The newly reconstituted seven-member Governing Board of the National Insurance Commission (NIC) in Ghana has been officially inaugurated, tasked with the responsibility of improving the regulation of the country’s insurance sector and ensuring that the Commission functions with enhanced efficiency and transparency.
The Board is led by Mr. Christopher Boadi-Mensah. It comprises Dr. Abiba Zakariah from the NIC, Mr. David Klotey Collison, Coordinating Director at the Ministry of Finance, Mr. Emmanuel Amofa from the Ghana Bar Association, Mr. Mathew Kwaku Atta Aidoo representing the Insurance Industry Trade Bodies, Ms. Jean-Marie Formadi, a Member of Parliament and Presidential nominee, and Mr. Simon Akibange Aworigo, also a Presidential nominee.
The inauguration ceremony was held in Accra, where the Deputy Minister for Finance, Hon. Thomas Nyarko Ampem (MP), administered the Oaths of Office and Secrecy on behalf of the Minister for Finance, Hon. Dr. Cassiel Ato Forson (MP).
In his speech, Hon. Ampem emphasized the vital role of the NIC in ensuring the stability and growth of Ghana’s insurance sector. He encouraged the newly sworn-in Board to focus on regulatory reform, transparency, and inclusivity while striving to make the insurance industry more accessible to the public.
The insurance industry is crucial for the economic development of our nation, and the Board plays a significant role in ensuring its effective, equitable, and sustainable operation,” stated Hon. Ampem.
“We anticipate that the NIC will persist in implementing reforms that enhance consumer confidence and broaden insurance accessibility throughout Ghana.”,”Mr. Christopher Boadi-Mensah, the newly appointed Board Chair, conveyed his appreciation to the President and the Minister for Finance for the chance to serve.
In his address, he highlighted the Board’s dedication to fortifying the Commission’s regulatory frameworks, elevating industry standards, and promoting collaboration with stakeholders.
Mr. Boadi-Mensah expressed his gratitude for the opportunity, stating, ‘We are privileged to undertake this responsibility.
Our objective is to guarantee that the NIC functions in a way that serves the interests of all Ghanaians, fosters innovation within the industry, and adheres to international best practices in regulation and consumer protection.’
The new leadership of the Board will concentrate on strengthening the NIC’s ability to effectively regulate and oversee the sector, ensuring adherence to industry standards, and enhancing public awareness regarding the advantages and significance of insurance.
A primary focus will be on increasing insurance coverage in underserved regions and ensuring that insurance services are accessible, affordable, and advantageous for every Ghanaian.
