswered questions are adequately addressed, GUTA cannot be said to have endorsed the Marine Cargo Act.
AK/MA
