The Chief Executive Officer of the Ghana Shippers’ Authority, Prof. Ransford Gyampo, has underscored the importance of enforcing Ghana’s mandatory local cargo insurance policy, describing it as a critical step to protect importers and retain millions of dollars within the local economy.
Speaking at a sensitisation seminar in Accra on Wednesday, Prof. Gyampo said the directive, issued by Finance Minister Dr Cassiel Ato Forson, requires all commercial imports into Ghana to be insured locally in line with Section 222 of the Insurance Act, 2021 (Act 1061).
The policy, which took effect on February 1, 2026, is being enforced by the Ghana Revenue Authority and the Bank of Ghana.
Prof. Gyampo revealed that despite most imports being conducted on a Cost-Insurance-Freight (CIF) basis, only about 6% of cargo is insured locally, raising concerns about significant capital flight.
“Approximately 75% of importers have little or no knowledge of the insurance cover on their cargo,” he noted, adding that this gap has long disadvantaged Ghanaian businesses.
According to him, the continued reliance on foreign insurers means premiums are paid abroad, depriving the local insurance industry of revenue that could otherwise create jobs, build capacity and support economic growth.
He stressed that cargo insurance remains essential given the scale of global trade risks. About 80–90% of global trade is transported by sea, with an estimated 1,500 to 2,000 containers lost at sea annually, alongside threats such as piracy, conflict and industrial actions.
“These risks make cargo insurance not just necessary, but indispensable,” he said.
The GSA CEO highlighted several disadvantages of insuring cargo abroad, including: Limited control over premium rates, Lack of transparency, Delays in claims processing and Complex dispute resolution.
By contrast, he said local insurance offers better regulatory oversight, faster claims settlement, and improved transparency, while contributing directly to Ghana’s economy.
Prof. Gyampo noted that the policy builds on years of collaboration among key institutions, including the National Insurance Commission and industry players.
He cited initiatives such as the establishment of an inter-agency cargo insurance committee, nationwide sensitisation programmes, and the creation of the Marine and Aviation Insurance Database as groundwork for implementation.
He emphasised that continued education of importers remains crucial to ensuring compliance without disrupting trade.
With global trade facing increasing uncertainty, including geopolitical tensions in the Middle East, Prof. Gyampo urged stakeholders to embrace the policy.
“Together, we can build a robust cargo insurance industry that enhances transparency, accelerates claims settlement, and contributes meaningfully to Ghana’s economic growth,” he said.
The seminar was organised to deepen stakeholder understanding of the policy and clarify compliance requirements as enforcement gathers momentum.
