GIA gets new leadership as government moves to deepen local insurance market

The Ghana Insurers Association (GIA) has inaugurated its 12th President and a new Governing Board, marking a renewed push to strengthen Ghana’s insurance industry and position the country as a continental hub for insurance services.

Managing Director of Star Assurance, Boatemaa Bafuor-Awuah, was sworn into office by Judge Obiri-Yeboah of the Circuit Court of Accra at a ceremony held in Accra.

She took over from Seth Kobla Aklasi, who served two terms as President.

In her inaugural address, Bafuor-Awuah said she accepted the role “with humility and a strong sense of responsibility,” describing insurance as “economic security, protecting homes, businesses, and the State.”

She pledged to work closely with stakeholders to strengthen the enforcement of compulsory insurance, particularly through collaboration with the Police and the National Insurance Commission (NIC).

“The NIC cannot enforce alone, and government cannot be resilient alone,” she said.

She also outlined key priorities, including fairer claims management, stronger market conduct, flexible premium payment options, improved capital strength, and smarter use of data to protect public assets.

The Commissioner of Insurance, Dr Abiba Zakariah, described the GIA as “a strong pillar of the insurance industry” and urged the new leadership to support the NIC’s strategic goals of sanitising the market, positioning Ghana as Africa’s insurance hub, and driving growth through technology and innovation.

Outgoing President, Seth Kobla Aklasi, congratulated the new executives and encouraged them to build on existing reforms, pledging his continued support.

Representing the Minister for Finance, Dr Cassiel Ato Forson, the Coordinating Director at the Ministry of Finance, David Klottey Collison, announced major policy interventions aimed at deepening the local insurance market.

He revealed that government has directed the Ghana Revenue Authority (GRA) and the Bank of Ghana (BoG) to begin enforcing mandatory local marine cargo insurance for all commercial imports, effective February 1, 2026, in line with the Insurance Act, 2021 (Act 1061).

The measure, he said, will protect shippers, retain premiums within the local economy, and support job creation.

He noted that the policy would also help reduce pressure on the cedi.

“The measure will protect shippers, retain insurance premiums within the local economy, and promote sustainable industry growth,” he said.

He further disclosed that government, in collaboration with the NIC, has developed an Insurance Sector Strengthening Strategy (ISSS), which will be rolled out over the next two years to boost digital transformation, improve regulation, sanitise the market, and attract international investment.

In addition, a 10-Year Insurance Master Plan (IMP) will be developed this year to address structural challenges such as low penetration and pricing inefficiencies, with the aim of positioning Ghana as a regional insurance hub.

In a keynote address delivered on his behalf, the Deputy Chief of Staff, Nana Oye Bampoe Addo, said insurance plays a critical role in national development.

“No country can develop without a strong and trusted insurance industry,” she said, reaffirming government’s commitment to fostering a resilient and inclusive insurance market.

Meanwhile, goodwill messages were delivered by the NIC, the Insurance Brokers Association of Ghana (IBAG), and the Ghana National Bureau of the ECOWAS Brown Card Insurance Scheme.