The Chief Executive Officer of Ghana Insurers Association and the President of the Global Financial Inclusion Institute Dr. Kingsley Kwasi Kwabahson has said the much noise peddled by some Ghanaians on the announcement of the new tariffs must be disregarded because the new tariffs proposal was done with consultation with all the stakeholders in the sector.

Speaking to SOMPA NEWS on the development, Dr. Kingsley Kwasi Kwabahson said the increment was a yearly ritual done by the industry players adding he fears politicization of the programme would mar the smooth co-operation of the Ghanaian masses.

The 8th Parliament through the Nana Addo government during the twilight of his administration adjusted the prices after it has been brought before the House which has taken the introspective effects under the new President John Mahama administration.

However, the debate raised its ugly head in the media when the Member of Parliament for Abuakwa South Hon. Kingsley Agyemang revisited the issue which made it look like the John Mahama administration introduced the new increment in the insurance pricing.

Hon. Dr. Kingsley Agyemang who was speaking to Omanhene Yaw Adu Boakye host of Ade Akye Abia on SOMPA TV on January 23, 2025, warned that the proposed increase in motor insurance premiums could lead to greater economic hardships for Ghanaians, especially commercial drivers and add to the rising costs of living and transportation.

He particularly insisted that he is particularly opposed to the proposed rise in motor insurance premiums, as this would intensify the economic challenges faced by Ghanaians, with commercial drivers bearing a disproportional share of the burden amidst soaring living and transport costs.

But Dr. Kingsley Kwasi Kwabahson warned Ghanaian politicians to desist from reading political meanings to the increase adding that the previous government saw the need to introduce the increase and emphasized that increase in insurance premium was done virtually every year to respond to the economic conditions of the country.

Sompaonline.com/Asante-Yeboah Benedict