New National Insurance Commission Governing Board Inaugurated to Drive Insurance Sector Reforms

Accra, Ghana - 20 May, 2025 - The National Insurance Commission (NIC) has officially inaugurated its reconstituted seven-member Governing Board, tasked with enhancing the regulation of the country's insurance sector and ensuring the Commission operates with greater efficiency and transparency.

The Board, chaired by Mr. Christopher Boadi-Mensah, is expected to drive reforms that will increase consumer trust and expand insurance coverage across Ghana.

Deputy Minister for Finance, Hon. Thomas Nyarko Ampem, who administered the Oaths of Office and Secrecy, emphasized the role the NIC plays in Ghana's economic growth. 

He urged the Board to prioritize regulatory reforms, transparency, and inclusivity, while making the insurance industry more accessible to the public.

                             Hon. Thomas Nyarko Ampem is the Deputy Finance Minister

“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.”

The Board's key priorities include strengthening regulatory frameworks, improving industry standards, and fostering collaboration with stakeholders.

Mr. Boadi-Mensah, the Board Chair, expressed his commitment to ensuring the NIC operates in a manner that benefits all Ghanaians, promotes innovation, and upholds global best practices in regulation and consumer protection.

“We are honored to take on this responsibility. 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.”

Below are Members of the Board;

1. Mr. Christopher Boadi-Mensah - Chairperson
2. Dr. Abiba Zakariah - NIC Representative
3. Mr. David Klotey Collison - Coordinating Director, Ministry of Finance
4. Mr. Emmanuel Amofa - Representative, Ghana Bar Association
5. Mr. Mathew Kwaku Atta Aidoo - Representative, Insurance Industry Trade Bodies
6. Ms. Jean-Marie Formadi - Member of Parliament & Presidential Nominee
7. Mr. Simon Akibange Aworigo - Presidential Nominee

Source: Lead News Online