Policy think tank IMANI Africa has defended its concerns over possible political interference in Ghana’s insurance sector, insisting its claims are based on evidence and not speculation.

An Associate at IMANI, Kay Cudjoe, made the remarks during an interview on Newsnight on Joy FM, following a strong rebuttal from the Managing Director of SIC Insurance Company, James Agyenim-Boateng.

"We are not speaking out of vacuum. We know exactly what we are talking about… there’s more to come,” Mr. Cudjoe stated.

IMANI emphasised that while supporting state-owned institutions is not wrong, such support must be transparent and fair.

According to Mr. Cudjoe, correspondence from the State Interests and Governance Authority encouraging state entities to prioritise SIC could create an uneven playing field in the insurance sector.

“It is not wrong to support state-owned institutions… but that support must be done fairly and transparently, not through quiet hidden instructions,” he said.

Mr. Cudjoe warned that preferential treatment for one insurer could limit competition, affecting both pricing and service quality, and noted that SIC is not wholly state-owned, meaning private shareholders could also benefit.

IMANI Africa, has revealed documents suggesting that the State Interests and Governance Authority (SIGA) has been directing state-owned enterprises (SOEs) to prioritise insurance business with SIC Insurance PLC and SIC Life Company Limited.

The disclosures, part of IMANI’s report The Insurance Question: Competition or Coordination?, focus on a December 11, 2025, SIGA letter instructing SOEs to use these state-owned insurers and requesting compliance reports.

A follow-up letter from SIC Life to GIHOC Distilleries shows the directive being acted upon.

IMANI highlights that such policy-backed steering undermines market competition and raises a potential conflict of interest, as the government both regulates the insurance sector and holds a minority stake in SIC Insurance PLC.

The directive affects over 140 state entities with large insurance portfolios.

However, SIC’s Managing Director, James Agyenim-Boateng, dismissed allegations of political interference as “totally baseless and unfounded,” while acknowledging the SIGA correspondence.

He stressed that SIC staff actively prospect for business like any other insurer and that he was unaware of any official political intervention in contract awards.

Meanwhile, the government's communications minister, Felix Kwakye Ofosu, has indicated that the President would review the IMANI petition and take "appropriate action where required."