Local insurance companies have the capacity to provide risk cover for marine/aviation cargo to safeguard import trade in the long term, according to the second Vice-President of the Ghana Insurers Association (GIA), Mrs Mercy Naa Koshie Boampong.
She made the comments just as the government began enforcing compulsory local marine cargo insurance under the Insurance Act, according to local media reports. The Ministry of Finance is working with the Bank of Ghana, the National Insurance Commission and the Ghana Revenue Authority on the enforcement. Effective 1 February 2026, all commercial cargo imports into Ghana must be insured by locally licensed insurance companies.
Mrs Boampong, who is also the CEO of Serene Insurance, said that marine insurance is a mature branch of business. Despite this and existing local insurance requirements since 2006, much of Ghana’s cargo insurance is still placed offshore, she said. “With renewed enforcement, that capacity can now be used to protect Ghanaian importers while keeping premium income within the local economy,” she said.
Currently, only about 6% of Ghana’s imports are insured locally, despite the legal requirement, with an estimated $100m in premiums paid annually to foreign insurers. Ghana’s imports, valued at $15.2bn in 2024, present a significant opportunity for local insurers.