The National Insurance Commission (NIC), chaired by Christopher Boadi Mensah, has been sworn in by the Deputy Finance Minister, Thomas Nyarko Ampem.

The swearing-in ceremony took place at the Ministry of Finance, Accra, Ghana, on Monday, May 19.

Delivering a speech on behalf of the Minister for Finance, Dr Cassiel Ato Forson, Mr Nyarko Ampem, described the appointment as timely, urging the Board to adopt bold ideas and innovations to improve insurance access to the underserved populations, particularly informal workers and communities vulnerable to climate risk.

“Insurance penetration in Ghana remains below two percent, which is far below our economic potential,” the Deputy Minister noted.

“The Board must champion reforms that will protect livelihoods and mobilise long-term capital. Government stands ready to support the NIC in this transformative journey, especially in the areas of digitalisation, risk-based supervision, and capital adequacy reforms," he stated.

Mr Nyarko Ampem made it known that the government still supports the strict enforcement of important insurance for commercial buildings and insurance to cover mistakes made by professionals in their work.

On his part, Mr Boadi Mensah assured the Deputy Minister of the Board’s commitment to upholding public trust and strengthening the institutional capacity of the Commission.

He stressed the need for collaboration with insurers, policymakers, and consumers to drive reforms and build a sustainable market.

He promised to work with his team to ensure good leadership, strengthen supervision, and support for new ideas that will improve insurance in Ghana.

“The Commission stands at a crossroads. As a Board, we are committed to providing the strategic direction and support needed to grow a resilient, inclusive, and future-ready insurance industry. Our task is not just to regulate but to catalyse. We must balance discipline with development, and oversight with opportunity”, he noted.

Other members of the newly inaugurated board include Dr Abiba Zakariah, the Commissioner of Insurance; Mathew Kweku Atta Aidoo, former Managing Director of Priority Insurance; David Klottey Collison, representative of the Minister for Finance; Richard Amofa, representative of the Ghana Bar Association; Jean-Marie Formadi, Member of Parliament for Biakoye; and Simon Akibange Aworigo, Member of Parliament for Navrongo Central.

The new board assumes its mandate at a time of renewed focus on regulatory reform, market sanitization, and African competitiveness.

Profile

Mr Christopher Boadi Mensah has two decades of experience in finance, insurance and risk management, stock markets, and economic policy analysis.

A chartered insurer and member of the Chartered Insurance Institute of both the United Kingdom and Ghana.

He holds a Master's Degree in Business Administration (MBA) from the Netherlands Business School and a Master of Science Degree (MSc.) in Economic Policy Management from the Ghana Institute of Management and Public Administration (GIMPA).

The NIC Board Chair is widely respected for his deep understanding of insurance operations and institutional leadership.

He previously worked as Managing Director of Serene Insurance Company Limited, among other senior roles in the Ghana Insurance Industry.

Thus, his appointment is seen as a deliberate attempt to enhance management at the NIC and advance ongoing reforms in the insurance space.