Ghana’s State Insurance Company (SIC) and Burkina Faso’s Chamber of Commerce have signed a Memorandum of Understanding (MoU) to roll out the Single Transit Guarantee Scheme between the two ECOWAS neighbours.
Per the scheme, traders and importers will pay a single premium on the outset of a journey to cover the entire movement of their goods on the corridor.
The scheme will also facilitate the documentation process and reduce paperwork.
Speaking after signing the MoU, Managing Director of SIC, Stephen Oduro, said the scheme will also ensure Customs officials receive accurate payments on duties.
He said: “Besides curbing cargo theft, the system will also help to seal loopholes that cause loss in revenue through suspected under-declaration of the value of export or cargo theft.
“The implementation of the Single Transit Guarantee Scheme will help remove the opportunities presently exploited by some middlemen at our ports who use fake identification numbers to clear goods for transit and in turn divert them onto the local market.
“We hope the continuous consultation with our partners on the Customs Division both Ghana and Burkina Faso, will progress smoothly and speedily to enable us have the integration of custom systems as well since this will further improve interstate relations.”
SIC is a guarantor of the Single Transit Guarantee Scheme.