The Insurance Brokers Association of Ghana (IBAG) says it will prioritise regulatory reform as part of efforts to strengthen confidence and professionalism within the country’s insurance broking industry.
Speaking at his inauguration ceremony in Accra, newly inducted IBAG President, Stephen Kwarteng Yeboah, said the association would work closely with the National Insurance Commission (NIC) to develop a stronger and more responsive regulatory framework for the broking business.
“We will work with the NIC to create a better regulatory framework for our broking business,” Mr. Yeboah said, signalling a reform-driven agenda under the new leadership.
He noted that regulatory strengthening is critical to restoring trust in the sector, improving compliance, and positioning brokers to participate more meaningfully in high-value and high-risk segments of the economy, particularly the energy sector.
As part of this broader reform push, IBAG is also revisiting the idea of establishing an Upstream Energy Pool for insurance brokers, similar to the Ghana Oil and Gas Insurance Pool (GOGIP).
According to Mr. Yeboah, the initiative would help build collective capacity among brokers and ensure that local firms are not edged out of 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 said.
With Ghana’s energy sector continuing to attract significant investment, IBAG believes a structured upstream energy pool could help retain more value locally while strengthening risk-sharing arrangements and compliance standards.
The association said engagements with the NIC, regulators, and industry stakeholders are expected in the coming months as discussions around the proposed reforms advance.
The new IBAG leadership 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, Louis Amo; and special guest of honour, Nana Appiagyei Dankawaso, the first Omanhene Kyeame of the Asante Juaben Traditional Area, who encouraged the new leadership to lead with innovation and service.
