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Business News of Wednesday, 23 June 2021

Source: Eye on Port

Greater Accra Shipper Committee sensitized on Marine Insurance protocol

Committee members were sensitized on the incoming marine cargo insurance protocol Committee members were sensitized on the incoming marine cargo insurance protocol

The 112th meeting of the Greater Accra Regional Shipper Committee has been held under the auspices of the Ghana Shippers Authority to educate shippers on trends in industry relevant to their business processes.

The Committee members were sensitized on the incoming marine cargo insurance protocol which requires shippers to procure marine insurance locally.

Senior Manager, at the Supervision Department of the National Insurance Commission, Ansong Dankyi said modalities for implementation of the protocol have been drafted including the application of minimum rates and timelines for legitimate claims to be paid.

He also touched on the competitive advantages local insurers possess.

“We’ve seen what really pertains outside and we have been able to design the local insurance to really meet this minimum requirement to make the rate very competitive,” he said.

The Shippers were also educated by the Bank of Ghana on requirements under the Letters of Credit and Letters of Commitment.

Deputy Director of the Banking Department at the Bank of Ghana said automation with the Integrated Customs Management System has enhanced processing of letters of commitment.

“Once a button is clicked, Bank of Ghana gets a copy, other banks nominated to receive exports proceeds also get their copies and the customs division of the GRA also gets their copies. This makes it simple, automated and seamless,” he said.

Chairman of the Greater Accra Shipper Committee, Barima Dr. Ofori Ameyaw I advised shippers to stay abreast with trends in the industry.