Major trade associations in Ghana are calling for an immediate suspension of a new Ministry of Finance directive. The policy, which took effect on February 1, 2026, mandates that all
marine cargo imports be insured through local companies.
The Coalition of Concerned Exporters, Importers, Traders and Freight Forwarders claims the directive will spike business costs. They are joined by the Food and Beverages Association of Ghana (FABAG) and the Traders Advocacy Group Ghana (TAGG) in demanding a withdrawal.
The government aims to enforce Section 222 of the Insurance Act, 2021 (Act 1061). This law is designed to strengthen the domestic insurance sector and keep premium revenues within the national economy.
The Traders' Argument
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Private Risk: Groups argue that marine insurance is a private contract and does not involve public third-party risks.
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Double Insurance: Most international trade uses CIF (Cost, Insurance, and Freight) terms, where insurance is already paid to the supplier.
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Anti-Competitive: Forcing local procurement is viewed as a monopoly that removes the freedom to choose more affordable foreign options.
Stakeholder Consultation Lacking
The Ghana Union of Traders Association (GUTA) also expressed strong opposition, citing a lack of consultation. They argue that the policy ignores the credit arrangements suppliers have with international insurers.
Dr. Cassiel Ato Forson, the Minister of Finance, previously stated that the policy is "not optional" as the economy stabilizes. However, traders warn that new cost burdens could wipe out recent gains from currency stability.
The associations are now urging the National Insurance Commission (NIC) and the Ghana Revenue Authority (GRA) to halt enforcement. They are calling for a more "practical and competitive" framework that supports, rather than burdens, the trading community.
The Bottom Line
Ghanaian trade associations are fiercely resisting a new mandate for local marine insurance, warning that the February 1 deadline will lead to "double insurance" and increased costs for consumers.
