Accra: Advans Ghana Savings and Loans has paid over GH? 8.5 million to all 227 victims of the Kantamanto fire outbreak. Out of these, around 130 clients were found eligible for a restart loan product, and close to 60 clients have already received restart loans totaling over GH? 2.5 million. The Kantamanto Market was ravaged by fire on January 2, 2025, resulting in the destruction of more than 700 shops and facilities.
According to Ghana News Agency, Advans Ghana, a provider of financial assistance to micro, small, and medium-sized businesses and farmers, also contributed GH? 20,000.00 to the Kantamanto Union leaders. This contribution is intended to assist with efforts to reconstruct and restore the market infrastructure. Mr. Guillaume Valence, Chief Executive Officer of Advans Ghana, disclosed these developments to the media during engagements with the Kantamanto traders. The event was organized by the company in partnership with Turaco Insurance and Enterprise Insurance.
Mr. Valence emphasized that the gesture reflected the company’s commitment to support rebuilding efforts through collective action and shared resources. He stated, “The payments are critical in giving our clients the peace of mind and financial breathing space they need in such a difficult time.” He further remarked, “At the core of our mission is the understanding that when we support traders and small businesses, we are supporting the entire economy of Ghana.”
The CEO assured that the institution would continue to stand with Ghana’s small businesses during challenging times. The aim is not only to recover what was lost but also to create conditions for stronger growth.
Mr. Bernard Ohemeng-Baah, Deputy Commissioner of the National Insurance Commission (NIC), highlighted the Commission’s focus on promoting insurance for underserved communities. He stated, “The support provided to victims of the January fire outbreak in Kantamanto demonstrates that insurance works and plays a vital role in helping affected individuals recover and rebuild their businesses.”
Mr. Ohemeng-Baah also noted that the NIC concentrates on three main areas: protecting policyholders’ interests, ensuring financial stability within the insurance sector, and promoting the country’s sustainable development. He encouraged partners to expand their coverage to ensure more individuals can access insurance benefits in future incidents. He further elaborated that the NIC is developing tailored insurance products and partnerships to support traders, farmers, and others in informal sectors during events like floods.
The insurance industry in Ghana pays approximately GH? 7 million in claims to Ghanaians daily. Mr. Ohemeng-Baah emphasized the potential for growth in the sector and encouraged individuals to obtain insurance coverage for protection against unforeseen events.
Madam Leona Lillian Abban, General Manager of Turaco Ghana, noted that loans were cleared, cash was put directly into traders’ hands, and the rebuilding process was progressing smoothly. She remarked, “At Turaco, we believe micro-insurance is not just a policy, but a lifeline for livelihoods.”
In a country where insurance penetration remains low, Advans Ghana’s decision to integrate insurance into their loans has made a significant difference. Madam Abban highlighted the importance of financial inclusion, not just in terms of access to credit, but also in protection, dignity, and the ability to recover from setbacks. She praised Advans Ghana and Enterprise Insurance for their vision, commitment, and swift response when it mattered most.
