Finance Ministry directs NIC to implement Marine Cargo Insurance regime

The Ministry of Finance has directed the National Insurance Commission (NIC) to take the necessary steps to fully implement Ghana’s Marine Cargo Insurance regime, as part of broader efforts to strengthen domestic revenue mobilisation.

The directive is anchored in Section 222 of the Insurance Act, 2026 (Act 1061), which mandates the registration and insurance of all marine cargo in Ghana.

Marine cargo refers to goods transported by sea—and in many cases by air or inland waterways—with insurance policies designed to protect shipments against loss or damage arising from risks such as storms, theft, or accidents. The coverage plays a critical role in facilitating international trade.

Under the law, marine cargo insurance is required to be underwritten locally, a move aimed at deepening the domestic insurance industry and ensuring that value generated from such transactions remains within the Ghanaian economy.

In line with the directive, the NIC, led by its Commissioner, Dr Abiba Zakariah, will on Wednesday, January 26, 2026, convene a stakeholder engagement at the NIC Auditorium in Accra. The meeting will bring together key industry players to deliberate on implementation modalities and map out a clear roadmap ahead of the law’s full enforcement on February 1, 2026.

Reacting to the development, President of the Insurance Brokers Association of Ghana (IBAG), Stephen Kwarteng Yeboah, commended the government’s decision, describing it as timely and beneficial to the local economy.

Mr Yeboah made the remarks in an interview following his inaugural address at his investiture ceremony held in Accra on Thursday, January 22.

He explained that under the previous arrangement, many Ghanaian importers were compelled to convert cedis into foreign currency—particularly US dollars—to insure their cargo abroad. Despite paying significant amounts in foreign exchange, importers were often left without adequate support or compensation when losses occurred.

According to him, the local registration and underwriting of marine cargo insurance will eliminate the need for importers to source foreign currency for insurance purposes, helping to retain foreign exchange within the country.

He added that the policy would support the growth of Ghana’s insurance industry, boost state revenue, and contribute to overall economic expansion.

Mr Yeboah expressed optimism that the full implementation of the Marine Cargo Insurance law would not only offer better protection for importers but also deepen confidence in the country’s insurance sector while creating new revenue streams for the state.