Accra, April 10, – The Chief Executive Officer of the Ghana Shippers’ Authority (GSA), Professor Ransford Gyampo, has urged importers and industry stakeholders to comply with government’s directive mandating the local insurance of all imported cargo.
He said the policy represents a strategic intervention designed to strengthen the domestic economy, protect shippers, and expand Ghana’s insurance industry.
Speaking at a high-level stakeholder engagement involving the Ministry of Finance, the National Insurance Commission, insurers and players in the shipping industry, Prof. Gyampo said the initiative marks a major shift in the country’s trade and insurance framework.
The directive, which took effect on February 1, 2026, requires that all imported goods—excluding personal effects—be insured locally under Section 222 of the Insurance Act, 2021 (Act 1061). It is being enforced by the Ghana Revenue Authority in collaboration with the National Insurance Commission.
Prof. Gyampo explained that the policy is intended to reduce capital flight and retain insurance premiums within the domestic economy to support local industry growth.
He noted that despite a Marine Cargo Insurance Protocol introduced in 2020 to improve compliance, uptake has remained low, with research indicating that only about six per cent of imports are currently insured locally. He added that many importers remain unaware of their insurance coverage obligations.
According to him, this gap has exposed businesses to avoidable risks and resulted in losses linked to premiums paid to foreign insurers.
An insurance consultant, Ms Gertrude Adwoa Ohene Asienim, told participants that importing insurance services externally often creates challenges, including weak communication with foreign insurers, difficulties in valuation, and limited policy oversight.
She further argued that foreign insurance arrangements contribute to foreign exchange pressures on the cedi, while limiting the efficiency of claims processing for importers.
Ms Asienim said local insurance systems offer clearer regulatory protection, faster claims settlement, and improved engagement between insurers and clients operating within Ghana.
She encouraged full compliance with the directive, noting that it would reduce financial exposure for importers and improve overall market efficiency.
Stakeholders at the meeting raised questions on implementation, including documentation requirements, premium structures, enforcement procedures, and dispute resolution mechanisms.
Concerns were also expressed about compliance penalties and the respective roles of insurance brokers, shipping agents and regulatory institutions under the new framework.
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