The Ghanaian insurance industry is undergoing transformation, and one of the leaders at the forefront of this change is Mrs. Mercy Naa Koshie Boampong, Chief Executive Officer of Serene Insurance Company Limited, a member of the First Sky Group.
Mrs Boampong’s recent recognition as Insurance Professional of the Year 2024 at the Ghana Insurance Awards and Insurance Personality of the Year 2025 at the Ghana Business Awards speaks volumes about her influence, not just within her company, but across the entire industry.
These awards, while significant, tell only part of the story. Mrs. Boampong’s tenure has been marked by a strong push to reposition insurance as a critical pillar of Ghana’s financial ecosystem.
Her leadership coincided with a time when businesses, households, and the broader economy were grappling with shocks ranging from inflation and currency depreciation to climate-related risks. Insurance, under her vision, is being redefined as a tool to safeguard livelihoods and enable economic resilience.
A Focus on Reform and Growth
Since assuming her role as CEO in 2022, Mrs. Boampong has been vocal about the need to make insurance more accessible and affordable. She has consistently advocated for the removal of VAT on non-life insurance premiums to ease costs for businesses and households, and pushed for stricter enforcement of local marine cargo insurance to ensure trade-related risks benefit Ghanaian underwriters rather than flowing offshore.
These efforts reflect her conviction that insurance should serve as a stabilizer for the national economy. With penetration in Ghana still hovering below 2%, compared to higher regional averages, she has championed reforms that could make insurance a more mainstream financial service, boosting confidence among investors, traders, and entrepreneurs.
Building Trust in the Industry
One of the biggest barriers to insurance uptake in Ghana has long been mistrust, particularly around the timely settlement of claims. Under Mrs. Boampong’s leadership, Serene Insurance has prioritized swift and transparent claims payments, building trust among clients and setting a benchmark for the industry. By strengthening the company’s capital base and expanding its branch network across the country, she has also positioned Serene as one of the fastest-growing insurers in Ghana.
For many households and SMEs, these improvements are not abstract, they translate into real economic security. Whether it is a family that receives prompt compensation after an accident, or a small business that avoids collapse thanks to insurance coverage, the ripple effect on the economy is tangible.
Awards as a Symbol of Broader Impact
Her recognition as Insurance Professional of the Year and Insurance Personality of the Year was not merely about personal achievement. They underscored the critical role insurance plays in economic development and the strides made by Serene Insurance under her stewardship. By championing reforms, driving growth, and building trust, Mrs. Boampong has positioned herself as a leader shaping the future of the industry.
Commenting on the milestone she had chalked, Chief Executive Officer, Mercy Naa Koshie Boampong expressed her delight noting that “the recognition does not only reflect a personal testament to outstanding leadership but represents a collective proof of Serene Insurance growing influence and presence in the competitive Ghanaian insurance landscape driven by excellent management, vision and unrelenting quest for distinction. “
She attributed the milestone to the extraordinary hardwork, enduring dedication, selflessness and professionalism from staff and management anchored on exceptional visionary leadership from the Board, which have contributed to the robust growth Serene Insurance enjoys.
“Serene Insurance remains committed to its promise to provide nothing less than the cutting-edge customer and product service delivery to its clientele across the nation as it strives to consolidating its continuing, fulfilling business relationship with all stakeholders”, Mercy re-assured.
Reactions to CEO’s Achievements
Board Chairman of Serene Insurance Company Limited, Mr. Charles Edem Gidi, expressed his joy at the momentous recognition and observed it signalled Serene Insurance’s enduring commitment to deepening access and penetration while promoting inclusivity guided by tested governance and policy direction to uphold the interests of clients.
Executive Chairman of First Sky Group, Eric Kutortse, applauded the dedication and hardwork of the Board, Management and Staff to living up to the brand of the company as the New Face of Insurance as Serene Insurance’s growth path and laurels are unprecedented in the history of new entrants in the insurance ecosystem.
A Vision for the Future
Looking ahead, Mrs. Boampong has set her sights on strengthening collaboration between insurers, regulators, and government to create a more enabling environment for the industry. She has called for greater investment in insurance awareness campaigns, integration of digital solutions to expand access, and policies that encourage value-added services.
Her leadership comes at a pivotal time for Ghana, as the country strives to attract investment, create jobs, and shield its economy from shocks. With insurance serving as a safety net for businesses and households, Mrs. Boampong’s work demonstrates how the sector can be a silent but powerful engine for stability and growth.
As Ghana continues to navigate economic uncertainties, the role of insurance and the leaders shaping its future cannot be underestimated. And for Mrs. Mercy Naa Koshie Boampong, the accolades she has received are simply confirmation of her wider mission: to ensure that insurance in Ghana is not just about policies, but about protecting livelihoods and powering national development.
