The newly elected President of the Insurance Brokers Association of Ghana (IBAG) has promised bold reforms, stronger regulation, and renewed unity in the insurance broking sector.
Stephen Kwarteng Yeboah was officially sworn in as the 11th President of IBAG during the investiture ceremony in Accra, where a new Executive Council was also inaugurated.
The new council includes Bianca Noshie as Vice President, Kofi Okoampah Akoto as General Secretary, Philip Atinga as Treasurer, Leticia Baidoo as Assistant Treasurer, Sheila Wristberg as Assistant General Secretary, and Shaibu Ali as an ex-officio member.
The event brought together industry leaders, regulators, and stakeholders, who pledged support for the new leadership and called for stronger collaboration to deepen insurance penetration.
In his address, Mr Yeboah outlined some bold initiatives that will define his two-year term. He said the new council will focus on creating a better enabling environment for brokers, building their capacity, collaborating with stakeholders, and resourcing the Secretariat to offer value-added services.
He said the council will take practical steps to move the insurance broking industry forward, and urged brokers to work together to achieve these goals.
He added that the council will pursue regulatory reforms and ensure that the industry is properly regulated to protect the public and improve professionalism.
He also said IBAG would develop guidelines for broker engagement and disengagement to ensure fairness and transparency in the market.
He announced plans to revisit the establishment of an upstream energy pool for brokers, adding that the association would seek amendments to L.I. 2435 to have IBAG Energy recognised as a pool broker for upstream oil and gas business.
He said the move would open new opportunities for brokers, and he urged members to work together to build a stronger industry.
Furthermore, he announced plans to improve professional training for brokers, stating that the council would offer practical training led by experienced brokers in Ghana and abroad.
He added that IBAG would work with the Ghana Insurance University College to introduce affordable, practical courses for members.
He emphasised the need for the industry to keep up with modern trends, and he emphasised the need to build the capacity of brokers to meet evolving customer needs and market demands.
He also said the council would develop IBAG’s newly acquired property at Kanda to house the Secretariat and the Ghana Insurance College of the University..
The president also raised concerns about regulatory fragmentation, and he said the requirement for multiple licences was a burden on brokers. He disclosed that the National Insurance Commission (NIC) had contacted him to discuss ways to ensure it remains the sole regulator of insurance broking.
He added that this would help reduce confusion and streamline the licensing process. He also welcomed signals from the government on broader regulatory reforms, adding that the Ministry of Finance had plans to review the regulatory framework for insurance business in Ghana.
This review, he said, would help create a more efficient system, and he urged stakeholders to support the process to ensure a better operating environment for brokers.
Mr Yeboah said Ghana’s insurance penetration rate was being misrepresented, and he explained that some benchmark countries include medical insurance in their calculations, but Ghana’s regulatory system for medical insurance is fragmented.
He said this makes it difficult to capture total premium data accurately, and thus called for improved data collection and reporting systems.
He was concerned that broker engagement and disengagement had become messy in the market, and thus urged the development of guidelines on best practices for engaging and disengaging brokers.
He said IBAG would work with the NIC to develop these guidelines urgently, and he called for fair treatment and professionalism in broker relationships.
Mr Yeboah also revealed plans to revisit the establishment of an upstream energy pool for brokers. He stated that IBAG stands ready to build consensus and seek amendments to L.I. 2435 to have IBAG Energy recognised as a pool broker for the upstream oil and gas business.
“The best way to predict the future is to create it together,” and he urged members to work together to build a stronger industry.
He paid tribute to mentors and past leaders who shaped his career, and he described his leadership style as a product of humility, teamwork, and strong values.
Mr Yeboah said the new council was ready to lead IBAG through the next two years and promised to build consensus on priorities and implement them for the benefit of the industry.
“We accept the responsibility of leading IBAG. We will build consensus on our priorities and implement them for the good of our industry.”
He assured that the council would ensure that brokers receive the support they need to deliver improved services, and he stressed the importance of professional development to strengthen the industry’s performance and credibility.
He warned against external interference, and he asked members to protect the industry from unqualified entrants.
“Let’s stop inviting strangers and scavengers into our space. Unity is strength, division is weakness.”
The Commissioner for Insurance, Dr Abiba Zakaiah, urged the new leadership to apply uniqueness and passion. She said IBAG should make insurance inclusive and encourage Ghanaians to take up products.
She urged the association to collaborate within and outside the industry, and to embrace technology, adding that innovation and partnerships would help the sector expand and deepen coverage. She also called for strong leadership to drive change.
The Special Guest of Honour, Nana Appiagyei Dankawoso I, Omanhene Kyeame of Asante Juaben, praised the past leadership for raising IBAG’s profile. He said the investiture was a key step for the association to move higher.
He proposed a digital accident reporting system to help reduce bureaucracy in insurance processing and claims. He also urged the association to think outside the box to move the industry forward.
The outgoing president, Mr Shaibu Ali, thanked past commissioners for their support and described his tenure as challenging but fulfilling. He expressed confidence in the new leadership and urged them to build on the progress made.
Mr Louis Amo, Director of Finance Sector Division at the Ministry of Finance, said the economy had stabilised and returned to inclusive growth and urged the sector to expand coverage, improve service delivery, and strengthen public trust.
