Ghana Chamber of Shipping Seeks Three-Month Grace on Cargo Insurance Directive
By Praisebell Rosemond Larbi
The Ghana Chamber of Shipping (GCS) has urged authorities to grant a three-month grace period to allow businesses sufficient time to adapt to the mandatory local cargo insurance requirement, which was set to take effect on February 1, 2026.
The appeal was made during a stakeholder roundtable convened to discuss the implementation of the local marine cargo insurance policy and its potential impact on trade and logistics operations across the country. Industry participants highlighted the need for a transitional period to align current import and insurance processes with the new regulatory expectations.
The Ministry of Finance recently announced that all commercial cargo imports into Ghana must now be insured by insurance companies licensed locally. The directive aims to bolster the domestic insurance sector and retain premiums within the country, strengthening Ghana’s financial ecosystem.
Although the policy has been formally communicated to stakeholders, the requirement is not new. Section 222 of the Insurance Act, 2021 (Act 1061), already stipulates that imported cargo entering Ghana must be covered by locally licensed insurers. The current push, however, signals stricter enforcement of compliance and closer monitoring by authorities.
GCS representatives stressed that immediate enforcement without adequate adjustment time could disrupt supply chains and increase operational costs for importers and freight forwarders. They called for collaboration between the shipping industry, insurance companies, and regulators to ensure a smooth transition while achieving the policy’s objectives.
The three-month grace period, according to the Chamber, would provide businesses with the necessary window to review insurance arrangements, secure locally licensed coverage, and adjust their operational budgets accordingly. This, they argue, would ensure compliance without hampering trade flows or delaying imports.
Industry analysts note that successful implementation of local cargo insurance could boost the capacity of Ghanaian insurers, increase domestic premium retention, and improve risk management in the logistics sector. However, they caution that enforcement needs to be balanced with practical considerations to avoid unintended disruptions to the import-dependent economy.
The Ghana Chamber of Shipping’s request underscores the ongoing dialogue between government agencies and private-sector stakeholders in shaping policies that promote domestic industry growth while safeguarding trade efficiency.
Despite this legal backing, the Chief Executive of the Ghana Chamber of Shipping, Dr. Emmanuel Kofi Mbiah, says businesses require additional time to align their operations with the directive to ensure a smooth and disruption-free implementation.
“For those who want to have this implemented smoothly, we will have to give ourselves some time. A period of three months with which we can enforce because this comes with sanctions. If anything happens to the cargo, they can make their claim directly here in Ghana,” he said.
Meanwhile, Chartered Consultant and Lawyer, Larry Jiagge, has expressed confidence in Ghana’s ability to successfully implement the policy. He believes the country has the institutional and technical capacity needed to carry out the directive.
According to him, “all training on marine cargo insurance use the institute cargo clauses anyway, so there is no issue with capacity or experience. We want to assure trade bodies that this market has the capacity, it has experience marine cargo personnel to underwrite and it’s even cheaper to buy marine cargo insurance here in Ghana”.
Stakeholders at the forum agreed that continuous engagement and a carefully managed transition will be critical to ensuring the cargo insurance directive achieves its intended objectives while supporting business continuity and trade facilitation.
