The Insurance Brokers Association of Ghana (IBAG) has thrown its weight behind IMANI Africa’s petition to President John Dramani Mahama, calling for an end to what it describes as politically-driven concentration of public sector insurance business with SIC Insurance PLC and a return to open, competitive procurement.
IBAG President Stephen Kwarteng Yeboah announced PM Express, saying the association was joining the petition in substance and that the issue was not an isolated concern but part of a deeper, systemic problem in how state insurance contracts are being allocated.
“We joined the petition in substance,” Mr Kwarteng Yeboah said.
“For us, it’s not just this as isolated.”
The IBAG president invoked the 2014 precedent, recalling how a similar directive during President Mahama’s first term was reversed following industry engagement.
“His Excellency the President, in 2014, when a similar thing came, the industry met him and he said he doesn’t believe that there should be any kind of system that is meant to favour anyone. The intention may have been good, but the President asked that that directive be withdrawn and encouraged that state institutions do business with everyone,” he said.
Mr Kwarteng Yeboah said what the brokers’ association wants is a clear public policy framework ensuring that the procurement of insurance contracts by state institutions is fully subjected to Ghana’s public procurement system, with no exceptions for any insurer, state-linked or otherwise.
“There must be some public policy where procurement of insurance contracts by state institutions does not operate outside our public procurement system,” he said. “Everyone must have the opportunity.”
He argued that open competition would not disadvantage any insurer, including SIC, because those with the capacity to compete would win on merit. He added that co-insurance arrangements — where multiple insurers share large risk portfolios — provided a mechanism for distributing business across the market without compromising on technical standards.
Mr Kwarteng Yeboah also called for broken or disrupted insurance contracts to be subjected to the same procurement rules, signalling that IBAG’s concerns extend beyond new placements to the termination of existing arrangements without due process.
His comments add significant weight to a controversy that has been building since December 2025, when the State Interests and Governance Authority (SIGA) issued a letter directing all State-Owned Enterprises to prioritise SIC Insurance PLC and SIC Life Company Limited for their insurance needs.
IMANI founder Franklin Cudjoe formally petitioned President Mahama over the matter on March 30, 2026, and the Office of the President acknowledged receipt of the petition on April 1, 2026.
GLICO General Insurance has also formally written to the Presidency, raising concerns about the disruption of its structured insurance programme for the Ghana National Gas Company, which had involved A-rated international reinsurers, including the London market.
Industry veteran Sir Sam Jonah had previously described the pattern of interference as “deeply troubling and dangerously systemic,” and IMANI’s published analysis has since documented a paper trail connecting the SIGA directive to shifts in renewal behaviour across state institutions.
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