Policy think tank IMANI Africa is calling on President John Dramani Mahama to intervene over what it describes as growing legal and procurement risks in the selection of insurance providers by state institutions.
In a petition dated March 30, 2026, and acknowledged by the Office of the President on April 1, IMANI’s Founder Franklin Cudjoe warned that recent developments could be sidestepping Ghana’s procurement laws. He stressed that insurance procurement by public institutions must strictly comply with the Public Procurement Act, 2003 (Act 663), describing it as “not a discretionary exercise.”
According to the think tank, there are signs that policy guidance may be turning into operational directives, potentially creating a structural bias in favour of state-owned insurers.
Concerns Over SIGA Directive
At the centre of the issue is a December 2025 directive from the State Interests and Governance Authority, which urged State-Owned Enterprises (SOEs) to prioritise SIC Insurance PLC and SIC Life for their insurance needs. IMANI argues that this has already influenced procurement patterns, reducing competition from private insurers and creating perceptions that outcomes are predetermined.
The petition warns that such a setup risks blurring the lines between policy direction, market participation, and regulatory oversight, potentially undermining confidence in Ghana’s procurement system.
Ghana Gas Case Raises Questions
IMANI also pointed to developments at the Ghana National Gas Company as an example of what it describes as a shift from competitive tendering to directed allocation.
GLICO General Insurance Ltd, which previously managed a structured insurance programme for Ghana Gas with international reinsurers, was replaced at the end of December 2025, with a new insurer taking over on January 1, 2026.
The think tank says key questions remain unanswered, including whether a competitive tender was conducted, whether existing contracts were lawfully terminated, and whether international reinsurance obligations were considered. It cautioned that abrupt changes could affect Ghana’s credibility in global financial markets by increasing costs and tightening underwriting conditions.
Regulatory Concerns Under Insurance Act
The petition also highlights concerns over possible third-party involvement in reinsurance placements, particularly where actors may hold both regulatory and commercial interests. If confirmed, IMANI says this could breach provisions of the Insurance Act, 2021 (Act 1061), especially regarding authorised placement structures and market conduct.
Recommendations to Government
IMANI is urging the President to take several steps, including:
- Reinforcing competitive tendering and value-for-money principles in SOE insurance procurement
- Directing the Public Procurement Authority to review procurement practices in major insurance deals
- Ensuring SIGA’s inter-trading directive does not override procurement laws
- Tasking the National Insurance Commission to assess placement structures and address regulatory concerns
The think tank framed the issue as a key test of the government’s RESET agenda, which prioritises transparency and institutional integrity.
“This is not about opposing state participation in the insurance market,” the petition noted. “It is about ensuring that such participation is guided by law, structure, and merit.”
The Office of the President has since acknowledged receipt of the petition.
