A new government directive mandating the local insurance of all cargo imports is expected to reshape Ghana’s trade ecosystem, strengthen the insurance industry, and reduce capital flight, according to industry stakeholders.
The Chief Executive Officer of the Ghana Shippers’ Authority, Professor Ransford Gyampo, has called on importers to fully comply with the policy, describing it as a strategic intervention to protect businesses and stimulate local economic growth.
Speaking at a high-level stakeholder meeting involving officials from the Ministry of Finance, the National Insurance Commission, insurers and shipping industry players, Prof. Gyampo emphasised the importance of awareness and compliance.
“This collaboration is a significant step toward ensuring that shippers are well informed on key issues affecting international trade cargo, particularly local cargo insurance,” he said.
The directive, which took effect on February 1, 2026, requires all imported goods except personal effects to be insured locally in line with Section 222 of the Insurance Act, 2021 (Act 1061). Enforcement is being led by the Ghana Revenue Authority in collaboration with the National Insurance Commission.
Industry analysts say the policy signals a major shift in Ghana’s trade and financial landscape, with the potential to retain millions of dollars in insurance premiums within the local economy.
Prof. Gyampo noted that for years, a significant portion of cargo insurance had been handled by foreign firms, leading to capital outflows and exposing importers to avoidable risks.
“This directive represents a decisive policy shift aimed at deepening Ghana’s domestic insurance market, protecting shippers, and strengthening industry growth,” he said.
He referenced earlier efforts, including the Marine Cargo Insurance Protocol introduced in 2020, which sought to improve compliance but achieved limited success.
Studies show that only about six per cent of imports were insured locally, while a majority of importers remained unaware of their insurance status.
According to stakeholders, this gap has left many businesses vulnerable to losses while weakening the local insurance sector.
Insurance consultant Gertrude Adwoa Ohene Asienim highlighted the practical challenges associated with relying on foreign insurance providers.
She explained that importers who insure cargo externally often struggle with issues such as poor communication, difficulties in determining accurate policy values, and limited access to claims support.
“Local insurance provides better protection under Ghanaian law, faster claims settlement, and improved engagement between insurers and clients,” she said.
Ms Asienim also pointed out that dependence on foreign insurance contributes to foreign exchange pressures, as premiums are paid in foreign currencies, further impacting the Ghana cedi.
Stakeholders at the meeting engaged regulators on key implementation issues, including compliance procedures, documentation requirements, premium pricing and claims processes.
Discussions also focused on enforcement mechanisms, the roles of regulatory bodies, and how the directive will be integrated into existing customs clearance systems.
Participants raised concerns about penalties for non-compliance, dispute resolution frameworks, and the responsibilities of brokers and shipping agents under the new regime.
Despite these concerns, authorities maintain that the policy is essential to building a more resilient and self-sustaining trade and insurance ecosystem.
The mandatory local cargo insurance directive is widely seen as a bold step toward aligning Ghana’s trade practices with broader economic goals, including strengthening local industries, improving risk management, and enhancing financial sector growth.
