Story by Eugene Nyarko Jnr. | Accra | February 11, 2026
Former President of the Ghana Union of Traders’ Associations (GUTA), Mr. Joseph Obeng, has stated that the Association under his leadership never consented to the implementation of the Marine Cargo Act.
In a statement issued on February 11, 2026, Mr. Obeng said discussions surrounding the enforcement of the Act had resurfaced, compelling him to clarify GUTA’s position during his tenure.
The Marine Cargo framework, enforced by the National Insurance Commission (NIC), mandates that all goods imported into Ghana must be insured locally through insurance companies licensed in the country. The policy is aimed at retaining insurance premiums within Ghana and strengthening the local insurance industry.
However, Mr. Obeng noted that serious concerns raised by the trading community remain unresolved.
“I have always maintained my position on the reasons why we cannot accept or consent to this Act,” he stated, adding that several legitimate questions posed to authorities had not been answered despite assurances.
Among the concerns he raised were the provision in the law that imposes custodial penalties on importers who fail to insure their goods locally. He questioned why an importer should face imprisonment for not using the services of a Ghanaian insurance company.
Mr. Obeng also called on regulators to provide proof of the capacity of local insurance firms to handle marine cargo insurance, including references and details of their intermediary insurance companies abroad. He further sought clarification on how the policy would avoid increasing the cost and time of doing business.
According to him, insurance services should not be imposed on the business community but rather made attractive through competitive pricing, proven capacity and efficiency.
He also pointed out that in international trade, suppliers often have insurable interests in goods based on existing credit arrangements and may prefer specific insurance companies under mutually agreed terms. Such standard global trade practices, he said, cannot be disregarded.
Describing the custodial punishment provision as “morally wrong” and excessive, Mr. Obeng argued that punitive measures would not foster collaboration or confidence within the business environment.
He further expressed concern that local insurance companies have not sufficiently demonstrated the capacity, experience or competitive pricing required to effectively manage marine cargo insurance, noting that the low patronage by Ghanaian businesses stems from practical concerns rather than resistance to local participation.
Mr. Obeng stressed that until the outstanding issues are fully addressed, it cannot be said that GUTA endorsed or consented to the Marine Cargo Act.
