Ghana and Togo has agreed to settle a total of CFA 36,187,985 arising from claims incurred between the two countries under the ECOWAS Brown Card Insurance transaction.

B&FT learnt that, in all, Togo had 65 claims against the Ghana market, while Ghana had 43 cases against the Togo market. A breakdown of these claims shows that Togo had to pay CFA 23,722,993 to Ghana whilst Ghana pays CFA 12,464,992 to Togo.

B&FT also learnt that Ghana has proposed to pay 10% of the total amount of each claim outstanding against liquidated insurance companies. Ghana National Bureau (GNB) sources revealed that the move to pay 10% is in accordance with Ghana’s practice with other bureaux - in compliance with Council of Bureaux 2004 resolution No. 6.

In this regard, B&FT was also told that the Ghana office has reached an agreement with the National Insurance Commission (NIC) which will settle these claims. It will be recalled that the Ghanaian and Togolese counterparts held an inter-Bureaux Settlement meeting in Accra recently.

Present at that meeting from Ghana were Gabriel Glover, General Secretary and Vida Ofosu, Administrative secretary both from the GNB Secretariat; Bonahopac Arkhurst, SIC Insurance Company; John Amponsah Darkwa, IGI Ghana; and George Appiah Addae, GLICO General.

The Togolese were represented by Claude K. Bakoyima, General Secretary-Togo National Bureau; and Komi Bernard Agode, Claims investigator.