The Ministry of Finance has inaugurated two significant boards to drive reforms in Ghana’s insurance and cocoa export sectors. The seven member committee was inaugurated recently in a ceremony at the ministry’s head office regaining the mandate the president has handed over.
The seven-member Governing Board of the National Insurance Commission (NIC) and the nine-member Governing Board of the Cocoa Marketing Company (CMC) Limited were both sworn in during separate ceremonies in Accra, with Deputy Finance Minister Thomas Nyarko Ampem officiating on behalf of Minister for Finance, Dr. Cassiel Ato Forson.
At the NIC ceremony, the Deputy Minister stressed the urgency of strengthening regulatory oversight and improving accessibility in the insurance industry.
“The insurance sector is fundamental to the economic growth of our country, and the Board has an important role to play in ensuring it functions effectively, fairly, and sustainably”
Hon. Thomas Nyarko Ampem, Deputy Finance Minister
With Ghana’s insurance penetration still considered low despite years of sector reforms, the new board is expected to confront both structural and behavioral challenges hindering public trust and coverage.
He called on the Board to prioritize “regulatory clarity, transparency in operations, and broader public engagement,” to build confidence and deepen coverage. He highlighted the role of the NIC in creating an enabling environment that attracts innovation and investment while protecting policyholders.
Mr. Christopher Boadi-Mensah, Chair of the newly constituted NIC Board, pledged the Board’s readiness to confront sectoral inefficiencies. He emphasized collaboration with stakeholders and the pursuit of internationally aligned best practices.
“We are honored to take on this responsibility. Our mission is to ensure that the NIC operates in a manner that benefits all Ghanaians, promotes innovation in the industry, and upholds global best practices in regulation and consumer protection”
Mr. Christopher Boadi-Mensah, NIC Board Chair
Other members of the NIC Board include Dr. Abiba Zakariah from the NIC, Mr. David Klotey Collison from the Ministry of Finance, Mr. Emmanuel Amofa of the Ghana Bar Association, Mr. Mathew Kwaku Atta Aidoo representing the insurance trade bodies, and Presidential nominees Ms. Jean-Marie Formadi and Mr. Simon Akibange Aworigo.
The Board will work to improve operational oversight, consumer education, and enforcement mechanisms to promote fair competition and sound market conduct. In line with President John Dramani Mahama’s broader public sector reform agenda, the NIC is expected to serve as a model of regulatory transformation.
New CMC Board
In a separate but equally significant ceremony, the Governing Board of the Cocoa Marketing Company (CMC) Limited was inaugurated to fortify Ghana’s cocoa export systems.
With smuggling and operational inefficiencies threatening cocoa earnings, the nine-member Board is expected to implement measures to protect farmer incomes and national revenue. The new board is chaired by Majority Leader in Parliament, Hon. Mahama Ayariga.
It also includes Dr. Wisdom Kofi Dogbey, Mr. Noah Tumfo, Mrs. Matilda Asiedu Asante, Hon. Kofi Benteh Afful, Hon. Desmond De-Graft Paitoo, Mr. Abraham Appiah Kubi, Nana Kwasi Ofori, and Mr. Johnson Nana Kyei.
Deputy Minister Ampem, who inaugurated the Board, underscored the importance of restoring CMC’s operational efficiency amid volatile global markets.
“Our cocoa economy is at a crossroads, and this Board must provide leadership that supports farmers, ensures sustainable production, and strengthens Ghana’s competitive edge”
Hon. Thomas Nyarko Ampem, Deputy Finance Minister
Hon. Mahama Ayariga, in his remarks, committed the Board to implement reforms that address illicit cross-border cocoa trade, ensure transparency in cocoa pricing, and maximize returns to farmers.
He acknowledged the urgent need for stakeholder synergy to ensure sustainability across the value chain.
The CMC, a critical subsidiary of COCOBOD, is responsible for the sale and export of Ghana’s cocoa. As Ghana maintains its status as the second-largest cocoa producer globally, the company remains integral to the country’s foreign exchange and agricultural stability.
The dual inaugurations mark a renewed push by the Ministry of Finance to fortify strategic sectors of the economy. The insurance and cocoa industries, each vital to public welfare and fiscal resilience, are now expected to witness regulatory and operational tightening aimed at long-term sustainability.
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