The Minister of Finance has appointed a new board of directors of the National Insurance Commission (NIC), whose mandate is to enhance the regulation of Ghana's insurance sector and ensure the Commission operates with greater efficiency and transparency, according to a statement issued by the ministry.
The inauguration of board members took place in May 2025 in Accra, officiated by deputy Finance Minister Thomas Nyarko Ampem, on behalf of the Minister for Finance, Dr Cassiel Ato Forson.
Role of NIC
Speaking on behalf of the Finance Minister, Mr 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 prioritise regulatory reform, transparency and inclusitivity, while making insurance more accessible to the public.
He said, “We expect the NIC to continue to drive reforms that will increase consumer trust and expand insurance coverage across Ghana.”
The new seven-member 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 a presidential nominee; and Mr Simon Akibanga Aworigo, also a presidential nominee.
In his speech, Mr Boadi-Mensah emphasised the board’s commitment to strengthening the Commission’s regulatory frameworks, improving industry standards, and fostering collaboration with stakeholders.
New board’s focus
He said that the new board 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.