As President John Dramani Mahama continues to make appointments into key positions to help with his government’s agenda to reset Ghana, players in the insurance industry are beginning to wonder who may be heading to the National Insurance Commission (NIC) as Commissioner.

The NIC is the regulatory body of the Ghana insurance industry and its mandate as enshrined in the Insurance Act, 2021 (Act 1061) includes regulation and supervision of the insurance industry, consumer protection, licensing and registration, market development, risk management and solvency monitoring, implementation of policies and standards, capacity building and training, data collection and reporting and support for government policies.

Getting the appointment of the NIC Commissioner right has significant implications for the growth of the industry. As is well-known, the insurance industry has remained a pale shadow of its potential with a perpetually atrophied penetration rate below 2%. The industry has yet to become a major contributor to the economy by way of jobs and tax revenue.

Even in its primary role of offering a financial cushion to citizens, the industry has failed to show any direction when disasters have struck the economy. Companies in the industry are bedevilled with unsustainable premiums, excessive stifling regulation, and slow growth. President Mahama has promised a strong economy and growth through the 24 Hour Economy among other initiatives.

The soon-to-be-confirmed Finance Minister, Dr. Cassiel Ato Forson has signalled strong leadership to stabilise the economy and deliver shared growth and prosperity. Insuring the 24 Hour economy will require fresh thinking and a departure from business as usual if the insurance industry is to become relevant.

A few names are making the rounds as the lobbying for the role of the Insurance Commissioner takes steam. Unlike in previous regimes, there are complex interests emerging. This article profiles some of the popular names and attempts a look at what each candidate brings to the position.

Michael Kofi Andoh

Michael Andoh is the Acting Commissioner, a position to which he was appointed by the Akufo-Addo-led NPP government. While the previous government had a strong interest in appointing him as Commissioner substantively, he did not meet the qualification criteria before their term ended.

Affectionately known as "Kofi," Andoh is reportedly working to retain his role as Acting Commissioner and to secure confirmation under the Mahama administration.

In addition to support from individuals in the previous government who seek to maintain their control of the industry, Andoh has garnered backing from key figures within the NDC. If he succeeds in securing the position, there is speculation that he may advocate for the return of his ally, Seth Eshun, who was dismissed from the NIC a few years ago. Eshun is remembered as the mastermind of the controversial capital increase policy, which aligned with the agenda of the NPP government.

Faris Elias Attrikie

Faris Attrickie was the General Manager in charge of Technical Operations at SIC until his employment was terminated by the immediate past Managing Director. Attrickie was a jovial character who created laughter everywhere he went.

Faris is staging a come-back move into the industry and he has his eyes firmly set on the National Insurance Commission top job. Faris Attrickie is technically savvy in insurance operations and has over 20 years of industry experience.

Seth Aklasi

Seth Aklasi is an industry veteran who is on his way out as the Managing Director of Donewell Insurance Company Limited in a few months. The insurance industry has a regulation that limits Managing Directors who hold no shares in the companies they manage to a maximum of 10 years. Seth’s 10 years at Donewell is up and he is desperately looking for what he calls a “retirement job”.

Being the current President of the Ghana Insurers Association (GIA), Seth has a lot going for him. Additionally, his bid is being championed by a strong man, Fiifi Kwetey, the General Secretary of the NDC. Fiifi’s interest is primarily to get the job for an Ewe brother.

For an industry in need of fresh energy, experts are wondering whether the Commissioner job should be treated as a retirement job.

For an industry in need of fresh energy, experts are wondering whether the Commissioner job should be treated as a retirement job.

Dr. Martha Adusei

r Martha Adusei is the Ashanti Regional Area Manager of SIC. She is an experienced marketing professional with over 20 years experience in the insurance industry. Although strongly linked with officials of former president Akufo-Addo’s government, she is lobbying through members of the NDC Ashanti regional leadership.

Martha is hardly known in the broader industry and it is difficult to tell what she could bring to the top job if she were to get selected.

Dr. Abiba Zakariah

Abiba Zakariah is an industry old lady and former Managing Director of Ghana Reinsurance Company. She has about three decades of experience in the industry. As a woman in an era where affirmative action is gaining momentum, and as a "Northerner," Abiba is seen by some as enjoying the support of President John Mahama. Her recent enrollment as a trainee pastor at the Assemblies of God Church has also drawn attention, as it aligns with President Mahama's affiliation with the church.

The key question about Abiba is whether she has anything left in her tank to drive accelerated growth in the industry since she is in the dying embers of her career. Just like Seth, the NIC job appears to be her dream retirement job. People in her close circles speak of her personal ambition to become the most powerful woman in the insurance industry before she exits. As of now, the stars appear to be aligned for her to realise her long-held ambition.

Henry Bukari

Henry Bukari is the Managing Director of Phoenix Insurance. Henry is emerging as a compromise candidate who may surprise everyone and get the nod.

Henry is currently the chair of the Ecowas Brown Card Board in Ghana. He is a lawyer and has two decades of experience in the insurance industry. A key concern about Henry is how he will moderate the interest of Sarkodee. Given the industry’s recent history with the former Finance Minister’s insurance company, observers have genuine concerns about what Henry could mean for the industry given his career-long connection with Phoenix. Another question is whether Bukari has any innovation in his bones to lead the transformation of the NIC.

Conclusion

The last time the National Insurance Commission saw a real decisive leader was during the tenure of Ms. Lydia Lariba Bawah. Ms Bawah implemented the No Premium, No Cover Directive which saved the industry from near collapse. Justice Yaw Ofori who came after Ms Bawah was a strong man whose tenure served to strategically aid the industry take-over of Ken Ofori-Atta owned Enterprise Insurance.

Since Justice retired and Andoh took over, the industry has almost ground to a halt. It remains to be seen what decision the appointing authorities will make to revive the insurance industry and reset it on a path of accelerated growth.