Tema Importers, Exporters Urges Gov’t To Halt Local Cargo Insurance Policy Over Lack Of Consultation

The Importers and Exporters Association of Ghana (IEAG) has called on the government to suspend the implementation of the Local Cargo Insurance policy, citing inadequate engagement with key industry stakeholders.

The policy, announced by the Ministry of Finance, directs that all commercial cargo imports into Ghana must be insured by locally registered insurance companies, effective February 1, 2026. Government says the move is intended to retain insurance premiums within the domestic economy and strengthen Ghana’s insurance sector.

However, the IEAG says it is deeply concerned about the absence of consultation prior to the policy’s rollout.

According to the Association, policies that are properly discussed, carefully phased, and aligned with industry realities stand a better chance of achieving national objectives without disrupting trade or undermining business confidence.

Speaking on the matter, the General Secretary of the IEAG, Mr. Sampson Asaki Awingobit, called on the Ministry of Finance, the Ghana Revenue Authority, the Bank of Ghana, and the National Insurance Commission to pause implementation and urgently engage importers, exporters, and other industry players in meaningful consultations before enforcement begins.

Mr. Awingobit also raised concerns about the implementation of the Republican Artificial Intelligence (AI) policy, noting that stakeholders are unclear about the institutions and individuals responsible for executing the policy.

He stressed the need for engagement to ensure stakeholders know where to turn when challenges arise.

Touching on the issue of inflation, Mr. Awingobit acknowledged that headline inflation has declined but pointed out that market prices remain high.

He urged consumers to be discerning when shopping, noting that some goods are priced to reflect the lower inflation rate.

REPORT: AHIABOR AAUGUSTINE