• The present of GUTA said the high premium demands of insurance companies make traders shy away
• He also said if traders are insured it will prevent the situation where they need to always cry for help in the incident of a disaster
The Ghana Union of Traders Association (GUTA) has expressed worry about the failure of insurance companies not insuring traders or sole proprietorship businesses, which belongs to the informal sector.
According to the Association, its members or traders are willing to insure their properties and goods but the insurance companies are unwilling to insure them.
Speaking in an interview with JoyNews closely monitored by GhanaWeb, Dr Joseph Obeng, the President of GUTA, said if the properties and goods of the traders are insured, they will not be demanding compensation whenever there is a fire outbreak or disaster.
“The national insurance commission is not coming up with suitable insurance programme for the informal sector [and] they are shying away from insuring people in this area because of the risk factors and because of inaccessibility to this place," he said.
"When the risk team comes, they normally put a high premium where the locals can't afford, that is the reason why many traders are not insured," he explained, adding that, "It all depends on how the national insurance commission is going about these things. The traders are willing to be insured [but] the premium is high and the traders can't afford so what is the essence?"
The union is also worried about the methods used in calculating freight charges at the port by the customs division of the Ghana Revenue Authority.
Dr Obeng noted that what is happening currently is unacceptable, therefore, the government needs to take immediate action especially when commodity prices have gone up astronomically.
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