Accra, Ghana – Christopher Boadi Mensah has been appointed as the new Chairman of the Board of the National Insurance Commission (NIC), the regulatory body overseeing Ghana’s insurance industry. The appointment signals a renewed focus on strengthening the sector’s contribution to the nation’s financial stability and economic growth.

The National Insurance Commission Ghana plays a pivotal role in ensuring the solvency of insurance companies, protecting policyholders, and fostering a sound and competitive insurance market. Deputy Finance Minister Thomas Nyarko Ampem emphasized the strategic importance of Mensah’s appointment, hinting at significant reforms expected under his leadership to deepen insurance penetration and enhance its impact on the broader economy.

Mr. Mensah’s extensive background in finance and regulation positions him as a key figure to drive these changes.

Who is Christopher Boadi Mensah?

Christopher Boadi Mensah brings over two decades of experience spanning finance, insurance, risk management, stock markets, and economic policy analysis to his new role. His career includes a tenure as the CEO of the National Pensions Regulatory Authority (NPRA), providing him with a deep understanding of the regulatory landscape.

A Chartered Insurer and a member of both the Chartered Insurance Institutes (UK & Ghana), Mr. Mensah holds an MBA from the Netherlands Business School and an MSc in Economic Policy Management from the Ghana Institute of Management and Public Administration (GIMPA). His academic and professional qualifications underscore his expertise in navigating complex financial systems.

Prior to his appointment, Mr. Mensah served as the Managing Director of Serene Insurance Company Limited, further solidifying his experience within the insurance industry.

Government’s Vision for the National Insurance Commission

During the inauguration ceremony, Deputy Finance Minister Thomas Nyarko Ampem underscored the timeliness and criticality of Mr. Mensah’s appointment. He challenged the new board to innovate and expand insurance access, particularly to underserved populations, including informal workers and communities vulnerable to climate change.

“Insurance penetration in Ghana remains below two percent, which is far below our economic potential,” – Deputy Finance Minister, Thomas Nyarko Ampem

This statement highlights a key challenge facing the National Insurance Commission Ghana. The government is actively supporting initiatives aimed at digitalization, risk-based supervision, and capital adequacy reforms to address this issue. Emphasis was also placed on enforcing compulsory insurance policies, such as those covering motor vehicle liabilities, fire and public liability, and professional liability.

Mr. Boadi Mensah’s Inaugural Address and Vision

In his inaugural address, Mr. Boadi Mensah emphasized his commitment to upholding public trust and strengthening the institutional capacity of the National Insurance Commission Ghana. He stressed the importance of collaboration with insurers, policymakers, and consumers to achieve sound governance, stronger supervision, and innovation within the sector.

“As a Board, we are committed to providing the strategic direction and support needed to grow a resilient, inclusive, and future-ready insurance industry.” – Christopher Boadi Mensah

Mr. Mensah acknowledged the pivotal moment for the Commission, stating, “Our task is not just to regulate but to catalyse. We must balance discipline with development, and oversight with opportunity.”

“Our task is not just to regulate but to catalyse. We must balance discipline with development, and oversight with opportunity” – Christopher Boadi Mensah

New Board Members

The newly inaugurated Board comprises a diverse group of professionals:

• Dr. Abiba Zakariah, Commissioner of Insurance
• Mr. Mathew Kweku Atta Aidoo, former Managing Director of Priority Insurance
• Mr. David Klottey Collison, representative of the Minister for Finance
• Mr. Richard Amofa, representative of the Ghana Bar Association
• Hon. Jean-Marie Formadi, Member of Parliament for Biakoye
• Hon. Simon Akibange Aworigo, Member of Parliament for Navrongo Central.

Christopher Boadi Mensah’s appointment marks a significant step towards regulatory reform and market sanitization within Ghana’s insurance sector. With the government’s backing and a clear vision for the future, the National Insurance Commission Ghana is poised to play a decisive role in reshaping the industry, fostering growth, and protecting the interests of all stakeholders. The focus remains steadfast on building a resilient, inclusive, and future-ready insurance landscape under Mr. Mensah’s guidance.