New Insurance Commission board vows bold reforms to expand access and innovation

The newly inaugurated Board of the Insurance Commission has promised bold reforms. Their goal is to deepen insurance penetration and drive innovation. They also aim to expand access for under-served communities in Ghana.

During the inauguration ceremony, Chairman Chris Boadi-Mensah spoke on behalf of the board. He thanked President John Mahama and the Minister for Finance for their trust in the new members.

“This appointment is an honor and a serious responsibility,” he said. “We accept it with humility and purpose.”

Mr. Boadi-Mensah responded to the Finance Minister’s charge. He described the government’s vision for insurance as timely and ambitious.

“It challenges us to embrace a transformative approach for Ghana’s insurance industry,” he stated.

He emphasized the board's commitment to inclusivity. They want to extend coverage to informal workers and those in agriculture, who are often excluded from protection schemes.

“We are inspired by your focus on inclusivity,” he said. “We need to bring insurance closer to those often left out.”

The chairman acknowledged challenges facing the sector, including climate change and evolving global risks. He noted that these issues require fresh thinking and decisive leadership.

“These realities demand innovation,” he added.

The board is ready to collaborate with various stakeholders, including the National Insurance Commission and the Ministry of Finance. Their aim is to reposition insurance as a key part of national development.

“We embrace our mandate: providing governance, leadership, and support,” Mr. Boadi-Mensah said.

Key priorities include expanding access, raising market awareness, driving digital transformation, and enhancing economic resilience through insurance.

“Together, we will protect livelihoods, create jobs, and ensure well-being for every Ghanaian,” he concluded.