Gov’t to Roll out 10-Year Insurance Master Plan to Fix Structural Gaps
By Praisebell Rosemond Larbi
The Ministry of Finance has announced plans to develop a comprehensive 10-year insurance master plan aimed at strengthening Ghana’s insurance sector and addressing long-standing structural challenges that have constrained its growth and impact.
The master plan, which is expected to be completed by the end of 2026, will outline wide-ranging reforms to tackle persistent issues such as pricing inefficiencies, low insurance penetration, and other structural weaknesses that have affected the industry for decades.
According to the Ministry, the initiative is intended to provide a clear and coordinated framework to guide policy, regulatory, and institutional reforms within the insurance space.
“The insurance master plan will serve as a blueprint for policy, regulation, and institutional reforms aimed at addressing structural challenges, such as low penetration, fragmented regulatory frameworks, pricing inefficiencies, and other market constraints,” the Ministry noted.
Speaking at the 12th investiture of the Ghana Insurers’ Association (GIA), a Coordinating Director at the Ministry of Finance, Mr David Klottey Collison, said the plan forms part of broader efforts to reposition Ghana’s insurance industry and enhance its contribution to national development.
He explained that the initiative is expected to promote innovation, improve competitiveness, and ultimately position Ghana as a leading insurance hub within the sub-region.
“The Ministry of Finance, in collaboration with industry stakeholders, will develop a 10-year insurance master plan this year to promote innovation and competitiveness, and position Ghana as a regional insurance hub,” Mr Collison stated.
He added that the overarching objective of the master plan is to expand financial inclusion, deepen insurance penetration, and strengthen Ghana’s standing in the sub-regional insurance market, while ensuring that insurance products are more responsive to the needs of businesses and households.
Beyond the development of the master plan, the Ministry of Finance also disclosed that it has taken note of proposals from industry players aimed at deepening insurance coverage nationwide and improving risk protection for individuals and businesses.
“We have also taken note of the Ghana Insurance Association’s call for group life insurance to be made compulsory,” Mr Collison said, indicating that such proposals would be considered as part of broader policy discussions.
The proposed reforms are expected to trigger renewed dialogue around insurance accessibility, affordability, and the role of regulation in building a resilient, inclusive, and competitive insurance sector capable of supporting economic growth.
In addition, the Ministry revealed that it will begin the strict enforcement of insurance for local commercial cargo from February 1 this year.
According to the Ministry, the law which mandates that all imports into Ghana must be insured locally under Section 22 of the Insurance Act, 2021 (Act 1061), is intended to protect small and medium-sized enterprises from risks associated with the carriage of goods, while also retaining insurance premiums within the domestic economy and strengthening the local insurance industry.
