A collaborative microinsurance initiative by Advans Ghana, Turaco Inclusive Ghana, and Enterprise Insurance Ltd. has disbursed over GHC8.4 million to support 227 small businesses recovering from a devastating fire at Accra’s Kantamanto Market in early 2025.
The funds cleared outstanding loans and provided immediate liquidity to help traders rebuild, underscoring the critical role of embedded insurance in safeguarding Ghana’s informal economy.
The fire, which destroyed swathes of one of West Africa’s largest trading hubs, left thousands of small and medium-sized enterprises (SMEs) without inventory or workspace. Many traders, already operating on narrow margins, faced financial ruin. Through a partnership established in 2010, the three institutions expedited payouts to cover debts owed to Advans Ghana and supplied GH¢20,000 in building materials to aid reconstruction. Affected businesses also received a six-month grace period on loan repayments and a 10% interest rate reduction.
Guillaume Valence, CEO of Advans Ghana, emphasized the program’s proactive design. “Embedding insurance into financial services ensures protection during crises,” he said. “This response demonstrates how preparedness transforms vulnerability into resilience.” The initiative has insured over 200,000 Ghanaians since its inception, leveraging digital systems for rapid claims processing.
Leona Abban, General Manager of Turaco Ghana, highlighted the model’s scalability. “Microinsurance must address immediate needs,” she noted. “Strategic partnerships turn systemic risks into recovery opportunities.” Enterprise Insurance Managing Director Akosua Ansah-Antwi added, “Protecting SMEs aligns with our commitment to community-driven solutions.”
The National Insurance Commission (NIC) endorsed the effort as a blueprint for broader financial inclusion. Deputy Commissioner Bernard Ohemeng-Baah stated, “Inclusive insurance is vital for economic stability. Such innovations merit regulatory support to protect SMEs, the backbone of Ghana’s economy.”
Kantamanto Market, home to 30,000 traders, epitomizes Ghana’s informal sector, which employs 80% of the workforce but remains vulnerable to shocks. The fire exposed gaps in traditional risk management, with most businesses lacking contingency plans.
The collaboration’s success combining debt relief, liquidity support, and material aid offers a replicable framework for disaster response. With SMEs contributing 70% of Ghana’s GDP, stakeholders urge expanding microinsurance coverage to mitigate future disruptions. The NIC aims to extend such protections to 40% of SMEs by 2030 under its national strategy.
