A new directive enforcing mandatory local cargo insurance for all imports into Ghana has come under the spotlight at a high-level sensitisation seminar organised by the Ghana Shippers’ Authority in Accra.
Speaking at the event on Wednesday, April 8, 2026, the Chief Executive Officer of the Authority, Prof. Ransford Gyampo, underscored the importance of the policy, describing it as a critical intervention aimed at strengthening Ghana’s economy and protecting importers.
The seminar, held at the Ghana Shippers’ House, brought together key stakeholders, including representatives from government agencies, the insurance industry, trade associations, and the shipping community.
Policy Backed by Law
The directive, issued by Finance Minister Dr Cassiel Ato Forson, requires the Ghana Revenue Authority and the Bank of Ghana to enforce compulsory local cargo insurance for all commercial imports, effective February 1, 2026. The policy is grounded in Section 222 of the Insurance Act, 2021 (Act 1061).
According to Prof. Gyampo, the move is designed to curb capital flight, retain insurance premiums within the country, and promote the growth of a robust domestic insurance sector.
“This policy gives true meaning to local content development and positions Ghana’s insurance industry as a key driver of economic transformation,” he noted.
Addressing Risks in Global Trade
Highlighting the risks associated with international trade, Prof. Gyampo revealed that between 1,500 and 2,000 containers are lost at sea annually worldwide. He added that threats such as piracy, terrorism, and geopolitical conflicts continue to pose significant challenges to cargo safety.
“With such risks, cargo insurance is not optional—it is essential,” he stressed.
Despite this, research cited at the seminar indicates that although most imports into Ghana are conducted on a Cost-Insurance-Freight (CIF) basis, only about 6 percent are insured locally. Additionally, nearly 75 percent of importers have limited knowledge of their insurance coverage and rights.
Concerns Over Capital Flight
The continued reliance on foreign insurers has led to significant capital outflows, depriving Ghana’s insurance sector of valuable revenue. Prof. Gyampo warned that this trend undermines job creation and technical capacity development within the country.
He further pointed out several disadvantages faced by importers who insure cargo abroad, including lack of transparency, limited control over premiums, delays in claims processing, and complex dispute resolution systems.
Benefits of Local Insurance
In contrast, local underwriting offers improved regulatory oversight, faster claims settlement, and easier access to insurers. It also ensures that premiums contribute directly to national development.
“Local cargo insurance better safeguards the interests of the trading community while delivering broader economic benefits to the country,” he said.
Preparations and Stakeholder Engagement
Prof. Gyampo noted that the policy builds on years of groundwork, including the signing of a Marine Cargo Insurance Protocol in December 2020 involving the National Insurance Commission and other stakeholders.
Other preparatory measures included nationwide sensitisation campaigns, training of customs officers, collaboration with trader groups such as the Ghana Union of Traders Association, and the creation of a Marine and Aviation Insurance Database.
Call for Cooperation
He emphasised that the success of the policy will depend on strong collaboration among stakeholders and continuous education of importers.
“This reform carries far-reaching implications. Its success requires coordinated efforts to ensure compliance while sustaining legitimate trade,” he stated.
Prof. Gyampo urged importers, freight forwarders, and insurers to embrace the directive as a shared responsibility, adding that the Authority remains committed to ensuring smooth and fair implementation.
Boost for Economic Growth
The seminar concluded with a strong message that mandatory local cargo insurance has the potential to transform Ghana’s insurance landscape, enhance transparency, and support economic growth.
“As global trade uncertainties persist, Ghana must build resilience. This policy is a step in that direction,” Prof. Gyampo said.
Story By: Eric Boateng
