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None of Ghana’s commercial trains in operation are insured

None of Ghana’s commercial trains in operation are insured, TV3 can confirm. This is because the laws establishing the motor vehicle insurance do not make it compulsory for commercial trains to be insured unlike commercial and private vehicles. The Motor Vehicle Third Party Insurance Act (Act 42) of 1958 Motor Vehicles (Third Party Insurance) makes insurance of trains optional. This means passengers who use the trains to commute from Tema to Accra and Nsawam to Accra daily risk their lives…
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THE STORY BEHIND ATOMIC JUNCTION EXPLOSION

The twin explosion which occurred at the Atomic Junction on 7th October, 2017, had many concerns raised once again, as it was the eighth to have occurred in the past three years. Most of the issues are directed at the planning regulations and policies to control the development of these filling stations, but there is more to that. GhanaCompares.com blog team is here to update you. What about the lives lost? What about the medical bills? What about the damaged property? According to George Owusu,…
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Personal Factors That Affect Insurance Rates in Ghana

For someone who holds an insurance policy, the cost that you bear is the premiums you pay to the insurance company. To the insurance company, the receipts from the person insured must be adequate to cover the risk of a misfortune happening to him or her. The person purchasing the insurance policy reasonably wants to reduce the premiums he or she will pay while the insurance company wants to maximize the premiums they will be receiving. In order to reach a price that will be agreeable to both parties,…

GhanaCompares.com Wins Dutch Business Booster

Growing Business Together (GBT), a Dutch government funded initiative which seeks to support early stage entrepreneurs – had last Friday a successful pitch event at the Netherlands Enterprise Agency in The Hague.  Other implementing partners are iMPACT Booster of the Netherlands, and the Ghana Netherlands Business and Culture Council. The 16 entrepreneurs pitched their business case in front of over 60 people and a grand jury. The winner, Nii-Nmai Dsane (GhanaCompares) will attend the Investors…

Why big banks in Ghana are fleeing the mortgage market

When it comes to residential mortgages, big banks in Ghana are waving the white flag. The increasing housing deficit in Ghana raises much concern about the need to delve into housing delivery in the country. The annual housing demand of about 100 000 units is not being met, as about only 40 000 housing units currently being delivered per annum. It is worth stating that, government has over the years made some provisions to reduce the housing in the country. Players include the Social Security…

12 Banks shun mortgage financing

Twelve out of the 31 banks in the country do not offer mortgage loans to customers, data from the Bank of Ghana (BoG) has shown. The data, which was released in the week ending February 17, showed that Access Bank, Capital Bank, Energy Bank, Fidelity Bank, First Atlantic Bank and First National Bank do not offer mortgage loans. Others include GT Bank, NIB, Omnibank, Societe Generale Bank, Sovereign Bank and the Universal Merchant Bank. The data on the Average Percentage Rate and Interest Rate…
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Banks with top three highest mortgage loans

The latest Annual Percentage Rate (APR) and Average Interest (AI) report by the Bank of Ghana has shown that GCB Bank offers the highest interest on mortgages as at the end of February. Potential home buyers would be charged as much as 40.3 percent on loans they contract from the bank. Meanwhile Bank of Baroda will offer you the lowest interest rate on your home loans as you will be charged between 24.5 and 28.8 percent. The infograph below gives the top three high offering interests on…

Vanguard Assurance partners Safety Insurance to launch safe travel policy

Vanguard Assurance Company Limited in collaboration with Safety Insurance Brokers Limited has launched a new travel insurance policy aimed at bringing relief to the travelling public. Known as the Vanguard Safe Foreign Travel Insurance Policy, the policy has a medical cover of US$50,000 and up to US$400 compensation for luggage delay. It also provides up to US$100 for missing passport which makes it very unique from the previous foreign travel insurance policy. Speaking at the launch of the…

BEIGE ventures into health insurance

The BEIGE Group (TBG), a financial services provider, has ventured into the provision of health insurance services following the acquisition of Empire Mutual Health Insurance (EMH), a licensed private health insurance firm in Ghana. The transaction had been ongoing for some time to ensure compliance with regulatory due diligence procedures and that involved a one-year business transformation plan which included an injection of new capital. Empire Mutual Health offers health insurance policies…

Unique Insurance rolls out new motor package

Unique Insurance Company Limited (UIC) has rolled out a comprehensive motor package to reward drivers who drive safely and do not get involved in any accident throughout the year. Dubbed the “No scratch promo”, the package is aimed at encouraging safe driving and minimising road accidents. The Managing Director (MD) of Unique Insurance, Mr Victor Obeng-Adiyiah, made this known in an interview with the Daily Graphic in Accra last Tuesday. Promotion Explaining the concept, Mr Obeng-Adiyiah…