The Ministry of Finance has directed the National Insurance Commission (NIC) to take the necessary steps to implement Ghana’s Marine Cargo Insurance regime as part of efforts to boost domestic revenue mobilisation.

The directive is in line with Section 222 of the Insurance Act, 2026 (Act 1061), which mandates the registration and insurance of all marine cargo in Ghana.

Marine cargo refers to goods transported by sea (or waterways/air, often included in policies) and the essential insurance protecting them from loss or damage during transit, covering perils like storms, theft, or accidents, and is crucial for global trade, with policies often

The law is intended to ensure that marine cargo insurance is underwritten locally, thereby strengthening the insurance industry and retaining value within the domestic economy.

Following the directive, the NIC, under the leadership of its Commissioner, Dr. Abiba Zakariah, will on Wednesday, January 26, 2026, convene a stakeholder engagement at the NIC Auditorium in Accra.

The meeting will bring together key industry players to discuss modalities and chart a clear roadmap for the full implementation of the law on February 1, 2026.

Reacting to the move, the President of the Insurance Brokers Association of Ghana (IBAG), Mr. Stephen Kwarteng Yeboah, commended the government’s decision, describing it as timely and beneficial to the local economy.

He made the remarks in an interview after his inaugural address at his investiture ceremony in Accra on Thursday, January 22.

Mr. Yeboah noted that under the previous arrangement, Ghanaian importers were often compelled to convert cedis into foreign currency, particularly US dollars, to insure their cargo abroad.

He explained that despite paying significant sums in foreign currency, importers were frequently left without adequate support or compensation when their cargo suffered damage.

According to him, the local registration and underwriting of marine cargo insurance will eliminate the need for importers to source foreign currency for insurance purposes.

This, he said, will help retain foreign exchange within the country, support the growth of the local insurance market, and contribute to overall economic expansion.

He expressed optimism that the full implementation of the Marine Cargo Insurance law would not only protect importers more effectively but also deepen confidence in Ghana’s insurance sector while creating additional revenue streams for the state.