Ghana’s National Insurance Commission has inaugurated a new Board, with the Ministry of Finance charging it to expand insurance coverage and access across all segments of society, particularly the informal and agricultural sectors, amid insurance penetration of below 2%. The Ministry highlighted that the informal sector represents nearly 80% of Ghana’s economy and called for products tailored to the needs of farmers, artisans, market traders and other underserved groups. It also linked insurance priorities to climate risks, noting Ghana’s chairing of the Vulnerable Twenty Group, and urged the embedding of Environmental, Social, and Governance principles in insurance operations. Enforcement of compulsory insurance requirements, including for motor vehicles and commercial properties, was positioned as a priority, with an emphasis on technology and systemic reforms. Board Chairman Christopher Boadi-Mensah set four mandate priorities: expanding nationwide access, deepening penetration through education and outreach, fostering innovation and digital transformation, and strengthening the sector’s contribution to employment and economic growth.
Ghana National Insurance Commission 2025-05-23
Ghana National Insurance Commission inaugurates new board tasked with expanding insurance access in informal and agricultural sectors
Ghana’s National Insurance Commission has inaugurated a new Board to expand insurance coverage, especially in informal and agricultural sectors, amid penetration rates below 2%. The Ministry of Finance stressed the need for tailored products for underserved groups and linked insurance priorities to climate risks and ESG principles. Key priorities include enforcing compulsory insurance, leveraging technology, and driving systemic reforms to boost sector growth and economic contribution.