Only 6 percent of commercial imports into Ghana are insured by local providers, Ghana Shippers' Authority CEO Professor Ransford Gyampo said at a sensitisation seminar at Ghana Shippers' House in Accra on 8 April.
The figure sits against a directive issued by Finance Minister Cassiel Ato Forson requiring all commercial imports to be insured locally under Section 222 of the Insurance Act 2021. The mandate took effect on 1 February 2026. Two months in, compliance is marginal.
Gyampo said approximately 75 percent of importers have little or no knowledge of the insurance cover on their cargo or their obligations under the law. Implementation has proceeded slowly, with importers citing insufficient information on compliance procedures and documentation.
The directive is designed to keep insurance premiums in the domestic financial system rather than flowing to foreign underwriters. Ferviddy reported on the Section 222 enforcement directive when it was first issued. The 6 percent figure is the first measure of how far the gap between mandate and practice actually is.
Stakeholders at the seminar engaged regulators on premium pricing, customs clearance integration, penalties for non-compliance, and broker responsibilities. The Ghana Chamber of Shipping has separately called for a three-month grace period to allow the industry to adjust.
