The Importers and Exporters Association of Ghana (IEAG) has noted with concern the directive issued by the Ministry of Finance to the Ghana Revenue Authority (GRA) and the Bank of Ghana (BoG) to enforce a mandatory Local Cargo Insurance policy for all commercial imports, effective February 1, 2026, in accordance with Section 222 of the Insurance Act, 2021 (Act 1061).
While the Association appreciates government’s intention to strengthen the local insurance industry and retain premiums within the Ghanaian economy, we are deeply troubled by how this directive has been announced and the lack of engagement with those who will bear its full cost and consequences.
No Engagement with Those Most Affected
It is both worrying and disappointing that neither the Ministry of Finance, the GRA, nor the Bank of Ghana has engaged importers and exporters, who are the primary stakeholders and direct payers of this insurance policy, to discuss its structure, implications, and implementation.
At no point has the IEAG or its members been consulted, sensitised, educated,
on critical issues such as:
- How the policy will be implemented in practice
- How insurance premiums will be determined
- The scope of coverage and claims settlement procedures
- Whether local insurers have the capacity to handle high-value and specialised cargo
- Lastly, how the policy will align with existing international trade and insurance arrangements
It is therefore alarming that importers are learning through a public announcement, that a policy of this scale is expected to take effect in less than a month.
From the standpoint of importers and exporters, several serious gaps remain unresolved. And these are,
- Capacity and Risk Coverage:
There are legitimate concerns about whether local insurance companies have the financial strength and reinsurance backing to underwrite large-volume and high-risk international cargo without exposing importers to delayed or unpaid claims. - Claims Settlement and Dispute Resolution:
There is little clarity on how claims will be processed, how long settlements will take, and what safeguards exist to protect importers from prolonged disputes and bureaucratic delays. - Alignment with Global Trade Practices:
Most imports into Ghana are insured under internationally recognised Incoterms and long-standing global insurance arrangements. Abruptly imposing a local insurance requirement, without clear transition measures, risks contractual conflicts with foreign suppliers, financiers, and shipping partners. - Cost and Inflationary Impact:
Without transparency on pricing, this policy may significantly increase the cost of doing business. Ultimately, these additional costs are likely to be passed on to consumers, worsening inflationary pressures.
Importers are already preparing for the planned rollout of the Publican AI–related systems and other digital trade facilitation reforms by the GRA on February 1, 2026. Introducing another major compliance requirement at the same time, without engagement or education, creates uncertainty, confusion, and unnecessary operational risk at the ports.
The IEAG respectfully reminds government that policy decisions taken without broad stakeholder consultation have, in the past, led to public dissatisfaction and economic disruption.
If his Excellency John Dramani Mahama–led government and the Ministry of Finance under Dr. Cassiel Ato Forson seek to truly deliver on their resetting agenda, then policies of this nature must be developed holistically, transparently, and inclusively, with due regard for process, dialogue, and partnership.
Our Appeal to Government
The Importers and Exporters Association of Ghana therefore calls on the Ministry of Finance, the Ghana Revenue Authority, the Bank of Ghana, and the National Insurance Commission, to pause the implementation timeline and urgently engage the IEAG and other industry stakeholders in meaningful consultations before any enforcement begins.
We firmly believe that when policies are well-discussed, properly phased, and aligned with industry realities, they can achieve national objectives without disrupting trade or eroding business confidence.
The IEAG remains committed to constructive engagement and stands ready to work with government to develop solutions that protect national interests without unfairly burdening importers or undermining trade facilitation.
Signed
………………………
Samson Asaki Awingobit
Executive Secretary
Importers and Exporters Association of Ghana (IEAG)
Tel: 0243575046
