The Ghana Revenue Authority (GRA) has announced that a 15% Value Added Tax (VAT) will be applied to non-life insurance premiums starting July 1, 2025.
This new tax will affect insurance products covering property, health, and travel. However, motor insurance will remain exempt from the policy.
Outlined in the 2025 national budget, this measure aims to expand Ghana’s tax base and increase government revenue to support public services.
For both individuals and businesses, the new VAT means higher premiums for non-life insurance policies. Customers seeking coverage in areas like property or health may face increased costs, which could force some to reduce or cancel coverage.
This tax will bring additional cost to policy holders.