The Importers and Exporters Association of Ghana (IEAG) has raised concerns over a directive by the Ministry of Finance mandating local cargo insurance for all commercial imports, effective February 1, 2026, citing the absence of prior stakeholder consultation.
In a statement signed by its Executive Secretary, Mr Samson Asaki Awingobit, the Association said the directive, which instructs the Ghana Revenue Authority (GRA) and the Bank of Ghana (BoG) to enforce Section 222 of the Insurance Act, 2021 (Act 1061), came as a surprise to importers and exporters who would bear the full financial and operational impact of the policy.
The IEAG acknowledged government’s objective of strengthening the domestic insurance industry and retaining premiums within the local economy but expressed concern about how the policy was announced and the lack of engagement with key industry stakeholders.
It noted that neither the Ministry of Finance, the GRA nor the BoG had consulted importers and exporters on the structure, scope and implementation of the policy.
The Association said it had also not been engaged on critical issues such as premium pricing, coverage terms, claims settlement procedures, the capacity of local insurers to underwrite high-value cargo, and the policy’s compatibility with existing international trade and insurance arrangements.
The IEAG described it as troubling that a policy of such significance was communicated through a public announcement less than a month before its intended implementation.
From the perspective of importers and exporters, the Association said several issues remained unresolved, particularly concerns about the financial strength and reinsurance capacity of local insurance companies to handle large-volume and high-risk cargo without exposing businesses to delayed or unpaid claims.
It also raised concerns about the lack of clarity on claims processing procedures, settlement timelines and safeguards against prolonged disputes and bureaucratic delays.
On international trade practices, the IEAG observed that most imports into Ghana were insured under globally recognised Incoterms and long-standing international insurance arrangements.
It cautioned that the sudden imposition of a local insurance requirement, without clear transition measures, could result in contractual conflicts with foreign suppliers, financiers and shipping partners.
The Association further warned that without transparency in pricing, the policy could raise the cost of doing business, with additional costs likely to be passed on to consumers, potentially worsening inflationary pressures.
The IEAG noted that importers were already preparing for the rollout of the GRA’s Publican AI-related systems and other digital trade facilitation reforms scheduled for February 1, 2026.
It said introducing another major compliance requirement simultaneously, without adequate engagement or education, could create uncertainty and operational risks at the ports.
The Association recalled that policy decisions taken without broad stakeholder consultation in the past had led to public dissatisfaction and economic disruptions.
It said that if the President John Dramani Mahama-led government is committed to its resetting agenda, policies of this nature should be developed through a transparent, inclusive and consultative process.
The IEAG therefore called on the Ministry of Finance, the GRA, the BoG and the National Insurance Commission to suspend the implementation timeline and urgently engage industry stakeholders in meaningful consultations before enforcing the directive.
The Association reaffirmed its willingness to engage constructively with government to develop solutions that would safeguard national interests without disrupting trade or undermining business confidence.
