Only 6% of imports insured locally despite mandatory policy – GSA raises concern

The Ghana Shippers Authority (GSA) has revealed that just 6 percent of cargo imported into Ghana is insured locally, despite the enforcement of a mandatory local cargo insurance policy under the Insurance Act, 2021 (Act 1061).

This disclosure was made by the Chief Executive Officer of the Authority, Prof. Ransford Gyampo, during a sensitisation seminar organised to boost awareness and compliance within the shipping and insurance sectors.

According to him, the low uptake of local cargo insurance persists even though the policy, enforced from February 1, 2026, requires all commercial imports to be insured locally. The directive, issued by Finance Minister Cassiel Ato Forson, mandates the Ghana Revenue Authority and the Bank of Ghana to ensure compliance.

“Research has revealed that although the majority of import shipments into Ghana are transacted on Cost-Insurance-Freight (CIF) basis, only about 6% of imports are insured locally”, he said.

Prof. Gyampo further noted a worrying knowledge gap among importers, which continues to hinder compliance.

“Approximately 75% of importers have little or no knowledge of the insurance cover on their cargo and a limited awareness among shippers regarding their rights and obligations.”

The Authority warned that the continued reliance on foreign insurers is contributing to significant capital flight, depriving Ghana’s economy of much-needed revenue.

“Insurance premium paid abroad deprive the local insurance industry of revenue that could otherwise stimulate economic growth, create jobs, and enhance technical capacity within Ghana’s financial services sector.”

The Ghana Shippers Authority remains optimistic that increased awareness and stakeholder collaboration will significantly improve compliance and drive economic growth.

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