Kantamanto traders reconsider insurance after devastating fire

Traders affected by the Kantamanto Market fire have expressed regret over their decision not to insure their businesses, prompting a change in perspective.

In interviews with the Ghana News Agency on Friday, the traders—many of whom lost goods and stalls—acknowledged underestimating the importance of insurance until the disaster struck.

While some traders cited complicated registration processes and delays in claims, others revealed concerns that insurance companies regarded their wooden stalls as “high risk.”

The traders urged insurance providers to simplify procedures and offer tailored packages for informal traders.

They appealed to the government and stakeholders to support such initiatives.

Mr. Samuel Danso, a sportswear trader who lost goods worth about GH¢400,000, shared his recovery journey and encouraged customers to return to Kantamanto to support the traders.

“I had not insured my business due to widespread misconceptions about insurance but have resolved to register with a provider soon,” he said.

He praised BestPoint Savings and Loans and Advans Ghana for cancelling loans for victims, and highlighted Enterprise Life Assurance Company’s “Boafo Pa” product, which provided victims with GH¢5,000 each.

Mr. Danso expressed gratitude to those who assisted him and advised fellow traders to insure their businesses to protect against future losses.

Mrs. Ruby Amoah, a household items seller, revealed that she had survived two fire outbreaks but remained uncertain about insuring her business, citing rumours of delays in claims processing.

She noted that the Market Association had provided wood and roofing sheets for rebuilding after members contributed toward floor works but called for increased government support.

“Many are still at home and haven’t been able to return to the market. Some are unwell, and sadly, a few have died from overthinking and depression,” she said.

Mrs. Amoah urged victims to persevere and trust that God would restore their fortunes.

Mr. Steven Kwame Owusu, alias “Osebo,” a second-hand sandal dealer, said he had experienced a similar fire in 2013.

He estimated his recent loss at over GH¢1 million and lamented the lack of formal support.

“My consolation has been in God and the hope that life will turn around for good,” he noted.

Mr. Owusu called on the market association to provide transparent accounts of donations received and advocated for improved security measures to protect businesses.

Mr. Michael Oppong, Chairman of the Kantamanto Used Clothes Association, reported that reconstruction of the market was nearly complete, with only a few gates remaining to be installed.

He said a committee had been set up to manage donations and would provide a full account once rebuilding efforts were finalized.

The fire, which occurred on January 1, 2025, caused extensive damage to the Kantamanto Market, a major hub for trading in used goods, with losses amounting to millions of Ghana cedis.

Since the fire, victims have received support from the government, individuals, and organizations to help them recover and rebuild.

Source: GNA

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