Accra: The Ministry of Finance has directed the National Insurance Commission (NIC) to take the necessary steps to implement Ghana's Marine Cargo Insurance regime as part of efforts to boost domestic revenue mobilisation. The directive aligns with Section 222 of the Insurance Act, 2026 (Act 1061), which mandates the registration and insurance of all marine cargo in Ghana.
According to Ghana Web, this new law is designed to ensure that marine cargo insurance is underwritten locally, strengthening the insurance industry and retaining value within the domestic economy. Marine cargo refers to goods transported by sea, and the insurance is crucial for global trade, protecting goods from loss or damage during transit due to perils such as storms, theft, or accidents.
Following the directive, the NIC, under the leadership of its Commissioner, Dr. Abiba Zakariah, will convene a stakeholder engagement on Wednesday, January 26, 2026, at the NIC Auditorium in Accra. This meeting will bring together key industry players to discuss modalities and chart a clear roadmap for the full implementation of the law on February 1, 2026.
The President of the Insurance Brokers Association of Ghana (IBAG), Stephen Kwarteng Yeboah, has commended the government's decision, describing it as timely and beneficial to the local economy. He made these remarks in an interview after his inaugural address at his investiture ceremony in Accra on Thursday, January 22.
Yeboah pointed out that under the previous arrangement, Ghanaian importers were often required to convert cedis into foreign currency, particularly US dollars, to insure their cargo abroad. Despite paying significant amounts in foreign currency, importers were frequently left without adequate support or compensation when their cargo suffered damage.
He emphasized that the local registration and underwriting of marine cargo insurance will eliminate the need for importers to source foreign currency for insurance purposes. This change is expected to help retain foreign exchange within the country, support the growth of the local insurance market, and contribute to overall economic expansion.
Yeboah expressed optimism that the full implementation of the Marine Cargo Insurance law would not only protect importers more effectively but also enhance confidence in Ghana's insurance sector while creating additional revenue streams for the state.