Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), Christopher Boadi Mensah, has been sworn in as Chairman of the Board of the National Insurance Commission (NIC).
He brings over two decades of experience in finance, insurance, and risk management, stock markets, and economic policy analysis.
Mr. Boadi Mensah is a Chartered Insurer and member of the Chartered Insurance Institute of both the United Kingdom and Ghana.
He holds a Master’s Degree in Business Administration (MBA) from the Netherlands Business School and a Master of Science Degree (MSc) in Economic Policy Management from the Ghana Institute of Management and Public Administration (GIMPA).
He is widely respected for his deep understanding of insurance operations and institutional leadership. He previously worked as Managing Director of Serene Insurance Company Limited, among other senior roles in the Ghana Insurance Industry.
His appointment is seen as a strategic move to reinforce governance at the NIC and accelerate reforms across the insurance industry.
The swearing-in ceremony took place at the Ministry of Finance, Accra, Ghana, on Monday, May 19th, 2025.
Delivering a speech on behalf of the Minister for Finance, Deputy Finance Minister, Thomas Nyarko Ampem described the appointment of the new Board as timely and critical.
He challenged the Commission to think boldly and innovate deliberately in order to expand insurance access to underserved populations, particularly informal workers and climate-vulnerable communities.
“Insurance penetration in Ghana remains below two percent, which is far below our economic potential,” the Minister noted. “The Board must champion reforms that will protect livelihoods and mobilise long-term capital. Government stands ready to support the NIC in this transformative journey—especially in the areas of digitalisation, risk-based supervision, and capital adequacy reforms.”
The Minister also reaffirmed the government’s support for the enforcement of compulsory insurance of motor vehicle liabilities, fire and public liability for commercial buildings, and professional liability for all professionals in Ghana.
In his inaugural address, Mr. Boadi Mensah emphasised the Board’s commitment to upholding public trust and strengthening the institutional capacity of the Commission. He stressed the need for collaboration with insurers, policymakers, and consumers to drive reforms and build a sustainable market. He pledged to work with his colleagues to ensure sound governance, strengthen supervision, and promote innovation in Ghana’s insurance landscape. “The Commission stands at a crossroads,” he noted. “As a Board, we are committed to providing the strategic direction and support needed to grow a resilient, inclusive, and future-ready insurance industry.” “Our task is not just to regulate but to catalyse. We must balance discipline with development, and oversight with opportunity”, he added.
Other members of the newly inaugurated Board include Dr. Abiba Zakariah, the 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; and Hon. Simon Akibange Aworigo, Member of Parliament for Navrongo Central.
The new Board assumes its mandate at a time of renewed focus on regulatory reform, market sanitisation, and African competitiveness. With strong leadership and broad expertise, the Commission is expected to play a decisive role in reshaping Ghana’s insurance sector for the benefit of all.
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