The reconstituted seven-member Governing Board of the National Insurance Commission, Ghana (NIC) has officially been inaugurated, with a mandate to enhance the regulation of Ghana’s insurance sector and ensure the Commission operates with greater efficiency and transparency.
The Board is chaired by Mr. Christopher Boadi-Mensah and includes Dr. Abiba Zakariah from the NIC, Mr. David Klotey Collison, Coordinating Director at the Ministry of Finance, Mr. Emmanuel Amofa of the Ghana Bar Association, Mr. Mathew Kwaku Atta Aidoo, representing the Insurance Industry Trade Bodies, Ms. Jean-Marie Formadi, Member of Parliament and Presidential nominee, and Mr. Simon Akibange Aworigo, also a Presidential nominee.
The inauguration ceremony took place 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 address, Hon. Ampem underscored the critical role the NIC plays in ensuring the stability and growth of Ghana’s insurance sector. He urged the newly sworn-in Board to prioritize regulatory reform, transparency, and inclusivity, while making the insurance industry more accessible to the public.
“The insurance sector is fundamental to the economic growth of our country, and the Board has an important role to play in ensuring it functions effectively, fairly, and sustainably,” Hon. Ampem said. “We expect the NIC to continue to drive reforms that will increase consumer trust and expand insurance coverage across Ghana.”
Mr. Christopher Boadi-Mensah, the newly inaugurated Board Chair, expressed his gratitude to the President and the Minister for Finance for the opportunity to serve. In his remarks, he emphasized the Board’s commitment to strengthening the Commission’s regulatory frameworks, improving industry standards, and fostering collaboration with stakeholders.
“We are honored to take on this responsibility,” Mr. Boadi-Mensah said. “Our mission is to ensure that the NIC operates in a manner that benefits all Ghanaians, promotes innovation in the industry, and upholds global best practices in regulation and consumer protection.”
The new Board’s leadership will focus on enhancing the NIC’s capacity to regulate and monitor the sector effectively, ensuring compliance with industry standards, and improving public understanding of the benefits and importance of insurance. Among its key priorities will be increasing insurance penetration in underserved areas and ensuring that insurance services remain accessible, affordable, and beneficial for all Ghanaians.