The Ministry of Finance has stated that, as of February 1, 2026, all cargo imports into Ghana must be insured locally, a step that is projected to significantly strengthen the domestic insurance sector and keep premiums within the economy.
According to the ministry, the instruction, given under Section 222 of the Insurance Act, 2021 (Act 1061), would be implemented in partnership with the Ghana Revenue Authority (GRA) and the National Insurance Commission (NIC).
Speaking on behalf of the Finance Minister, Dr. Cassiel Ato Forson, at the investiture ceremony of the 11th President (Stephen Kwarteng Yeboah) and Executive Council of the Insurance Brokers Association of Ghana.
Louis Amu, Director of the Financial Sector Division at the Ministry of Finance, stated that the policy comes at a time when macroeconomic conditions are improving, providing opportunities for insurers and brokers to expand.
“Compliance with this directive is not optional,” he said.
“Ghana’s economy has stabilized and returned to a path of inclusive growth,” he said, citing 6.1% GDP growth in the first three quarters of 2025, inflation easing to 5.4% by December, and a more stable exchange rate.
These, he stated, should allow industry participants to “expand market reach, improve risk coverage and support productive economic activity.”
Mr. Amu also stated that the government has launched a 10-year Insurance Master Plan, beginning in 2026, with the goal of “expanding insurance penetration, promoting financial inclusion, encouraging innovation and digitalisation, and positioning Ghana as a competitive regional insurance hub.”
While insurance assets climbed 18.6% to GH¢17.9 billion, he noted that this is “insufficient relative to the size and needs of the economy,” signaling stricter expectations for performance, professionalism, and market influence from insurers and brokers moving forward.
Source: Citinewsroom
Leave a comment