Importers bringing commercial goods into Ghana will be required to obtain marine cargo insurance exclusively from insurance companies licensed by the National Insurance Commission (NIC), effective October 1, 2026, under a directive enforced by the Ghana Revenue Authority and backed by Section 222 of the Insurance Act, 2021 (Act 1061).
Importers bringing goods into Ghana will be required to obtain marine cargo insurance from an insurance company licensed by the National Insurance Commission (NIC) starting October 1, 2026, in a major enforcement push that mandates local underwriting for all commercial imports.
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The Ghana Revenue Authority announced the requirement in a public statement issued on September 3, 2026, and has asked importers, customs agents and other relevant stakeholders to take note and ensure compliance.
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Legal Basis and Enforcement
The requirement is anchored in Section 222 of the Insurance Act, 2021 (Act 1061), which mandates that all insurance risks arising in Ghana, including marine cargo insurance, be placed with insurers licensed by the NIC unless prior approval is granted . The directive was issued by the Ministry of Finance and is being enforced by the Ghana Revenue Authority (GRA) in collaboration with the NIC .
Commercial banks are directed to confirm valid local marine cargo insurance before issuing Letters of Credit, while the GRA will verify coverage through the Integrated Customs Management System (ICUMS) cross-checked against the NIC’s Marine and Aviation Database (MAID) . No commercial import will clear any port without proof of insurance from an NIC-licensed insurer.
Core Objectives
The policy is designed to achieve three main goals: retain premium revenues within Ghana, prevent capital flight, and ensure prompt, localized claims processing .
The Ghana Shippers’ Authority (GSA) has disclosed that only about 6 percent of imports into Ghana were insured locally despite the legal requirement existing for nearly two decades, while approximately 75 percent of importers had limited or no awareness of the insurance coverage on their cargo . The Ministry of Finance projects the policy will generate close to GH¢300 million annually when fully implemented, alongside broader macroeconomic benefits including improved foreign exchange reserves .
Exemptions
Personal effects are generally exempted from this mandatory requirement .
Key Details at a Glance
| Item | Detail |
|---|---|
| Effective Date | October 1, 2026 |
| Legal Basis | Section 222, Insurance Act, 2021 (Act 1061) |
| Enforcement | GRA, NIC, Bank of Ghana, Financial Stability Council |
| Core Goals | Retain premiums, prevent capital flight, localized claims |
| Exemptions | Personal effects |
| Verification | ICUMS cross-checked against MAID |
What Importers Need to Do
Importers with shipments arriving from October should make the necessary insurance arrangements early and keep the relevant documentation available for the clearance process. Marine cargo insurance covers commercial goods imported through all entry points — seaports, airports and land borders — and can also be extended beyond the port to inland warehouses where required.
Local insurance offers advantages including prompt claims settlement, protection under Ghanaian law, improved communication with insurers, and reduced exposure to foreign exchange risksÂ
Source: Accra Street JournalÂ
Last Updated on September 30, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
