By Adnan Adams Mohammed
A major policy shift in Ghana’s trade sector has sparked a heated debate between the insurance industry and the donor community.
Beginning February 1, 2026, all commercial imports into Ghana must be covered by mandatory local cargo insurance, a directive issued by the Ministry of Finance to the Ghana Revenue Authority (GRA) and the Bank of Ghana.
While industry leaders hail the move as a cornerstone for currency stability, importers warn it could trigger “operational chaos” at the ports.
The Case for “The Double Win”
Stephen Kwarteng Yeboah, the newly sworn-in President of the Insurance Brokers Association of Ghana (IBAG), has emerged as a vocal defender of the policy. Speaking at his investiture ceremony in Accra last week, Yeboah described the mandate as a long-overdue strategy to protect both the cedi and the importer.
“Cargo insurance premiums that used to be paid offshore will now remain in the country,” Yeboah told Joy Business.
He argued that by keeping these funds within Ghana’s financial ecosystem, the country can reduce “capital flight” and bolster the cedi’s stability. “Importers must see this as protection, not punishment. When goods get damaged, a local insurance company is going to support you,” he added.
The policy is rooted in Section 222 of the Insurance Act, 2021 (Act 1061). According to the Ministry of Finance, the local insurance industry is now robust enough bolstered by a 6.1% GDP growth in late 2025 to handle high-value cargo that was previously insured by foreign firms.
Importers Cry “Foul” Over Lack of Consultation
The Importers and Exporters Association of Ghana (IEAG), however, is not convinced. In a sharp rebuttal issued on January 22, the association expressed “serious alarm” that such a massive policy was announced less than a month before implementation without direct stakeholder engagement.
Samson Asaki Awingobit, Executive Secretary of the IEAG, raised several critical “gaps” that remain unresolved:
Capacity Doubts: Do local insurers have the financial “muscle” and reinsurance backing to handle large-scale international cargo?
Incoterm Conflicts: Many imports are already covered by long-standing global arrangements with foreign suppliers. Imposing a local requirement could lead to contractual disputes.
Inflationary Pressure: Without transparency on premium pricing, the association fears the extra costs will be passed on to consumers.
“Introducing another major compliance requirement at the same time as new GRA digital trade systems could create confusion and unnecessary operational risk at the ports,” Awingobit warned.
The Road to February 1
Despite the pushback, the government appears committed to the timeline. Commissioner of Insurance Dr. Abiba Zakariah has pledged that the National Insurance Commission (NIC) will work to eliminate “unethical practices” like premium undercutting to ensure the transition is fair.
For the new IBAG Council, the focus remains on repositioning brokers as “credible, indispensable actors” in this new trade landscape. Whether the ports are ready for this “compliance shock” remains to be seen.
