THE newly elected president for the Insurance Brokers Association of Ghana (IBAG), Stephen Kwarteng Yeboah, has outlined a bold reform agenda aimed at enhancing professionalism, improving regulation, and protecting the interests of insurance brokers in Ghana.
Key among the reform includes capacity building through practical and broker-focused training programmes to be delivered in collaboration with the Ghana Insurance University College (GIICU).
Mr Yeboah who made this known during his investiture ceremony and swearing in of new executive council in Accra on Thursday, described his election as both an honour and a significant responsibility, pledging to lead with a sense of purpose and collective action.
He also announced plans to work closely with the National Insurance Commission (NIC) to streamline the regulatory framework for insurance broking, particularly addressing challenges associated with multiple licensing requirements.
He further called for reforms to better capture Ghana’s true insurance penetration rate, especially with regard to medical insurance.
Investiture
The ceremony brought together diverse practitioners from all branches of the profession including the Commissioner of Insurance, Dr Abiba Zakariah who chaired the event, and Nana Appiagyei Dankawoso I, Omanhene Kyeame, Asante Juaben Traditional Area), Special Guest of Honour.
The newly sworn-in council, led by the Managing Director of OLEA M&G Insurance Brokers Ltd, Stephen Kwarteng Yeboah, as the 11th President, also has Bianca Noshie as Vice President.
The rest are General Secretary, Kofi Okoampah Akoto, assisted by Sheila Wristberg, Philip Atinga, as Treasurer assisted by Leticia Baidoo with the immediate past President, Shaibu Ali, as the Ex-Officio member.
The Director of Financial Sector Division at the Ministry of Finance, Louisa K. Amo, called on players in the insurance industry to deepen its contribution to national development, noting that its current impact remains below the needs of the economy.
He said government acknowledged the resilience of Ghana’s financial sector, even in the aftermath of the Domestic Debt Exchange Programme (DDEP) and earlier financial sector reforms, however, more must be done particularly by the insurance industry to support national development.
“Government is clear: the insurance sector must deepen its contribution to national development. This requires deliberate efforts to expand coverage, improve service delivery, and strengthen public trust,” he stated.
Advancing insurance practice
The acting Commissioner of Insurance, Dr Abiba Zakariah, congratulated the members of the newly elected Executive Council noting that Mr Yeboah’s assumption of his leadership role reflected the confidence reposed in his professional competence, integrity, and dedication to advancing insurance brokerage practice in Ghana.
She explained that the Commission recognised the indispensable role of insurance brokers in facilitating access to insurance solutions, safeguarding policyholders’ interests, and strengthening public trust in the insurance sector.
“IBAG remains a key partner in the Commission’s efforts to promote professionalism, ethical conduct, regulatory compliance, and market development.
As the new Executive Council begins its mandate, the NIC assures IBAG of its continued collaboration and support in building a robust, inclusive, and well-regulated insurance industry that contributes meaningfully to national development,” she stated.
Source:
www.graphic.com.gh