'DDEP was a big blow; full recovery not achieved yet' - Sir Sam Jonah
Sir Sam Jonah issued a sobering assessment of Ghana's insurance sector on Thursday, 26th March 2026, at the annual conference of the Insurance Brokers Association of Ghana (IBAG), warning that the industry is yet to fully heal from the scars of the Domestic Debt Exchange Programme (DDEP). Sir Sam stated, "The DDEP was a blow to the capital base of many firms - insurers and intermediaries alike." He also noted, "Recovery has been underway, and the numbers are encouraging, but we must not mistake recovery for full restoration."
Sir Sam argued that the industry must be "frank" about the extent of the damage. He cautioned that "problems that are named can be solved," but problems spoken around in "whispers and euphemisms, only grow." Sir Sam noted that the crisis exposed a "structural vulnerability" that must be addressed immediately to prevent future collapses. He recommended shifting investment strategies away from a heavy concentration in government securities to more varied asset classes and urged boards to prioritise building stronger capital buffers. He also insisted that risk management and diversification must be "standing agenda items for every board in this industry."
Sir Sam Jonah's remarks serve as a mandate for the Insurance Brokers Association to lead the charge in professionalising the intermediary space and ensuring that firms are structurally sound. The conference comes at a time when the National Insurance Commission (NIC) is pushing for higher minimum capital requirements and stricter compliance.
Quick Summary
Sir Sam Jonah addressed the Insurance Brokers Association of Ghana regarding the state of the insurance sector- three years after the DDEP. He spoke of challenges that insurance firms face.
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