The government’s directive is in line with Section 222 of the Insurance Act, 2026 (Act 1061)
A group calling itself the Coalition of Concerned Exporters, Importers, Traders, and Freight Forwarders has rejected a directive by the Ministry of Finance mandating that all marine cargo bound for Ghana be insured exclusively through local insurance companies.
On January 22, 2026, the ministry directed that all cargo imports into Ghana must be insured locally starting February 1, 2026, in a bid to deepen the domestic market and retain premiums within the economy.
This directive, which aligns with Section 222 of the Insurance Act, 2021 (Act 1061), will be enforced in collaboration with the Ghana Revenue Authority (GRA) and the National Insurance Commission (NIC).
The Coalition, together with the Food and Beverages Association of Ghana (FABAG) and the Traders Advocacy Group Ghana (TAGG), described the policy as an unnecessary imposition that would increase the cost of doing business and undermine free commercial decision-making.
In a joint statement issued on January 28, 2026, the coalition said the policy amounts to a regulatory breach and unfairly favors local insurance firms at the expense of traders and consumers.
Marine cargo insurance implementation takes off February 1
According to the coalition, marine cargo insurance is a private commercial risk between buyers, sellers, and financiers, and does not pose third-party risks that would justify compulsory insurance under law.
They argued that, unlike third-party motor insurance or insurance for public commercial facilities, marine cargo insurance does not warrant government compulsion.
“Our position is that the policy is an unnecessary imposition on the commercial decisions of business owners, which must not be the subject of government regulation. It is clear that this law is the product of lobbying efforts by local insurance companies, who have failed to present viable product offerings to players in the Ghanaian shipping industry, seeking to force market penetration rather than earn it,” the group said.
They further noted that similar concerns had been raised with the National Insurance Commission during previous attempts to introduce the policy since 2022, but those engagements failed to produce satisfactory justifications for the mandate.
The coalition has therefore called on the Ministry of Finance to withdraw the directive and suspend its implementation until comprehensive stakeholder consultations are held to determine a more balanced policy direction for marine insurance in Ghana.
Meanwhile, the government has argued that the policy is intended to retain value within the domestic insurance industry.
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