President John Mahama has appointed Bernard Ohemeng-Baah, a distinguished lecturer at the University of Ghana Business School, as the Acting Deputy Commissioner of Insurance at the National Insurance Commission (NIC).
This appointment marks a significant step in ensuring effective regulation, supervision, and the continuous growth of Ghana’s insurance sector.
With over two decades of experience in the insurance industry and academia, Mr. Ohemeng-Baah brings a wealth of knowledge and expertise to the NIC. His professional background as a Chartered Insurer, coupled with his academic achievements, makes him well-positioned to support the Acting Commissioner in driving regulatory reforms and fostering innovation within Ghana’s insurance landscape.
Mr. Ohemeng-Baah’s academic credentials reflect his commitment to mastering the intricacies of insurance and financial regulation. He holds a Master of Laws in Insurance Law from Queen Mary University of London, a Master of Science in Accounting and Finance, and a Bachelor’s degree in Business Administration with a major in Insurance from the University of Ghana. His extensive academic background equips him with a strong foundation in insurance law, financial management, and regulatory practices, all of which are crucial for his new role at the NIC.
Beyond academia, he has gained valuable experience in the global insurance space, particularly through exposure to best practices and emerging trends in leading markets such as the United Kingdom and the United States. His insight into these markets will prove invaluable in shaping regulatory frameworks that align with international standards while addressing the unique needs of Ghana’s insurance industry.
Driving Innovation in Ghana’s Insurance Industry
One of Mr. Ohemeng-Baah’s key interests is the role of technology, particularly artificial intelligence (AI), in transforming the insurance sector. AI has the potential to revolutionize various aspects of insurance, including underwriting, claims processing, and risk assessment. His expertise in this area could position Ghana’s insurance industry at the forefront of technological innovation, enhancing efficiency and customer service.
Additionally, his experience leading multi-country software projects and securing venture capital suggests that he has a deep understanding of how digital transformation can drive growth in financial services. His leadership in these areas will be instrumental in helping the NIC adopt forward-thinking strategies that modernize the sector and improve accessibility to insurance products.
Mr. Ohemeng-Baah will be working alongside Dr. Abiba Zakariah, the Acting Commissioner of Insurance, who has a stellar reputation with 30 years of experience in the industry. Their combined expertise is expected to strengthen the NIC’s capacity to oversee the insurance sector effectively, ensuring that industry players adhere to regulatory standards while promoting consumer confidence.
Their leadership comes at a crucial time when Ghana’s insurance industry is undergoing significant changes, with efforts being made to increase insurance penetration and introduce policies that foster financial inclusion. By leveraging their collective experience, they will be well-positioned to implement strategic initiatives that enhance regulatory oversight and improve the overall resilience of the sector.
The appointment of Bernard Ohemeng-Baah signals a forward-thinking approach to insurance regulation in Ghana. His experience, academic credentials, and passion for technological advancements align with the government’s vision of building a robust, competitive, and innovative insurance industry.
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