Policy think tank IMANI Africa has released documents it says reveal a coordinated effort by the State Interests and Governance Authority (SIGA) to direct insurance business from state institutions toward SIC Insurance PLC and SIC Life Company Limited.
The documents, published as part of an analysis titled The Insurance Question: Competition or Coordination?, centre on a December 11, 2025 letter from SIGA with the subject: “Directive to State-Owned Enterprises to Prioritise the Use of State-Owned Insurance Companies.”
According to the report, the letter referenced an earlier communication to Chief Executive Officers of state-owned enterprises (SOEs) and specified entities, urging them to prioritise SIC Insurance and SIC Life for their insurance needs. It also requested compliance reports from SIC, including details of SOEs already insured, premium volumes, and renewal timelines.
A second document cited in the analysis suggests the directive was being implemented. A December 23, 2025 letter from SIC Life to GIHOC Distilleries referenced guidance from the Ministry of Finance and SIGA, and asked to be “favourably considered” ahead of an insurance renewal.
IMANI associate Kay Codjoe, who authored the analysis, argued that the sequence of communications raises concerns about market fairness.
“In a purely competitive market, no insurer needs policy backing to compete,” the report states. “But when policy begins to travel with the proposal, the playing field changes.”
The potential scope of the directive is significant. SIGA oversees more than 140 active state entities, including the Volta River Authority, Ghana Revenue Authority, Ghana National Gas Company, and Cocoa Marketing Company—institutions with insurance portfolios running into hundreds of millions, and in some cases billions, of cedis.
The analysis also highlights a potential conflict of interest. While SIC Insurance PLC is a publicly listed company, the government holds roughly a one-third stake, with the remainder owned by private and institutional investors. This creates a situation where the state, acting through SIGA and the National Insurance Commission, is both regulator and shareholder in a company being positioned to receive state-linked business.
The revelations add momentum to a controversy that has been building in recent weeks. IMANI founder Franklin Cudjoe has already petitioned President John Dramani Mahama, warning of what he described as “unseen political hands” influencing the insurance sector.
Prominent business leader Sam Jonah has also weighed in, describing the situation as “deeply troubling and dangerously systemic,” while GLICO General Insurance has formally raised concerns with the Presidency over possible market distortions.
The documents also put pressure on SIC Managing Director James Agyenim-Boateng, who had earlier stated that SIGA’s communication amounted to encouragement rather than a directive. However, the December 11 letter explicitly uses the term “directive” and refers to compliance follow-ups.
Meanwhile, Felix Kwakye Ofosu, Minister for Government Communications, has indicated that President Mahama will review IMANI’s petition and take appropriate action if necessary.
