Ghana’s National Insurance Commission, in collaboration with the Ghana Association of Banks, held a workshop to clarify banks’ responsibilities in implementing mandatory local marine cargo insurance for commercial imports. The engagement advances preparations to enforce the finance minister’s directive under the Insurance Act, 2021, which requires imported goods other than personal effects to be insured by an insurer licensed in Ghana. Banks are expected to verify appropriate insurance documentation when facilitating letters of credit, trade finance and other import payment arrangements. The Marine and Aviation Insurance Database, integrated with the Integrated Customs Management System, will support certificate verification. Banks raised issues including transactions outside letters of credit, verification processes, insurance rates, compliance requirements and domestic market capacity. The commission said local insurers can manage the risks through co-insurance and reinsurance arrangements and that implementation will involve relevant regulators and industry stakeholders.
2026-09-07Ghana National Insurance Commission
Ghana National Insurance Commission engages banks on mandatory local marine cargo insurance rollout
Ghana’s National Insurance Commission engaged banks on their role in enforcing mandatory local marine cargo insurance for commercial imports. Banks will verify local insurance documentation, supported by an insurance database integrated with the customs system, while local insurers are expected to manage the risks through co-insurance and reinsurance.