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    DDEP: Non-participation will prolong efforts to revive economy – Ofori-Atta

    We need IMF bailout in March or economy will crash – Ofori-Atta to pensioners

    Idris Elba adds Ghana to the list of African countries he wants to partner with

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Pensioners to picket at Finance Ministry over DDE

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    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

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    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

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    Nigeria’s national debt hits an all time as the country struggles with repayment

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    Nigeria set to stop importation of refined oil and refine its own oil by 2023

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NIC takes steps to end market fires

byAnita Arthur Kissi-Mireku
November 18, 2020
in Local Economy, News, Top Stories
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Commercial buildings including outlets and structures for markets will henceforth only be granted operating permits if they are given the needed clearance from the National Insurance Commission.

According to the Commission, such a move is necessary to reduce to the barest minimum the occurrence of fire outbreaks at commercial centres.

For years, the country has had to deal with loss of human lives, livelihoods and property running into millions of cedis due to occasional fire outbreaks.

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The recent one was the destruction of shops and wares running into thousands of Ghana cedis at the Odawna pedestrian shopping centre near the Kwame Nkrumah Interchange in Accra on Wednesday, November 18, 2020.

In an interview with Citi Business News, head of supervision at the National Insurance Commission, Seth Eshun said his outfit is in talks with local authorities across the country to enable them to determine which commercial centres are fit for operation.

“We are in discussions with the local authorities and one of the purposes that we want to achieve with these discussions is to get to a stage where before they give any license for any commercial business, they will check if that building or if that space has insurance, and we believe that if we do this, and we do it especially for our markets it will be a solution. So these are very early discussions and its one of the key things that we seek to do to help protect markets”.

Mr. Eshun further explained that all markets will be mandated to have fire insurance coverage where areas which are deemed safer than others will be less premium than other market places.

“What would happen is that markets that are not very safe would have higher premiums and markets that are safe would have lower premiums and that will be an added advantage to ensure that the markets that are there have the right safety measures”.

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