Finance Minister charges new NIC board to expand insurance coverage

The Minister for Finance has tasked the new Board of the National Insurance Commission (NIC) with expanding insurance coverage in Ghana. The focus will be on the informal and agricultural sectors.

Dr. Cassiel Ato Forson, Deputy Minister for Finance, spoke on behalf of the Minister. He expressed concern about Ghana’s low insurance penetration rate, which is below 2%.

“We must think differently and act boldly,” he said. “We need to innovate to build an inclusive insurance ecosystem.”

He stressed the importance of providing insurance protection to the informal sector. This sector makes up nearly 80% of Ghana’s economy.

Insurance products should meet the needs of farmers, artisans, and market traders. “When a farmer loses a harvest or a trader loses stock, they face economic vulnerability,” he noted. “We cannot leave most of our population unprotected.”

Mr. Ampem highlighted climate change as a growing threat. Ghana chairs the Vulnerable Twenty (V20) Group, which includes highly climate-vulnerable countries.

He emphasized that insurance can strengthen national resilience and support disaster recovery. “Insurance must be a tool for climate resilience,” he stated.

The Deputy Minister urged NIC and industry stakeholders to enforce compulsory insurance laws better. He suggested using technology and reforms instead of just punitive measures.

Mr. Christopher Boadi-Mensah, Chairman of the new Board, expressed gratitude for their appointment. He pledged commitment to transformative leadership in making insurance more accessible.

“We accept this honour with humility,” he said. He outlined four priorities for the Board:

1. Expanding access to insurance nationwide.
2. Increasing market penetration through education.
3. Fostering innovation and digital transformation.
4. Ensuring meaningful contributions to employment and economic growth.

With President’s “24-Hour Economy” vision gaining momentum, both the Ministry and NIC Board recognize technology's role in supporting economic activity.

This inauguration marks a new chapter for Ghana’s insurance landscape—focused on collaboration and bold leadership.

Members of the NIC Board:
- Christopher Boadi Mensah - Chairman
- Dr. Abiba Zakariah - Commissioner
- Mr. David Klotey Collison - Member
- Mr. Emmanuel Amofa - Member
- Mr. Matthew Kweku Atta Aidoo - Member
- Ms. Jean-Marie Formadi, MP - Member (President’s Nominee)
- Mr. Simon Akibange Aworigo - Member (President’s Nominee)