M a r k e t N e w s

Ghana: Oil, Gas Insurance Placement for the Upstream Sector Launched

Posted on : Monday, 20th October 2014

 The Petroleum Commission (PC) and National Insurance Commission (NIC), with support from the industry stakeholders have developed a protocol for placing oil and gas insurance in Ghana.

The protocol will open a window of opportunities for companies and brokers to actively participate and play lead roles in the oil and gas business in Ghana in line with the Petroleum Regulations 2013, (LI 2204) and the Insurance Act 2006, (Act 724).
The Minister for Energy and Petroleum, Hon Emmanuel Armah-Kofi Buah, at the launch of the protocol today in Accra, noted that Ghana had huge potential to grow and transform its economy through industrialisation, job creation and ensuring equitable distribution of wealth.
He called on the two commissions to speed up the process so as to eliminate uncertainties and anxieties with respect to those services.
Going forward, the Minister urged MDAs, institutions and organizations whose input would be needed for the said protocols to offer the commissions the necessary support to do their work.
Hon Buah further urged Ghanaian insurance companies to be competitive and challenge themselves to maximize in-country premium retention

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