The Importers and Exporters Association of Ghana has raised concerns over a custodial sentencing clause in the Ghana Insurance Act 2021.
The law prescribes a jail sentence for importers who do not comply with the mandatory Marine Insurance Policy.
The association believes the law is not business-friendly and counterproductive hence must be removed from the Act.
The Executive Secretary of the Importers and Exporters Association of Ghana, Asaki Samson Awingobit, stressed that a review of that portion of the law is necessary to preserve the sector.
He further called on the government to take a second look at the law.
“We are therefore calling on the Trade Minister of Ghana and the parliamentary select committee on Trade, to, as a matter of urgency, review the new law which we believe does not represent the vision of the current government to create an enabling environment for the trading sector.”
The new Insurance law was passed by Parliament and assented to by President Nana Akufo-Addo in February this year.
It is aimed at helping to deepen insurance penetration in Ghana.
Source: Ghana Business