IBAG Targets Reforms, Pledges NIC Collaboration
By Praisebell Rosemond Larbi
The Insurance Brokers Association of Ghana (IBAG) has outlined regulatory reform as a central pillar of its agenda, as its newly inducted leadership commits to closer collaboration with the National Insurance Commission (NIC) to strengthen confidence, professionalism and broker participation in key sectors of the economy.
Speaking at his inauguration ceremony in Accra, the new President of IBAG, Mr Stephen Kwarteng Yeboah, said the association would work deliberately with the NIC to develop a more robust and responsive regulatory framework to support the growth and credibility of the insurance broking industry.
“We will work with the NIC to create a better regulatory framework for our broking business,” Mr Yeboah said, signalling a reform-driven approach under the new administration.
He noted that effective regulation is critical to restoring trust in the insurance sector, improving compliance standards and enhancing the professional standing of brokers. According to him, stronger regulation will also position brokers to participate more actively in high-value and high-risk segments of the economy, particularly the energy sector.
As part of this broader reform agenda, Mr Yeboah disclosed that IBAG is revisiting proposals to establish an Upstream Energy Insurance Pool for brokers, similar to the existing Ghana Oil and Gas Insurance Pool (GOGIP). The proposed structure, he said, would help build collective capacity among local brokers and ensure that Ghanaian firms are not sidelined in strategic industries.
“We believe this approach represents the best way to ensure that all brokers benefit from the blessings of our upstream oil resources,” he stated.
IBAG believes that with Ghana’s energy sector continuing to attract significant domestic and foreign investment, a structured upstream energy pool would enable brokers to retain more value locally, strengthen risk-sharing arrangements and improve adherence to regulatory and compliance standards.
Mr Yeboah said discussions with the NIC, other regulators and industry stakeholders would intensify in the coming months as the association advances its proposals on regulatory reform and sector participation.
The newly inaugurated IBAG leadership team includes Stephen Kwarteng Yeboah as President, Bianca Noshie as Vice President, Okoampah Akoto as General Secretary, Philip Atinga as Treasurer, Leticia Baidoo as Assistant Treasurer, Sheila Wristberg as Assistant General Secretary, and Shaibu Ali as Ex-Officio Member.
The inauguration ceremony was attended by the Commissioner of Insurance, Dr Abiba Zakariah; Director of the Finance Sector at the Ministry of Finance, Mr Louis Amo; and the Special Guest of Honour, Nana Appiagyei Dankawaso, the first Omanhene Kyeame of the Asante Juaben Traditional Area. Nana Dankawaso urged the new leadership to pursue innovation, professionalism and service in advancing the interests of insurance brokers and the broader insurance industry.
