Professor Ransford Gyampo, Chief Executive Officer of the Ghana Shippers’ Authority (GSA) has urged importers and industry stakeholders to comply with the government’s directive mandating local insurance of all cargo imports.

He described the policy as a critical intervention to strengthen Ghana’s economy, protect shippers, and deepen the domestic insurance market.

Prof Gyampo made the call at a high-level stakeholder meeting involving officials from the Ministry of Finance, the National Insurance Commission, insurers, and shipping industry players.

The directive, which took effect on February 1, 2026, required that all imported goods, except personal effects, be insured locally in accordance with 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 said the move marked a significant shift in Ghana’s trade and insurance landscape.

“This collaboration is a significant and strategic step toward creating a platform through which our valued shippers can be better informed and sensitised on current issues affecting international trade cargo, particularly local cargo insurance,” he said.

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He explained that the policy aimed to curb capital flight, retain insurance premiums within the domestic economy, and promote sustainable growth in the insurance sector.

“This directive represents a decisive policy shift aimed at deepening Ghana’s domestic insurance market, protecting shippers, and strengthening industry growth,” he added.

Prof Gyampo recalled that a Marine Cargo Insurance Protocol introduced in December 2020 sought to improve compliance with local insurance requirements.

However, uptake has remained low, with research indicating that only about six per cent of imports were insured locally, while approximately 75 per cent of importers had limited or no awareness of their cargo insurance coverage.

He noted that the situation had exposed importers to significant risks and resulted in financial losses through premiums paid to foreign insurers.

Gertrude Adwoa Ohene Asienim, an Insurance Consultant, highlighted the legal and practical implications of procuring local cargo insurance.

She explained that importers who insured cargo externally often faced challenges such as difficulty in securing appropriate policy values, weak communication with insurers, and lack of direct engagement.

She added that reliance on foreign insurance also exerted pressure on the Ghana cedi due to increased foreign exchange outflows.

Asienim noted that local insurance offered advantages including prompt claims settlement, protection under Ghanaian law, and improved communication between insurers and clients.

She urged importers to comply with the directive to minimise avoidable financial losses and enhance efficiency within the insurance framework.

Stakeholders at the meeting actively engaged authorities to seek clarification on compliance requirements, documentation processes, premium determination, and claims procedures.

Discussions also covered enforcement mechanisms, roles of regulatory institutions, and the integration of the policy with existing customs clearance systems.

Participants raised concerns regarding penalties for non-compliance, dispute resolution mechanisms, and responsibilities of insurance brokers and shipping agents.