Mandatory Local Cargo Insurance Takes Effect February 2026 — Finance Ministry
The Ministry of Finance has announced that from February 1, 2026, all cargo imports into Ghana must be insured locally, a policy expected to strengthen the domestic insurance industry and retain insurance premiums within the local economy.
The Ministry said the directive, issued under Section 222 of the Insurance Act, 2021 (Act 1061), will be enforced jointly by the Ghana Revenue Authority (GRA) and the National Insurance Commission (NIC).
Speaking on behalf of the Finance Minister, Dr Cassiel Ato Forson, at the investiture ceremony of the 11th President and Executive Council of the Insurance Brokers Association of Ghana, the Director of the Financial Sector Division at the Ministry of Finance, Louis Amu, said the move comes at a time of improving macroeconomic conditions that present growth opportunities for insurers and brokers.
“Compliance with this directive is not optional,” Mr Amu stressed.
He noted that Ghana’s macroeconomic environment has stabilised and returned to a path of inclusive growth, citing a GDP growth rate of 6.1 per cent in the first three quarters of 2025, inflation easing to 5.4 per cent by December, and relative stability in the exchange rate.
According to him, these developments should position industry players to expand market coverage, enhance risk protection and better support productive economic activity.
Mr Amu also disclosed that government has introduced a 10-year Insurance Master Plan beginning in 2026, aimed at expanding insurance penetration, promoting financial inclusion, encouraging innovation and digitalisation, and positioning Ghana as a competitive insurance hub within the sub-region.
Despite an 18.6 per cent growth in insurance sector assets to GH¢17.9 billion, he said the size of the industry remains inadequate relative to the needs of the economy, signalling heightened expectations for improved performance, professionalism and impact from insurers and brokers in the years ahead.
