New Insurance Commission Board to champion bold reforms for national development

The newly appointed Board of Ghana’s Insurance Commission has pledged to undertake bold reforms aimed at revitalizing the insurance sector, enhancing inclusivity, and accelerating innovation to serve underserved communities nationwide.

At the board’s inauguration ceremony, Chairman Chris Boadi-Mensah expressed deep appreciation to President John Dramani Mahama and the Minister for Finance for the confidence placed in them.

He commended the government’s strategic vision for the insurance industry, calling it timely and forward-looking in light of Ghana’s developmental goals.

Mr. Boadi-Mensah emphasized the board’s focus on widening access to insurance, particularly for informal sector workers and those in agriculture—groups that have historically been excluded from formal risk protection mechanisms.

He also addressed key challenges affecting the industry, such as the escalating risks posed by climate change, shifting global financial dynamics, and the adoption of risk-based supervisory models. He urged a proactive, innovative approach in tackling these issues.

Mr. Boadi-Mensah affirmed the board’s readiness to partner with the National Insurance Commission, the Ministry of Finance, and other stakeholders to reposition the sector as a driver of economic resilience and national prosperity.

Key priorities identified by the board include driving digital transformation, increasing insurance literacy, expanding rural outreach, and ensuring the sector supports employment creation and financial stability.