The Chief Executive Officer of the Ghana Shippers’ Authority, Prof. Ransford Gyampo, has called on importers and stakeholders to comply with the government’s directive requiring all cargo imports to be insured locally.
He stressed that the policy is vital for protecting shippers and strengthening Ghana’s economy.
Speaking at a high-level stakeholder meeting with officials from the Ministry of Finance, the National Insurance Commission (NIC), insurers, and shippers last Thursday, Prof. Gyampo described the directive, which took effect on February 1, 2026, as a “decisive policy shift” aimed at protecting shippers, retaining insurance premiums within the country, and deepening Ghana’s domestic insurance market.
Providing a historical concept, he recalled that a Marine Cargo Insurance Protocol was signed in December 2020 to enhance compliance with local insurance requirements. However, uptake remained low, with research showing that only about 6 per cent of imports were insured locally, while 75 per cent of importers had little or no awareness of cargo insurance coverage.
Insurance consultant Gertrude Adwoa Ohene Asienim (FICS) emphasised the practical benefits of local insurance, including prompt claims settlement, protection under Ghanaian law, improved communication with insurers, and reduced exposure to foreign exchange risks.
She cautioned that reliance on foreign insurers often exposes importers to delays, communication barriers, and financial losses, while also exerting pressure on the Ghana cedi.
Stakeholders at the meeting sought clarification on compliance requirements, documentation procedures, premium determination, claims processes, and enforcement mechanisms, as discussions explored how the directive integrates with customs clearance systems and the roles of brokers and shipping agents.
Margaret Adjeley Sowah, ISD
