The National Insurance Commission (NIC) has unveiled a broad strategy to strengthen Ghana’s marine cargo insurance market, betting that faster claims settlement, digital verification systems and closer collaboration across the trade value chain will improve business confidence and support the country’s growing international trade.
The Commission believes a stronger marine insurance ecosystem will not only protect businesses against the financial risks associated with moving goods across borders but also position Ghana as a more competitive trading hub as opportunities under the African Continental Free Trade Area (AfCFTA) continue to expand.
Speaking on behalf of Deputy Commissioner of Insurance, Bernard Ohemeng-Baah, at the maiden Marine Cargo Insurance Forum organised by the Business and Financial Times, Head of Market Strategy and Innovation at the NIC, Stella Jonah, said Ghana’s rising trade volumes make effective risk protection increasingly critical.
She noted that Ghana generated $6.2 billion in export earnings during the first two months of 2026, underscoring the growing importance of safeguarding cargo moving through sea, air and land transport corridors.
According to her, marine cargo insurance cushions businesses against losses arising from theft, damage, delays and other transit risks while protecting cash flows, improving access to trade finance and giving buyers and sellers greater confidence to honour international contracts.
Stella Jonah reminded importers that Section 222 of the Insurance Act, 2021 (Act 1061) requires commercial imports into Ghana to be insured locally, a provision intended to deepen the domestic insurance market while ensuring policyholders have easier access to claims.
However, she stressed that regulation alone will not increase insurance uptake unless policyholders experience prompt and fair settlements.
“There is no better way to increase insurance penetration than making insurance work. Education is important, yes, but one bad claim can undo years of public education. Negative experiences and unpalatable feedback travel faster than any marketing campaign.”
She said the Commission is therefore tightening claims settlement standards, strengthening insurers’ capital requirements and reinforcing market conduct rules to build public confidence.
Looking ahead, Mrs Jonah said the next phase of reform will depend on stronger collaboration among insurers, traders, freight forwarders, customs authorities, port operators and regulators.
“We must all work towards integrated risk management systems, data sharing platforms and standardized documentation processes. When all these actors collaborate effectively, we reduce inefficiencies, duplication, minimize disputes and create a more predictable and resilient trade environment.”
The NIC is already working with the Ghana Shippers Authority, the Ghana Revenue Authority, the Bank of Ghana and other industry stakeholders under the Marine Cargo Insurance Protocol while rolling out a marine and aviation insurance database to enable electronic policy verification, improve transparency, reduce fraud and simplify compliance.
With AfCFTA expected to significantly increase intra-African trade, Stella Jonah said building a resilient and technology-driven marine insurance framework will be essential to positioning Ghana as a secure and trusted gateway for regional commerce.
For his part, the Chief Executive Officer of the Business and Financial Times (B&FT), Dr. Gideon Acquaye asserted that insurance remains a vital element for economic resilience.
