Frank Yeboah, the Member of Parliament for Atwima Nwabiagya North, confronted the National Insurance Commission (NIC) on Tuesday, 13 October 2026, demanding that the regulator move beyond policy statements and adopt practical steps to raise Ghana’s insurance penetration from a mere 1%.
Speaking before the Public Accounts Committee, Yeboah questioned the effectiveness of relying solely on regulatory directives to expand coverage, insisting that concrete interventions are needed to increase public awareness, restore confidence in insurance products and extend coverage to underserved populations, especially those in the informal sector.
Yeboah cited the Ministry of Finance’s Insurance Sector Strengthening Strategy, issued in May 2025, which highlighted Ghana’s penetration rate of about one per cent against an African average of three per cent and a global average of six per cent. He noted that limited public awareness and distrust were identified as key contributors to the low rate.
In response, Mohammed Hafiz Isahaku, Head of Prudential Supervision at the NIC, said the Commission was strengthening customer protection requirements to improve public confidence, particularly by ensuring that legitimate claims are paid. He referred to the Conduct Directive, which mandates fair treatment of customers and timely settlement of claims.
Yeboah pressed further, asking, “My problem is that practically, what are you doing to increase the penetration rate?” The NIC acknowledged the challenge of extending coverage beyond the formal sector, explaining that a significant protection gap persisted because many people in the informal economy were not adequately served by insurance providers.
The Commission said it had developed a framework covering demand‑side and supply‑side initiatives to encourage insurers to design products that meet the needs of underserved groups. It highlighted the Campus Care Initiative, targeting the campus population, and the Sandbox Initiative, which allows insurance companies to test innovative solutions for the informal sector.
Yeboah’s call comes as the NIC continues to implement the Ministry of Finance’s strategy, but he remains skeptical that the current measures will be sufficient to lift coverage to a sustainable level. The MP’s demand underscores the urgency for the regulator to translate policy into actionable programs that reach the majority of Ghanaians who remain uninsured.
