Stephen Kwarteng Yeboah Sworn in as 11th IBAG President
THE Insurance Brokers Association of Ghana (IBAG) has inaugurated its newly elected council with a renewed commitment to reform and strengthen the insurance broking industry.
The newly sworn-in council, led by the Managing Director of OLEA M&G Insurance Brokers Ltd, Stephen Kwarteng Yeboah, as the 11th President, also has Bianca Noshie as Vice President.
The rest are General Secretary, Kofi Okoampah Akoto, assisted by Sheila Wristberg, Philip Atinga, as Treasurer assisted by Leticia Baidoo with the immediate past President, Shaibu Ali, as the Ex-Officio member.
The investiture ceremony, held in Accra on Thursday bringing together diverse practitioners from all branches of the profession including the Commissioner of Insurance, Dr Abiba Zakariah who chaired the event, and Nana Appiagyei Dankawoso I, Omanhene Kyeame, Asante Juaben Traditional Area), Special Guest of Honour,
In his inaugural speech, Mr Yeboah expressed appreciation to the Association’s past leaders and industry stakeholders for their contributions to the growth of IBAG.
He described his election as both an honour and a significant responsibility, pledging to lead with a sense of purpose and collective action.
The IBAG President further outlined a bold reform agenda aimed at enhancing professionalism, improving regulation, and protecting the interests of insurance brokers in Ghana.
Key among his priorities was capacity building through practical, broker-focused training programmes to be delivered in collaboration with the Ghana Insurance University College (GIICU).
Mr Yeboah also announced plans to work closely with the National Insurance Commission (NIC) to streamline the regulatory framework for insurance broking, particularly addressing challenges associated with multiple licensing requirements.
He further called for reforms to better capture Ghana’s true insurance penetration rate, especially with regard to medical insurance.
Additionally, he said the new leadership intends to develop guidelines for the engagement and disengagement of brokers, revisit the establishment of an upstream energy insurance pool for brokers, and commence development of IBAG’s newly acquired property at Kanda to house its secretariat and GIICU.
He assured stakeholders that the council would continue and strengthen existing initiatives, while working collaboratively with industry leaders and regulators to address unethical practices and promote market discipline.
Call
The Director of Financial Sector Division at the Ministry of Finance, Louisa K. Amo, called on players in the insurance industry to deepen its contribution to national development, noting that its current impact remains below the needs of the economy.
He said government acknowledged the resilience of Ghana’s financial sector, even in the aftermath of the Domestic Debt Exchange Programme (DDEP) and earlier financial sector reforms, however, more must be done particularly by the insurance industry to support national development.
“Government is clear: the insurance sector must deepen its contribution to national development. This requires deliberate efforts to expand coverage, improve service delivery, and strengthen public trust,” he stated.
Advancing insurance practice
The acting Commissioner of Insurance, Dr Abiba Zakariah, congratulated the members of the newly elected Executive Council noting that Mr Yeboah's assumption of his leadership role reflected the confidence reposed in his professional competence, integrity, and dedication to advancing insurance brokerage practice in Ghana.
He explained that the Commission recognised the indispensable role of insurance brokers in facilitating access to insurance solutions, safeguarding policyholders' interests, and strengthening public trust in the insurance sector.
“IBAG remains a key partner in the Commission's efforts to promote professionalism, ethical conduct, regulatory compliance, and market development.
As the new Executive Council begins its mandate, the NIC assures IBAG of its continued collaboration and support in building a robust, inclusive, and well-regulated insurance industry that contributes meaningfully to national development,” she stated.