Minister for Finance, Ken Ofori-Atta has inaugurated and sworn-in members of the newly constituted Board of Directors of the National Insurance Commission (NIC)

Speaking at a ceremony in Accra on Tuesday, November 30, 2021, Ken Ofori-Atta charged members of the board to diligently steer the affairs of the insurance industry and make it more efficient.

He urged insurance entities to work assiduously towards the insurance penetration rate by looking at the largely untapped informal sector.

Meanwhile, the NIC Board will be chaired by Madam Abenaa Kessewaa Brown with Dr. Justice Ofori, Commissioner of Insurance and a Member.

Other members of the Board are Professor Bill Buernor Puplampu, Sampson Akligoh, and Mrs. Geta Striggner-Quartey, Franklin Asafo Adjei, and Mr. Emmanuel Amofa.

Mrs. Naa Shormeh Gyang is Secretary to the NIC Board.

The Bank of Ghana (BoG) has recently revealed that Ghana’s insurance industry witnessed an increase in its total capital base to GH¢2.91 billion at the end of December 2020, from an earlier GH¢2.53 billion recorded in December 2019.

According to the Central Bank’s Financial Stability Review for 2020, the increase amounts to a growth of 15 percent over the previous year.

The BoG report attributed developments in corporate governance practices and stringent measures taken by insurance entities towards strengthening the insurance industry.

The Minister commended the previous Board for their remarkable achievements in the insurance space and urged the new Board to do more.