Question 1

What is Money Insurance in Ghana?

Accepted Answer

Money Insurance in Ghana covers the loss of cash, cheques, and other monetary instruments while in transit, on business premises, or in a safe, due to theft, robbery, or hold-up. It is an important cover for businesses that handle significant cash flows — including retailers, banks, microfinance institutions, and petrol stations.

Question 2

How is Money Insurance premium calculated in Ghana?

Accepted Answer

Money Insurance premium in Ghana is calculated on the cash limits for each section: Cash in Transit at 1.0%, Cash on Premises at 1.0%, Cash in Safe at 0.40%. A Long-Term Agreement (LTA) discount and VAT of 20% are then applied. The NIC minimum is 0.5% on the total limit.

Question 3

What is the difference between Cash in Transit and Cash in Safe in Ghana?

Accepted Answer

Cash in Transit covers money while being moved between locations — e.g., from a shop to a bank, or delivered by an authorised person. Cash in Safe covers money locked in a certified safe on business premises overnight or outside business hours. Cash in Transit typically carries a higher rate (1.0%) than Cash in Safe (0.40%).

Question 4

Who needs Money Insurance in Ghana?

Accepted Answer

Businesses that typically require Money Insurance in Ghana include: retail shops and supermarkets, banks and microfinance institutions, petrol stations, hotels and restaurants, schools and churches, and any business handling significant daily cash flows.

Section	Rate	What It Covers
Cash in Transit	1.00%	Money being transported between locations
Cash on Premises	1.00%	Cash accessible during business hours
Cash in Custody	1.00%	Cash held by authorised personnel
Hold Up	1.00%	Robbery by threat or force
Cash in Safe	0.40%	Money locked in a certified safe

Money Insurance Calculator — Ghana

Money Insurance in Ghana — Cover Sections & Rates

Who Needs Money Insurance in Ghana?