From Flames to Fortune by Improving Fire Risk Management in the Case of Ghana

Abstract

The study delves into the awareness of fire insurance and fire safety practices among traders in developing economies, particularly focusing on market areas. It reveals a concerning lack of understanding among a significant portion of traders regarding the concept of insurance, leading to misconceptions about its relevance and benefits to their businesses. This highlights the urgent need for educational initiatives aimed at improving awareness and understanding of insurance among traders to mitigate potential risks associated with fire outbreaks. In terms of fire safety awareness, the study finds that traders are generally knowledgeable about the common causes of fire outbreaks, with electricity power fluctuations identified as the primary concern. This underscores the importance of addressing electrical safety measures and ensuring stable power supply in market areas to reduce the risk of fire incidents. However, despite this awareness, the study indicates limited familiarity with advanced fire suppression techniques among traders, such as the use of foam, carbon dioxide, and dry powder. While traders demonstrate basic knowledge of fire suppression methods like using water and sand, there is a need for comprehensive training programs to educate them on more effective and efficient techniques for controlling fire outbreaks. Such training initiatives can equip traders with the necessary skills and knowledge to respond promptly and effectively to fire emergencies, thereby minimizing potential damages and losses. The study also provides recommendations for both traders and policymakers to address the identified challenges. Traders are encouraged to seek information about fire insurance and consider obtaining policies to safeguard their goods and stalls against fire-related risks. Additionally, they should undergo training on fire safety measures and proper use of fire suppression equipment. Policymakers, on the other hand, can play a vital role in implementing fire safety regulations, improving market infrastructure to facilitate fire emergency response, and supporting educational campaigns on insurance awareness and fire prevention. The study underscores the importance of enhancing fire safety practices and insurance awareness among traders in developing economies. By addressing these issues through targeted interventions and policy measures, steps can be taken to mitigate fire risks and protect businesses in market areas, ultimately contributing to the safety and well-being of traders and the communities they serve.