Finance Ministry enforces local cargo insurance for imports from February 1

The Ministry of Finance has directed that, beginning February 1, 2026, all goods imported into Ghana must be insured by local insurance companies, a policy expected to strengthen the domestic insurance industry and keep insurance premiums within the country.

The Ministry explained that the directive is being implemented in accordance with Section 222 of the Insurance Act, 2021 (Act 1061), and will be enforced jointly by the Ghana Revenue Authority (GRA) and the National Insurance Commission (NIC).

Representing 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, Louis Amu, said the timing of the policy aligns with improved macroeconomic conditions that present growth opportunities for insurers and brokers.

He stressed that adherence to the directive is mandatory, adding that Ghana’s economy has stabilised and is on a trajectory of broad-based growth. Mr. Amu cited a 6.1 per cent GDP growth recorded 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 key indicators.

According to him, these developments should enable industry players to broaden their market presence, enhance risk coverage, and support productive economic activities.

Mr. Amu also disclosed that the government has introduced a 10-year Insurance Master Plan starting in 2026, aimed at increasing insurance penetration, deepening financial inclusion, fostering innovation and digitalisation, and positioning Ghana as a leading insurance hub in the sub-region.

Despite an 18.6 per cent growth in insurance sector assets to GH¢17.9 billion, he noted that the performance remains below the scale required to meet the country’s economic needs, signalling higher expectations for professionalism, efficiency, and impact from insurers and brokers in the years ahead.