The Ministry of Finance has announced that, effective February 1, 2026, all cargo imports into Ghana must be insured locally, a policy aimed at strengthening the domestic insurance industry and retaining insurance premiums within the national economy.
The directive, issued under Section 222 of the Insurance Act, 2021 (Act 1061), will be enforced in collaboration with the Ghana Revenue Authority (GRA) and the National Insurance Commission (NIC) to ensure full compliance across ports and entry points.
Speaking on behalf of the Finance Minister, Dr. Cassiel Ato Forson, at the investiture ceremony of the 11th President and Executive Council of the Insurance Brokers Association of Ghana (IBAG), the Director of the Financial Sector Division at the Ministry, Louis Amu, said the move is part of broader efforts to deepen Ghana’s insurance market.
Mr. Amu stressed that adherence to the directive is mandatory, noting that “compliance with this policy is not optional,” as government seeks to maximise the economic benefits of insurance-related transactions within the country.
He explained that the policy is being introduced at a time when macroeconomic conditions are improving, creating opportunities for insurers and brokers to expand operations. He cited 6.1 per cent GDP growth in the first three quarters of 2025, a decline in inflation to 5.4 per cent by December, and a more stable exchange rate as indicators of economic recovery.
According to him, these gains should enable industry players to broaden market reach, enhance risk coverage, and support productive economic activity, while positioning insurance as a key driver of financial stability.
Mr. Amu also disclosed that government will roll out a 10-year Insurance Master Plan beginning in 2026, aimed at expanding insurance penetration, promoting financial inclusion, encouraging innovation and digitalisation, and positioning Ghana as a competitive regional insurance hub.
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