Some major trade and business associations have called on the Ministry of Finance to suspend its directive mandating compulsory local marine cargo insurance for all imports into Ghana, citing concerns over rising business costs and lack of stakeholder consultation.
The Coalition of Concerned Exporters, Importers, Traders and Freight Forwarders, alongside the Food and Beverages Association of Ghana (FABAG) and the Traders Advocacy Group Ghana (TAGG), said that the policy should be withdrawn ahead of its planned February 1, 2026, implementation to allow for broader engagement with industry players.
The Ministry’s directive seeks to enforce Section 222 of the Insurance Act, 2021 (Act 1061), requiring all marine cargo bound for Ghana to be insured through local insurance companies as part of efforts to strengthen the domestic insurance sector.
However, the trade groups argued that marine cargo insurance is a private contractual arrangement between buyers, sellers, and financiers, and does not involve third-party public risk that would justify compulsory regulation.
They also contend that restricting insurance procurement to local providers is anti-competitive and could significantly increase the cost of doing business.
According to the associations, most international trade transactions are conducted under Cost, Insurance and Freight (CIF) terms, where insurance is already arranged by suppliers. They warn that enforcing an additional local insurance requirement could result in double insurance with no added value to traders.
The groups further criticised the absence of stakeholder consultations, noting that similar policy attempts since 2022 failed to address concerns raised by the trading community.
While expressing support for government efforts to stabilise the economy and promote local industries, the associations cautioned that introducing new cost burdens could undermine recent gains from currency stability and cost-saving measures.
They have, therefore, called on the Ministry of Finance to halt the policy and engage stakeholders to develop a more practical and competitive framework for marine cargo insurance in Ghana.
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