Ghanaian insurance companies are well-equipped to provide robust risk cover for the country’s marine and aviation cargo, a top industry leader has rea
Ghanaian insurance companies are well-equipped to provide robust risk cover for the country’s marine and aviation cargo, a top industry leader has reassured importers and regulators.
Mercy Naa Koshie Boampong, Chief Executive Officer of Serene Insurance and 2nd Vice-President/Chairman of the Ghana Insurers Association (GIA), emphasized that local insurers possess the financial strength, technical expertise, and operational systems to manage the import trade risks at scale.
Boampong’s assurances come in the wake of the government’s renewed push to enforce compulsory local marine cargo insurance for all commercial imports under Section 222 of the Insurance Act, 2021 (Act 1061), effective from February 1, 2026.
The directive, coordinated by the Ministry of Finance in collaboration with the Bank of Ghana, National Insurance Commission (NIC), and Ghana Revenue Authority (GRA), is designed to strengthen local insurance markets and retain premium income within the Ghanaian economy.
“Marine cargo insurance is not a new product being introduced because of enforcement,” Boampong said. “It is a mature line of business in Ghana. At Serene Insurance, we have the structures, systems, and expertise to handle complex and high-value cargo risks, as the industry has done for decades.”
Capacity Built on Capital, Expertise, and Reinsurance
According to Mrs. Boampong, the ability of local insurers to underwrite marine cargo effectively rests on three pillars: capital adequacy, technical knowledge, and access to global reinsurance markets.
She highlighted that every risk underwritten domestically is supported by reinsurance arrangements, ensuring that even high-value claims can be settled without disruption.
Despite the legal requirement for local insurance existing since 2006, only about six percent of Ghana’s imports are currently insured locally, with the majority of premiums being paid to foreign insurers.
Boampong described this as a significant untapped capacity within the local industry.
“With renewed enforcement, this capacity can now be put to use to protect Ghanaian importers while keeping premium income within the local economy,” she said.
Economic Opportunity and Industry Readiness
The import volumes underscore the potential impact of this policy. In 2024, the country handled an estimated 13.7 million metric tonnes of cargo, with merchandise imports valued at around US$15.2 billion, covering commodities such as refined petroleum, grains, edible oils, frozen foods, and heavy machinery.
Daniel F. Yeboah, Head of Insurance and Pensions at the Ministry of Finance, noted that full implementation of the policy could generate close to GH₵300 million annually for the local insurance industry.
“Over the years, it has been recognised that this policy must be fully rolled out so that the country can derive its full benefits,”
Yeboah said during a recent stakeholder engagement organised by the Ghana Chamber of Shipping.
Boampong also stressed that beyond retaining premiums domestically, the enforcement of local marine insurance would strengthen the insurance sector and contribute to broader financial sector development.
“The Ghanaian insurance industry is ready. Serene Insurance is ready. The structures, expertise, and financial backing are already in place,” she affirmed.
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