Africa-Press – Ghana. Advans Ghana Savings and Loans has paid over GH₵ 8.5 million to all 227 victims of the Kantamanto fire outbreak.
Out of the 227 clients who received claim payouts, around 130 were found eligible for a restart loan product.
So far, close to 60 clients have received restart loans totaling over GH₵ 2.5 million.
The Kantamanto Market was ravaged by fire on January 2, 2025, which destroyed more than 700 shops and facilities.
Advans Ghana, providers of financial assistance to micro, small and medium sized businesses and farmers, also gave a cheque for GH₵ 20,000.00 to the Kantamanto Union leaders to assist with efforts to reconstruct and restore the market infrastructure.
Mr Guillaume Valence, Chief Executive Officer, Advans Ghana, disclosed this to the media during engagements with the Kantamanto traders, organised by the company in partnership with Turaco Insurance and Enterprise Insurance.
Mr Valence said the gesture reflected the company’s belief to support the rebuilding efforts through collective action and shared resources.
“The payments are critical in giving our clients the peace of mind and financial breathing space they need in such a difficult time,” he said.
“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 said the institution would continue to stand with Ghana’s small businesses before, during, and after every challenge, because rebuilding was not just about recovering what was lost but creating the conditions for something even stronger to emerge.
Mr Bernard Ohemeng-Baah, the Deputy Commissioner, National Insurance Commission (NIC), said the Commission was focused on promoting insurance for underserved communities.
“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,” he added.
Mr Ohemeng-Baah said the NIC focused on three main areas: protecting policyholders’ interests, ensuring financial stability within the insurance sector, and promoting the country’s sustainable development.
He encouraged the partners to expand their coverage beyond the 227 individuals supported so far, so that in future incidents, a greater number of people would have access to the benefits of insurance.
He said the NIC was expanding its focus beyond traders to include farmers and others in the informal sectors by developing tailored insurance products and partnerships, aimed at providing support in events like floods to help affected individuals to recover.
Mr Ohemeng-Baah noted that the insurance industry in Ghana paid approximately GH₵ 7 million in claims to Ghanaians each day.
“There is still significant potential for growth, and both we and our partners are fully prepared, so we encourage individuals to obtain insurance coverage to ensure they are protected and supported in times of unforeseen events,” he said.
Madam Leona Lillian Abban, General Manager, Turaco Ghana, said loans were cleared, cash was put directly into traders’ hands, and that the rebuilding was smoothly going on.
“At Turaco, we believe micro-insurance is not just a policy, but a lifeline for livelihoods,” she added.
I’m a country where insurance penetration remained low, Advans Ghana’s bold decision to embed insurance into their loans was the difference between despair and recovery, she noted.
Madam Abban said financial inclusion was not just about access to credit, but protection, dignity, and the ability to bounce back.
She commended Advans Ghana and Enterprise Insurance for their vision, commitment, underwriting the policy, and offering a fast response when it mattered the most.
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