Insecticide protection at the vegetative, reproductive or both vegetative and reproductive (complete) crop growth stages and untreated control was used to assess yield loss due to insect pests at the different growth stages of soybean in Ghana from 2007-2009. The objectives were to determine the economic importance of the two major insect pest guilds in soybean, viz. defoliators and pod feeders, and when to apply control measures for maximum benefit. The defoliators recorded were Podagrica spp., Ootheca mutabilis (Shalberg), Zonocerus variegatus L., Sylepta derogata F., Spodoptera littoralis Boisduval, Amsacta spp. and Helicoverpa armigera Hu¨bner. The pod feeders recorded were the pod-sucking bugs (PSBs) Riptortus dentipes F., Thyanta sp. Aspavia armigera F., Nezara viridula L. and Dysdercus vo¨lkeri Schmidt. Generally, insect densities, pod and seed damage were lower while seed yields were significantly greater and similar in plots that were protected at the reproductive stage against PSBs and those protected at both vegetative and reproductive stages. Yield loss ranged between 25.8 and 42.8% in untreated plots, 11.1 and 34.3% in plots that were protected at the vegetative stage, and 5.2 and 11.3% in plots that were protected at the reproductive stage. There was a consistent negative correlation between yield and numbers of PSBs as well as pod and seed damage. These results showed that PSBs that attack soybean at the reproductive stage were the most important insect pests limiting soybean yield in Ghana.