Finance Ministry mandates local insurance for all cargo imports from February 2026

The Ministry of Finance has announced that, beginning February 1, 2026, all cargo imported into Ghana must be insured by local insurance companies, a policy aimed at strengthening the domestic insurance industry and keeping premium revenues within the country.

The directive, issued under Section 222 of the Insurance Act, 2021 (Act 1061), will be implemented jointly by the Ministry of Finance, 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 of the 11th President and Executive Council of the Insurance Brokers Association of Ghana, the Director of the Financial Sector Division at the Ministry, Louis Amu, said the move comes at a time when Ghana’s improving macroeconomic environment presents new growth opportunities for insurers and brokers.

He stressed that adherence to the directive is mandatory.

“Compliance with this directive is not optional,” Mr Amu stated.

He noted that Ghana’s economy has stabilised and returned to a path of inclusive growth, pointing to a 6.1 per cent GDP growth rate in the first three quarters of 2025, a decline in inflation to 5.4 per cent by December, and increased exchange rate stability.

According to him, these gains should enable players in the insurance industry to expand their market reach, enhance risk coverage and support productive economic activity.

Mr Amu further disclosed that government has introduced a 10-year Insurance Master Plan, set to begin in 2026, which is designed to expand insurance penetration, promote financial inclusion, drive innovation and digitalisation, and position Ghana as a competitive insurance hub in the region.

Although insurance sector assets grew by 18.6 per cent to GH¢17.9 billion, he said the figure remains inadequate relative to the size and demands of the economy, signalling higher expectations for improved performance, professionalism and impact from insurers and brokers going forward.