Renowned business leader Sir Sam Jonah has sounded the alarm over increasing political interference in Ghana’s insurance sector, warning that the trend is undermining industry integrity and eroding public confidence.
Speaking at the 11th Annual Conference of the Insurance Brokers Association of Ghana in the Eastern Region, Sir Sam Jonah described the interference as systemic, with contracts and insurance portfolios now influenced more by politics than by merit or professional performance.
“Contracts are canceled not based on performance or merit, but because of political direction,” he said, noting that state enterprise portfolios are often allocated through personal influence rather than competitive tender.
The veteran executive highlighted how industry players are being pressured to accept risks beyond their capacity, with premiums sometimes fraudulently loaded to extract money—practices that ultimately burden taxpayers rather than politically connected individuals.
“This damages the institutions of insurance itself. It erodes public trust… and signals that competence is irrelevant, and access is everything,” he stressed.
While clarifying that politically exposed persons can participate, Sir Sam Jonah emphasized that professional standards, open competition, and the primacy of the policyholder’s interest must remain non-negotiable.
The warning comes as stakeholders call for stronger governance and stricter adherence to actuarial and regulatory standards to safeguard the insurance sector and protect the interests of the public.
