Kantamanto traders reconsider insurance after devastating fire

Traders affected by the Kantamanto Market fire regret not insuring their businesses. This disaster has changed their perspective on insurance.

In interviews with the Ghana News Agency, many traders shared their experiences. They lost goods and stalls in the fire. Most admitted they underestimated the importance of insurance until now.

Some traders mentioned complicated registration processes for insurance. Others felt that companies viewed their wooden stalls as “high risk.” They urged insurers to simplify procedures for informal traders.

The traders also called on the government and stakeholders for support. Mr. Samuel Danso, a sportswear trader, lost goods worth about GH¢400,000. He encouraged customers to return to Kantamanto and support local traders.

“I didn’t insure my business due to misconceptions,” he said. He plans to register with an insurance provider soon. Mr. Danso praised BestPoint Savings and Loans for cancelling loans for victims.

He also highlighted Enterprise Life Assurance Company’s “Boafo Pa” product, which gave victims GH¢5,000 each. He expressed gratitude to those who helped him and advised others to insure their businesses.

Mrs. Ruby Amoah sells household items and survived two fire outbreaks. She remains uncertain about insuring her business due to rumors of claim delays. The Market Association provided wood and roofing sheets for rebuilding after members contributed funds.

“Many are still at home and can’t return,” she said sadly. Some are unwell, and a few have died from stress-related issues. Mrs. Amoah urged victims to persevere and trust in God’s restoration.

Mr. Steven Kwame Owusu, known as “Osebo,” is a second-hand sandal dealer who faced a similar fire in 2013. He estimates his recent loss at over GH¢1 million but lacks formal support now.

“My consolation is in God,” he noted, hoping life will improve soon. Mr. Owusu called on the market association for transparency regarding donations received.

Mr. Michael Oppong is the Chairman of the Kantamanto Used Clothes Association. He reported that reconstruction of the market is nearly complete; only a few gates remain to be installed.

A committee has been set up to manage donations and will provide a full account once rebuilding is finalized. The fire occurred on January 1, 2025, causing extensive damage at Kantamanto Market with losses in millions of Ghana cedis.

Since then, victims have received support from various sources to help them recover and rebuild.