Management of SIC Insurance has said it will no longer issue credit guarantees to any business.

The practice in the past years nearly led to the collapse of the firm. This was after the about ₵14 million issued to a construction firm ITAL went bad.

Ivory Finance as a result came after SIC Insurance for some debts owed it which is now reaching over ₵200 million.

Acting Managing Director of SIC Insurance, Kwei Mensah Ashidam told Joy Business in an interview that they have the full backing of the board to go ahead with this plan.

“Time changes and yes we might have burnt our fingers one time or the other but the other side of it is that it is a good learning point even though it is bitter

“We have learnt our lessons and we don’t foresee going back on it. The board and management are strong on it and it has been deeply inculcated in the staff,” he said.

He stressed that “credit guarantees are a thing of the past. It no longer exists in our books, no matter the form it wants to take it cannot come back, and it is dead and buried. It cannot be resurrected.”