The Ghana Revenue Authority (GRA) has announced a 15% Value Added Tax (VAT) on non-life insurance premiums, effective July 1, 2025.
Except for motor insurance, the new tax will apply to policies covering areas such as property, health, and travel.
In a statement, the GRA explained that the move forms part of measures outlined in the 2025 national budget and is expected to widen the tax net and boost revenue for public services.
For businesses and individuals, this translates into increased premiums on non-life insurance products.
Consumers seeking coverage in areas such as property, health, or travel may now face higher costs, prompting some to reconsider or scale back their coverage.
Although the measure could boost government revenue, it risks adding financial pressure on households and small businesses already grappling with a high-inflation economy.
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