All cargo imports into Ghana will need to be insured locally starting on February 1, 2026, according to a Ministry of Finance announcement. This step is anticipated to greatly expand the domestic insurance market and keep premiums inside the economy.
The Ghana Revenue Authority (GRA) and the National Insurance Commission (NIC) will work together to enforce the instruction, which was issued under Section 222 of the Insurance Act, 2021 (Act 1061), according to the Ministry.
The Director of the Financial Sector Division at the Ministry of Finance, Louis Amu, spoke 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. He stated that the policy comes at a time of improving macroeconomic conditions that create opportunities for insurers and brokers to scale up.
He declared, “Compliance with this directive is not optional.”
He cited 6.1% GDP growth in the first three quarters of 2025, a decrease in inflation to 5.4% by December, and a more stable currency rate as evidence that “Ghana’s economy has stabilised and returned to a path of inclusive growth.”
These, he stated, should allow industry players 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 warned this is “insufficient relative to the size and needs of the economy,” suggesting tighter expectations on performance, professionalism, and market influence from insurers and brokers un the future.
Source: newsthemegh.com