Story: News Desk

Leading business executive Sir Sam Jonah has issued a strong warning over what he describes as growing and systemic  political interference in Ghana’s insurance sector, cautioning that it threatens the industry’s integrity and public trust. 

Addressing the 11th Annual Conference of the Insurance Brokers Association of Ghana in the Eastern Region, he did not mince words: “There’s a growing and deeply troubling pattern of political and socioeconomic interference in the conduct of insurance business in Ghana.” 

He stressed that the problem had worsened over time, noting that “what was once an occasional disruption has become something more systemic, more embedded, more dangerous.” 

According to him, contracts were increasingly being influenced by politics rather than performance. “Contracts are canceled not based on performance or merit, but because of political direction,” he said. 

He further revealed that insurance portfolios, particularly those of state enterprises, were being allocated through influence rather than due process. 

“Insurance portfolios… are moved not through competitive tender or professional selection, but through personal access and political leverage.” 

Sir Sam Jonah also pointed to growing pressure on industry players to take on risks they were  not equipped to handle. 

“Brokers and insurers are compelled to accept placements they openly acknowledge they do not have the capacity to manage,” he noted. 

On pricing, he warned of serious distortions, stating that “premiums are loaded fraudulently without any genuine assessment of risk, purely as a vehicle for the extraction of money.” 

He cautioned that the consequences ultimately fall on the public: “When things go wrong… it is not the politically connected individuals who bear the cost. It is the taxpayer… who pays… and receives nothing in return.” He described this plainly as “betrayal.” 

Beyond financial losses, he said, the practice was  weakening the very foundation of the industry. 

“It damages the institutions of insurance itself. It erodes public trust… and signals… that competence is irrelevant, and that access is everything.” 

While clarifying that he was  not against participation by politically exposed persons, he insisted on strict adherence to standards. 

“The placement of insurance… must be subject to professional standards, open competition, proper actuarial assessments, and the primacy of the policyholder’s interest.” 

“These are not aspirations; these are non-negotiable requirements,” he stressed.