The Executive Secretary of Ghana Insurers Association has dismissed media reports that the insurance cover for the FPSO Kwame Nkrumah has been suspended. Astu Menyawovor told Joy FM's Super Morning Show Host Kojo Oppong-Nkrumah the report is untrue. The New Crusading Guide Newspaper reported that the Multinational Consortium of Insurers had suspended the insurance covering the FPSO pending investigations into an award of contract to Strategic Oil and Gas (SOG) by MODEC. The IFC and the World Bank the paper noted are not impressed with the circumstances under which the $5 million contract was awarded to (SOG) company, fifty per cent of which is owned by ex-GNPC boss Tsatsu Tsikata. Floating Production Storage Offloading (FPSO) Kwame Nkrumah has been insured at total sum of $885 million which will rise to $1.1 billion, Astu Menyawovor noted. He explains there is no correlation between the said investigations being conducted by IFC and World Bank and the insurance cover for FPSO Kwame Nkrumah. According to him, the insured sum is made up of five per cent consortium of local insurers whilst the 95 per cent is made up of insurers in a London market. He maintains that the majority insurers in London will not suspend the entire insurance cover for FPSO Kwame Nkrumah without first consulting the local consortium of insurers. Floating Production Storage Offloading (FPSO) arrived in Ghana In June this year to facilitate the production of oil which is set to begin in earnest in October this year. Story by Nathan Gadugah/Myjoyonline.com/Ghana