In a statement signed by Mr Samson Asaki Awingobit, Executive Secretary of the Association, it noted that the directive, which instructs the Ghana Revenue Authority (GRA) and the Bank of Ghana (BoG) to enforce Section 222 of the Insurance Act, 2021 (Act 1061), had come as a surprise to importers and exporters, who would bear the full cost and operational implications of the policy. 

The IEAG acknowledged government’s intention to strengthen the local insurance industry and retain premiums within the domestic economy. However, it expressed concern over the manner in which the policy was announced and the absence of consultations with key stakeholders. 

The Association said neither the Ministry of Finance, the GRA nor the BoG had engaged importers and exporters to discuss the structure, scope and implementation of the policy. It added that it had not been consulted or sensitised on critical issues, including premium determination, coverage, claims settlement procedures, the capacity of local insurers to underwrite high-value cargo, and the policy’s alignment with existing international trade and insurance arrangements. 

It said it was alarming that importers were learning of a policy of such magnitude through a public announcement, less than a month before its intended commencement. From the perspective of importers and exporters, the IEAG said several gaps remained unresolved, particularly regarding the financial strength and reinsurance capacity of local insurance companies to underwrite large-volume and high-risk cargo without exposing importers to delayed or unpaid claims.

The Association also raised concerns about the lack of clarity on claims processing, timelines for settlement and safeguards against prolonged disputes and bureaucratic delays. On global trade practices, the IEAG noted that most imports into Ghana were insured under internationally recognised Incoterms and long-standing global insurance arrangements. 

It warned that the abrupt imposition of a local insurance requirement, without clear transition measures, could lead to contractual conflicts with foreign suppliers, financiers and shipping partners. It further cautioned that without transparency on pricing, the policy could increase the cost of doing business, with the likelihood that additional costs would be passed on to consumers, thereby worsening inflationary pressures. 

The IEAG observed that importers were already preparing for the rollout of the GRA’s Publican AI-related systems and other digital trade facilitation reforms scheduled for February 1, 2026. It stated that introducing another major compliance requirement at the same time, without engagement or education, could create uncertainty and operational risks at the ports. 

The Association reminded government that policy decisions taken without broad stakeholder consultation had previously resulted in public dissatisfaction and economic disruption. According to the Association, if the President John Dramani Mahama-led government was committed to its resetting agenda, such policies should be developed in a holistic, transparent and inclusive manner. The IEAG therefore called on the Ministry of Finance, the GRA, the BoG and the National Insurance Commission to suspend the implementation timeline and urgently engage industry stakeholders in meaningful consultations before enforcement begins. It reaffirmed its commitment to constructive engagement and expressed readiness to work with government to develop solutions that would protect national interests without disrupting trade or eroding business confidence. It urged authorities to ensure that policies were well discussed, properly phased and aligned with industry realities to achieve national objectives.