Ghana to Enforce Mandatory 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 through locally registered insurance companies, a policy expected to boost the domestic insurance industry and keep premium payments within the national economy. The Ministry said the directive is being implemented under Section 222 of the Insurance Act, 2021 (Act 1061), and will be enforced in partnership with the Ghana Revenue Authority (GRA) and the National Insurance Commission (NIC).
The announcement was made at the investiture ceremony of the 11th President and Executive Council of the Insurance Brokers Association of Ghana. Speaking on behalf of the Finance Minister, Dr. Cassiel Ato Forson, the Director of the Financial Sector Division at the Ministry of Finance, Mr. Louis Amu, explained that the new requirement forms part of broader efforts to strengthen Ghana’s financial sector and deepen insurance penetration.
He stressed that compliance with the directive would be strictly monitored, describing the policy as compulsory for all cargo importers. “Compliance with this directive is not optional,” Mr Amu stated. He stated that the decision comes at a time when Ghana’s economic environment is showing signs of improvement, creating room for insurers and brokers to expand operations and deliver stronger support to businesses.
According to him, the country has experienced a return to stability, pointing to 6.1 per cent GDP growth recorded in the first three quarters of 2025. He also cited a slowdown in inflation, which eased to 5.4 per cent by December 2025, as well as increased stability in the exchange rate.
Mr. Amu said these indicators provide a favourable foundation for insurance companies to broaden their customer base, enhance risk protection products, and support productive economic activity through better coverage.
In addition, he disclosed that government has introduced a 10-year Insurance Master Plan, beginning in 2026, to drive long-term reforms within the industry. He said the plan is expected to increase insurance access, promote financial inclusion, and encourage innovation and technology-driven solutions across the sector. The Master Plan, he added, also aims to position Ghana as a strong insurance market within the sub-region by improving competitiveness and regulatory standards.
Mr. Amu further revealed that the insurance sector recorded an 18.6 per cent increase in assets, rising to GH¢17.9 billion. However, he said the growth remains below what is required to meet the demands of the wider economy.
He therefore urged industry players, especially insurers and brokers, to improve professionalism, strengthen performance, and ensure the sector makes greater impact in national development.
