The Importers and Exporters Association of Ghana (IEAG) has expressed serious concern over a directive requiring all commercial imports into the country to be covered by mandatory local cargo  insurance, effective February 1, 2026.

In a statement signed by the Executive Secretary of the IEAG, Samson Asaki Awingobit and dated January 22, 2026, the Association said the directive, issued by the Ministry of Finance to the Ghana Revenue Authority (GRA) and the Bank of Ghana (BoG), was announced without consultation with importers and exporters, who will bear the full cost of the policy.

The directive is in line with Section 222 of the  Insurance Act, 2021 (Act 1061) and is intended to strengthen the local insurance industry and retain insurance premiums within the Ghanaian economy.

While acknowledging the government’s objective, the IEAG said it is deeply troubled by the lack of stakeholder engagement ahead of the policy’s implementation.

According to the Association, neither the Ministry of Finance, the GRA nor the Bank of Ghana engaged importers and exporters to discuss key aspects of the policy, including how it will be implemented, how premiums will be determined, the scope of coverage, claims settlement procedures, and whether local insurers have the capacity to underwrite high-value and specialised cargo.

The IEAG said it was alarming that importers are learning of the policy through a public announcement less than a month before its expected implementation.

The Association also raised concerns about unresolved issues surrounding the capacity of local insurance companies, particularly their financial strength and reinsurance backing to handle large-volume and high-risk international cargo.

It further expressed uncertainty over claims settlement processes, dispute resolution mechanisms, and the potential for delays that could negatively affect businesses.

The IEAG warned that the directive could conflict with established international trade practices, as most imports into Ghana are insured under globally recognised Incoterms and long-standing insurance arrangements with foreign suppliers and financiers.

It also cautioned that without transparency on pricing, the policy could increase the cost of doing business and pass additional costs on to consumers, worsening inflationary pressures.

The Association noted that importers are already preparing for the rollout of new digital trade systems and other reforms by the GRA scheduled for February 1, 2026, and said introducing another major compliance requirement at the same time could create confusion and operational risk at the ports.

The IEAG reminded government that policy decisions taken without broad stakeholder consultation have previously resulted in public dissatisfaction and economic disruption.

It called on the Ministry of Finance, the GRA, the Bank of Ghana, and the National Insurance Commission to pause the implementation timeline and engage industry stakeholders in meaningful consultations before enforcing the policy.

The Association said it remains committed to constructive engagement and is ready to work with government to develop solutions that protect national interests without disrupting trade or undermining business confidence.

Source: Citinewsroom