Mrs Gertrude Adjoa Ohene Asienim, Executive Director of Whitestone Shipbrokers Limited and the West Africa School of Shipping, said although marine cargo insurance had become mandatory for commercial imports under Ghana’s Insurance Act, many importers were yet to appreciate its broader business benefits. 

She said insuring cargo locally should not be viewed merely as compliance with the law but as an effective risk management strategy that ensured business continuity. 

Mrs Asienim made the call during a media forum organised by the Ghana Ports and Harbours Authority (GPHA). 

She said businesses now faced increasing risks arising from geopolitical tensions, supply chain disruptions, cyber threats and climate-related events, making adequate insurance indispensable. 

She noted that disruptions such as conflicts affecting major international shipping routes, flooding, piracy and transport accidents could result in delays, damaged cargo and significant financial losses. 

According to her, importers who insured cargo overseas often encountered jurisdictional, language and claims settlement challenges, whereas those who insured locally could benefit from Ghana’s regulatory framework and more accessible claims mechanisms. 

She explained that local insurers were regulated by the National Insurance Commission, enabling importers to seek regulatory intervention where necessary. 

Mrs Asienim said importers also risked receiving only limited compensation from shipping lines because international conventions placed limits on carriers’ liability. 

She said local cargo insurance offered broader protection against such limitations by providing compensation based on the terms of the policy purchased. 

She further advised importers to consult licensed insurers or insurance brokers before shipping goods to ensure they obtained appropriate cover suited to their cargo and mode of transport. 

According to her, marine cargo insurance covered commercial goods imported through all entry points, including seaports, airports and land borders, and could also be extended beyond the port to inland warehouses where required.