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Policy think tank IMANI Africa is urging President John Dramani Mahama to intervene in what it calls emerging “legal and procurement risks” in how state institutions are selecting insurance providers, warning that recent shifts in placements may be sidestepping Ghana’s procurement laws.
IMANI Founder Franklin Cudjoe raised the concerns in a petition dated March 30, 2026, which was formally acknowledged by the Office of the President on April 1.
He argues that insurance procurement by public institutions “is not a discretionary exercise” and must strictly follow the Public Procurement Act, 2003 (Act 663).
According to him, recent developments suggest that “policy encouragement may, in practice, be evolving into operational direction,” with the potential to create a structural bias in favour of state-owned insurers.
Concerns over the SIGA directive
At the heart of IMANI’s worries is a December 2025 directive from the State Interests and Governance Authority (SIGA), asking State-Owned Enterprises (SOEs) to prioritise SIC Insurance PLC and SIC Life for their insurance needs.
IMANI says the instruction has already influenced procurement patterns across several major institutions, leading to reduced participation from private insurers and a growing perception that some insurance outcomes are predetermined.
“This configuration risks creating a structural overlap between policy direction, market participation, and regulatory oversight,” the petition warns, adding that the situation could undermine market confidence and the integrity of the procurement system.
Ghana Gas insurance changes raise red flags
The petition also cites the Ghana National Gas Company as a key example of what IMANI describes as a “drift from competitive placement to directed allocation.”
GLICO General Insurance Ltd, which previously led a structured insurance programme for Ghana Gas involving A-rated international reinsurers, was replaced at the end of December 2025.
A new insurer took over on January 1, 2026.
IMANI says three important questions remain unanswered:
- Whether competitive tendering was conducted before the replacement
- Whether existing contracts were lawfully reviewed or terminated
- Whether Ghana’s international reinsurance commitments were considered
The think tank argues that such abrupt changes can hurt Ghana’s credibility in global financial markets.
“Financial systems of this nature operate on trust, predictability, and contractual sanctity. Any perception of instability introduces long-term cost,” the petition states.
Those costs, IMANI adds, may show up in higher reinsurance pricing, reduced underwriting capacity, and stricter terms for national infrastructure coverage.
Regulatory worries under the Insurance Act
The petition further notes concerns raised by GLICO about third-party engagements in the reinsurance process involving actors with both regulatory influence and commercial interests.
If confirmed, IMANI says such actions could conflict with provisions of the Insurance Act, 2021 (Act 1061), especially those relating to authorised placement structures and market conduct.
IMANI’s recommendations to the Presidency
IMANI is calling on President Mahama to:
- Clarify that insurance procurement by SOEs must follow competitive tendering and value-for-money principles
- Direct the Public Procurement Authority (PPA) to urgently review procurement methods used in major insurance placements
- Ensure SIGA’s inter-trading mandate does not override procurement law
- Task the National Insurance Commission (NIC) to review placement structures and address market conduct concerns
The think tank frames the issue as a test of the Mahama administration’s RESET agenda, which emphasises institutional integrity and transparency.
“This is not a call to oppose state participation in the insurance market,” the petition notes. “It is a call to ensure that state participation is achieved through law, structure, and merit.”
The Office of the President has acknowledged receipt of the petition.
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