An insurance regulations consultant has predicted significant growth in Ghana’s insurance sector following a new government directive mandating that all imported cargo be insured by locally licensed companies.
William Akita, an Insurance Regulations Consultant, says the policy set to take effect on 1 February 2026 could be a major boost for the domestic insurance industry if successfully implemented.
Speaking to 3Business on Monday, 26 January 2026, Mr Akita described the directive as a game changer for the market, noting that local insurers have long been excluded from premiums generated by international trade.
He added that, “Ghanaian insurance companies have been denied premium income for a very long time, premium income is the core revenue of insurance companies, so if we are able to collect more premiums locally, it will automatically increase insurance penetration in the system.”
The consultant also stated that, the policy is expected to strengthen industry capacity, improve sustainability and expand insurance penetration, which currently stands at about one per cent of Ghana’s Gross Domestic Product (GDP).
According to William Akita “This directive is coming at the right time, as we seek to grow the economy and ensure that the insurance sector expands enough to provide jobs.”
Meanwhile, the policy is anchored in Section 222 of the Insurance Act, 2021 (Act 1061), which requires that all commercial imports into Ghana be insured by locally licensed underwriters. The measure is aimed at reducing capital flight, as importers have traditionally insured cargo abroad, leading to significant premium losses for the local industry. enforcement of the directive will be carried out by the Ghana Revenue Authority, in collaboration with other relevant state agencies.
However, Ministry of Finance believes the policy will help retain insurance revenue within the country, strengthen local firms and deepen Ghana’s insurance market.
