The Ministry of Finance has announced a new directive requiring all cargo imports into Ghana to be insured locally, effective February 1, 2026. The policy, grounded in Section 222 of the Insurance Act, 2021 (Act 1061), is expected to strengthen the domestic insurance industry and retain premium revenues within the national economy.
The enforcement will be carried out in collaboration with the Ghana Revenue Authority (GRA) and the National Insurance Commission (NIC), according to a statement issued by the Ministry.
Speaking at the investiture of the 11th President of the Insurance Brokers Association of Ghana, Stephen Kwarteng Yeboah, the Director of the Financial Sector Division, Louis Amu, said the initiative aligns with Ghana’s improving macroeconomic outlook and presents a timely opportunity for insurers and brokers to scale operations.
“This policy will enable industry players to expand market reach, improve risk coverage and support productive economic activity,” Mr. Amu stated on behalf of Finance Minister Dr. Cassiel Ato Forson.
He also unveiled a 10-year Insurance Master Plan commencing this year, aimed at boosting insurance penetration, promoting financial inclusion, and driving innovation and digitalisation. The plan also seeks to position Ghana as a competitive insurance hub in the region.
Despite an 18.6% growth in sector assets to GH¢17.9 billion, Mr. Amu noted that the figure remains inadequate compared to the economy’s demands, signalling heightened expectations for performance and professionalism across the industry.
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