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Finance Ministry orders local cargo insurance on all commercial imports from 1 February

Writer: Ghana Insurance Hub
Ghana Insurance Hub
Jan 21
2 min read
Finance Ministry orders local cargo insurance on all commercial imports from 1 February

The Ministry of Finance has directed the Ghana Revenue Authority (GRA) and the Bank of Ghana (BoG) to enforce compulsory local cargo insurance on all commercial imports into Ghana from 1 February 2026. The directive was announced in Accra on 20 January, in a speech read on behalf of Finance Minister Dr Cassiel Ato Forson at the investiture of the 12th President of the Ghana Insurers Association (GIA). Graphic Online and GhanaWeb reported it the following day.


The legal basis is Section 222 of the Insurance Act, 2021 (Act 1061), which requires cargo imported into Ghana to be insured with locally licensed insurers. The speech was read by David Klottey Collison, Coordinating Director at the ministry.


According to the ministry, the policy is meant to protect shippers, deepen local participation and keep insurance premiums in the domestic economy. GhanaWeb added that officials expected it to support jobs and ease pressure on the cedi. Graphic Online said continued reliance on foreign insurers for cargo cover had caused capital flight.


The speech also set out two wider reform plans:


  • An Insurance Sector Strengthening Strategy, developed with the National Insurance Commission (NIC), to be rolled out over two years and covering digital transformation, regulation, market clean-up and international investment.

  • A 10-year Insurance Master Plan, to be developed during 2026, aimed at low insurance penetration and pricing inefficiencies, with the stated goal of making Ghana a regional insurance hub.


Forson said penetration remained low among micro, small and medium-sized enterprises, informal sector operators, rural communities, women and persons with disabilities. He described the government's work with the NIC as "a deliberate reform agenda aimed at deepening insurance penetration".


Sources


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