Ghanaian Government Set to Pass Insurance Regulations for High-Rises
The Parliament of Ghana is set to pass a bill that would require owners of high-rise buildings in the country to purchase a compulsory insurance policy in a bid to regulate condominiums.
Justice Yaw Ofori, the Commissioner for the National Insurance Commission (NIC) confirmed the bill’s existence and said the reasoning is due to the increasing number of high-rise buildings in the country and the risk involved.
The proposed bill will mandate home owners to have insurance in order to protect themselves from negligence from other people living in the building.
“We are reviewing our Act so we are working on the bill right now. We want to forward the bill before the end of the year in order to seek the government’s buy in,” said Mr. Ofori.
Ghana launched its first building code aimed at regulating activities of the country’s building and construction industry last year. The Ministry of Works and Housing also forwarded a bill to the parliament that seeks to regulate condominium construction in Ghana.
Mr. Samuel Atta Akyea, the Minister for Works and Housing said that the condominium bill drafted by the Attorney General’s department was motivated by increasing demand for the development of higher-risk buildings.
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