Ghana to Implement Marine Cargo Insurance Regime by February 1, 2026

The Ministry of Finance has announced the implementation of Ghana’s Marine Cargo Insurance regime, set to commence on February 1, 2026. This initiative, mandated by Section 222 of the Insurance Act, 2026, aims to enhance domestic revenue by requiring local underwriting of marine cargo insurance, which protects goods transported by sea. A stakeholder meeting is scheduled for January 26, 2026, to discuss the details of the implementation. Stephen Kwarteng Yeboah, President of the Insurance Brokers Association of Ghana, has praised this decision, emphasizing its potential to reduce reliance on foreign currency for insurance, retain foreign exchange within the country, and bolster the local insurance market. This move is expected to support importers and facilitate global trade, marking a significant step towards strengthening Ghana's economic framework in the insurance sector.