The Ghana Shippers’ Authority (GSA) has launched a sensitization seminar on the mandatory local insurance policy for all commercial imports into the country.
The policy, effective February 1, 2026, aims to protect shippers, retain insurance premiums within the national economy, and foster the growth of a resilient and sustainable domestic insurance market.
Speaking at the seminar, Prof. Ransford Gyampo, Chief Executive Officer (CEO) of GSA, highlighted the importance of local cargo insurance, citing that approximately 80-90% of global trade by volume is transported by sea, with significant risks involved.
“As we are all aware, today’s strategic engagement is necessitated by a major policy directive issued by the Honourable Minister of Finance, Dr Cassiel Ato Forson, requiring the Ghana Revenue Authority (GRA) and the Bank of Ghana (BoG) to enforce the mandatory Local Cargo Insurance policy for all commercial imports into the country, effective February 1, 2026, in accordance with Section 222 of the Insurance Act, 2021 (Act 1061).
“This decisive policy intervention is intended to protect shippers, retain insurance premiums within the national economy and foster the growth of a resilient and sustainable domestic insurance market, and thus giving true meaning to developing local content for Ghana’s economic transformation,” he said.
He continued: “Ladies and Gentlemen, approximately 80–90% of global trade by volume is transported by sea, with a significant proportion of this cargo carried in containers.
“In recent years, industry data indicates that an average of about 1,500 to 2,000 containers are lost at sea annually, although this figure can fluctuate significantly in years involving major maritime incidents,” he stated.
He noted that only about 6% of imports are insured locally, resulting in significant capital flight from Ghana.
He also mentioned that the policy requires importers to insure their cargo with local insurance companies, providing improved regulatory oversight, easier access to insurers, faster claims settlement, and greater transparency.
Prof. Gyampo urged importers, shipping service providers, and insurers to embrace the directive as a shared responsibility, contributing to Ghana’s economic growth.
The seminar aims to provide an overview of the policy, clarify operational requirements, and address practical challenges.
The Ghana Shippers’ Authority, Ghana Revenue Authority, and National Insurance Commission are working together to ensure a smooth implementation of the policy.
