Fire identified as top business risk for Ghana's informal sector traders
Fire is the most commonly cited threat to informal businesses in Ghana, according to a National Insurance Commission survey.
In Brief
- •Fire is the most commonly cited threat to informal businesses in Ghana, according to a National Insurance Commission survey.
- •Market traders were willing to spend a median of GH¢25 a week on insurance, with drivers paying the highest at GH¢30 weekly.
- •The survey examined 26,493 complete responses gathered across 10 regions between January and March 2026.
- •The report proposed three premium bands for insurance: GH¢10–15 for basic protection, GH¢20–30 for standard policies, and GH¢40–60 for comprehensive cover.
- •Insurers are recommended to consider mobile money payments, simpler claims processes, and digital policy issuance to improve access.
Why It Matters
The findings highlight the need for accessible financial protection for Ghana's informal sector, which is crucial for the livelihoods of many business owners. Understanding the risks and willingness to pay can help insurers develop tailored policies that meet the needs of this vulnerable group. This could potentially reduce the financial impact of business disruptions and improve the overall resilience of the informal sector.
Key Details
- Number of respondents identifying fire as a business risk
- 10,850 (41%)
- Median weekly insurance payment by market traders
- GH¢25
- Median weekly insurance payment by drivers
- GH¢30
- Total number of complete responses surveyed
- 26,493
- Survey period
- January to March 2026
- Number of regions surveyed
- 10
Context & Background
The informal sector in Ghana is a significant contributor to the economy, employing a large portion of the population. However, businesses in this sector often face various risks, including fire, theft, and illness, which can disrupt operations and impact livelihoods. The National Insurance Commission's survey aims to identify these risks and understand the willingness of business owners to pay for insurance, which can help in developing appropriate financial protection measures.
Original Reporting & Sources
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