The Chief Executive Officer of the Ghana Shippers’ Authority, Prof. Ransford Gyampo, has urged importers and key stakeholders to comply with government’s directive requiring all imported cargo to be insured locally, describing it as a strategic policy to strengthen the economy and protect shippers.

Speaking at a high-level stakeholder meeting involving officials from the Ministry of Finance, the National Insurance Commission (NIC), insurers, and representatives of the shipping industry, Prof. Gyampo said the policy, which took effect on February 1, 2026, represents a significant shift in Ghana’s trade and insurance framework.

He described the engagement as an important step toward improving awareness and compliance with local cargo insurance requirements.

“This collaboration is a significant and strategic step toward creating a platform through which our valued shippers can be better informed and sensitised on current issues affecting international trade cargo, particularly local cargo insurance,” he said.

The directive, issued by the Ministry of Finance and enforced by the Ghana Revenue Authority (GRA) in collaboration with the NIC, requires that all imported goods—except personal effects—be insured locally under Section 222 of the Insurance Act, 2021 (Act 1061).

Prof. Gyampo explained that the policy is intended to reduce capital flight, strengthen Ghana’s insurance industry, and ensure that insurance premiums remain within the domestic economy.

“This directive represents a decisive policy shift aimed at deepening Ghana’s domestic insurance market, protecting shippers, retaining insurance premiums within our economy, and strengthening sustainable industry growth,” he said.

He noted that although a Marine Cargo Insurance Protocol introduced in December 2020 was designed to improve compliance, uptake has remained low.

According to him, earlier assessments showed that only about 6% of imports were insured locally, while a significant proportion of importers had limited awareness of cargo insurance coverage.

He said this gap exposes importers to avoidable risks and contributes to financial losses, as premiums are often paid to foreign insurers.

Insurance consultant Gertrude Adwoa Ohene Asienim (FICS), who also addressed the meeting, highlighted the legal and practical benefits of local cargo insurance compliance.

She explained that importers who insure goods abroad often face challenges such as difficulties in valuation, limited direct engagement with insurers, and communication barriers. She added that it also increases pressure on the cedi due to foreign exchange outflows.

She stressed that local insurance offers benefits including faster claims processing, protection under Ghanaian law, improved communication channels, and reduced foreign exchange risks.

Stakeholders raised questions on compliance requirements, documentation processes, premium structures, claims procedures, enforcement mechanisms, and the roles of regulators.

They also sought clarity on integration with customs systems, implementation timelines, penalties for non-compliance, dispute resolution processes, coverage limits, and the responsibilities of insurance brokers and shipping agents.

The engagement forms part of broader efforts to align Ghana’s trade policies with national economic priorities while improving efficiency and resilience within the shipping and insurance sectors.