The Ministry of Finance has announced that, effective February 1, 2026, all cargo imports into Ghana will be required to be insured locally, a policy directive that will be jointly enforced by the Ghana Revenue Authority (GRA) and the National Insurance Commission (NIC).

The move is expected to significantly deepen Ghana’s domestic insurance market while retaining insurance premiums within the local economy.

The directive is issued under Section 222 of the Insurance Act, 2021 (Act 1061), which empowers the state to ensure that specific classes of risks, including marine cargo insurance, are underwritten by locally licensed insurers.

According to the Ministry, the policy aligns with broader government efforts to strengthen domestic financial institutions and promote sustainable economic growth.

Enforcement Not Optional, Finance Ministry Warns

Speaking on behalf of the Finance Minister, Dr. Cassiel Ato Forson, at the investiture ceremony of the 11th President, Stephen Kwarteng Yeboah, and the Executive Council of the Insurance Brokers Association of Ghana, the Director of the Financial Sector Division at the Ministry of Finance, Louis Amu, stressed that adherence to the directive will be mandatory. “Compliance with this directive is not optional,” he said.

Mr. Amu noted that the enforcement will be done in close collaboration with the GRA and the NIC to ensure that all imported cargo entering the country meets the local insurance requirement before clearance. This approach is expected to close loopholes that previously allowed importers to insure goods offshore, leading to capital flight and reduced opportunities for Ghanaian insurers.

The Ministry of Finance indicated that the timing of the policy is deliberate, coming at a period when Ghana’s macroeconomic indicators are showing strong signs of recovery and stability.

According to Mr. Amu, these improvements present an opportunity for insurers and brokers to expand operations and improve service delivery. “Ghana’s economy has stabilised and returned to a path of inclusive growth,” he said.

He cited a 6.1 percent GDP growth recorded in the first three quarters of 2025, inflation easing to 5.4 percent by December 2025, and a more stable exchange rate. These developments, he explained, create a conducive environment for the insurance industry to scale up capacity, innovate, and support productive economic activity.

Boosting Insurance Penetration and Retaining Premiums

One of the key motivations behind the directive is to retain insurance premiums within the domestic economy. Historically, a significant portion of marine cargo insurance premiums has been paid to foreign insurers, depriving the local market of revenue, expertise, and risk management capacity.

By mandating local cargo insurance, government expects increased premium income for Ghanaian insurers, improved risk pooling, and enhanced technical capacity within the industry. Mr. Amu emphasized that these gains should translate into broader economic benefits.

These, he noted, should enable industry players to “expand market reach, improve risk coverage and support productive economic activity.”

The policy is also expected to strengthen the role of insurance brokers, who will be required to facilitate compliance while advising clients on suitable local insurance products.

Ten-Year Insurance Master Plan Unveiled

In addition to the cargo insurance directive, government has rolled out a 10-year Insurance Master Plan starting in 2026. The plan is designed to reposition Ghana’s insurance industry as a competitive and innovative regional hub.

According to Mr. Amu, the master plan aims at “expanding insurance penetration, promoting financial inclusion, encouraging innovation and digitalisation, and positioning Ghana as a competitive regional insurance hub.”

The plan is expected to address long-standing challenges in the sector, including low penetration rates, limited public awareness, and uneven distribution of insurance services across the country.

Sector Growth Still Below Economic Needs

While acknowledging recent growth in the insurance sector, the Ministry of Finance indicated that current performance levels remain inadequate relative to the size and needs of the economy. Mr. Amu revealed that insurance sector assets grew by 18.6 percent to GH¢17.9 billion, a figure he described as encouraging but insufficient.

He noted that the new policy direction signals higher expectations from insurers and brokers in terms of professionalism, innovation, and market impact. Industry players are expected to strengthen corporate governance, invest in technology, and design products that respond to the evolving needs of businesses and households.

For importers, the directive means a shift in long-standing practices, requiring early engagement with locally licensed insurers and brokers to ensure compliance. For regulators, the collaboration between GRA and NIC represents a more coordinated approach to enforcement within Ghana’s financial architecture.