Sir Sam Jonah slams political interference in insurance industry
Sir Sam Jonah warned on March 26 in Accra about a "deeply corrosive" crisis threatening Ghana's insurance industry. He said the integrity of the industry is under serious threat, with practices that undermine professionalism, accountability, and public trust. He stated, "There is a growing and deeply troubling pattern of political and socio-economic interference in the conduct of insurance business in Ghana."
Sir Sam Jonah revealed that contracts are increasingly being cancelled or reassigned based on political directives and personal connections. He said insurance portfolios are moved through personal access and political leverage, not competitive tender or professional selection. He disclosed that some brokers and insurers are compelled to take on risks they lack the capacity to manage, while premiums are artificially inflated without proper actuarial assessment. He stated that premiums are loaded "fraudulently, without actuarial basis… purely as a vehicle for the extraction of money from institutions that ultimately belong to the Ghanaian public."
Sir Sam Jonah warned that when things go wrong, it is the taxpayer who bears the cost. He cautioned that the current environment discourages professionalism and investment in technical expertise. He called on the Insurance Brokers Association of Ghana to take decisive action in safeguarding the integrity of the industry.
Quick Summary
Sir Sam Jonah has raised concerns about the integrity of Ghana's insurance industry - citing political interference and unethical practices. He warns that these issues are shifting the burden onto ordinary Ghanaians.
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