BY: ASHIADEY DOTSE
Policy think tank IMANI Africa has petitioned President John Dramani Mahama over what it describes as growing legal and procurement risks in how state institutions select insurance providers.
According to Joynews, the group is warning that recent changes in insurance placements may be sidestepping Ghana’s procurement laws.
In a petition dated March 30, 2026, and acknowledged by the Office of the President on April 1, IMANI’s founder, Franklin Cudjoe, argued that insurance procurement by public institutions is not optional and must strictly follow the Public Procurement Act, 2003 (Act 663).
He said recent developments suggest that policy guidance may be turning into direct operational control, creating a possible bias in favour of state-owned insurers.
Concerns Over SIGA Directive
At the centre of the concerns is a December 2025 directive by the State Interests and Governance Authority (SIGA), which asked State-Owned Enterprises (SOEs) to prioritise SIC Insurance PLC and SIC Life Company Limited for their insurance needs.
IMANI says the directive has already influenced procurement patterns across several institutions, reducing the role of private insurers and creating the impression that some outcomes are predetermined.
The think tank warned that this situation could weaken market confidence and undermine the integrity of the procurement system.
Ghana Gas Case Raises Questions
IMANI also cited the Ghana National Gas Company as an example of what it called a shift from competitive procurement to directed allocation.
According to the petition, GLICO General Insurance Ltd, which previously handled a structured insurance programme for Ghana Gas, was replaced at the end of December 2025, with a new insurer taking over from January 1, 2026.
IMANI says key questions remain unanswered, including whether a competitive tender was conducted, whether existing contracts were properly terminated, and whether international reinsurance commitments were considered.
The group warned that such sudden changes could harm Ghana’s credibility in global financial markets, leading to higher costs and stricter conditions for insurance coverage.
Regulatory Concerns and Recommendations
The petition also raised concerns about possible conflicts of interest in reinsurance arrangements, which could breach provisions of the Insurance Act, 2021 (Act 1061).
IMANI is therefore calling on President Mahama to ensure strict adherence to procurement laws. It is urging the government to enforce competitive tendering, direct the Public Procurement Authority to review insurance placements, and ensure that SIGA’s directives do not override existing laws.
The think tank also wants the National Insurance Commission to investigate market conduct issues.
IMANI says the matter is a key test of the government’s commitment to transparency and institutional integrity.
More Stories Here
Source:
www.gbcghanaonline.com
