Government has suspended its earlier directive for Ministries, Departments and Agencies (MDAs) to only purchase and renew their insurance cover with state owned insurance companies.
The directive which was issued in December last year received heavy backlash form players in the insurance industry with them threatening to take the matter to court seeking for a reversal.
According to them, some other countries implemented a retaliatory action on some Ghanaian insurance companies making it difficult for them to do business in those countries following the announcement of the new directive.
But a letter from the office of the President and signed by the Chief of Staff, Prosper D. K Bani to all Ministries stated that the directive has been suspended.
The decision to suspend the directive was arrived at after a meeting with stakeholders in the industry.
In the interim, MDAs can buy or renew insurance cover from state or private owned insurance companies as long as they can demonstrate value for money the letter stated
Source: Vivian Kai Mensah/Daily Guide
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