The newly sworn-in President of the Insurance Brokers Association of Ghana (IBAG), Stephen Kwarteng Yeboah, has thrown his full support behind the Ministry of Finance’s directive mandating Local Cargo Insurance for all commercial imports beginning February 1, 2026, describing it as a “double win” for both the economy and importers.
Speaking in an exclusive interview with JoyNews at the investiture ceremony in Accra, Mr. Yeboah said the policy has been misunderstood, urging stakeholders to “focus on the benefits, not the noise.”
“One key benefit Ghana will get is the stability of our currency. Cargo insurance premiums that used to be paid offshore will now remain in the country,” he said.
According to him, local insurers supporting importers during cargo damage or loss is long overdue.
“When goods get damaged, a local insurance company is going to support you. Importers must see this as protection, not punishment,” he added.
The Ministry of Finance has directed the Ghana Revenue Authority (GRA) and the Bank of Ghana (BoG) to begin strict enforcement of the policy, which requires that all imported cargo be insured with Ghanaian insurers rather than foreign companies.
The investiture, held at the NIC Auditorium in Accra, formally ushered Mr. Yeboah and the new IBAG Council into office.
The event was attended by key industry leaders, including: Dr. Abiba Zakariah, Commissioner of Insurance, Nana Appiagyei Dankawoso I (Omanhene Kyeame, Asante Juaben Traditional Area), Special Guest of Honour, representatives from the Ministry of Finance, Presidents of GIA, CIIG and other insurance bodies.
In his inaugural address, the new IBAG President outlined a series of priority areas he intends to champion in the coming years many of them tied to improving professionalism, eliminating regulatory bottlenecks and strengthening the image of brokers.
Mr. Yeboah pledged to reposition insurance brokers as credible, indispensable actors in the industry.
Among his key thematic areas were:
- Strengthening Professional Capacity
He promised practical, industry-led training programmes in collaboration with the Ghana Insurance University College to equip brokers with modern skills.
- Cleaning Up the Regulatory Environment
He highlighted the burden of multiple licences required for brokers, calling for a streamlined regime with the NIC as the sole regulator.
- Guidelines for Engaging and Disengaging Brokers
He described current practices as “messy” and said IBAG will work with the NIC to develop urgent market conduct rules.
- Reviving an Upstream Energy Pool
He announced plans to seek amendments to the Petroleum (Local Content and Participation) Regulations so brokers can collectively benefit from upstream oil and gas business.
- Developing IBAG’s Kanda Property
The new council intends to transform the property into a modern office space for the secretariat and GIICU.
Commissioner of Insurance, Dr. Abiba Zakariah, who witnessed the swearing-in, commended IBAG’s new leadership for its clarity of vision and pledged the NIC’s commitment to eliminating unethical practices such as premium undercutting.
She called for deeper collaboration among industry leaders to improve trust and transparency in the insurance market.
Mr. Yeboah closed his address by urging brokers to protect the integrity of their profession and guard their space against unlicensed operators.
“Those who came ahead of us have done their part. It’s our time to work and be counted,” he said.
“Let’s unite for a better tomorrow. Together, we can win together.”
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