IMANI flags procurement issues in Ghana Gas insurance switch
IMANI Africa has raised legal and procurement concerns over changes to insurance arrangements at the Ghana National Gas Company. The concerns are outlined in the second instalment of IMANI's Insurance Question series, which identifies the Ghana Gas case as being "at the centre of this dispute". GLICO General Insurance Ltd stated that it had arranged a two-year locked-in reinsurance structure with pricing advantages negotiated at the international level.
GLICO's role as lead insurer was terminated effective 31 December 2025, with a different insurer assuming responsibility from 1 January 2026. IMANI's analysis raises three key questions about the transition: whether the change followed a competitive procurement process, whether existing contractual obligations were properly reviewed and lawfully terminated, and whether the implications for international reinsurance commitments were assessed before the change was made. IMANI warned that unilateral disruption of such arrangements could carry systemic consequences, potentially affecting Ghana's credibility in international insurance markets.
IMANI also highlighted a separate regulatory concern, noting that if engagements occurred without the authority of the insurer of record, they could conflict with provisions of the Insurance Act, 2021 (Act 1061). IMANI described Ghana Gas as a strategic national asset with complex operational risks.
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IMANI Africa has identified potential procurement irregularities in the Ghana National Gas Company's insurance arrangements. The policy think tank warns that these changes could have serious implications - but the full extent remains to be seen.
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