Accra, Ghana – The Ghana Shippers’ Authority (GSA) has officially launched a nationwide sensitisation seminar on the implementation of mandatory local cargo insurance for all commercial imports, a strategic policy aimed at protecting shippers and boosting the domestic insurance industry.
The seminar, held on Wednesday, 8th April 2026, at the Ghana Shippers’ House, was addressed by Prof. Ransford Gyampo, Chief Executive Officer of GSA, who welcomed representatives from government ministries, trade associations, the insurance sector, and shipping service providers.
Speaking at the event, Prof. Gyampo highlighted that the policy directive, issued by the Honourable Minister of Finance, Dr. Cassiel Ato Forson, requires the Ghana Revenue Authority (GRA) and the Bank of Ghana (BoG) to enforce mandatory local cargo insurance for all imports into Ghana, effective February 1, 2026, in line with Section 222 of the Insurance Act, 2021 (Act 1061).
“This decisive intervention is designed to protect shippers, retain insurance premiums within the national economy, and foster the growth of a resilient domestic insurance market,” Prof. Gyampo noted.
Industry data shows that while a majority of imports are transacted on a Cost-Insurance-Freight (CIF) basis, only about 6% of shipments are insured locally. The CEO emphasized that relying on foreign insurers has led to significant capital flight, delayed claims, limited transparency, and higher costs for shippers.
Prof. Gyampo also outlined the historical steps leading to this policy, including the signing of the Marine Cargo Insurance Protocol in December 2020, the formation of an interagency Cargo Insurance Committee, nationwide sensitisation campaigns, training of GRA Customs officers, and the creation of the Marine and Aviation Insurance Database (MAID).
“The Ghana Shippers’ Authority, in collaboration with the GRA, the National Insurance Commission, and industry stakeholders, is committed to ensuring smooth implementation that supports rather than disrupts trade,” Prof. Gyampo said, urging all importers, shipping service providers, and insurers to embrace the directive as a shared responsibility.
The seminar aims to clarify operational requirements, compliance modalities, and practical challenges, ensuring that local cargo insurance strengthens Ghana’s shipping sector while contributing to economic growth.
“Mandatory local cargo insurance is a strategic intervention that empowers importers to better manage shipment risks and transforms our domestic insurance market,” concluded Prof. Gyampo.
