The Ghana Shippers’ Authority (GSA) has intensified calls for strict compliance with government’s directive requiring all imported cargo—excluding personal effects—to be insured locally, as part of broader efforts to strengthen the domestic economy.
Chief Executive Officer of the GSA, Professor Ransford Gyampo, made the appeal during a high-level stakeholder engagement involving the Ministry of Finance, National Insurance Commission, insurers, and industry operators.
He described the policy as a strategic economic measure designed to retain insurance premiums within Ghana, reduce capital flight, and build a more resilient local insurance industry.
The directive, which came into force on February 1, 2026, is being enforced by the Ghana Revenue Authority in collaboration with the National Insurance Commission in line with the Insurance Act, 2021 (Act 1061).
Prof. Gyampo noted that the policy represents a major shift in Ghana’s trade and insurance framework, aimed at protecting importers while expanding opportunities for domestic insurers.
He stressed that compliance would also address long-standing gaps in awareness and coverage, pointing out that most importers have historically relied on foreign insurance providers, often without adequate knowledge of their policy coverage.
An Insurance Consultant, Ms Gertrude Adwoa Ohene Asienim, added that local insurance provides stronger legal protection, easier claims processing, and improved communication between insurers and clients compared to foreign arrangements.
She also noted that the previous reliance on external insurance contributed to foreign exchange outflows, putting additional pressure on the cedi.
Stakeholders at the meeting raised key concerns about implementation, including documentation procedures, premium calculations, enforcement measures, and dispute resolution mechanisms, as well as the roles of shipping agents and brokers.
Authorities assured participants that ongoing engagement would help refine the system and ensure smooth compliance as the policy takes full effect across the import value chain.
