The newly inaugurated Board of the Insurance Commission has pledged bold reforms to deepen insurance penetration, drive innovation, and expand access to under-served communities across Ghana.

Speaking on behalf of the board during the inauguration ceremony, Chairman Chris Boadi-Mensah expressed appreciation to President John Mahama and the Minister for Finance for the confidence reposed in the newly appointed members.

“This appointment is an honour and a solemn responsibility; we accept it with humility and a strong sense of purpose,” he said.

Responding to the Finance Minister’s charge, Mr Boadi-Mensah described the government’s vision for the insurance sector as both timely and ambitious.

“It is a clear and compelling vision, one that challenges us to embrace a bold, transformative approach to the future of Ghana’s insurance industry.”

He stressed the board’s commitment to inclusivity, highlighting the need to extend insurance coverage to informal workers and those in agriculture, groups historically excluded from formal protection schemes.

“We are particularly inspired by your emphasis on inclusivity and the need to bring insurance closer to the people… those who have too often been excluded from formal protection.”

Addressing challenges facing the sector, the chairman acknowledged the growing impact of climate change, evolving global risk dynamics, and the shift toward risk-based supervision.

“These realities require fresh thinking, innovation and decisive leadership,” he stated.

The board, he added, is ready to collaborate with the National Insurance Commission, the Ministry of Finance, and other stakeholders to reposition the industry as a key pillar of national development.

“We fully embrace the mandate entrusted to us: to provide sound governance, strategic leadership, and the necessary support to build a robust, inclusive, and future-focused insurance industry.”

Among the board’s key priorities are expanding access, raising market awareness, driving digital transformation, and ensuring the industry contributes meaningfully to economic resilience.

“Together, we will work tirelessly to protect livelihoods, create employment, and secure the well-being of every Ghanaian,” Mr Boadi-Mensah concluded.